This is just a quick reminder that if you apply for the Scotia Momentum Visa Infinite Card before
October 31, 2014, your first year annual fee will be waived. The highlights of the card are as follows:
- $99 annual fee (waived if you apply before
October 31, 2014)
- $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 other purchases, as well as purchases made above the $25,000 threshold on the categories listed above
Keep in mind that the $25,000 spending limit puts a cap on how much return you can get on the higher cash back categories:
- $25,000 x 4% = $1000
- $25,000 x 2% = $500
That makes a total of $1,500 cash back. If you subtract the $99 annual fee, you still earn $1,401 back. Conversely, if you have a credit card that only earns 1% on all purchases, you would have gotten back $50,000 x 1% = $500. If you have a credit card that earns you 2% on all purchases, that would still only be $50,000 x 2% = $1,000. So if you spend as close as possible to the $25,000 limit in each category, then the $99 annual fee is fairly worth it anyway.
As usual, always do your personal calculations first before deciding whether it is worth paying the annual fee.