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CIBC and Scotiabank each have cash back credit cards offering up to 4% cash back:
In this analysis, we compare all their features: welcome bonus, requested income, annual fees, earning rate, insurance, benefits, etc.
The welcome bonus offered by each of these cards varies according to the promotions.
Here’s how the current offer is structured:
For a limited time, when you sign up for the CIBC Dividend® Visa Infinite* Card, you earn:
For a limited time, when you apply for the Scotiabank Momentum Visa Infinite+ Card, you can get:
The welcome offers from CIBC and Scotiabank provide a similar total value of up to approximately $300, but under different conditions: CIBC gives you more time to reach the maximum amount over a 4-month period, while Scotiabank offers a higher earn rate over a shorter 3-month period.
The CIBC Dividend® Visa Infinite* Card requires an annual personal income of $60,000 or $100,000 in annual household income.
The Scotiabank Momentum Visa Infinite+ Card is available if you have a minimum personal annual income of $60,000 to $80,000, a minimum household income of $100,000 to $150,000, or assets under management of at least $250,000 to $300,000.
Both CIBC and Scotia cards require a similar income.
If you don’t have this level of income, you’ll have to turn to these other cards:
Or opt for a card that requires no minimum income, such as the American Express SimplyCash Card.
The CIBC Dividend® Visa Infinite* Card has an annual fee of $120.
The Scotia Momentum® Visa Infinite+* Card has an annual fee of $120.
These two cards offered by CIBC and Scotia have a similar $120 annual fee.
However, both cards offer a first-year annual fee rebate.
Both cards offer different cash back earning rates.
With the CIBC Dividend® Visa Infinite* Card, you earn:
With the Scotia Momentum® Visa Infinite+* Card, you earn:
For both cards, there are annual purchase limits beyond which the cashback rate drops to 1%, instead of 2% or 4%.
With the CIBC Dividend® Visa Infinite* Card, if you exceed either of these two annual limits, you will earn 1% cash back on subsequent purchases:
This annual limit will reset to zero after the day your December statement is printed.
With the Scotia Momentum® Visa Infinite+* Card, if you exceed this annual limit by category, you will earn 1% cash back on subsequent purchases:
This annual limit is reset to zero after the day following the printing of your November statement.
The Scotia Momentum® Visa Infinite+* Card offers a higher purchase limit, especially since it is per category (4% / 2%), whereas CIBC’s limit covers all categories.
With the CIBC DividendMD Visa Infinite* Card, you can redeem your cash back whenever you like, provided you have a balance of at least $25 at the time the application is submitted.
With the Scotia Momentum® Visa Infinite+* Card, you can redeem your cash back at any time, provided you have a minimum balance of $25, via the Scotia mobile app or online banking.
The CIBC Dividend® Visa Infinite* Card and the Scotia Momentum® Visa Infinite+* Card both offer flexible options to redeem your cash back, allowing you to access it throughout the year. The choice will mainly depend on your spending habits and preferred bonus categories, rather than the timing of redemption.
With the CIBC Dividend® Visa Infinite* Card, you receive the following benefits:
With the Scotia Momentum® Visa Infinite+* Card, you get the following benefits:
Since these are Visa Infinite credit cards, you will have the classic benefits of this type of card.
However, the CIBC Dividend® Visa Infinite* Card stands out thanks to its partnership with the Journie Rewards program: you can save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar, and Chevron gas stations.
The insurance coverage offered by the Scotia Momentum® Visa Infinite+* Card is superior. It offers more coverage if you travel.
So? Which credit card is the big winner?
For all of its features and with the flexibility of earning cash back, the CIBC Dividend® Visa Infinite* Card wins the game! However, if you plan to use your credit card to book travel, the Scotia Momentum® Visa Infinite+* Card might be a better option for you.
The CIBC Dividend® Visa Infinite* Card stands out thanks to:
The Scotia Momentum® Visa Infinite+* Card stands out thanks to:
Here are frequently asked questions in the milesopedia community about this card.
Savings this way:
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