Scotia Momentum® Visa* Card vs American Express Platinum Card®: Which one is better?

Scotia Momentum® Visa* Card

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

American Express Platinum Card®

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Rewards Breakdown

Annual Rewards

$309.89

Welcome Bonus

Annual Fee

$39

First Year Value

$270.89

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$570.43

American Express Membership Rewards

Welcome Bonus

American Express Membership Rewards

Annual Fee

$799

First Year Value

-$228.57

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included

Extended Warranty

1 year

Purchase Protection

90 days

Insurance Included*

Extended Warranty

1 year

Purchase Protection

90 days

Emergency Out of province Medical

$5 Million per insured, 15 days

Trip Cancellation

$2500 per person, $5000 combined

Trip Interruption

$2500 per person, $6000 combined

Flight Delay

$1000 after 4 hour delay

Baggage Delay

$1000 after 6 hour delay

Hotel Burglary Insurance

$1000

Lost or Stolen Baggage

$1000

Travel Accident

$500,000

Car Rental Damage & Theft

$85K, up to 48 days

Extra Benefits

Car Rental Discount

25% off base rate of Avis Rent A Car and Budget Rent A Car

Extra Benefits*

Travel Credit

$200

Dining Credit

$200 at Select Restaurants

Nexus Application

$100 statement credit every 4 years

Airport Lounge - American Express Global Lounge

Unlimited Access for you and a Guest!

Complimentary Hotel Benefits

Hotels booked American Express Travel

Status lift

Upgrade to Hilton Honors Gold Status

Status lift

Upgrade to Marriott BonvoyTM Gold Elite status

Airport Benefits

At Toronto Pearson Airport get Priority Security lane, Complimentary valet and 15% discount at the Express Park and daily park

Concierge Services

Trip and legal Assistance

American Express Experiences

Extra points

Earn 2 points on Amex Travel Online purchases and extra points on American Express offers

Interest Rates

Purchase:

19.99%

Cash Advance:

22.99%

Interest Rates*

Purchase:

21.99% - 30%²

Cash Advance:

21.99% - 30%²

Annual Fee

$39

Annual Fee*

$799

Income Required

Min Personal Income:

$60,000

Min Household Income:

$100,000

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Welcome Bonus

N/A

Welcome Bonus*

Earn 70,000 points after spending $10,000 on your Card within the first 3 months as a new Platinum® Cardmember. Earn an additional 30,000 points when you make a purchase between 14 and 17 months of Cardmembership. Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.

Rewards Rate

2% cashback on gas, groceries, drug store and recurring payments (maximum $500 annually)
1% cashback on all other credit card purchases.

Rewards Rate*

2x points per $1 spent on eligible dining & food delivery purchases (restaurant, fast food, coffee shop, food delivery)
2x points per $1 spent on eligible travel purchases (flights, hotels, tours and more)
1x point per $1 spent for all other purchases

Loyalty Program

N/A

Loyalty Program*

American Express Membership Rewards

Point Redemption Options

Not Applicable

Point Redemption Options*

Most Optimal

Transfer to Airline Partners

2.1¢ / point

Fixed Point Travel Program

1.66¢ / point

Transfer to Hotel Partners

1.66¢ / point

Statement Credits

1¢ / point

Gift Cards

0.765¢ / point

Amazon.ca

0.7¢ / point

Merchandise

0.63¢ / point

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.

Is this card worth it?

If you're a frequent traveler, the Platinum card is an excellent choice. It's highly recommended for its extensive travel benefits, including unlimited lounge access for you and a guest at the American Express Lounge collection, making it the best card for lounge access in Canada. The card also offers unique perks not commonly found with other Canadian cards, such as status upgrades at Marriott Bonvoy and Hilton, dining and travel credits, concierge service, airport benefits, Nexus application reimbursement, and more. These benefits can more than offset the annual fee. However, if you don't travel often or are mainly looking for a card that maximizes rewards, this card may not be the best option for you.

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.

Pros

Offers more perks than any other credit card in Canada, catering to premium users who value extensive benefits.
Enjoy $400 in annual travel and dining credits, which can offset some of the card's cost.
Gain unlimited access to over 1,300 airport lounges worldwide, enhancing your travel experience.
Multiple options for redeeming points for high value, giving you flexibility in how you use your rewards.
Includes 11 types of insurance coverage, offering comprehensive protection for cardholders.

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.

Cons

As with other American Express cards, it may have lower acceptance in some locations compared to other networks.
The high annual fee of $799 may be a barrier for some users, especially those who do not fully utilize the card's benefits.
Some benefits are limited to specific airports and hotels.

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Legal

^*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check for full details and current product information.

² This Charge Card requires full payment of the Due in Full balance each month, with a 30% interest rate on late payments. The Flexible Payment Option balance has a 21.99% interest rate, which increases to 25.99% after two missed payments and 28.99% after three or more within 12 months. A 21-day interest-free grace period applies to new transactions if the full balance is paid by the due date.