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 one of the best total worth.
Neo World Elite® Mastercard vs. Scotia Momentum® Visa Infinite*
Card Fundamentals
When taking a look at completely different bank cards, you’ll wish to first deal with the fundamentals. Check out what sign-up presents they’ve, how a lot they price annually, and what rewards you may earn on purchases. This may assist you determine which card provides you one of the 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 begin incomes immediately.
In the meantime, the Neo World Elite® Mastercard doesn’t supply a standard welcome bonus however supplies a barely larger default money again in grocery purchases and the skill to earn boosted money again (which we’ll discuss later intimately).
Verdict: Whereas Neo’s system could be profitable, the shortage of an upfront bonus is a disadvantage. The assured 10% money again supplied by Scotia Momentum® Visa Infinite* card is hard to beat.
2. Annual Charges
The Neo World Elite® Mastercard prices $125 per yr, whereas the Scotia Momentum® Visa Infinite* is available in barely decrease at $120 per yr, usually with a first-year price waiver. In the event you’re searching for a decrease upfront price, the first-year free supply makes a viable distinction.
Nevertheless, Neo’s money again construction could enable cardholders to offset the annual price extra rapidly in comparison with Scotia Momentum® Visa Infinite* card’s fastened money again mannequin. Frequent grocery and fuel buyers 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 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 every thing else.
The place Neo units itself aside is the power to spice up these base charges even additional. Cardholders with not less than $5,000 in a Neo On a regular basis Account obtain a barely larger money again charge, 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 searching for the absolute best money again charges and are prepared to optimize your spending, the Neo World Elite® Mastercard is the superior alternative. Nevertheless, in the event you choose a flat-rate system with no further 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. In the event you choose getting rewards all year long quite than ready, Neo has a transparent benefit.
Scotia Momentum® Visa Infinite* card’s annual payout, nonetheless, can function a pressured 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 skill to immediately declare money again beats ready till year-end no doubt.
5. International Transaction Charges
The Scotia Momentum® Visa Infinite* card prices a typical 2.5% overseas transaction price, whereas the Neo World Elite® Mastercard prices 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. When you’ve got important abroad spending or often store on-line in foreign exchange, 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 targeted on money again incomes charges and classes quite than recurring perks and advantages.
Scotia Momentum® Visa Infinite* supplies Visa Infinite perks, together with concierge service, unique lodge 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 way of life wants
- Entry to luxurious lodge perks and eating experiences
- Premium occasion entry with unique ticket presents
In the meantime, Neo World Elite® Mastercard consists of World Elite advantages, similar to reductions on Cirque du Soleil, concierge companies, and prolonged guarantee safety.
World Elite Perks
The Neo World Elite® Mastercard presents World Elite Mastercard advantages similar 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 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 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 could be a large profit for newcomers who may not but have a superb credit score rating, or somebody who’s financially steady now however the credit score rating is taking a while to get better.
Verdict: Neo World Elite® Mastercard is the clear winner as it may possibly 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 further 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 skill to share advantages with further 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, overlaying travellers underneath 65, whereas Neo supplies $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, overlaying 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 facet, 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, lodge housebreaking insurance coverage is unique to Neo, overlaying 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 modern, trendy black end design with a vertical structure, whereas the Scotia Momentum® Visa Infinite* has a standard 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 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 supply distinct benefits relying in your spending habits and preferences.
The Neo World Elite® Mastercard delivers spectacular money again potential with the additional advantage of immediate redemptions that put a reimbursement in your pocket instantly quite than yearly.
The Scotia Momentum® Visa Infinite* Card supplies a powerful welcome bonus, much less upfront price, and the power so as to add supplementary playing cards for members of the family—a characteristic Neo at the moment doesn’t supply.
The place Neo positive factors an edge is in its versatile approval course of, trendy method to rewards, and potential for larger total returns when strategically utilized. Its tiered incomes construction rewards loyalty whereas offering quick advantages.
Your optimum alternative in the end relies on your private spending patterns, however Neo’s forward-looking rewards construction positions it properly for right now’s savvy client.
