To the point
Right now, there is a great offer for the Scotia Momentum® VISA Infinite* card: 10% bonus cash back for the first 3 months and the first year free. But how can we optimize this cash back?
The Scotia Momentum® VISA Infinite* card's cash back
The Scotia Momentum® VISA Infinite* card is one of the best cash back credit cards available in Canada. With this card, you earn:
- 4% cash back in grocery stores (think gift cards) and recurring payments
- 2% cash back for gas and public transportation
Here is the current offer until April 30, 2020 for those who apply for this card:
- 10% cash back on all purchases (up to $200) for the first 3 months
- No annual fee for the first year (instead of $120), including on supplementary card (instead of $50 per supplementary card).
So, you only have to spend $2,000 on this card for the first 3 months to maximize this offer!
But let’s look together how works precisely this 10% cash back offer and why it is particularly interesting.
The annual cash back statement credit in November
Scotia Momentum® VISA Infinite* cardholders usually receive their cash back on an annual basis on the November statement. For example, a person who applies for this card in January 2020 will receive his annual cash back in November 2020.
But as part of this 10% bonus,, there will be two installments.
The payment of the 10% bonus
The 10% cash back bonus applies to the first $2,000 of purchases on your card in the first 3 months.
This earning rate is split in two:
- The normal cash back of the program (1%/2%/4%, category-based)
- The bonus cash back (9%/8%/6%, category-based)
And the cash back will be credited on your credit card account in two installments!
- The normal cash back is paid, as usual, on your November bank statement
- The bonus cash back is paid within 7 months of the end of the offer
The 1% category is therefore preferred during the first 3 months!
During the first three months, it is in your best interest to use your Scotia Momentum® VISA Infinite* card in the 1% purchase category (i.e. excluding grocery stores, recurring payments, gas stations or local transportation).
Explanations in a table for purchases of $2,000 based on purchase category:
| Purchases $2,000 |
Cash back Normal |
Cash back as a bonus |
Regular Cash back November 2020 |
Bonus Cash back 7 months after the end of the offer |
| Other Businesses like Costco | 1% | 9% | $20 | $180 |
| Gas stations | 2% | 8% | $40 | $160 |
| Grocery stores | 4% | 6% | $80 | $120 |
10% cash back at Costco?
Members of the milesopedia facebook group had a very relevant remark!
By purchasing $2,000 worth of “Shop” cards on the Costco.ca website (which takes VISA cards unlike warehouses) with the Scotia Momentum® VISA Infinite* card, you maximize this bonus!
So, it’s like earning 10% on your first $2,000 purchase at Costco or $200! No other card can claim such high cash back for purchases at Costco!
Optimizing cashback
For those who wish to use this card throughout the year – and not just take advantage of the 10% bonus offer – this is an exciting card because of its cash back rates:
- 4% in grocery stores and recurring payments
- 2% in gas and local transport
Since it’s a VISA card, you’ll have no trouble using it in your favourite stores and you will enjoy earning rates as attractive as those offered by Scotiabank Gold American Express® Card or the American Express Cobalt™ Card.
And grocery stores are ideal places to find gift cards for many shops, enough to extend your 4% cash back for businesses like SAQ, Amazon, GAP, Home Depot…
Conclusion
December/January are the best months to apply for to the Scotia Momentum® VISA Infinite* card: you’re enjoying both a excellent welcome bonus, the first year annual fee waiver, and you will be able to use your card throughout the year to get your annual cash back credit statement next November.
Then, it’s up to you to keep this card in your wallet for an extra year… Or not!
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