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Simplii Financial™ Cash Back Visa* Card vs Scotia Momentum® Visa* Card: Which one is better?
Simplii Financial™ Cash Back Visa* Card
4.4
Scotia Momentum® Visa* Card
3.1
Finly Rebate
Finly Rebate
Rewards Breakdown
Annual Rewards
$346.79
First Year Bonus
$84.95
Annual Fee
$0
First Year Value
$431.74
$346.79 in years after
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
Up to 1 year
Purchase Protection
Up to 90 days
Insurance Included*
Extended Warranty
1 yearPurchase 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:
20.99%1
Cash Advance:
22.99%1
Balance Transfer:
22.99%1
Interest Rates*
Purchase:
19.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Annual Fee*
$0
Annual Fee*
$39
Income Required*
Min Personal Income:
$15,000
Min Household Income:
$15,000
Income Required*
Min Personal Income:
$12,000
Min Household Income:
N/A
Welcome Bonus*
Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.
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*
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
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?
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
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
- Highest cashback rate on restaurant purchases in Canada!
- Decent cashback rate on high spent categories such as groceries and gas.
- No annual fee for a card with great rewards.
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
- No insurance and benefits other than the standard purchase protection and extended warranty.
- Cap on the rewards that can be earned on each category.
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.
vs American Express Cobalt® Card
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vs CIBC Aeroplan® Visa Infinite* Card
vs CIBC Costco Mastercard
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vs Scotiabank Gold American Express® Card
vs Scotiabank Passport® Visa Infinite* Card
vs Rogers Red World Elite® Mastercard®
vs RBC ION+ Visa
vs American Express® Green Card
vs PC World Elite Mastercard
vs Scotia Momentum® Visa Infinite* Card
vs SimplyCash™ Preferred Card from American Express
vs Amazon.ca Rewards Mastercard®
vs Tangerine Money-Back Credit Card
vs CIBC Costco Mastercard
vs American Express® Aeroplan®* Card
vs American Express® Aeroplan®* Reserve Card
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Legal
*This offer is not available for residents of Quebec. Check here for full details and current product information.
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information. Check here for full details and current product information.
1 “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.