Many consumers consider low interest rates a top priority when searching for a credit card since they want to lower their costs when maintaining a balance. If that’s what you want, the Scotiabank Value® Visa Card might be a good fit. For those looking to retain a balance month-to-month, or needing to take out an occasional cash advance, this card has competitive low-interest rates on both purchases and cash advances — a practical approach.
Let’s look in detail at the benefits, fees and other important info about the Scotiabank Value® Visa Card, to help see if it’s the best card for your financial situation.
Scotiabank Value® Visa Card: Key Benefits
The Scotiabank Value® Visa Card is an option particularly well-suited to those looking to save money on interest, and stands out for its simplicity and value. Here are the benefits that make this card attractive:
- Interest Rate: This card is marketed on its low interest rate. You’ll be charged 12.99 percent interest on purchases, which is much lower than the average credit card rate. This simplifies controlling your payments and minimizes the interest expense overall if you keep a balance.
- Balance Transfers: If you’re currently carrying a credit card with a higher interest rate, the Scotiabank Value® Visa Card features a balance transfer promotion. You can transfer an existing credit card bill for an introductory interest rate of 0.99% for the first 6 months. This could be a great way to pay off your debt more quickly by substantially lowering your interest charges during this promotional period.
- Cash Advances: This card also charges a 12.99% interest rate on cash advances, lower than most cards. As with most credit cards, it’s best to stay away from cash advances unless you absolutely have to do so, but this card guarantees that if you ever do need cash, you won’t have to suffer high interest rates.
- Save on Car Rentals: As a Scotiabank Value® Visa Cardholder, you’ll enjoy up to 25% off car rentals at participating Avis and Budget locations. This can be a useful benefit if you travel often or require a rental car for business or personal travel.
- No Annual Fee in the First Year: The annual fee for this card is $29, which is quite low compared to other cards in its class, but Scotiabank will usually easy the charge in the first 12 months. That gives you a full 12 months to enjoy the card’s benefits with zero out of pocket.
Rewards Program
Unlike many other credit cards, the Scotiabank Value® Visa Card is not designed for earning rewards points or cashback. Its primary appeal lies in its low interest rates, making it a great choice for individuals who prioritize saving on interest over collecting points.
Fees Overview
Although the Scotiabank Value® Visa Card has some of the lowest interest rates available, card holders should be aware of the fees and charges associated with this card. Here’s a breakdown:
- Annual Fee: $29 (waived first year for new accounts)
- Interest rate: 12.99 percent on purchases and cash advances
- Balance Transfer Offer: 0.99% for the first 6 months ( fee of 1% )
- Equivalent Foreign Transaction Cost: 2.5% of the total sum on acquisitions paid in a foreign cash.
- Cash Advance Fee: $3.50 for every cash advance in Canada and $7.50 for every cash advance out of Canada.
As such, it can pay to know these fees in order to maximize this card without incurring unwanted charges.
Frequently Asked Questions (FAQs)
What is the minimum credit score needed to qualify for the Scotiabank Value® Visa Card?
Although Scotiabank does not mention a minimum credit score for this card, it’s generally suggested to aim for a credit score of 600-650 or higher. But your income and debt levels can also impact your eligibility.
How much do the Scotiabank Value® Visa Card rewards weigh?
Is there a rewards program for this card? It’s formed from those who value low interest rates and saving money on interest charges.
How does a balance transfer promotion work?
You can transfer balances from other high-interest credit cards to your Scotiabank Value® Visa Card at a 0.99% interest rate for the first six months of your account opening. You’ll pay a 1% transfer fee, but the low rate can save you money and help you pay off your debt more quickly.
Does it have the foreign transaction fee?
Yes, there is a 2.5% foreign transaction fee for any purchases in a currency other than Canadian dollars.
What is the interest rate once the balance transfer promotion has ended?
After the promotional six-month period ends, the interest on any transfer balance you have will revert to the card’s plan purchase interest rate of 12.99%.
Does this card provide cash advances?
Yes, cash advances are 12.99% interest. There’s a fee of $3.50 per cash advance within Canada or $7.50 abroad, so you should only use this feature when you really need to.
