On this version of Head-to-Head, we’re evaluating two Canadian bank cards catering to several types of spenders: the Neo World Elite® Mastercard and the Scotia Momentum® Visa Infinite* Card.
Whereas each provide spectacular money again earnings, they cater to several types of spenders.
Let’s break down which one offers you the very best general worth.
Neo World Elite® Mastercard vs. Scotia Momentum® Visa Infinite*
Card Fundamentals
When taking a look at completely different bank cards, you’ll need to first deal with the fundamentals. Check out what sign-up presents they’ve, how a lot they value annually, and what rewards you possibly can earn on purchases. This may assist you determine which card offers you the very best general worth.
1. Welcome Bonuses
The Scotia Momentum® Visa Infinite* offers new cardholders 10% money again on the primary $2,000 in purchases inside three months, a strong incentive to start out incomes straight away.
In the meantime, the Neo World Elite® Mastercard doesn’t provide a standard welcome bonus however offers a barely increased default money again in grocery purchases and the capacity to earn boosted money again (which we are going to speak about later intimately).
Verdict: Whereas Neo’s system might be profitable, the shortage 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 12 months, whereas the Scotia Momentum® Visa Infinite* is available in barely decrease at $120 per 12 months, typically with a first-year price waiver. When you’re searching for a decrease upfront value, the first-year free provide 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 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 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 offers 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 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 enables frequent spenders to extract much more worth from their purchases.
Verdict: When you’re searching for the absolute best money again charges and are keen to optimize your spending, the Neo World Elite® Mastercard is the superior selection. Nevertheless, should you want 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 collaborating retailers, whereas Scotia Momentum® Visa Infinite* awards money again as soon as per 12 months in November. When you want getting rewards all year long relatively 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 12 months that can be utilized for journey, vacation spending, or investments.
Verdict: Neo World Elite® Mastercard wins this class for the reason that capacity to immediately declare money again beats ready till year-end unquestionably.
5. Overseas Transaction Charges
The Scotia Momentum® Visa Infinite* card costs a regular 2.5% international 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 international transaction charges. If in case you have important abroad spending or often 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 targeted on money again incomes charges and classes relatively than recurring perks and advantages.
Scotia Momentum® Visa Infinite* offers 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* offers 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 providers, 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 exhibits
- Mastercard Journey Go offered by DragonPass
- Prolonged guarantee and buy safety for added safety
Different Components
1. Ease of Getting Authorized
Each playing cards require a minimal revenue threshold to qualify. The Scotia Momentum® Visa Infinite* card requires $60,000 private or $100,000 family revenue, whereas the NEO World Elite® Mastercard requires $80,000 private or $150,000 family revenue.
On high of the revenue requirement, you’ll additionally want a reasonably good credit score rating to be accepted. 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 accepted 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 won’t but have an excellent 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 will possibly approve anybody who meets the revenue 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 12 months, whereas the Neo World Elite® Mastercard at the moment doesn’t provide supplementary playing cards.
Verdict: Scotia Momentum® Visa Infinite* wins this class for the reason that capacity 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 offers $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 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* offers $500 per particular person after a 4-hour delay, whereas Neo caps at $500 per journey complete, which 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 provide 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 offers no protection on this class.
Verdict: Scotia Momentum® Visa Infinite* is the higher selection 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 smooth, 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 are not any distinction in performance as a bank card with regards to 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 provide distinct benefits relying in your spending habits and preferences.
The Neo World Elite® Mastercard delivers spectacular money again potential with the additional benefit of immediate redemptions that put a refund in your pocket instantly relatively than yearly.
The Scotia Momentum® Visa Infinite* Card offers a powerful welcome bonus, much less upfront value, and the flexibility so as to add supplementary playing cards for relations—a characteristic Neo at the moment doesn’t provide.
The place Neo positive aspects an edge is in its versatile approval course of, trendy method to rewards, and potential for increased general returns when strategically utilized. Its tiered incomes construction rewards loyalty whereas offering instant advantages.
Your optimum selection finally relies on your private spending patterns, however Neo’s forward-looking rewards construction positions it effectively for as we speak’s savvy shopper.
