2017 Comparison Review: Scotia Momentum® Visa Infinite vs. RBC Cash Back Credit Card vs. BMO Cashback Credit Card vs. MBNA Trueline® MasterCard®


 

Are you planning to move up North? Do you already live up in the Great White North? Have you been wondering what the best credit cards are in Canada? 

Like our readers, AdvisoryHQ is not just limited to the United States. Stretching to the far north of North America, we also aim to please our Canadian readers who are looking for the best cash back credit cards in the True North.

A quick Internet search is all it takes to reveal a litany of Canadian credit card offers. You can easily become overwhelmed by the list of credit cards that you find. The real trick is to find a Canadian cash back credit card that can meet all of your needs.

What is the best cash back Canadian credit card for you? Is it the Scotiabank Momentum®? Is it the RBC cash back card? Does the BMO cash back offer seem more appealing than the other cards due to its sign-up bonus?

We hope to answer these questions and more throughout this article. By breaking down four different Canadian cash back credit card options for you, we can see how they stack up against one another.

Is the Scotia Momentum® Visa the best option for you? On the other hand, maybe you think that the BMO cashback card has valuable features that align with your needs. How about the RBC cash back credit card, which has no annual fee to worry about?

By looking into the features that each of these four Canadian credit cards offer, you can decide which cash back Canadian credit card would make the best addition to your wallet: the Scotia Momentum® Visa, RBC cash back card, BMO cash back credit card, or MBNA Trueline® MasterCard®.

See Also: The BEST Secured Credit Cards to Rebuild Bad & Poor Credit | Guide | How to Find and Get Secured Credit Cards


Why Open a Credit Card?

There are many benefits to opening a credit card like the Scotia Momentum® Visa Infinite. Aside from allowing you to have access to a credit line, which saves you from carrying around large sums of cash, credit cards like the BMO® CashBack® MasterCard® have other benefits as well.

First, the BMO® CashBack® MasterCard® will allow you to partake in the world of e-commerce, which has been growing steadily. As more transactions take place online, it means that more deals can be found online.

Image source: Pixabay

Credit cards like the Scotia Momentum® Visa Infinite also offer cash back rewards. By getting a card that offers cash back like the RBC® Cash Back MasterCard®, you can earn rewards on purchases that you would be making regardless.

Some credit cards also offer sign-up bonuses. These are cash back offers that you receive if you charge a certain dollar amount in a certain time period when you open a new card like the BMO® CashBack® MasterCard®. A sign-up bonus offer is definitely a great feature for a card to have, but it is not make or break.

There are many benefits to opening a credit card like the Scotia Momentum® Visa Infinite or RBC® Cash Back MasterCard®. Between cash back rewards, sign-up bonuses, and easy access to larger credit lines, a Canadian credit card is a great addition to your wallet.



Comparison Review List

The list below is sorted alphabetically:

  • BMO® CashBack® MasterCard®
  • MBNA Trueline® MasterCard®
  • RBC® Cash Back MasterCard®
  • Scotia Momentum® Visa Infinite

High Level Comparison Table

Credit Card Names

Annual Percentage Rate (APR)

Annual Fee

Cash Advance Fee

Cash Back Rewards

BMO® CashBack® MasterCard®

19.99%

79 CAD

3.0%

Yes

MBNA Trueline® MasterCard®

5.99-14.99%

None

1.0%

Yes

RBC® Cash Back MasterCard®

19.99%

None

3.0%

Yes

Scotia Momentum® Visa Infinite

19.99%

99 CAD, waived the first year

N/A

Yes

Comparison Table: Above list is sorted alphabetically



Scotia Momentum® Visa Infinite vs. RBC® Cash Back MasterCard® vs. BMO® CashBack® MasterCard® vs. MBNA Trueline® MasterCard®

Cash back Canadian credit cards like the BMO cashback card all have unique features and rewards offers. The Scotiabank visa card rewards are different from the BMO cash back offer, and the RBC® Cash Back MasterCard® will be different from the Scotiabank visa card rewards as well.

Cash back rewards are not all that you need to consider with your Canadian credit card, though. When you are comparing the BMO® CashBack® MasterCard® to the Scotiabank visa card rewards and others, it is important to consider these key features:

  • Fees
  • APRs & introductory offers
  • Cash back rewards
  • Sign-up bonus

Take note of each of these features and which credit cards stand out to you. While it is important to consider all of these features, some will matter more to you than others. You should choose the credit card that aligns with your individual needs and goals.

Do you like the BMO cash back offer better than the Scotiabank visa card rewards? Do you like that the RBC® Cash Back MasterCard® has no annual fee? Do you appreciate that the MBNA Trueline® MasterCard® has the lowest cash advance fee of the four?

These are all questions to ask yourself when you are trying to select the best cash back Canadian credit card. You need to decide what features matter most to you—annual fee, APRs, introductory APR offers, cash back rewards, sign-up bonus, etc.—and base your final selection off that.

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Fees

When you open a credit card like the BMO® CashBack® MasterCard® it is inevitable that you will be charged fees. There are many fees associated with credit cards, and this is something that you need to keep in mind. There are annual fees, cash advance fees, balance transfer fees, and even foreign transaction fees.

The first fee that you want to look at is the annual fee. This is the fee that you will be charged every year on your anniversary date.

Image source: Scotiabank

The RBC® Cash Back MasterCard® and MBNA Trueline® MasterCard® stand out in this category, since neither has an annual fee. The Scotia Momentum® Visa Infinite has the highest annual fee at 99 CAD, but it is waived for the first year. Right off the bat, you will see a 79 CAD annual fee with the BMO® CashBack® MasterCard®.