Should You Get the Scotiabank Value® Visa Card?
The Scotiabank Value® Visa Card is ideal for people who:
- Carrying a balance: For those who tend to carry a balance from month to month, the low 12.99 percent interest rate on purchases can help them save in interest charges.
- Searching for low-interest balance transfers: The 0.99% introductory balance transfer APR allows you to carry over higher-interest credit card debt and help ease your financial obligations.
- No rewards to speak of: This card won’t earn you points or cash back, but it excels in that it’s a great choice if you plan on saving on interest instead of seeking out rewards.
If you typically carry a balance, the Scotiabank Value® Visa Card’s low interest rate is going to be a huge factor in your overall cost. Its balance transfer offer is also a great feature if you have existing credit card debt you want to pay down.
The Scotiabank Value® Visa Card is one of the best values out there for anyone who wants to hold a low-interest credit card without the hassle of rewards programs. With both its low rates for purchases and cash advances and wide-ranging balance transfer options, it provides an impressive option to anyone looking to manage their debt.
Whether you want to save on interest payments or close high-interest balances, this card makes an easy and inexpensive way to help you get there. If you’re ready to take control of your credit and save with lower interest rates, apply for the Scotiabank Value® Visa Card today.
How to Apply for the Scotiabank Value® Visa Card
Whether if you carry a balance or if you want to transfer your balance here to save on interest, the Scotiabank Value® Visa Card is an excellent option. The application for this card is an easy one that can completed entirely online. In this guide, we will take you through every step of the application process and provide eligibility requirements to prepare you to apply.
Eligibility Requirements
Eligibility is also a consideration to take into account before applying for this card, specifically the Scotiabank Value® Visa Card. Here’s what you need to be eligible:
- If You are a Canadian Resident: You need to be a Canadian resident with a current Canadian address
- Age of Majority: You need to be of the age of majority in your province or territory (18 or 19, depending on where you live).
- Fair Credit: No minimum credit score is mentioned but average applicants tend to have a 600-650 credit score or higher to gain approval.
- Income and Employment: You will have to provide information regarding your income and employment status, but there is no minimum income requirement for this card.
- No Recent BankruptciesApplicants with a history of bankruptcy may find it harder to qualify, or may need to provide additional documentation.
If you meet these conditions, you’re likely eligible to apply for the Scotiabank Value® Visa Card.
Application Process
The application process for the Scotiabank Value® Visa Card is straightforward and can all be done online. Here’s how to do it, step by step:
1. Gather Your Information
Before you begin your application, ensure you have access to the following information:
- Personal Identification: You are required to present your name, address, birth date, and Social Insurance Number (SIN).
- Employment & Income Information: Scotiabank wants to collect employment, annual income information to know whether you are creditworthy.
- And Debt and Financial Obligations: Be ready to provide information about any current debts or financial responsibilities.
2. Visit the Scotiabank Website
Visit the official Scotiabank Value® Visa Card page Here you will find an Apply Now button that will lead to our secure online application form.
3. Fill Out the Application Form
Fill out the application form with your personal, employment and financial information. Make sure that there is no error as even a single error can lead to the delay in the process of this approval.
4. Go Through the Terms and Conditions
Review the card’s terms and conditions carefully before submitting your application. Make sure you are clear on the interest rates, fees and any promotional offers that you may qualify for.
5. Submit the Application
After you have gone through everything, submit your application by clicking on the Submit button. Application processing will usually take a few business days with Scotiabank. You will get an email confirming your submission and, upon approval, your new Scotiabank Value® Visa Card will be mailed to your address.
6. Activate Your Card
You can activate it as soon as you get your Scotiabank Value® Visa Card! You’ll be able to hit the ground running, making purchases with your card and managing your account online via Scotiabank Online or the Scotiabank mobile app.
There are a few steps to apply for the Scotiabank Value® Visa Card that make the process easy. This is a perfect option if you want to pay less interest rate on the current rotary balance, as this card offers low-interest rate and provides a valuable balance transfer feature. As long as you satisfy the eligibility criteria and you follow our step-by-step guide to the details, you’ll be on the right track to getting the card and then enjoying the benefits. If so, apply today and take the next step to saving money!
