Comparing Scotia Momentum For Business VISA Vs. CIBC Aeroplan Business VISA Card
Read the comparison between Scotia Momentum For Business VISA Vs. CIBC Aeroplan Business VISA Card and know which one is best for you.
Source: Freepik
The Scotia Momentum for Business VISA card offers lucrative cashback on your everyday business purchases. It gives you a grace period of 25 days on all your new purchases.
We will compare it with CIBC Aeroplan Business VISA Card, which offers you Aeroplan points. You can use them to book flight tickets. Read out the Aeroplan Flight Reward Chart through this link.
Let us study these credit cards individually and then do a comparative analysis.
1. Scotia Momentum for Business VISA
The Scotia Momentum for Business VISA credit cards give you cashback, comprehensive insurance, and several additional benefits. It offers you a minimum credit limit of $500.
Welcome Offer
All your balance transfers will accrue interest at 2.99% per annum for the first six months.
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 majority may vary from province to province. |
| 4. | Must have an “average to excellent” credit score, preferably more than 670 |
2. Annual Fees
- The annual fee for this credit card is $79
- The supplementary credit cards are charged at $29 per year
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 is:
| Eligible Purchases | Cashback |
| Eligible gas stations Eligible restaurants Eligible purchases made from office supply stores Eligible recurring bill payments | 3% |
| On all other business purchases | 1% |
5. Exclusive Benefit
Besides the cashback, this credit card offers you several comprehensive insurance suites. These are:
| Insurance Policy | Description |
| Travel Emergency Medical Insurance | It covers your emergency medical expenses resulting from unexpected illness or accidental injury for up to $1 million. You get compensated in the following manner Age: Less than 65 years- Consecutive Days: Up to 8 days Age: Over 65 years- Consecutive Days: Up to 3 days |
| Rental Car Collision/ Loss Damage Insurance | With a rental car, your rental gets insured when you fully charge it to your credit card |
| Purchase Security and Extended Warranty Protection | Your most new purchases made in the first 90 days get insured for theft, damage, and loss The warranty offered by your manufacturer gets doubled up to 1 year |
| Scotia Business Loan Protection (optional) | You get business coverage of up to $2,000,000 The various events covered are: Life Disability Hospitalization and Terminal Illness |
2. CIBC Aeroplan Business VISA Card
The CIBC Aeroplan Business VISA Card makes doing business simply by offering a range of benefits, such as free first checked bag and preferred pricing on Air Canada flights, guest passes, savings on baggage fees, etc.
Welcome Offer
You can earn up to 60,000 Aeroplan points worth $1,200 in travel value. The breakup is as below
| Aeroplan Points | Event |
| 10,000 | When you make the first purchase |
| 20,000 | If you spend at least $3,000 in the first four months |
| 30,000 | When you spend $35,000 or more in the first year |
You also earn a Buddy Pass and Maple Leaf Lounge Access. The combined value of these benefits is $450.
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. | To get this credit card you must have a minimum individual annual income of $35,000 |
| 3. | Be a major to get this credit card in your name. This age of the majority may vary from province to province. |
| 4. | You must have a “fair to good” credit score, preferably between 650 and 739 |
2. Annual Fee
- This credit card has a $180 annual fee
- You can get additional credit cards at $50 each
*As a part of the introductory offer, your annual fee gets waived. You can also get three additional cards at $0.
3. Interest Rates
| Nature of Balance | Interest Rate |
| Purchases | 12.99% |
| Cash advances | 14.50% |
4. Earn Rate
This credit card lets you earn Aeroplan points. You can get them in the following manner:
| Eligible Purchase | Aeroplan Points |
| Shipping, Internet, Cable, Phone Services, Travel, and Dining | 1.5 points for every $1 spent |
| Air Canada, including Air Canada Vacations | 2 points for every $1 spent |
| On all other purchases | 1 point for every $1 spent |
*You can earn the points at twice the reward rate if you use this credit card at the Aeroplan e-Store. It covers over 150 Aeroplan partners and 170 online retailers.
5. Exclusive Benefit
Besides offering Aeroplan points, you can save up to $100 when you shop at Amazon Business for the first time using this credit card. All you must do is spend $250. To create a free account on Amazon Business, click on this link.
You can also enjoy these additional benefits:
| Benefits | Description |
| Uber Pass | You get a free Uber Pass for the first 6 months |
| No Airline Surcharges | You do not have to pay any additional airline surcharges when you book using Air Canada |
| Status Qualifying Miles | You can earn 1,000 Status Qualifying Miles for every $5,000 spent on eligible purchases |
You also get the following insurances:
- Trip Cancellation and Trip Interruption Insurance
- Flight Delay and Baggage Insurance
- Car Rental Collision and Loss Damage Insurance
- Purchase Security and Extended Protection Insurance
- Common Carrier Accident Insurance
Comparative Analysis
Let us compare some common conditions and features.
| Parameters | Scotia Momentum for Business VISA | CIBC Aeroplan Business VISA Card |
| Income Condition | No such condition | Individual Annual Income: $35,000 |
| Annual Fee | $79 | $180 |
| Supplementary Cards | $29 | $50 |
| Interest Rate: Purchases Cash Advances | 19.99% 22.99% | 12.99% 14.50% |
Out of the four parameters mentioned above, Scotia Momentum for Business VISA scores higher among the three.
Opinion of ExpertbyArea.Money
The CIBC Aeroplan Business VISA Card offers highly competitive interest rates of 12.99% and 14.50%. Instead, it has an income condition and even charges a higher annual fee. It offers Aeroplan points, which you can redeem for travel and travel-related expenses.
The Scotia Momentum for Business VISA is more affordable and can be a perfect option if you cannot satisfy the minimum income requirements. The annual fee is $0, and supplementary cards are cheaper. It also offers you cashback, which is more practical and relatable than Aeroplan points.
Money drives business. If your business makes you borrow more often and leave balances on your credit cards, you can prefer CIBC Aeroplan Business VISA Card for its low-interest rates.
Evaluate your requirements and perform an analysis. Choose the card that better serves your needs.