The MBNA Trueline® MasterCard® is the best when it comes to balance transfer fees, with a fee of 1%. The BMO® CashBack® MasterCard® has a balance transfer fee of 3%, while the RBC® Cash Back MasterCard® and Scotia Momentum® Visa Infinite do not have balance transfers at all. This is something to keep in mind if you are looking to do a balance transfer with your card.

The MBNA Trueline® MasterCard® is also the best when it comes to cash advances, with a fee of 1%. The BMO® CashBack® MasterCard® and RBC® Cash Back MasterCard® have a cash advance fee of 3%. The Scotia Momentum® Visa Infinite card does not offer cash advances.

If you are looking to use your card out of the country, you will not want to get a MBNA Trueline® MasterCard® since it does not allow foreign transactions. The remaining three cards, RBC® Cash Back MasterCard®, Scotia Momentum® Visa Infinite, and BMO® CashBack® MasterCard®, have a foreign transaction fee of 2.5%.

If you are a chronic late payer, you won’t like the 48 CAD late payment fee that comes with the Scotia Momentum® Visa Infinite. The three other cards have late payment fees between 25 and 29 CAD, which is average.

It is important to know what kinds of fees the credit card you choose has. If you are planning to do a balance transfer, a low balance transfer fee card is a good option. If you hate annual fees, that narrows the list down as well.



APRs & Introductory Offers

Credit card companies charge an annual percentage rate (APR) on any balances that you hold on your credit card. This is essentially the interest rate that you will be charged on any balances.

42.1% of Americans carry credit card debt, and if you are someone who carries a balance month to month, you will want to look for a credit card that has a lower annual fee.

While most cards have variable APRs, many of these Canadian credit cards have set APRs. Only the MBNA Trueline® MasterCard® has a variable APR, which will be between 5.99% and 14.99%. This is the lowest APR that you will find on any of the credit cards in our database.

The rest of the credit cards on our list have a set APR of 19.99%. That means whether you get the RBC® Cash Back MasterCard®, Scotia Momentum® Visa Infinite, or BMO® CashBack® MasterCard®, you will have an APR of 19.99%.

Some credit cards also offer introductory APR periods where you will not be charged ay interest for a set period of time. Unfortunately, none of the Canadian credit cards on our list offer this useful feature. If you are looking for a card with a feature like this, you may want to look outside of these four Canadian credit cards.

When you are analyzing credit cards, pay close attention to the APR that comes with each credit card. If possible, select a credit card like the MBNA Trueline® MasterCard® that has a low variable APR.

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Cash Back Rewards

Credit card companies want you to use their credit cards. This means that they need to entice you to do just that. This is where cash back and rewards come into the picture. Companies will offer cash back on a card like the RBC® Cash Back MasterCard® where you receive rewards on purchases that you would be making regardless.

The RBC® Cash Back MasterCard® offers 2% cash back on grocery purchases and 1% on all other qualifying purchases. What’s great about this card is that there is no limit on what you can earn, and with no rotating categories, there is nothing to keep track of.

The Scotia Momentum® Visa Infinite also offers a great cash back program. You will get an impressive 4% on gas and grocery store purchases. You will also get 2% on drug store purchases and recurring bill payments, and 1% on all other qualifying purchases. The Scotia Momentum® Visa Infinite is great for larger families that spend a lot on gas, grocery, and drug store purchases.

If you like cash rewards, you will also like the BMO® CashBack® MasterCard®. This card offers 1% cash back on all purchases. There is no limit to what you can earn or how you spend your rewards. You also get an additional CashBack rebate of $60 when you spend $500 a month, which is a great feature.

The MBNA Trueline® MasterCard® does not offer straight cash back, but you will earn points. You earn 1 point for every dollar that you spend. These points can then be redeemed for cash back, travel, merchandise, and gift cards.

Of all the credit cards on the list, on paper, the Scotia Momentum® Visa Infinite seems like the best option. Though some people don’t like keeping track of categories, it is easy and quick to earn cash back.

Having a card like the BMO® CashBack® MasterCard® is a great way to gain cash back. Be sure to select a cash back card that aligns with your spending habits.

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Sign-Up Bonus

As an incentive to sign up for their credit card, some companies offer up-front bonuses. You usually must spend a certain amount of money in a specified time period, but sign-up bonuses are a great way to earn some extra cash back.

While it is great to have a card that offers a sign-up bonus, only one card on our list has such an offer.

The BMO® CashBack® MasterCard® offers an initial sign-up bonus. If you spend 1,500 CAD in the first 3 months of having your card, you will get a 50 CAD bonus. This is not an impressive cash back bonus, but it does beat the other credit cards on our list.

Again, a sign-up bonus is a great feature to have on a credit card, but other features are more important. Fees and APRs will stick with you over the life of the credit card, so that is where your focus should lie. However, if you are stuck between cards, knowing that the BMO® CashBack® MasterCard® has a bonus could tip the scales.



Conclusion: Scotia Momentum® vs. RBC Cash Back Card vs. BMO CashBack® MasterCard® vs. MBNA Trueline® MasterCard®

When comparing the Scotia Momentum® Visa Infinite and all the other choices on our list, you need to carefully review the individual features of each card and see how they fit together as a whole, along with how those features fit in with your individual needs.

Be sure to consider these key features when analyzing secured credit card offerings: 

  • Fees
  • APRs & introductory offers
  • Cash back rewards
  • Sign-up bonus

Once you have reviewed all of the features of the RBC cash back credit card and others, you need to consider what features matter most to you. Whether you chose the BMO cash back credit card, RBC cash back card, Scotiabank Momentum®, or MBNA Trueline® MasterCard®, make sure that you choose the card that fits your individual needs.

Read More: Top Best Prepaid Debit Cards | Ranking, Including Prepaid Debit Cards With No Fees



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