Hello, friends today I will tell you about the Scotia Momentum Visa Infinite Card In Canada, the Scotia Momentum Visa Infinite offers you 4% cash back on groceries and bills 2% cashback on gas and transit and 1% cashback on everything else this card comes with a$120 annual fee and it offers the standard benefits plus the mobile device insurance for the promotional bonus, this card will waive its annual fee for the first year. Scotia Momentum Visa Infinite Card
If you don’t you’ll be charged upwards of 20% of 25%interest on these debts and it is no investment or cashback in the world that can make up for this huge interest working against you I set a very strict budget and I track and control every single purchase I made with this budget
I am never worried about spending more than I can afford and so I use credit cards for 99% of all of my purchases using a credit card for everything gives me two benefits
First I’m able to build my credit score each and every day which helps when I’m trying to obtain a mortgage secure a car loan or move into a new apartment
Second, all these purchases give me cash back at the end of the year that’s essentially free money that I get each and every year
Whereas if I was paying for things using a debit card or cash I would be getting no money back at all you guys may be wondering why do I use cashback cards versus a points or rewards based card for me you can’t beat the simplicity of cashback
I know that at the end of the year I’m gonna receive several hundreds of dollars in cashback and this is free tangible money there are certain credit cards that offer generous travel points or air miles which can be exchanged for things like flights vacations and hotels but these are definitely more complicated and they force you to spend even more money before you can redeem these points with cashback
I receive free money no matter what but with travel miles for example I won’t receive anything unless I decide to take an expensive vacation overall I love cashback credit cards because they offer simplicity and the freedom to spend my rewards however
I won’t let’s jump into the list for each of these five credit cards I’m gonna be comparing their cashback rates their annual fees the additional benefits they provide and whatever promotional offers come with it
The Scotia Momentum Visa Infinite card
The Scotia Momentum Visa Infinite card, I have this card was a gamechanger when it came out it was one of the first cards to offer higher cashback rates for certain types of expenses
The Scotia Momentum Visa Infinite card is the best one this card offers a whopping 4% cash back on groceries and recurring bill payments and purchase you make in a grocery store like Sobeys Loblaws or Metro will give you 4 % cashback on your entire purchase.
That’s essentially a 4% discount on everything in the store even better I hook up all of my monthly payments to the Scotia Momentum Visa Infinite card including my cell phone internet provider my Netflix account and my 407 highway tolls and I get 4% cashback on all of these for my groceries and bill payments are my the biggest expense
So this 4%cash back makes a huge difference for me this card also offers a 2% cash back on gasoline and transit which includes things like uber and bus passes the card also offers 1% cashback on everything else which is a pretty standard my strategy is to use the Scotia visa to get 4% cashback on groceries and all my monthly bills.
The annual fee for this credit card is quite steep at $120 but with4% cashback you’ll only need to spend $3,000 a year to make up for it that’s only $250 a month and I spend way more than that on groceries and bills so the cashback is well worth the annual fee
This card also comes with a list of generous benefits just like the American Express credit offers free car rental damage and theft protection it also offers flight delay and cancellation protection emergency travel medical insurance and here’s a really cool one free mobile device insurance
if you buy your new phone using The Scotia Momentum Visa Infinite card you’ll be covered up to $1,000 if your phone gets scratched damaged or destroyed they also offer a signup bonus by waiving the annual fee for the first year that’s a value of $120 right there which makes this card even better for years.