Neo World Elite® Mastercard® vs Scotia Momentum® Visa Infinite* Card: Which one is better?
Neo World Elite® Mastercard®
4.6
Scotia Momentum® Visa Infinite* Card
4
Finly Rebate
Now $125 until Mar 31, 2025
Finly Rebate
Rewards Breakdown
Annual Rewards
$623.18
First Year Bonus
$0
Annual Fee
$125
First Year Value
$498.18
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$407.15
First Year Bonus
$200
Annual Fee
$120
First Year Value
$607.15
$287.15 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Lost or Stolen Baggage
$1,000
Baggage Delay
$1,000
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Car Rental Damage & Theft
Yes
Extended Warranty
1 year
Purchase Protection
90 days
Emergency Out of province Medical
Up to $1,000,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Flight Delay
$500
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child
Hotel Burglary Insurance
$1,000
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Car Rental Personal Effects
$1,000
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500
Car Rental Damage & Theft
48 days
Extended Warranty
1 year
Purchase Protection
90 days
Emergency Out of province Medical
15 days
Trip Cancellation
$1,500
Trip Interruption
$2,000
Flight Delay
$500
Travel Accident
$500,000
Mobile Device Insurance
$1,000
Extra Benefits
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Extra Benefits*
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Visa Infinite Exclusive Benefits
Yes
Interest Rates
Purchase:
19.99% - 26.99% (or 19.99% - 23.99% in Newfoundland and Quebec)
Cash Advance:
22.99% - 28.99%
Interest Rates*
Purchase:
20.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Annual Fee
$125
Annual Fee*
$120
$0
First Year Waived
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required*
Min Personal Income:
$60,000
Min Household Income:
$100,000
Welcome Bonus
N/A
Welcome Bonus*
Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards.
Rewards Rate
- 5% cash back on grocery purchases up to $1,000 spending per month (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $500 spending per month (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on gas purchases up to $1,000 spending per month (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases with no spending caps
- 5% average cash back at Neo Partners
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
Rewards Rate*
- 4% cashback on groceries, recurring payments (maximum $1000 cashback per year)
- 2% cashback on gas, daily transit (maximum $500 cashback per year)
- 1% cashback on all other credit card purchases (unlimited).
Is this card worth it?
This card offers one of the highest cash back rates in Canada for gas (up to 4%), grocery (up to 7%) and recurring purchases (up to 5%) which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, for a typical person who's spending is generally below $12k per year in grocery, $6k per year in recurring bills and $12k per year in gas then you'll be doing pretty well, especially with the great insurance and benefit offers.
Is this card worth it?
The 4% cashback offered on groceries and recurring purchases is the highest among all other credit cards. With the first year's annual fee waived, and with the right transactions used on this credit card, a high amount of cashback could be earned.
Pros
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
Pros
- Highest Cashback rates on Groceries and Recurring purchases compared to other cashback credit cards.
- High insurance coverage.
- First year annual fee waived.
Cons
- High income requirements of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
Cons
- The base cashback rate (1%) is low for most high spent categories, especially after the first year when the card's annual fee kicks in.
vs American Express Cobalt® Card
vs Rogers Red Mastercard®
vs Scotiabank Passport® Visa Infinite* Card
vs Rogers Red World Elite® Mastercard®
vs Simplii Financial™ Cash Back Visa* Card
vs PC World Elite Mastercard
vs MBNA Rewards World Elite® Mastercard®
vs TD® Aeroplan® Visa Infinite Privilege*
vs Tangerine Money-Back Credit Card
vs BMO CashBack® World Elite® Mastercard®
vs CIBC Costco Mastercard
vs Scotia Momentum® Visa* Card
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