On this version of Head-to-Head, we’re evaluating two Canadian bank cards catering to various kinds of spenders: the Neo World Elite® Mastercard and the Scotia Momentum® Visa Infinite* Card.
Whereas each provide spectacular money again earnings, they cater to various kinds of spenders.
Let’s break down which one provides you the perfect total worth.
Neo World Elite® Mastercard vs. Scotia Momentum® Visa Infinite*
Card Fundamentals
When totally different bank cards, you’ll need to first concentrate on the fundamentals. Check out what sign-up gives they’ve, how a lot they price every year, and what rewards you possibly can earn on purchases. It will assist you determine which card provides you the perfect total worth.
1. Welcome Bonuses
The Scotia Momentum® Visa Infinite* provides new cardholders 10% money again on the primary $2,000 in purchases inside three months, a stable incentive to start out incomes instantly.
In the meantime, the Neo World Elite® Mastercard doesn’t provide a conventional welcome bonus however gives a barely increased default money again in grocery purchases and the capability to earn boosted money again (which we are going to speak about later intimately).
Verdict: Whereas Neo’s system may be profitable, the dearth of an upfront bonus is a downside. The assured 10% money again provided by Scotia Momentum® Visa Infinite* card is hard to beat.
2. Annual Charges
The Neo World Elite® Mastercard costs $125 per yr, whereas the Scotia Momentum® Visa Infinite* is available in barely decrease at $120 per yr, typically with a first-year price waiver. For those who’re on the lookout for a decrease upfront price, the first-year free provide makes a viable distinction.
Nevertheless, Neo’s money again construction could permit cardholders to offset the annual price extra shortly in comparison with Scotia Momentum® Visa Infinite* card’s mounted money again mannequin. Frequent grocery and gasoline customers who maximize Neo’s incomes potential could discover the $125 price justified.
Verdict: Scotia Momentum® Visa Infinite* Card wins this class with a barely decrease price and frequent first-year annual price waiver gives.
3. Incomes Charges
The Neo World Elite® Mastercard gives a extremely aggressive money again construction, beginning at 5% on groceries, 4% on recurring payments, and three% on gasoline. These base charges already match or outperform these of the Scotia Momentum® Visa Infinite Card*, which gives 4% on groceries and recurring payments, 2% on gasoline and transit, and 1% on all the pieces else.
The place Neo units itself aside is the flexibility to spice up these base charges even additional. Cardholders with no less than $5,000 in a Neo On a regular basis Account obtain a barely increased money again fee, whereas these with $10,000 or extra unlock the utmost incomes potential of 7% on groceries, 5% on recurring payments, and 4% on gasoline.
This permits frequent spenders to extract much more worth from their purchases.
Verdict: For those who’re on the lookout for the very best money again charges and are keen to optimize your spending, the Neo World Elite® Mastercard is the superior alternative. Nevertheless, should you desire a flat-rate system with no extra monitoring or necessities, Scotiabank’s mannequin could also be preferable.
4. Ease of Redeeming
Neo World Elite® Mastercard money again is credited immediately at taking part retailers, whereas Scotia Momentum® Visa Infinite* awards money again as soon as per yr in November. For those who desire getting rewards all year long somewhat than ready, Neo has a transparent benefit.
Scotia Momentum® Visa Infinite* card’s annual payout, nonetheless, can function a compelled financial savings mechanism, offering a lump sum money again on the finish of the yr that can be utilized for journey, vacation spending, or investments.
Verdict: Neo World Elite® Mastercard wins this class for the reason that capability to immediately declare money again beats ready till year-end definitely.
5. Overseas Transaction Charges
The Scotia Momentum® Visa Infinite* card costs a typical 2.5% overseas transaction price, whereas the Neo World Elite® Mastercard costs 3%.
Verdict: Whereas the Scotia Momentum® Visa Infinite* card has a slight edge with its 2.5% price versus Neo Monetary’s 3%, neither is right since there are playing cards with no overseas transaction charges. If in case you have vital abroad spending or incessantly store on-line in foreign currency, it’s higher to look into devoted no-foreign-transaction-fee choices.
Perks and Advantages
Since each playing cards are money again bank cards, they’re each closely centered on money again incomes charges and classes somewhat than recurring perks and advantages.
Scotia Momentum® Visa Infinite* gives Visa Infinite perks, together with concierge service, unique resort reductions, and premium occasion entry.
