Scotiabank Momentum Visa Infinite Review | GET 2.25% CASHBACK ON RENT THROUGH CHEXY!

[@KoreanCanucklehead]

Great job on talking about the annual spend limit on the 4% cashback 🙌 I don't see a lot of other KZbinrs mentioning this

[@lispmanfinance]

Yeah that's important. It wouldn't make sense to use this card to pay a 10k monthly rent without any drawbacks. That would be way too overpowered lol.

[@charu002]

@@lispmanfinance *searches 10k per month apartments on vancouver*

[@terryevp4084]

Thanks Eric. Another great video. Keep up the good work Buddy.

[@seth_t611]

Didn’t know I could get cash back on rent payment. Thanks Eric! This helps a lot

[@User_not_found_403]

Can you use chexy for strata fees?

[@lispmanfinance]

As long as your Strata Fees allows for E-transfers.

[@LK249]

Is there a cash back card for mortgage payments?

[@lispmanfinance]

Unfortunately no. Mortgage payments are directly taken from your bank. There's no credit card that can do anything to save people with mortgage payments :( AT LEAST FOR NOW

[@onlinestoregems9010]

No card for cash back on mortgage?

[@lispmanfinance]

Unfortunately no. Mortgage payments are directly taken from your bank. There's no credit card that can do anything to save people with mortgage payments :( AT LEAST FOR NOW

[@onlinestoregems9010]

@@lispmanfinance Darn it. Thanks for your reply.

[@svgvrxrvyj]

TD Cashback Visa Infinite is also a good alternative if you bank with TD. 3% on Grocery, Gas and Recurring Bills. Not as good as Scotia Momentum but still something

[@priscilalinares5632]

Hi 👋 thank you for making these videos. I have a question. I’m looking into getting the Amex Cobalt because I just want to collect points to then flight with Air Canada mainly. But it has a monthly fee and Chexy as well as you explained. In your opinion, would I be losing money if I use the Cobalt for Chexy? Thank you so much in advance!!

[@lispmanfinance]

Personally for using Chexy, I would stick to cashback credit card that guarantee a return. The Cobalt Card is a rewards card. You can't guarantee more than 1.75% return on recurring bills. So yes, You should still use the Scotiabank Momentum Visa Infinite to pay your rent.

[@priscilalinares5632]

Thank you 👍🏼

[@playertwo9895]

Ugh, brutal that it's a 25k limit on 4%. Had I known I probably wouldn't have bothered getting the card at all... That doesn't really cover a years rent in toronto, and tbh judging by the fact there's an income requirement, I would guess most people getting this card will use up the full 4% cashback before the year is over :/ WE NEED BETTER CARDS IN CANADA!! Even though I love the cobalt for what it gives me, the physical card itself is the cheapest thing I've ever seen. 2 years in and it looks like it could fall apart at any moment (lots of peeling). Here's to hoping one of the banks decides to eat into Amex's margins, although I know it'll never happen.

[@lispmanfinance]

I mean you should still get this card. Use up the entire 25k limit. Then use another card for the rest. This way it maximize your rent returns

[@playertwo9895]

@@lispmanfinance ​I already have the card, but the idea of getting another card on top of this for an extra couple hundred bucks in cashback a year... Well into the territory of unimpactful micro-optimizations at that point, it's hard to justify the effort. Feels like cashback might just not be a good reward category for higher earners/spenders? Are these limits typically set for business cards as well, or only personal cards? (Ex. platinum biz) edit: Also thanks for the content!

[@charu002]

Okay. Walk me through on the 2.25%. How did you and ricky from prince of travel get into that number?

[@lispmanfinance]

So Chexy charges 1.75% Processing Fee. The Scotiabank Momentum Visa Infinite gives you a 4% cashback on recurring bills. 4% - 1.75% = 2.25% on Rent (paying rent through Chexy is considered recurring bills)

[@rowan6582]

Did you graduate high school?

[@charu002]

@@lispmanfinance do they do two charges and scotiabank momentum will not give cashback on processing fees or chexy includes everything? Because if it’s one charge with the processing fee on it, it would seem like you would get more cashback Maybe i don’t see it or just overcomplicate things. Hehehehe

[@charu002]

@@rowan6582 yup! Knowing how we’ll be charged is one of the keys to save money. Even just a tiny bit of savings would make a difference

[@lispmanfinance]

So Scotiabank gives just straight 4% Cashback for Recurring Bills. Chexy takes 1.75% processing fee for ALL transactions. which means 4% from Scotiabank minus 1.75% from Chexy, you're 2.25% in the net positive. So imagine 1000 rent. Attach your Scotiabank Momentum VI to Chexy. Chexy charges 17.5 dollars for that 1000 rent for using your credit card. But Scotiabank gives you back 40 dollars. You're 22.5 dollars in the positive. So 2.25% Hope that helps. Just 1 processing fee in total which is taken by Chexy

[@con_rad_it_is]

i recently got the card.. i got 4% on rent but on my bell bill and walmart, i got only 1%.. not sure why.. got to check with scotia

[@con_rad_it_is]

i checked with scotia.. for internet you got to setup auto pay in order to get 4% it seems.. or if u manually pay it every month it will give u only 1%.. for groceries .. they do not have a list but walmart doesnt fall in that category.. so i got only 1%

[@lispmanfinance]

Visa's never treat Walmart as Grocery stores. Only Mastercard goes. And only if it's a Walmart Supercenter.