In the ring: Scotia Momentum Visa Infinite Card vs. BMO CashBack World Elite Mastercard

The Scotia Momentum^® Visa Infinite* Card and the BMO CashBack World Elite* Mastercard* go head-to-head in a clash of Canada’s top cash back cards. With both cards offering up to 10% cash back for the first three months and an exceptional reward rate for everyday purchases, it will be tough to choose just one winner.

We put them “in the ring” to battle it out, comparing all the must-know details. Click on the categories, like “Earn rates” or “Interest rates,” to skip to a specific round.

*The RATESDOTCA Best of Finance methodology assumes the cardholder spends an average of $2,000 a month on their card to determine the first-year value. The calculation includes all welcome bonuses and promotional offers at the time of publishing.

Annual fee

Winner: Scotia Momentum^® Visa Infinite* Card

While this category looks like a draw, one card does come out on top. The Scotia Momentum^® Visa Infinite* Card waives the annual fee for the primary cardholder and additional cardholders for the first year, saving anyone with an authorized user at least an extra $50 depending on the number of supplementary cards.

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Welcome bonus

Winner: Scotia Momentum^® Visa Infinite* Card

At first glance, the welcome bonus for these cards seems equally matched — earn up to 10% cash back for the first three months. However, with the addition of a $150 e-Gift Card from RATESDOTCA and some fine print, one card steals the show.

While the BMO CashBack World Elite* Mastercard* offers up to $260 cash back, it’s not as simple to reach the spending requirements for this welcome bonus. Applications received between May 3, 2021, and December 6, 2022, can earn 10% cash back for the first three months on up to $2,600 in total purchases, up to the qualified spend caps in each category.

Earn 10% cash back up to the following amounts in each category for the first three months:

• $500 in grocery purchases
• $300 in transit
• $300 in gas and electric vehicle charging
• $500 in recurring bill payments
• $1,000 in other purchases

Considering these spending brackets, someone who doesn’t have a car or take transit, for example, may earn less.

The Scotia Momentum^® Visa Infinite* Card is more straightforward. New customers can earn 10% cash back on all purchases for the first three months, up to $2,000 in total purchases. While this bonus is $60 less than the BMO card, it may be more achievable. Not only that, but the Scotiabank card also provides an annual fee waiver for supplementary cards for the first year, and that’s not all. Get a $150 e-Gift Card from RATESDOTCA upon approval until April 29, 2022.

Needless to say, the Scotia Momentum^® Visa Infinite* Card is the winner here.

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Earn rates

Winner: BMO CashBack World Elite* Mastercard*

Here is where it gets more complicated. While the BMO CashBack World Elite* Mastercard* offers far more accelerated earn categories than its competitor, it has monthly spending caps. Some good news: if they suit your budget, the return can be generous.

Earn 5% cash back on your first $500 in grocery purchases monthly — one of the best cash back rates for this category. This card also features a new and unique offering. Get 3% cash back on your first $300 in vehicle fuel purchases each month, including electric vehicle charging — an eco-friendly equivalent to the typical gas card.

On the other hand, the Scotia Momentum^® Visa Infinite* Card offers annual spending caps far more significant than those of the BMO card, which can benefit those who spend more in these areas.

According to the RATESDOTCA Best of Finance methodology, the average Canadian would not exceed the monthly caps set by the BMO CashBack World Elite* Mastercard*. Therefore, it wins this round.

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Reward redemption

Winner: BMO CashBack World Elite* Mastercard*

The BMO CashBack World Elite* Mastercard* is an instant winner here. Redeem as little as $1 cash back at any time — no waiting around for an annual payout. Cardholders also have the option to deposit their rewards into a BMO chequing, savings or InvestorLine account automatically starting at $25.

Many cash back cards, including the Scotia Momentum^® Visa Infinite* Card, credit cash back annually, which comes with one major drawback: the risk of losing out on rewards if you choose to close the account in the future. The alternative is to play the waiting game and time your account closure after your rewards are awarded.

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Perks

Winner: BMO CashBack World Elite* Mastercard*

The Scotia Momentum^® Visa Infinite* Card includes Visa Infinite benefits from concierge service to exclusive experiences. The Visa Infinite* Dining and Wine Country program offers culinary benefits at home and across the country. Get discounts from select wineries in Ontario, British Columbia, and Sonoma Valley, among other luxury perks.