Visa Infinite Perks
As a Visa Infinite card, the Scotia Momentum® Visa Infinite Card* gives cardholders with unique advantages, together with:
- Visa Infinite Concierge service for journey and way of life wants
- Entry to luxurious resort perks and eating experiences
- Premium occasion entry with unique ticket gives
In the meantime, Neo World Elite® Mastercard consists of World Elite advantages, corresponding to reductions on Cirque du Soleil, concierge providers, and prolonged guarantee safety.
World Elite Perks
The Neo World Elite® Mastercard gives World Elite Mastercard advantages corresponding to:
- Mastercard Concierge service for journey and leisure
- Unique reductions on Cirque du Soleil reveals
- Mastercard Journey Cross offered by DragonPass
- Prolonged guarantee and buy safety for added safety
Different Components
1. Ease of Getting Accepted
Each playing cards require a minimal earnings threshold to qualify. The Scotia Momentum® Visa Infinite* card requires $60,000 private or $100,000 family earnings, whereas the NEO World Elite® Mastercard requires $80,000 private or $150,000 family earnings.
On high of the earnings requirement, you’ll additionally want a reasonably good credit score rating to be authorised. Nevertheless, what makes the NEO World Elite® Mastercard distinctive is that even when your credit score rating doesn’t meet the approval requirement, you’ll be authorised for the secured credit score model of the cardboard, which shares the very same incomes charges and advantages.
This is usually a enormous profit for newcomers who may not but have credit score rating, or somebody who’s financially steady now however the credit score rating is taking a while to recuperate.
Verdict: Neo World Elite® Mastercard is the clear winner as it could actually approve anybody who meets the earnings requirement, whether or not the common bank card or the secured credit score model of card.
2. Supplementary Playing cards
The Scotia Momentum® Visa Infinite* card permits extra cardholders for $50 per yr, whereas the Neo World Elite® Mastercard presently doesn’t provide supplementary playing cards.
Verdict: Scotia Momentum® Visa Infinite* wins this class for the reason that capability to share advantages with extra customers is a bonus.
3. Insurance coverage Protection
When evaluating the Neo World Elite® Mastercard and the Scotia Momentum® Visa Infinite*, the largest variations lie in emergency medical and journey insurance coverage.
For emergency medical protection, the Scotia Momentum® Visa Infinite* gives as much as $1 million for 15 days, protecting travellers underneath 65, whereas Neo gives $1 million for 14 days, however just for these underneath 60.
In journey cancellation and interruption insurance coverage, Scotia Momentum® Visa Infinite* card once more has the sting, protecting as much as $1,500 per particular person for cancellations and $2,000 per particular person for interruptions, in comparison with Neo’s $1,000 per particular person for each.
For flight delays, Scotia Momentum® Visa Infinite* gives $500 per particular person after a 4-hour delay, whereas Neo caps at $500 per journey whole, that means a number of travellers should share the profit.
On the acquisition safety aspect, Neo has a $1,000 per-item restrict, barely higher than Scotia Momentum® Visa Infinite* card’s unspecified restrict, however each provide 90-day safety and one-year prolonged guarantee.
Lastly, resort housebreaking insurance coverage is unique to Neo, protecting as much as $1,000 for stolen private objects, whereas Scotia gives no protection on this class.
Verdict: Scotia Momentum® Visa Infinite* is the higher alternative for emergency medical, journey insurance coverage, and flight delay advantages, whereas Neo World® Elite Mastercard is stronger in baggage safety, housebreaking protection, and buy safety.
4. Visible Look
The Neo World Elite® Mastercard contains a glossy, trendy black end design with a vertical structure, whereas the Scotia Momentum® Visa Infinite* has a conventional horizontal format with a premium look.
Whereas there aren’t any distinction in performance as a bank card in relation to paying at terminal, the Neo card does
Verdict: Whereas this measure is only subjective, the Neo World Elite® Mastercard’s black end and vertical structure makes it extra interesting than the Scotia Momentum® Visa Infinite*.
Conclusion
Each playing cards provide distinct benefits relying in your spending habits and preferences.
The Neo World Elite® Mastercard delivers spectacular money again potential with the additional advantage of prompt redemptions that put a reimbursement in your pocket instantly somewhat than yearly.
The Scotia Momentum® Visa Infinite* Card gives a powerful welcome bonus, much less upfront price, and the flexibility so as to add supplementary playing cards for relations—a characteristic Neo presently doesn’t provide.
The place Neo positive factors an edge is in its versatile approval course of, trendy strategy to rewards, and potential for increased total returns when strategically utilized. Its tiered incomes construction rewards loyalty whereas offering quick advantages.
Your optimum alternative finally depends upon your private spending patterns, however Neo’s forward-looking rewards construction positions it properly for at this time’s savvy client.
