Another cash back credit card has been introduced to the Canadian credit card industry. This time, it is the Scotia Momentum MasterCard Credit Card. Below are the highlights of the credit card:
- No annual
- Earn 1% gas stations, grocery stores, drug stores and recurring bill payments
- Earn 0.5% cash back on all other purchases
What makes this credit card exciting is that it is a MasterCard, which seems to be fairly slim pickings lately.
However, too many other no annual fee cash back credit cards that are more competitive at the moment. Right off the bat, there are
- Capital One Aspire Cash Platinum MasterCard, which has no annual fee, but gives 1% cash back on all purchases.
- Capital One Platinum MasterCard, which has no annual fee and gives 3% cash back on restaurant purchases, 2% cash back on gas purchases and 0.5% cash back on the first $3,000 on all other purchases (1% thereafter). However, this credit card is exclusive to Costco members only.
- BMO CashBack MasterCard, which no annual fee and 1% cash back on all purchases.
The other no annual fee cash back credit cards that offer 2% on specific purchases, only offer 0.5% on all other purchases. For example, the
- Tangerine Money-Back Credit Card has no annual fee, 2% cash back on a select group of categories (2 or 3 choices) and 0.5% cash back on all other purchases
- RBC Cash Back MasterCard has no annual fee, 2% cash back on groceries (up to $6,000 annual purchases) and 0.5%-1% cash back on all other purchases
I think that this is a good start from Scotiabank, but they definitely have some work to do to keep up with the competition. I am just glad that we increased the amount of competition in the market!