Changes to Scotia Momentum® Visa Infinite card, starting August 1, 2019

by Anshul
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a credit card with a ripple of water

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Scotiabank is on a roll with updates to their card features. Last month they announced changes to Scotiabank Gold American Express card, starting Aug 1, 2019. In line with the date, Scotiabank has now announced changes to Scotia Momentum® Visa Infinite card as well.

Changes to Scotia Momentum® Visa Infinite card – Effective Aug 1, 2019

changes to Scotia Momentum® Visa Infinite

 

Link to Apply Now

Highlights of the changes coming to the card, starting August 1, 2019:

  • Annual Fee for Primary card increases to $120, and Supplementary card fee to $50
  • Interest rate on purchases increases to 20.99%
  • Cash Back on Recurring Bills increases from 2% to 4%
  • Cash Back on Gas decreases from 4% to 2%
  • New category of Daily Transit added, earns 2% cash back
  • Cash Back on Drug store purchases decreases from 2% to 1%
  • Trip Cancellation Insurance and Mobile Device Insurance now added to insurance coverage

Comparison Chart: Current vs August 1, 2019

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Here is the link to the Official Notice about Changes to Scotia Momentum® Visa Infinite Accounts – Effective August 1, 2019.

For households that have high spends in Gas purchases, the change from $4% cash back to 2% can be a big negative. Depending on the services one subscribes to, 4% cash back on recurring bills is a good feature to have. Note that the 4% earn category has a $25000 annual limit.

I would like to think that Scotiabank has committed to these changes on the back of consumer spending data on these cards. What does not change is that the card continues to offer 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. A welcome offer of up to $299. In my opinion, still one of the strongest premium cash back cards in the Canadian market.

Link to Apply Now 

 

Do these changes affect you adversely, or is it business as usual? Leave a comment below.

 

 

**Disclosure**: Scotiabank is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply Now link. My blog contains referral or affiliate links. I receive a small commission at no additional cost to you. Thank you for your continued support.

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