If you’re using your Scotiabank Momentum Visa Infinite Card with Chexy, you may be wondering what happens once you hit the annual cashback cap.
Here’s how the offer works:
10% cashback on your first $2,000 in purchases (within the first 3 months) — from Scotiabank
4% cashback on every Chexy payment (ongoing, on up to $25,000 per year in eligible spend) — from Scotiabank
What happens when you hit the $25,000 cap?
Once you reach the $25,000 annual limit, your cashback rate will drop from 4% to 1% on any additional eligible spending.
(Please note this is a Scotiabank offer and not a Chexy offer)
What should you do next?
Let's say for example at a monthly spend of $3,000, you could hit the cap in under 9 months.
At that point, it may be worth considering switching to a different credit card that offers a higher return. This is because:
Chexy credit card fees start at 1.75%
A 1% cashback rate may no longer offset those fees effectively
What we recommend
To maximize your rewards:
Use your Scotiabank Momentum Visa Infinite Card up to the $25,000 limit
After that, consider using a card that provides stronger rewards or better value beyond 1% cashback
This way, you continue to get the most value from your payments through Chexy.