Scotia Momentum for business Visa: maximize your business spending
Get up to 3% cashback on the expenses that keep your company running
The Scotia Momentum for business Visa is designed to support Canadian entrepreneurs by offering cashback on essential business purchases, comprehensive insurance coverage, and financial management tools.
Whether you’re fueling up, dining with clients, or stocking up on office supplies, this option provides rewards and features tailored to business needs.
It’s a smart choice for sole proprietors, freelancers, and small business owners who want to keep their expenses separate while being rewarded for everyday purchases.
It’s created to suit those who value financial organization and flexibility.
<h2>Pros and cons of the Scotia Momentum for business Visa card</h2>
Understand the advantages and disadvantages of the Scotia Momentum for business Visa so you can determine if it’s the right fit for your business.
<h3>Advantages</h3>
The Scotia Momentum for Business Visa offers several benefits that cater to business owners:
- Earn 3% cashback on eligible gas station, restaurant, and office supply store purchases, as well as on recurring bill payments. All other eligible purchases earn 1% cashback;
- Benefit from a 2.99% introductory interest rate on balance transfers for the first six months;
- You’ll also be covered with features like purchase protection, extended warranties, and insurance for rental car damage or loss;
- With the Scotia SelectPay option, you can break down larger purchases into smaller, manageable payments.
<h3>Disadvantages</h3>
Take a look at some negative aspects of this financial product below:
- It comes with an annual fee for the primary cardholder and the supplementary users;
- The interest rates may be considered elevated by some consumers;
- A fee applies to foreign currency transactions;
- An overlimit charge is applicable.
<h2>Fees and rates of the Scotia Momentum</h2>
Check out the fees and interest rates associated with the Scotia Momentum for business Visa, so you can start your financial planning effectively:
- Annual fee: $79;
- Supplementary card fee: $29 for each item;
- Interest rates on purchases: 19.99%;
- Interest rates on cash advances: 22.99%;
- Dishonoured payment fee: $48;
- Non-sufficient funds fee: $48;
- Copy of a sales receipt, cash advance slip, or a past statement fee: $5;
- Overlimit fee: $29;
- Foreign currency conversion fee: 2.5%;
- Balance transfer fee: $5;
- Cash advance counter fee for financial institutions in Canada: $5;
- Cash advance counter fee for financial institutions outside of Canada: $7.50;
- Cash advance fee: $5.
Updated according to the issuing website on 05/29/2025
<h2>About the bank</h2>
Scotiabank, officially known as The Bank of Nova Scotia, is one of Canada’s leading financial institutions, offering several banking products and services.
With a strong presence across the country, Scotiabank is committed to supporting Canadian businesses through tailored financial solutions and dedicated customer service.
<h2>Application</h2>
Managing your Scotia Momentum for business Visa is made easy with Scotiabank’s digital tools.
With the financial institution’s online banking and mobile app, you’ll be able to:
- Monitor transactions and account balances;
- Set up account alerts;
- Make payments and transfers;
- Access detailed expense reports
These resources are designed to help business owners stay on top of their finances and make informed decisions.
Also, if you issue supplementary cards for team members, the app allows you to monitor their spending, set limits, and manage approvals in real time, keeping your business spending under control.
<h2>Should the Scotia Momentum for business Visa card be in your wallet?</h2>
The Scotia Momentum for business Visa is a strong contender for Canadian business owners seeking to earn cashback on everyday business expenses while benefiting from financial management tools and insurance coverage.
The combination of the benefits offered by it can make a noticeable impact on your bottom line, especially when used strategically to optimize recurring costs.
However, it’s important to consider the annual fee and foreign transaction fees concerning your business spending habits.
If your business frequently incurs expenses in the card’s high-reward categories and you can take advantage of the introductory balance transfer rate, this option could be a valuable addition to your financial toolkit.
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