CIBC Costco Mastercard vs Scotia Momentum® Visa* Card: Which one is better?
CIBC Costco Mastercard
2.8
Scotia Momentum® Visa* Card
3.1
Welcome Bonus
N/A
Welcome Bonus*
Get a 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $39)
Our Cash Offer
N/A
Our Cash Offer
$60 Cash Rebate offer from FinlyWealth
Rewards Breakdown
Annual Rewards
$347.33
First Year Bonus Value
+
$0
Annual Fee
-
$0
First Year Value
$347.33
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
While the first year bonus value here may show $0, the actual welcome bonus offer for this credit card is 2.99% introductory interest rate on balance transfers up to 6 months, which we value at $0 when you meet the minimum spending or other listed requirements. The value of $0 here was derived based on numbers in the spending inputs and whether you meet the minimum listed requirements.
Rewards Breakdown
Annual Rewards
$315.05
First Year Bonus Value
+
$0
Annual Fee
-
$39
Finly Rebate
+
$60Exclusive Offer
First Year Value
$336.05
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
While the first year bonus value here may show $0, the actual welcome bonus offer for this credit card is 2.99% introductory interest rate on balance transfers up to 6 months, which we value at $0 when you meet the minimum spending or other listed requirements. The value of $0 here was derived based on numbers in the spending inputs and whether you meet the minimum listed requirements.
How to Earn Rewards
- 3% cash back on Restaurants
- 3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
- 2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
- 1% on everything else
How to Earn Rewards*
- 2% cashback on gas, groceries, drug store and recurring payments (maximum $500 annually)
- 1% cashback on all other credit card purchases.
Insurance Included
Extended Warranty
Up to a year
Purchase Protection
Up to 90 days
Mobile Device Insurance
$1000
Insurance Included*
Extended Warranty
1 yearPurchase Protection
90 days
Extra Benefits
N/A
Extra Benefits*
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Balance Transfer:
22.49%
Interest Rates*
Purchase:
19.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Annual Fee
$0
Annual Fee*
$39
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Income Required*
Min Personal Income:
$12,000
Min Household Income:
N/A
Is this card worth it?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
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
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
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
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
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.
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vs RBC ION+ Visa
vs Simplii Financial™ Cash Back Visa* Card
vs American Express® Green Card
vs PC World Elite Mastercard
vs Scotia Momentum® Visa Infinite* Card
vs SimplyCash™ Preferred Card from American Express
vs Amazon.ca Rewards Mastercard®
vs Tangerine Money-Back Credit Card
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