Which welcome bonus is better, CIBC Dividend Visa Infinite or Scotia Momentum VISA Infinite?

The current bonuses differ in structure:- CIBC Dividend® Visa Infinite®: 10% cash back on all purchases up to $250 in cash back over the first 4 statements + $50 cash back for setting up pre-authorized payments + first-year fee waived ($120) = up to $420 in first-year value; - Scotia Momentum® VISA Infinite+®: 10% cash back for the first 3 months capped at $2,000 in purchases (= $200) + first-year fee waived ($120) = up to $320 in first-year value; CIBC is the stronger first-year proposition for most spenders.

How do the ongoing cash back rates compare?

Both cards charge $120 annually after year one but earn differently:- CIBC Dividend: 4% on groceries and gas, 2% on dining and transit, 2% on recurring payments, 1% on other purchases; - Scotia Momentum: 4% on groceries and recurring payments, 2% on gas and transit, 1% on other purchases; If you spend more on gas, CIBC wins (4% vs 2%). If you spend more on recurring bills (utilities, subscriptions, insurance), Scotia wins (4% vs 2%). For pure grocery spend, both are tied at 4%.

What are the annual category caps on each card?

Both cards cap their elevated rates, which matters for higher-spend households:- CIBC Dividend Visa Infinite: Combined $20,000/year limit across the 4% and 2% categories before dropping to 1%; - Scotia Momentum Visa Infinite+: $25,000/year per pair (groceries + recurring payments share one cap; gas + transit share a second cap); Scotia’s higher and split caps allow up to $50,000 in elevated-rate spending per year, vs. $20,000 on CIBC. Households spending over $1,700/month on groceries get more value out of Scotia’s structure.

Which card is better for travel insurance and FX fees?

Both cards charge the standard 2.5% foreign exchange fee, so neither is ideal for international travel. On insurance:- Scotia Momentum Visa Infinite+: Travel emergency medical (15 days under 65), trip cancellation up to $1,500/person, flight delay, baggage and rental car protection; - CIBC Dividend Visa Infinite: Lighter package — trip cancellation up to $1,500, baggage delay/loss, but more limited medical coverage; Scotia delivers the stronger travel insurance, while CIBC compensates with a stronger gas multiplier and the gas station discount of up to 10¢/litre.