Rogers Red World Elite® Mastercard® vs Scotia Momentum® Visa* Card: Which one is better?
Rogers Red World Elite® Mastercard®
5
Scotia Momentum® Visa* Card
3.1
Finly Rebate
Finly Rebate
Rewards Breakdown
Annual Rewards
$720
First Year Bonus
$0
Annual Fee
$0
First Year Value
$720
Based on $2,000/mo average spending and assuming you have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user. 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
1 yearPurchase Protection
90 daysCar Rental Damage & Theft
$65,000Emergency Out of province Medical
$1M, Up to 10 daysEmergency Medical Over 65
$1M, Up to 3 daysTrip Cancellation
$1,000/person, $5,000 maximumTrip Interruption
$1,000/person, $5,000 maximum
Insurance Included
Extended Warranty
1 yearPurchase Protection
90 days
Extra Benefits
Airport Lounge - Dragon Pass
Pass only, complimentary visits not includedNo Cost roaming
5 days
Extra Benefits
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Interest Rates
Purchase:
19.99%
Cash Advance:
22.99%
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:
$80,000
Min Household Income:
$150,000
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 all U.S dollar purchases
- 2% cash back on all regular purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
- 1.5% cash back on all purchases if you do not have 1 qualifying service
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?
This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!
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
- Voted the Best Cash Back Card in Canada for Rogers, Fido and Shaw customers by FinlyWealth.
- Voted the Best No Annual Fee Credit Card in Canada by FinlyWealth.
- There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
- Many favorable benefits for travelers.
- Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
- Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing your rewards.
- The roam-like benefit is a benefit unique only to this card.
- It is accepted at nearly all locations as it's a Mastercard.
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
- Harder to qualify due to the high credit score and income requirements.
- Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.
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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Other Comparisons
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vs SimplyCash™ Preferred Card from American Express
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vs Tangerine Money-Back Credit Card
vs CIBC Costco Mastercard
vs American Express® Aeroplan®* Card
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vs SimplyCash® Card from American Express
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