cash back

Do you have a rewards or travel credit card, but unsure as to what your points can get you? Have you accumulated thousands of reward points but, never redeemed them for anything?  Cashback credit cards provide a simple and transparent rewards program to their cardholders. It pays out cash to customers based on their spending.  This type of clarity tends to be lacking in many points programs that exist today.

Individuals who are not using their credit cards on their everyday purchases are missing out on the ability to make money as they spend.  To be clear, does not advise Canadian Consumers to overspend on their credit cards, however, this comment is in the context of your regular budgeted spending.  For every $100 spent on items such as groceries and gas, someone could be earning cashback rewards of $1, to as much as $5.

There is no shortage of cashback credit cards in the Canadian market place.  There are many options: no annual fee, cashback choices, rewards, and other perks. However, there is one credit card that stands out… The Scotia Momentum Visa Infinite card.

Momentum Visa Infinite

This cashback credit card is great for individuals or families who spend a lot of their budget on groceries and gas.  There is a welcome bonus, allowing new cardholder to earn 5% cash back on their first $3,000 in purchases over the first three months (up to $150 cashback).  Once the welcome rate expires, cardholders can earn 4% cash back on gas and groceries, which is higher (about 4 times higher) than most competitor cashback cards.  For someone that spends roughly $400 a month on gas and groceries, they could earn almost $300 in cashback within their first year.  This more than covers the $99 annual fee.  Right now, there is even a promotion to waive the first year’s annual fee.

Cardholders can also earn 2% cash back on drug store purchases and recurring bill payments, and 1% cash back on all other purchases.  When used for everyday household shopping this card can provide a lot of value.

This card also provides travel medical insurance, trip interruption, and flight delay insurance which allows it to act as a travel credit card as well. It can include warranty and purchase protection.  Cardholders can also take advantage of one-of-a-kind dining experiences, entertainment adventures, and exclusive benefits of Visa Infinite.

If you were thinking of switching credit cards or looking for a new credit card, the Scotia Momentum Visa Infinite card is worth a second look.  The key to getting the most out of your cashback credit card is to ensure that you find a card that makes the most of your everyday purchases.  Also, keep in mind it is important to consider the other benefits being provided by the card, as some may suit your lifestyle better than others.