FinlyWealth

CIBC Costco Mastercard

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Scotia Momentum® Visa* Card

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

CIBC Costco Mastercard

2.8

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

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Scotia Momentum® Visa* Card

3.1

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

Finly Rebate

N/A

Finly Rebate

$60 Cash Rebate from FinlyWealth

Rewards Breakdown

Annual Rewards

$347.33

First Year Bonus

Annual Fee

First Year Value

$347.33

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$315.05

First Year Bonus

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 year

Purchase 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%

Balance Transfer:

22.49%

Interest Rates

Purchase:

19.99%

Cash Advance:

22.99%

Balance Transfer:

2.99% introductory for 6 months, then 22.99%

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
3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
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.