this post was submitted on 29 Jun 2023
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Opinions on credit cards with annual fees? (lemmy.ca)
submitted 1 year ago by [email protected] to c/[email protected]
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I saw this card (https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html) offered by Scotiabank that offers 10% cash back on purchases within the first 3 mo up to $2k, and 4% regularly on groceries and recurring payments. From first glance, it looks really good, but at the same time, there's a $120 annual fee. Although, the first year has no fee.

I wonder if I could use it for the first year and then close or downgrade it afterward. Would my credit score take a substantial hit?

What's your general opinion on cards with annual fees? What benefits would it need for you to consider one?

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[–] mxwarp 1 points 1 year ago

Your spending must be quite substantial! I'm genuinely curious to learn which credit card provides such impressive cash back rewards. Are there no annual maximum limits on the rewards?