I just got a letter in the mail notifying me of some changes to the Scotiabank Momentum Visa Infinite card that take effect Aug 1/19; for anyone who doesn't know it's a great card for cash back and I usually earn around $500 per year in cash back.
Here is a quick summary:
- 4% cash back on recurring payments (insurance, utilities, gym memberships, etc). This used to be 1%
- 4% cash back on subscriptions (Netflix, Apple Music, meal kit delivery, etc). This used to be 2%
- 4% cash back on groceries
- 2% cash back on gas (used to be 4%)
- 2% cash back on daily transit
- 1% cash back on everything else (no limit)
The annual fee is $120 (used to be $99). The card also has "mobile device" insurance coverage, which is something I haven't seen very often. Basically it covers the cost of a cell phone if you lose it, break it etc up to $1000 purchase price.
The good:
- anyone who has a lot of recurring payments can now get 4% cash back on them
- the mobile device insurance is a big bonus for anyone who has lost/broken a phone in the past
- you can get 10% cash back for the first 3 months on the first $2,000 in purchases (maximum $200 cash back) AND no annual fee for the first year (using my affiliate link)
- it still has 4% cash back on groceries
The bad:
- the card used to pay 4% cash back on gas but now it's down to 2%
- the annual fee is up to $120 per year
- Enmax doesn't count as a recurring payment. Enmax has a deal with credit card companies that they signed a couple years ago that states Enmax won't be put into the "recurring payment" category so it won't be eligible for 4% cash back
- the most you can get for cash back is $1,000 in the 4% category ($25,000 spend)
If anyone is interested in picking up this card message me and use my affiliate link to get 10% cash back and no annual fee the first year
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