While the Visa Infinite benefits are fabulous, the BMO CashBack World Elite* Mastercard* offers a few more convenient services, particularly for travellers. Stay connected with Boingo Wi-Fi for Mastercard and access more than 1,000 hotspots worldwide. Get complimentary membership in Mastercard Airport Experiences provided by LoungeKey and access lounges (for a fee) and offers worldwide. This card also features roadside assistance for flat tires and towing.

Related read: What Are the Benefits of Joining a Roadside Assistance Program?

For this reason, the BMO CashBack World Elite* Mastercard* wins this round.

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Insurance coverage

Winner: BMO CashBack World Elite* Mastercard*

*Insurance coverage is subject to change. Refer to your insurance certificate or contact your credit card issuer for full terms and conditions.

The BMO CashBack World Elite* Mastercard* offers double the shopping coverage found on most credit cards. Get 180 days of purchase protection for lost, damaged, or stolen goods and get two years of extended warranty. This card also offers a comprehensive list of travel insurance — 11 types of coverage in total. The one downside is that the emergency medical term is only eight days.

The Scotia Momentum^® Visa Infinite* Card also provides travel insurance and shopping coverage, although not to the same monetary value or duration. However, it does have mobile device insurance to safeguard new smartphones.

While the Scotia Momentum^® Visa Infinite* Card offers a great everyday value in terms of insurance, the BMO CashBack World Elite* Mastercard* offers more for travellers.

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Recommended credit score

It’s a draw!

Both cards require an excellent credit score to be eligible, which is the case for many top rewards credit cards. One exception is the American Express Cobalt^® Credit Card, which only requires a fair credit score.

In this case, the category is a draw.

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Interest rates

Winner: Scotia Momentum^® Visa Infinite* Card

The Scotia Momentum^® Visa Infinite* Card and the BMO CashBack World Elite* Mastercard* have slightly higher interest rates for purchases than, say, a standard no-fee card with a 19.99% interest rate. However, the interest rates on purchases and balance transfers are the same for both cards.

The BMO card does charge a 1% higher interest rate on cash advances than its competitor. And in the world of credit cards, interest rates are a top consideration. Therefore, the Scotia Momentum^® Visa Infinite* Card is the winner in this category.

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Income requirements

Winner: Scotia Momentum^® Visa Infinite* Card

The Scotia Momentum^® Visa Infinite* Card wins this round for its more accessible nature. While it still requires a minimum personal income of $60,000, the $100,000 household income requirement is more reasonable than the $150,000 mark for the BMO CashBack World Elite* Mastercard*.

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First-year value

Winner: Scotia Momentum^® Visa Infinite* Card

*Based on the RATESDOTCA Best of Finance methodology.

Suppose a person spends an average of $2,000 a month on their credit card across several categories like groceries, drugstore purchases and transit. In the first year, their rewards would look something like this:

According to our Best of Finance methodology, the average Canadian would earn $867 in the first year using the Scotia Momentum^® Visa Infinite* Card. This calculation includes the welcome bonus and additional e-Gift Card from RATESDOTCA.

However, the BMO CashBack World Elite* Mastercard* offers a slightly higher annual rewards value — though only slightly ($30). This value does not include the welcome bonus or any promotional offer. Essentially, it is the estimated number of rewards earned each year following the first.

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Which credit card should you choose?

The Scotia Momentum^® Visa Infinite* Card and the BMO CashBack World Elite* Mastercard* are two great contenders. Both cards feature a $120 annual fee and require an excellent credit score for approval. Similarly, they offer up to 10% cash back for the first three months and many of the same accelerated earning categories.

Digging deeper into the details, we find our winner. The BMO CashBack World Elite* Mastercard* allows cardholders to redeem their rewards how and when they want. It offers an excellent cash back rate for everyday purchases, including 5% back on the first $500 in groceries each month. It also features the insurance coverages and perks travellers expect from a leading rewards card.

On a slightly more accessible note, the Scotia Momentum^® Visa Infinite* Card has lower income requirements and a straightforward cash back model. Spend up to $25,000 annually in the first two accelerated earning tiers and 1% unlimited cash back for every $1 spent on everything else. This card also features travel insurance and mobile device insurance.

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Rates, product information and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. RATESDOTCA may receive a referral fee from our partners or affiliate links featured on the site; however, our editorial choices are objective and free from bias. The opinions expressed in this article are purely those of RATESDOTCA; thus, the credit card issuers and partners are not responsible for any editorials or reviews that may appear. Please visit the associated brand’s website for complete and current terms and conditions on any product or service mentioned. The information in this article is accurate as of the date of this posting, March 1, 2022. Read our full disclaimer.