To the point
Find out how to maximize the 10% Cash Back Welcome Bonus offered by the Scotia Momentum® VISA Infinite* card.
Welcome offer
The Scotia Momentum® VISA Infinite* Card is recognized year after year as one of the best cash back credit cards in Canada.
Currently, there is no annual fee in the first year, including on additional cards. And you can earn 10% cash back on all purchases for the first three months (up to $2,000 in total purchases).
With the Scotia Momentum® VISA Infinite* card, you get:
- 4% on groceries and recurring payments
- 2% on gas and daily transit
- 1% on all other purchases
The Scotia Momentum® VISA Infinite* card is an excellent Visa credit card for cash back rewards.
And its insurance benefits are excellent!
So, you just have to spend $2,000 on this card during the first 3 months to maximize this promotion!
But let’s look at how exactly this 10% cash back welcome bonus works and why it’s exciting.
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. So a person who signs up in January 2023 will receive their annual cash back in November 2023.
But regarding the 10% bonus, there will be two installments.
The payment of the 10% Welcome Bonus
10% cash back is applied to the first $2,000 in purchases charged to your card within the first three months.
This cash back rate is split like this:
- The normal cash back rate (1% / 2% / 4% depending on the spending categories)
- The welcome bonus cash back rate (9% / 8% / 6% depending on the spending categories)
And the cash back will be credited to your credit card account in two installments!
- The regular cash back is paid, as usual, on your November credit card statement
- The bonus cash back is paid within 7 months of the end of the offer
The 1% category is, therefore, to be preferred during the first three months!
For the first 3 months, it is in your best interest to use your Scotia Momentum® VISA Infinite* card at 1% merchant categories (i.e. not 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 next November |
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 pertinent comment!
When buying $2,000 worth of Shop cards on Costco.ca (which takes VISA credit cards, unlike warehouses) with the Scotia Momentum® VISA Infinite* card, you can get the most out of this sign-up bonus!
So it’s as if your first $2,000 purchases at Costco earn you $200 or 10% off!
Optimizing cashback
For those who want to use this card year-round – and not just take advantage of the 10% sign-up bonus – this is a great card because of its earning rates:
- 4% in grocery stores and recurring payments
- 2% in gas and local transportation
Since it is a VISA card, you will have no trouble using it at your favourite stores and can take advantage of earning rates as good as those offered by the Scotiabank Gold American Express® Card or the American Express Cobalt® Card.
And grocery stores are great places to find gift cards for many retailers, so you can extend your cash back rates to 4% for businesses like SAQ, Amazon, GAP, Home Depot, etc.
Bottom line
December – January are the best months to apply for the Scotia Momentum® VISA Infinite* card :
- you get a great welcome bonus
- you will benefit from a first year annual fee waiver
- you can use your card throughout the year to earn your annual cash back next November
After that, it’s up to you to keep that credit card in your wallet for another year or to switch to another cash back credit card!
Come to discuss that topic in our Facebook Group!
