To the point
Here's our comparison between the CIBC Dividend® Visa Infinite* Card and the Scotia Momentum® Visa Infinite* Card. Which one is the best?
CIBC and Scotiabank each have cash back credit cards offering up to 4% cash back:
In this analysis, we compare all their features: welcome bonus, the income required, annual fees, earning rate, insurance, benefits, etc.
Welcome bonus
The welcome bonus offered by each of these cards varies according to the promotions.
Here is how the current offer is structured:
For a limited time, when you sign up for the CIBC Dividend® Visa Infinite* Card, you earn:
- 10% cash back on all purchases up to $250 during the period covered by your first 4 statements
- No annual fee in the first year, including on supplementary cards.
For a limited time, when you subscribe to the Scotia Momentum® VISA Infinite* Card, get :
- 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases)
- No annual fee in the first year, including on supplementary cards.
Advantage: CIBC
CIBC’s welcome offer gives more time to reach the ultimate goal (4 months instead of 3 at Scotiabank) and offers up to $250, while Scotia’s stops at $200.
Minimum income
The CIBC Dividend® Visa Infinite* Card requires an annual personal income of $60,000 or $100,000 in annual household income.
The Scotia Momentum® Visa Infinite* Card requires a $60,000 personal income or $100,000 household income.
It's a tie !
Both CIBC and Scotia cards require a similar income.
If you don’t have that level of income, you’ll need to look at these other cards:
Or choose a card that requires no minimum income, such as the SimplyCash™ Card from American Express.
Annual fee
The CIBC Dividend® Visa Infinite* Card has an annual fee of $120.
The Scotia Momentum® VISA Infinite* Card has an annual fee of $120.
It's a tie !
These two cards offered by CIBC and Scotia have a similar $120 annual fee.
However, both cards offer a first-year annual fee rebate.
Earning cash back
Both cards offer different cash back earning rates.
With the CIBC Dividend® Visa Infinite* Card, you earn:
- 4% cash back on gas and groceries
- 2% cash back on transportation, dining and recurring payments
- 1% cash back on all other purchases
With the Scotia Momentum® VISA Infinite* Card, you earn:
- 4% cash back on groceries and recurring payments
- 2% cash back on gas and daily transit
- 1% cash back on all other purchases
Annual limit
For both cards, there are annual purchase limits beyond which the cash back rate drops to 1%, instead of 2% or 4%.
With the CIBC Dividend® Visa Infinite* Card, if you exceed either of these two annual limits, you will earn 1% cash back on subsequent purchases:
- $80,000 in annual purchases charged to the card
- or $20,000 in annual purchases on grocery stores, supermarkets, gas service stations and automated fuel-dispensers, commuter transportation, eating and drinking places and restaurants or on recurring payments
This annual limit will reset to zero after the day your December statement is printed.
With The Scotia Momentum® Visa Infinite* Card, if you exceed this annual limit by category, you will earn 1% cash back on subsequent purchases:
- $25,000 in annual purchases from grocery stores, supermarkets, and for recurring bill payments
- $25,000 in annual purchases on gas and daily transit
This annual limit is reset to zero after the day following the printing of your November statement.
Advantage: Scotia
The Scotia Momentum® Visa Infinite* Card offers a higher purchase limit, especially as this is per category (4% / 2%), whereas CIBC’s purchase limit covers all categories.
Redeeming your cash back balance
With the CIBC Dividend® Visa Infinite* Card, you can redeem cash back whenever you want, as long as you have a balance of at least $25 at the time of the redemption request is made.
With The Scotia Momentum® Visa Infinite* Card, you earn your cash back annually, on your November statement.
Advantage: CIBC
No debate: the CIBC Dividend® Visa Infinite* Card offers more flexibility by allowing you to get your cash back faster.
The Benefits
With the CIBC Dividend® Visa Infinite* Card, you receive the following benefits:
- Visa Infinite Program: hotel benefits, culinary events, complimentary concierge service
- Up to 25% off car rentals with Avis and Budget
- Save up to 10 cents per litre at participating gas stations
The Scotia Momentum® VISA Infinite* Card offers you the following benefits:
- Visa Infinite Program: hotel benefits, culinary events, complimentary concierge service
- Up to 25% off car rentals with Avis and Budget
Advantage: CIBC
Since these are Visa Infinite credit cards, you will have the classic benefits of this type of card.
However, the CIBC Dividend® Visa Infinite* Card stands out because of its partnership with the Journie Rewards program: you can save up to 10 cents per litre at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.
Insurance
| Insurance |  |
 |
| Trip Cancellation Insurance | None | Up to $1,500 |
| Trip Interruption Insurance | None | Up to $2,000 |
| Out of Province/Country Emergency Medical Insurance | Up to $5,000,000 10 days |
Up to $1,000,000 15 days |
| Flight delay insurance | None | Up to $500 after 4 hours |
| Misdirected Baggage Insurance | None | Up to $500 after 4 hours |
| Lost or stolen luggage insurance | None | Up to $500 after 4 hours |
| Hotel Burglary Insurance | None | None |
| Car Rental Theft and Damage Insurance | Up to $65,000 | Up to $65,000 |
| Travel Accident Insurance | $500,000 | $500,000 |
| Mobile Device Insurance | $1,000 | $1,000 |
| Buyer’s Assurance® Protection Plan | 1 additional year | 1 additional year |
| Purchase Protection® Plan | 90 days | 90 days |
Advantage: Scotia
The Scotia Momentum® VISA Infinite* Card offers superior insurance coverage. It offers more coverage if you travel.
Bottom Line
So? Which credit card is the big winner?
For all of its features and with the flexibility of earning cash back, the CIBC Dividend® Visa Infinite* Card wins the game! However, if you intend to use your credit card to book travel, the Scotia Momentum® Visa Infinite* Card may be a better option for you.
The CIBC Dividend® Visa Infinite* Card stands out thanks to:
- an excellent welcome offer;
- cash back that is easier to access and available more quickly ;
- savings at partner service stations.
The Scotia Momentum® VISA Infinite* Card stands out thanks to:
- superior travel insurance ;
- larger cash rebates for recurring payments ;
- higher purchase limits to earn more cash back.
