Scotia Momentum® Visa Infinite* Card vs CIBC Costco Mastercard: Which one is better?
Scotia Momentum® Visa Infinite* Card
4
CIBC Costco Mastercard
2.8
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.
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.
Insurance Included*
Mobile Device Insurance
$1,000
Extended Warranty
1 year
Purchase Protection
90 days
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
Car Rental Damage & Theft
48 days
Travel Accident
$500,000
Emergency Out of province Medical
15 days
Trip Cancellation
$1,500
Trip Interruption
$2,000Flight Delay
$500
Insurance Included
Mobile Device Insurance
$1000Extended Warranty
Up to a yearPurchase Protection
Up to 90 days
Extra Benefits*
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Visa Infinite Exclusive Benefits
Yes
Extra Benefits
N/A
Interest Rates*
Purchase:
20.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Annual Fee*
$120
$0
First Year Waived
Annual Fee
$0
Income Required*
Min Personal Income:
$60,000
Min Household Income:
$100,000
Income Required
Min Personal Income:
$15,000
Min Household Income:
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.
Welcome Bonus
N/A
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).
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
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.
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.
Pros
- Highest Cashback rates on Groceries and Recurring purchases compared to other cashback credit cards.
- High insurance coverage.
- First year annual fee waived.
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
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.
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
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