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Comparing Scotia Momentum No-Fee VISA Card Vs. American Express Essential Credit Card  

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Compare Scotia Momentum No-Fee VISA Card vs. American Express Essential Credit Card and know which card offers the best benefits for you.

Compare Scotia Momentum No-Fee VISA Card vs. American Express Essential Credit Card  

Source: Freepik

The Scotia Momentum No-Fee VISA Card is the best student card for balance transfers. It helps you build your credit history and even offers you a secure payment method for making everyday purchases.  

We will compare it with the American Express Essential Credit Card, which has the lowest annual interest rate among all the student cards.  

Let us study these credit cards individually and then do a comparative analysis. 

1. Scotia Momentum No-Fee VISA Card 

The Scotia Momentum No-Fee VISA Card offers an interest-free grace period on your purchases and even rewards. You can build your credit history and improve your credit score by making timely payments.  

Welcome Offer 

  • In the first three months, you can earn a cashback of up to 5% on all purchases.  
  • For the first six months, your interest rate on balance transfers will be 0%  

Let us evaluate this credit card and make you aware of its various conditions and features. 

1. Eligibility 

 Eligibility Requirements 
1. You must be a resident of Canada. 
2. There is no minimum income requirement. 
3. Be a major to get this credit card in your name. This age of the majority may vary from province to province. 
4. Must have an “average to excellent” credit score, preferably between 650 and 749 

2. Annual Fees 

  • The annual fee for this credit card is $0  
  • The supplementary cards are also available at $0 

3. Interest Rates 

Nature of Balance Interest Rate 
Purchases 19.99% 
Cash advances  (Including balance transfers, Scotia Credit Card Cheques, and cash-like transactions) 22.99%* 

4. Earn Rate 

This credit card allows you to earn cashback on your everyday purchases. The rate card mentioned below:  

Eligible Purchases Cashback 
Gas, Grocery, Medicines, and Recurring Payments 1% 
On all other purchases 0.5% 

5. Exclusive Benefit

You can use Scotia SelectPay and split your purchases of $100 or more in easy instalment plans. You are not required to pay any interest. Instead, the bank will charge you a nominal fee.  

Besides, you can also enjoy the following benefits:  

  • You can save up to 25% on car rentals when you book a rental car at participating AVIS locations.  
  • You can choose from two different insurance bundles. These are: 
Basic Protection Comprehensive Protection 
Death Benefit Death Benefit 
Critical Illness Benefit Critical Illness Benefit 
Hospitalization Benefit Hospitalization Benefit 
 Disability Benefit 
 Job Loss Benefit 
 Strike or Lockout Benefit 
 Death Benefit 

2. American Express Essential Credit Card 

The American Express Essential Credit Card offers significant benefits, with no annual fee and low-interest rates. Besides, you enjoy several additional benefits, such as American Express Experiences, Travel coverage, etc.  

Welcome Offer  

If you spend $1500 in the first three months, you will get a cashback of $100.  

Let us evaluate this credit card and make you aware of its various conditions and features 

1. Eligibility 

 Eligibility Requirements 
1. You must be a resident of Canada. 
2. There is no minimum income condition. 
3. Must be a major to get this credit card in your name. This age of the majority may vary from province to province. 
4. Must have a “fair to good” credit score, preferable between 650 and 739 
5. Must have a Canadian credit file. 

2. Annual Fee 

  • This credit card has a $0 annual fee.  
  • You can even get additional or supplementary credit cards for free 

3. Interest Rates 

Nature of Balance Interest Rate 
Purchases 12.99% 
Cash advances 12.99% 

* Note that if you miss payments, the interest rates for purchases and cash advances will increase to 23.99% and 26.99%, respectively.  

4. Earn Rate  

This credit card carries a low-interest rate of 12.99%. Thus, it does not offer any rewards or cash back.  

5. Exclusive Benefit  

This credit card offers you several additional benefits. These are: 

Benefits Description 
Travel Coverage You get Accidental Death and Dismemberment Insurance when you buy your travel tickets using this credit card  You get covered up to $100,000 
American Express Experiences You get access to in-demand concerts, events, restaurants, etc. You get to enjoy the following experiences: Front of the Line Presales Front of the Line Reserved tickets Entertainment Dining Retail Wellness On-site benefits 
Shopping Coverage Your original manufacturer’s warranty gets increased up to additional one year It covers your purchases in the first 90 days, up to $1,000 per occurrence 
Amex Offers You get access to Amex App or Online Services Using it, you can check for latest offers on dining, shopping, etc.  
Travel Online You can get the best deals on hotels and car rental bookings 

You also get to enjoy The American Express Instalment Program – PLAN IT. You can split your purchases of $100 or more into three unique plans of 3 months, six months, and 12 months.  

Comparative Analysis  

Let us compare some common conditions and features. 

Parameters Scotia Momentum No-Fee VISA Card American Express Essential Credit Card 
Income Condition No such condition No such condition 
Annual Fee $0 $0 
Interest Rate: 
Purchases 
Cash Advances 
 
19.99% 
22.99% 
 
12.99% 
12.99% 
Credit Score 650+ 650+ 

Out of the four parameters mentioned above, there is a tie in three, and American Express Essential Credit Card scores higher in one of them.  

Opinion of ExpertbyArea.Money  

The American Express Essential Credit Card does not offer you any cashback. However, it charges a low interest rate of 12.99% and offers you several additional benefits.  

Scotia Momentum No-Fee VISA Card offers a not-so-impressive 0.5% – 1% cashback on eligible purchases. You may find better no-fee credit cards offering impressive earn rates.  

If you usually leave balances and are looking for a credit card with easy eligibility and no annual fee. An American Express Essential Credit Card can be a good option.  

Evaluate your requirements and perform an analysis. Choose the card that better serves your needs. 

  

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