The Scotia Momentum Visa Infinite Card stands out in Canada as a premier choice for those seeking significant cash back rewards, particularly for renters. With its robust features and high cash-back rates, this card is ideal for managing everyday expenses and essential payments.

What Makes the Scotia Momentum Visa Infinite Card Exceptional?

The Scotia Momentum Visa Infinite Card offers an attractive cash back program that suits various spending habits. Here’s a breakdown of the rewards you can earn:

• 4% Cash Back on groceries and recurring bill payments (up to $25,000 spent annually)
• 2% Cash Back on daily transit and gas purchases
• 1% Cash Back on all other purchases

This card maximizes rewards, particularly for individuals who regularly use their credit for necessary expenses like groceries and recurring payments.

Understanding Recurring Bill Payments

You may wonder what qualifies as a recurring bill payment. These are payments made automatically on a regular basis, such as:

• Streaming service subscriptions (e.g., Netflix, Spotify)
• Gym memberships
• Rent payments (when creatively handled)

Each of these payments presents an excellent opportunity to accumulate cash back rewards.

Paying Rent with a Credit Card

One question that arises is how you can pay rent through a credit card, as many landlords do not accept credit card transactions. Here’s where it gets interesting:

Using Third-Party Services

To bridge this gap, third-party services like Cexy allow you to pay your rent via credit card. Here’s how it works:

1. You pay Cexy using your credit card.
2. Cexy then pays your landlord through e-transfer.

While there’s a fee of 1.75% for this service, the Scotia Momentum card’s 4% cash back on recurring payments means that you effectively profit 2.25% on your rent payments by using this method.
For example, if your rent is $2,000 a month, with a yearly total of $24,000, you remain comfortably under the card’s maximum spending limit. This method not only ensures that you’re paying your rent but also earning cash back rewards in the process.

• Key Consideration: If your rent exceeds $2,083 per month, utilize the card for part of the year to maximize the cash back you receive until you reach the $25,000 cap.

Weighing the Annual Fee vs. Benefits

The Scotia Momentum Visa Infinite Card does have an annual fee of $120. However, there is a first-year fee waiver, and if you apply through Finly Wealth, you receive an additional $100 cash rebate, effectively reducing the cost of ownership to just $20 for the first two years.

Given that you can earn substantial cash back rewards (potentially $500 to $600 a year), covering the annual fee becomes seamless, leaving you with impressive rewards.

Additional Perks of the Card

This card offers more than just cash back; it comes with a variety of essential insurance protections, including:

• Extended warranty for an additional year on purchases
• Purchase protection for 90 days covering lost or stolen items
• Car rental insurance for damage and theft for up to 48 days
• Travel accident insurance coverage up to $500,000
• Emergency medical insurance when traveling

Whether you’re traveling abroad or facing unexpected circumstances, these coverages significantly enhance the card’s value.

Eligibility Requirements

To be eligible for the Scotia Momentum Visa Infinite Card, you generally need:

• Separate Income: At least $60,000 in personal income or $100,000 in household income.
• Credit History: A good credit score and a reliable credit history are essential.

Wrapping Up

The Scotia Momentum Visa Infinite Card is not just another credit card; it’s a tool designed to help Canadians maximize their cash back rewards effectively while managing everyday expenses. For renters, leveraging this card through services like Cexy can lead to thousands of dollars in rewards over time. Furthermore, the additional features and low net cost during the initial years further bolster its appeal.