While signing up for Chexy has always been a great idea...after all, who doesn't want to get the most benefits from their largest expense—monthly rent payments? There is not going to be a better time than this month. 

Courtesy of our friends at Scotiabank, Chexy will be waiving 3 months of our fees for new users who apply and get approved for either of these credit cards: 

Scotiabank Momentum Visa Infinite or the Scotiabank Passport Visa Infinite Card. 

Offer valid until June 30, 2024

To make this decision even easier, we put together a comprehensive review of both cards so you can make an informed choice.

Scotia Momentum Visa Infinite - The Supreme Canadian Cashback Card

If you believe simplicity is king, a cashback credit card is probably the right choice for you. Among Canadian cashback cards, the Scotia Momentum Visa Infinite ranks supreme.

It targets high cashback rates across all significant categories, including: 

• 4% cashback on groceries and recurring bills… including rent 

• 2% cashback on gas and transit 

• 1% cash back earn rate for all other purchases.

In addition to the generous daily earn rates, this card currently offers an enticing cash back bonus rate of 10% on the first $2,000 of spending. With the annual fee of $120 waived for the first year, those looking for a strong cashback card with a high rent need not look any further.

First-Year Value

Although the 4% cash back earnings are limited to the first $25,000 in spend on recurring bills and groceries, the card still ranks as one of Chexy's top selections for rent payments, everyday expenses, and recurring bill payments. The current earn and bonus structure allows a user to net a whopping $765 on rent alone in the first year of using the card.

Let’s look at what this looks like on your eye-watering $2,000/mo rent: 

Redemption:

The other benefit of the card is the simple redemption. Scotiabank will automatically issue your cash back earnings every year against your November statement. This means that if you sign up in May, you will get your first cashback credit in less than 6 months.

Insurance & Other Perks: 

Let's not forget about the variety of other perks, including up to 25% off car rentals with Avis and Budget in Canada and the US, as well the usual Visa Infinite benefits, including Concierge service, the Luxury Hotel Collection, and the Dining and Wine Country program.

In typical Visa Infinite fashion, the Scotia Momentum Visa Infinite also features strong insurance benefits against a variety of incidents, including medical emergencies abroad, trip cancellation and interruption, flight delays, lost baggage, and rental car collision or damage. These can help you save on the insurance fees usually charged by car rental companies for vehicles with an MSRP of up to $65,000.

Final Thoughts

This Scotiabank credit card is as close to a no-brainer as you'll get if you're looking to optimize your credit card benefits, earn rewards, and enjoy the simplicity that comes with a cashback card. 

However, if you travel frequently and lean on the savvier side of the credit card rewards game, you might want to consider Scotiabank's flagship rewards card instead: the Scotiabank Passport Visa Infinite.

Scotia Passport Visa Infinite - Best No Foreign FX Fee Travel Card

The Scotiabank Passport Visa Infinite Card is a compelling choice for travellers looking to maximize rewards without incurring additional fees surrounding foreign transactions. The card comes with a generous Scene+ points program, appealing bonuses, and various perks that enhance its value, particularly in the first year.

Welcome Bonus

The card currently features a generous welcome bonus, with new cardholders earning up to 40,000 Scene+ points. This includes 30,000 bonus points when you spend $1,000 in the first three months and an additional 10,000 points after spending $40,000 within the first year.

The latter requirement, which would otherwise be difficult to reach, becomes a breeze when using this card to pay rent. With an average rent of $2,100/month across Canada, you only need to spend $1,250/month on the card outside of rent to hit one of the most lucrative welcome bonuses in the market.

With the usual $150 annual service fee waived for the first year, this makes it an excellent time to test the card's benefits without any cost.

Enhanced Rewards on Everyday Spending

On top of the lucrative signup bonus, the card earns a high return on key expense categories, including:

• Dining and Grocery Store Purchases: 2x points per dollar spent, with an increased rate of 3x points at Sobeys-affiliated stores (including Sobeys, IGA, and Safeway).

• Entertainment and Transit: Gain 2x points on eligible everyday purchases, including movies, theatre tickets, and various transit options, providing a solid 2% return on these categories.

Key Travel Perks 

One key feature of this card is that purchases made in foreign currencies are not subject to the typical 2.5% FX fees involved. This makes it ideal for international travellers or those who shop from foreign merchants online.

Additionally, cardholders benefit from six free lounge visits per year through the Visa Airport Companion program. This access is valuable for frequent flyers looking for a comfortable space while travelling. The value of this is otherwise a USD$99 annual Dragon Pass Membership, which only comes with one free visit, making this perk worth at least USD$259 (USD$32/per visit), especially if you plan on travelling at least three times in the coming year.

Redemption 

Scene+ Points can be redeemed for any travel-related expenses at a straightforward rate of 1 cent per point directly on the credit card statement. This makes it easy to use points without navigating through complex booking portals.

Additional Perks

This Scotiabank personal credit card also includes lucrative car rental benefits like complimentary upgrades and discounts through Avis Preferred Plus, as well as comprehensive travel insurance for medical emergencies, trip interruptions, and rental car damages. 

First Year Value 

The current earn and bonus structure allows users to net a whopping $840 by using rent and other eligible purchases to fulfill the $40,000 spending requirement for the welcome bonus earnings.

Conclusion 

If you weren't sure about how to make the most of Chexy, there hasn't been a better time than now. Not only do you get to cash in some of the most lucrative signup bonuses in the market, but you also get free points/cashback for rent by taking advantage of the three-month fee waiver.

Here's How It Works

1. Go to app.chexy.co/rewards (you can create an account if you don't already have one to access the offer).

2. Apply for your preferred featured card option.

3. Once you're approved, Scotiabank will let us know, and we'll automatically waive 3 months of processing 5-7 business days later (you must be logged into your Chexy account when applying, or we'll have no way of seeing your application).

Note:
Credit card applications must be made through a valid Chexy UTM link to be eligible (from this page). New applications only. Promotion not applicable to cards acquired outside a valid Chexy link before May 15th.

For more exclusive cash back and travel rewards you can get just by paying rent, subscribe to The Chexy Rundown.