CIBC Costco Mastercard vs Scotia Momentum® Visa* Card: Which one is better?
CIBC Costco Mastercard
2.8
Scotia Momentum® Visa* Card
3.1
Rewards Breakdown
Annual Rewards
$347.33
First Year Bonus
$0
Annual Fee
$0
First Year Value
$347.33
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$315.05
First Year Bonus
$0
Annual Fee
$39
First Year Value
$276.05
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Extended Warranty
Up to a year
Purchase Protection
Up to 90 days
Mobile Device Insurance
$1000
Insurance Included
Extended Warranty
1 yearPurchase Protection
90 days
Extra Benefits
N/A
Extra Benefits
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Interest Rates
Purchase:
19.99%
Cash Advance:
22.99%
Balance Transfer:
2.99% introductory for 6 months, then 22.99%
Annual Fee
$0
Annual Fee
$39
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus
N/A
Welcome Bonus
Get a 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $39)
Rewards Rate
- 3% cash back on Restaurants and Costco Gas
- 2% cash back on Costco.ca purchases (Max $160 yearly)
- 2% cash back on Gas (Max $100 yearly)
- 1% on everything else
Rewards Rate
- 2% cashback on gas, groceries, drug store and recurring payments (maximum $500 annually)
- 1% cashback on all other credit card purchases.
Is this card worth it?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Is this card worth it?
The Scotiabank Momentum Visa is a low annual fee cash back card that offers impressive earn rates on a variety of everyday spending categories, making it an excellent choice for those who want to maximize rewards without the higher cost of its Visa Infinite counterpart.
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
Pros
- Cash Back Rewards: Earn up to 2% cash back on purchases.
- Low Balance Transfer Rate: Benefit from a 2.99% rate on balance transfers for the first 6 months.
- No Welcome Bonus: No initial sign-up bonus, keeping things straightforward.
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
Cons
- Limited Insurance Coverage: Only basic insurance is included.
- Annual Rewards Payout: Cash back rewards are paid out once a year as a statement credit.
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