Tangerine Money-Back Credit Card vs Scotia Momentum® Visa* Card: Which one is better?

Tangerine Money-Back Credit Card
4

Scotia Momentum® Visa* Card
3.1
Finly Rebate
Finly Rebate
Rewards Breakdown
Annual Rewards
$278.6
First Year Bonus Value
$100
Annual Fee
$0
Finly Rebate
$50Exclusive Offer
First Year Value
$428.6
$278.6 in years after
Based on $2,000/mo average spending and assuming you have a Tangerine Savings account. Calculate your rewards.
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 $2,000/mo average spending. Calculate your rewards.
Insurance Included
Extended Warranty
Up to a yearPurchase Protection
90 days
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:
20.95%1
Cash Advance:
22.95%1
Balance Transfer:
22.95%1
Interest Rates*
Purchase:
19.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Annual Fee
$0
Annual Fee*
$39
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
$12,000
Min Household Income:
N/A
Welcome Bonus
In the first 2 months, get a bonus 10% cash back up to $100
Welcome Bonus*
Get a 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $39)
Rewards Rate
- 2% on the choice of two categories chosen from the 10 offered by Tangerine
- 0.5% cashback on all other credit card purchases.
Rewards Rate*
- 2% cashback on gas, groceries, drug store and recurring payments (maximum $500 annually)
- 1% cashback on all other credit card purchases.
Is this card worth it?
While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.
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
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Easy credit score requirements needed for this card.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
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
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
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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