Scotia Momentum® Mastercard®*

Pros

• $0 annual fee for the primary card and all supplementary cards
• 1% cash back automatically on gas, groceries, drugstore purchases, and recurring bill payments
• Introductory 7.99% purchase APR for the first 6 months can reduce interest costs for new cardholders
• Accessible entry-level card for applicants who may not yet qualify for premium fee-based cards
• Backed by Mastercard’s global network, plus Shell fuel discounts and Avis/Budget car rental discounts

Cons

• Only 0.5% cash back on purchases outside the bonus categories, low relative to other cash back cards
• Cash back is paid out once a year in November, not monthly or on demand
• No confirmed cash welcome bonus as of this writing — the main new-cardholder incentive is a temporary lower interest rate, not a rewards bonus
• 2.5% foreign transaction fee applies on purchases made in other currencies
• No travel insurance or purchase protection benefits are listed for this card

Best for

• People who want a simple, no-fee cash back card for everyday spending without tracking rotating categories
• Those who regularly spend on gas, groceries, and drugstore purchases and pay their balance in full
• Applicants building credit who may not yet qualify for premium fee-based cash back cards

Not ideal for

• Frequent travelers or anyone making regular foreign-currency purchases, due to the 2.5% FX fee
• Big spenders who’d earn more with a premium cash back card that has a higher flat rate despite an annual fee
• Anyone who wants monthly access to cash back rather than a once-a-year payout
• Shoppers seeking travel insurance or purchase protection benefits