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As some of you may know I am a fan of responsible credit card use. I think credit cards are an important financial tool that can help you reach your financial goals faster and help manage your cash flow, if used responsibly. My preferred credit cards are cash back cards like the MBNA Smart Cash Master Card which has no annual fee. However for those who want higher cash back the Scotia Momentum Visa Infinity Card may be the better choice.

Scotia bank offers three different versions of the momentum card; Scotia Momentum No Fee Visa, Scotia Momentum Visa and Scotia Momentum Infinity Visa.

The Original Scotia Momentum Visa comes with

  • 2% cash back on gas, grocery, drug stores and recurring bills (up to $25,000/ year spending limit, 1% thereafter).
  • 1% on everything else. no limit.
  • Aside from purchase security and extended warranty it does not offer much in terms on insurance. It has an annual fee of $39. Although this is a good card, I think the MBNA Smart Cash is the better choice.

The Scotia Momentum No Fee Visa has no annual fees, however it also provides a lower cash back.

  • 1% on grocery, gas, drug store purchases and recurring payments
  • 0.5% cash back on everything else.

Scotia Momentum Visa Infinity

  • This card offers 4% cash back on grocery and gas purchases (up to $25,000/ year spending limit, 1% thereafter).
  • 2% on drug store purchases and recurring bills (up to $25,000/ year spending limit, 1% thereafter).
  • 1% on everything else, no limit.

In addition to purchase security and extended warranty this card also offers rental car collision coverage. The card does come with an annual fee of $99 and $39 for a secondary card. Depending on your spending patterns this card can be a better choice compared to the MBNA Smart Cash.

Let’s look at a simple example.

Assuming you spend $500/month on groceries and gas your cash back would be:

  • Infinity: $240/year
  • Smart Cash: $120/year
  • Difference: $120

Spend $300 on recurring bills (cellphone, internet etc.)

  • Infinity: $72
  • Smart Cash: $36
  • DifferenceL $36

So the Scotia Momentum Infinity outperforms the MBNA Smart Cash by $57 after the $99 annual fee. The difference would be higher if you spend more on groceries and gas and lower if you spend less.

$100 FREE Gift Card Bonus!

You will get a FREE $100 gift card when you apply for the Scotia Momentum Infinity and are approved PLUS you are entered to win $1,200! This promotion runs till February 28th. The $100 gift card can be redeemed at Bon appetite, Chapters, Starbucks and Future Shop. 

The Verdict
I think the Scotia Infinity card is an excellent cash back credit card, although the competition offers better insurance coverage this card provides the highest cash back in the country. Depending on your spending patterns this can easily provide you with more cash back than its competition. One thing to remember is that unlike the MBNA Smart Cash the Scotia Infinity only sends your cash back on annual basis in November.