The promotion for the first year fee waived on the Scotia Momentum Visa Infinite Card has been extended beyond October 31, 2014 to now
February 28, 2015. It would probably be much simpler if they made the first year fee waived permanent, but I guess they always want the option of reverting back to having the annual fee on the first year. In the meantime, the highlights of the card are as follows:
- $99 annual fee (waived if you apply before February 28, 2015)
- $30 fee for each supplementary cardholder
- Earn 4% cash back on gas and grocery purchases (on your first $25,000 of annual spending on these categories)
- Earn 2% cash back on drug store purchases and recurring bill payments (on your first $25,000 of annual spending on these categories)
- Earn 1% cash back on all purchases made above the $25,000 threshold on the categories listed above
- Earn 1% cash back on all other purchases
The cash back that your earn will be credited to your account once a year on your November statement. Previously, when the promotion was set to end on October 31, 2014, you would have had to pay the annual fee sometime prior to the November statement to qualify to receive the cash back, now you will not have that issue.
Keep in mind that there is a $25,000 spending limit to get the 4% and 2% cash back bonus on certain categories, which caps the return to:
- $25,000 x 4% = $1000
- $25,000 x 2% = $500
That means you can only earn a maximum of $1,500 ($1,000 + $500) for these categories. Thereafter, you will only be earning a 1% return.
I still believe that this is currently the top annual fee cash back credit card in Canada.
- Building a Credit Card Portfolio (around $2,000 spending per month)
- [ANALYSIS] Scotia Momentum VISA Infinite Card