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 supply spectacular money again earnings, they cater to various kinds of spenders.
Let’s break down which one provides you the very best total worth.
Neo World Elite® Mastercard vs. Scotia Momentum® Visa Infinite*
Card Fundamentals
When taking a look at totally different bank cards, you’ll wish to first deal with the fundamentals. Check out what sign-up presents they’ve, how a lot they value every year, and what rewards you’ll be able to earn on purchases. This can assist you determine which card provides you the very best 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 supply a conventional welcome bonus however supplies a barely increased default money again in grocery purchases and the means to earn boosted money again (which we are going to discuss later intimately).
Verdict: Whereas Neo’s system will be profitable, the dearth of an upfront bonus is a disadvantage. The assured 10% money again provided by Scotia Momentum® Visa Infinite* card is hard to beat.
2. Annual Charges
The Neo World Elite® Mastercard fees $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. In the event you’re on the lookout for a decrease upfront value, the first-year free supply makes a viable distinction.
Nonetheless, Neo’s money again construction might enable cardholders to offset the annual price extra shortly in comparison with Scotia Momentum® Visa Infinite* card’s mounted money again mannequin. Frequent grocery and fuel buyers who maximize Neo’s incomes potential might 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 presents.
3. Incomes Charges
The Neo World Elite® Mastercard presents a extremely aggressive money again construction, beginning at 5% on groceries, 4% on recurring payments, and three% on fuel. These base charges already match or outperform these of the Scotia Momentum® Visa Infinite Card*, which supplies 4% on groceries and recurring payments, 2% on fuel and transit, and 1% on all the things 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 fuel.
This permits frequent spenders to extract much more worth from their purchases.
Verdict: In the event you’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. Nonetheless, in the event you choose 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 collaborating retailers, whereas Scotia Momentum® Visa Infinite* awards money again as soon as per yr in November. In the event you choose 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 means to immediately declare money again beats ready till year-end unquestionably.
5. International Transaction Charges
The Scotia Momentum® Visa Infinite* card fees a regular 2.5% international transaction price, whereas the Neo World Elite® Mastercard fees 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 good since there are playing cards with no international transaction charges. You probably have important abroad spending or continuously store on-line in foreign currency echange, 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* supplies 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* supplies cardholders with unique advantages, together with:
- Visa Infinite Concierge service for journey and life-style wants
- Entry to luxurious resort perks and eating experiences
- Premium occasion entry with unique ticket presents
In the meantime, Neo World Elite® Mastercard contains World Elite advantages, comparable to reductions on Cirque du Soleil, concierge providers, and prolonged guarantee safety.
World Elite Perks
The Neo World Elite® Mastercard presents World Elite Mastercard advantages comparable to:
- Mastercard Concierge service for journey and leisure
- Unique reductions on Cirque du Soleil reveals
- Mastercard Journey Cross supplied by DragonPass
- Prolonged guarantee and buy safety for added safety
Different Components
1. Ease of Getting Accredited
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 accepted. Nonetheless, 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 accepted for the secured credit score model of the cardboard, which shares the very same incomes charges and advantages.
This generally is a big profit for newcomers who won’t but have a very good credit score rating, or somebody who’s financially secure now however the credit score rating is taking a while to get well.
Verdict: Neo World Elite® Mastercard is the clear winner as it might probably 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 at the moment doesn’t supply supplementary playing cards.
Verdict: Scotia Momentum® Visa Infinite* wins this class for the reason that means 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 most important variations lie in emergency medical and journey insurance coverage.
For emergency medical protection, the Scotia Momentum® Visa Infinite* presents as much as $1 million for 15 days, protecting travellers below 65, whereas Neo supplies $1 million for 14 days, however just for these below 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 individual for cancellations and $2,000 per individual for interruptions, in comparison with Neo’s $1,000 per individual for each.
For flight delays, Scotia Momentum® Visa Infinite* supplies $500 per individual 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 supply 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 supplies 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 includes a smooth, fashionable 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 terms of paying at terminal, the Neo card does
Verdict: Whereas this measure is solely 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 supply distinct benefits relying in your spending habits and preferences.
The Neo World Elite® Mastercard delivers spectacular money again potential with the additional benefit of on the spot redemptions that put a refund in your pocket instantly somewhat than yearly.
The Scotia Momentum® Visa Infinite* Card supplies a powerful welcome bonus, much less upfront value, and the flexibility so as to add supplementary playing cards for members of the family—a function Neo at the moment doesn’t supply.
The place Neo positive factors an edge is in its versatile approval course of, fashionable strategy to rewards, and potential for increased total returns when strategically utilized. Its tiered incomes construction rewards loyalty whereas offering speedy advantages.
Your optimum alternative in the end is determined by your private spending patterns, however Neo’s forward-looking rewards construction positions it nicely for at present’s savvy client.
