[Money] Scotia Momentum Visa - 2 %, Gas, Groceries, Pre-Auth; 1 % Other. Not Tiered !, $39/yr

New Visa from Scotiabank, 2 % rebate for gas, groceries, drugstore and preauthorized payments, 1 % rebate for all other purchases (not cash advance obviously)

Annual fee of $39 dollars, maybe you can get this waived.

Promotional offer for the 1st 3 Months, of 2 % rebate on EVERYTHING.

There is a link to a rebate calculator on the site.

http://scotiabank.com/cda/content/0,...7_LIDen,00.htm

Discuss !

1 You will earn 2% cash back on the first $25,000 you spend annually at merchants classified by VISA as Grocery Stores & Supermarkets, Drug Stores & Pharmacies, Service Stations, Automated Fuel Dispensers and Recurring Payments (Merchant Codes: 5912, 5411, 5541 & 5542). Sometimes there are separate merchants located on the premises of these merchants but are classified by VISA in another manner, in which case this added benefit will not apply. Recurring payments are defined as payments made on a monthly or regular basis automatically billed by a merchant. Earn 1% cash back on purchases made after you have reached the 2% $25,000 annual maximum, and on all other purchases.

It's somewhat tiered according to the web page, 1% after $25,000. Spending that much might be kind of difficult in a year though.

There are specific stores/gas stations etc that the 2% cash back reward applies to, dependant on the province that you live in, ie. for Ontario Petro Gas counts but not Sunoco Gas, etc..if you need a full list I could probably find it.

Originally Posted by tacticnf

There are specific stores/gas stations etc that the 2% cash back reward applies to, dependant on the province that you live in, ie. for Ontario Petro Gas counts but not Sunoco Gas, etc..if you need a full list I could probably find it.

http://www.scotiabank.com/images/en/...onal/19993.pdf

Not bad for a VISA, but it looks like you're still better off with the 2% tiered Amex Gold, or any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).

There are many reward cards with no fees, so this one is hard to recommend.

I currently like the 1% Cashback TD Gold Visa with free auto club membership. If you maintain $5K in your account the yearly fee is waived.

Thanks for posting though OP.

l hope employee gets no yearly fee for this

Originally Posted by moopoo

It's somewhat tiered according to the web page, 1% after $25,000. Spending that much might be kind of difficult in a year though.

Is that $25000 only on gas and groceries? Or is that $25000 at those particular retailers (like Loblaws, where you can buy many other things)? I agree that it would be hard to buy that much gas and groceries in a year. Maybe if you drove an SUV

Originally Posted by insanity

I currently like the 1% Cashback TD Gold Visa with free auto club membership. If you maintain $5K in your account the yearly fee is waived.

Thanks for posting though OP.

I've been using that TD Gold Elite Visa for a few years now. Because of the deluxe auto club membership (similar to a CAA family membership), even the $99 annual fee is not too bad. And the 1% cashback cheque that you get at the end of the year is always larger than you expect (damn you, RFD).

The website calculator doesn't take into account the $25K limit on 2% cash back.

19.99% interest minus 2% cash back still isn't that great if you plan on maintaining any sort of balance... I think I'll keep my 8.99% VISA!

Originally Posted by quanta

Not bad for a VISA, but it looks like you're still better off with the 2% tiered Amex Gold, or any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).

There are many reward cards with no fees, so this one is hard to recommend.

this depends on the user...

if the annual fee is only $39, this can almost be recovered from gas alone. I average $250 in gas a month. On a 1% card, I get $2.50 a month back. With this card, I get an extra $2.50 or $30 a year.

add groceries of about $200 a month and you are talking an extra $24 a year.

Total is $54 - you are making an extra $15 a year... not a lot... but still more.

some people have expensive drugs that are covered by the company drug plan... 2% on drugs can be a lot of money too... I know a guy who spends about 3k on (legal) drugs a month... (he is really messed up...)

I got excited reading the thread title until the $39/year.

I still like my AMEX Gold 2% no annual fee. (Yes, tiered).

Originally Posted by simms

I still like my AMEX Gold 2% no annual fee. (Yes, tiered).

I'm glad for you...the rest of us do not have access to this card? Do they?

Originally Posted by quanta

Not bad for a VISA, but it looks like you're still better off with the 2% tiered Amex Gold, or any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).

There are many reward cards with no fees, so this one is hard to recommend.

Why would it better to use any of the variety of 1% non-tiered Mastercards out there (PCF, Starwood, etc.).? The break even point for this Visa is $3900/yr because $3900 x 2% = $78, less $39 yearly fee = $39 net rebate, which is = 1% on $3900/yr spending.