Simplii Financial™ Cash Back Visa* Card

Simplii Financial™ Cash Back Visa* Card

Apply Now
Scotia Momentum® Visa* Card

Scotia Momentum® Visa* Card

Apply Now

Simplii Financial™ Cash Back Visa* Card vs Scotia Momentum® Visa* Card: Which one is better?


Simplii Financial™ Cash Back Visa* Card

Simplii Financial™ Cash Back Visa* Card

4.4


RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

Scotia Momentum® Visa* Card

Scotia Momentum® Visa* Card

3.1


RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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

    Extended Warranty

    Up to 1 year
  • purchase protection

    Purchase Protection

    Up to 90 days

Insurance Included

  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    90 days

Extra Benefits*

N/A

Extra Benefits

  • car rental

    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:

2.99% introductory for 6 months, then 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:

N/A

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.

Legal


*This offer is not available for residents of Quebec. 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.

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