Scotia Momentum Business Visa Card Review

Get ready to transform your company's everyday expenses into a powerful stream of cash back with the Scotia Momentum for business Visa Card!

The Scotia Momentum for business Visa Card offers a compelling combination of high-earning bonus categories, essential business perks, and a straightforward rewards system that lets you focus on what you do best—running your business. With a low annual fee and the convenience of an automatic annual payout, this card makes it effortless to see a tangible return on your business spending. It’s time to let your expenses pay you back!

CREDIT CARD

Scotia Momentum Business Visa

Travel Emergency Medical 3% cash back

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Benefits: Your Advantage in Business

1. High 3% Cash Back on Key Business Categories: This is the card’s most powerful feature! You’ll earn a fantastic 3% cash back on eligible purchases at gas stations, restaurants, and office supply stores. This also includes recurring bill payments, making it a powerhouse for your most common operational expenses.
2. Solid 1% Cash Back on All Other Purchases: Every other business expense also earns you money back. For all other eligible purchases that don’t fall into the 3% accelerated categories, you’ll earn a reliable 1% cash back, ensuring every dollar your business spends is contributing to your rewards.
3. Low Annual Fee: Access these excellent cash back rates for a very competitive annual fee of just $79. For most businesses, the cash back earned on the 3% bonus categories can easily outweigh this modest yearly cost, delivering a strong return on investment.
4. Low Fee for Employee Cards: Streamline your team’s spending efficiently. You can add supplementary cards for your employees for a low annual fee of only $29 per card, allowing you to consolidate expenses and maximize cash back earned from all company spending.
5. Visa SavingsEdge Program: Get automatic discounts on common business expenses. As a cardholder, you can enroll for free in the Visa SavingsEdge program to get discounts from a variety of suppliers for things like office supplies, courier services, and hotel stays.
6. Scotia SelectPay for Business: Make large purchases more manageable for your business. With Scotia SelectPay, you can convert eligible credit card purchases of $100 or more into fixed monthly installment payments, helping you manage cash flow for bigger investments.
7. Powerful Expense Management: Gain better control over your company’s finances. Scotiabank provides tools that allow you to easily track and categorize spending, which simplifies bookkeeping and year-end tax preparation.

Who Can Apply: Eligibility Criteria

To be eligible for the Scotia Momentum for business Vis* Card, your business and the applicant typically need to meet the following criteria:

• Canadian Business: Your business must be registered and operate in Canada.
• Applicant Status:
  • You must be the owner of the business (e.g., Sole Proprietor, Partner, or Shareholder).
  • You must have reached the age of majority in your province or territory.
  • You must be a Canadian resident.
• Creditworthiness: Scotiabank will assess your personal credit history. A good credit score is generally required for approval.
• Business Revenue (Potentially): While no specific minimum revenue is always stated, the application will ask for details about your business’s financial health.

How to Apply: Your Steps to Business Savings

Applying for the Scotia Momentum for business Visa Card is a straightforward process.

1. Visit the Scotiabank Website: Go to the official Scotiabank Canada website.
2. Find the Business Credit Cards Section: Navigate to “Banking Solutions,” then “Credit Cards,” and select the “Scotia Momentum for business Visa Card.”
3. Review Card Details: Carefully read through the card’s features, the cash back earn rates and caps, insurance coverages, the $79 annual fee, and other terms.
4. Click “Apply Now”: Start the secure online application form.
5. Provide Your Information: You will need to fill out the application with your personal details and your business information (legal and operating names, business number, address, industry type, annual revenue, etc.).
6. Consent to a Credit Check: As part of the application, you must provide consent for Scotiabank to perform a credit check on you personally.
7. Review and Submit: Carefully review all the information for accuracy before submitting your application.
8. Await a Decision: An Scotiabank business advisor may contact you to finalize the application, as business credit cards often require more detailed verification than personal cards.

Frequently Asked Questions (FAQ)

1. What is the annual fee for this business card?
   The annual fee is $79 for the primary card. Supplementary employee cards are $29 each.
2. What are the 3% cash back categories?
   You earn 3% cash back at eligible gas stations, restaurants, office supply stores, and on recurring bill payments.
3. How is the cash back paid out?
   The cash back is automatically credited to your business card statement once a year in November.
4. What travel insurance is included?
   It includes Travel Emergency Medical (up to 8 days for those under 65), Flight Delay, and Delayed/Lost Baggage insurance.
   
   

CREDIT CARD

Scotia Momentum Business Visa

Travel Emergency Medical 3% cash back

APPLY NOW You will be redirected