CIBC Costco Mastercard

CIBC Costco Mastercard

Apply Now
Scotia Momentum® Visa* Card

Scotia Momentum® Visa* Card

Apply Now

CIBC Costco Mastercard vs Scotia Momentum® Visa* Card: Which one is better?


CIBC Costco Mastercard

CIBC Costco Mastercard

3


RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

Scotia Momentum® Visa* Card

Scotia Momentum® Visa* Card

3.1


RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

Finly Rebate

N/A

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

    Extended Warranty

    Up to a year
  • purchase protection

    Purchase Protection

    Up to 90 days

  • mobile device insurance

    Mobile Device Insurance

    $1000

Insurance Included

  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    90 days

Extra Benefits

N/A

Extra Benefits

  • car rental

    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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