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The Low Cost No-Fee Scotiabank Value Visa Card

October 21, 2014 by CreditCardsCo™

MBNA - The Toronto Dominion Bank

The No-Fee Scotiabank Value Visa card is a quality credit card that gives a modest credit limit, a grace period to avoid interest on purchases, and the ability to use the card in a number of ways, such as using it for cash advances, balance transfers, and as a way to have spending power when traveling.

The No-Fee Scotiabank Value Visa card is a credit card that is rather transparent in its fees and how it operates. However, it is also a very useful card in that it gives cardholders the opportunity to have a great deal of spending power, although the credit limit may be modest. This is possible through a low rate, no annual fee, and a grace period that allows for the balance to be paid off so that purchase interest can be avoided. This is something that can save a great deal of money.

In addition to a default low rate and no annual fee, there is also an introductory period where the rate is very low for a fixed period of time. It is very important to keep the card in good standing during this time so that a penalty interest rate is not assessed and the introductory period lost. Nonetheless, Scotiabank does give more than one chance on late payments before a penalty interest rate is assessed to the account.

What To Expect When Applying

When applying for the No-Fee Scotiabank Value Visa card, you should have your personal information ready. The online application process takes approximately 5 to 10 minutes. To qualify, you need to be a Landed Immigrant or Canadian Citizen, be at least the age of majority in your territory or province, have no bankruptcies within the past seven years, and have a minimum gross monthly income that meets the bank’s requirements.

From there, you will need to provide the following information: your name, address, SIN (optional), phone numbers, employer name, time employed, employer phone number, gross monthly income, mortgage or rent payment amount, and additional monthly obligations like child or spousal support. When you provide all of this information and it is provided correctly, the odds of approval are increased. It also helps to have satisfactory credit in place so that the credit requirements are met.

Card Cost

There is no annual fee, but there are other fees based on what the cardholder does with the card. For instance, there is the option to perform cash advances and this is something that can be done in a number of ways. The first is to have the cash withdrawn by a teller at any financial institution in Canada. The second is to have the money withdrawn by a teller at any financial institution outside of Canada, but that will come at a higher cost.

If you need to withdraw cash from an ABM, you can do so for a small fee, but the fee does increase if you withdraw cash from an ABM outside of Canada. There are different transactions that could be considered cash advances, such as acquiring money orders or buying gaming chips at a casino. You will want to refer to your terms and conditions in regards to cash advances to see what classifies as one so that you can expect the additional fee for the transaction.

The next fee belongs to balance transfers. The No-Fee Scotiabank Value Visa card is ideal for balance transfers because of its low rate, especially during the introductory period. When this type of transaction is performed, there is a fee that is a percentage of the transaction amount. The percentage is quite small and competitive, which is going to save a great deal of money by eliminating balances on higher interest credit cards.

The next set of fees belongs to replacement cash advance drafts, sales drafts, and monthly statements. If you need to order replacements then they are going to come at a fee. However, you should be able to log into your account online to see any of the information that you need to see regarding these types of transactions. That way you can save money on ordering copies of the drafts.

The last set of fees is related to the penalties that can be assessed on the account. If there is a dishonoured cheque when making the minimum payment, a fee will be assessed. If a Scotia Credit Card cheque is dishonored, then a fee will be charged. If the account goes over the limit, an overlimit fee is charged to the account on the day that the balance exceeds the credit card limit. It will then be charged once per statement period for every period that it is over the limit. Avoiding multiple overlimit fees is why the fees are added to the minimum monthly payment. All at the same time, the fees can be paid and the account taken back below its limit. However, a late payment can add to the cost, as two late payments in a row can result in a penalty interest rate being assessed. Three late payments in a 12 month period can also result in the penalty interest being assessed to the account.

Penalty interest can be avoided if the cardholder has the card as a part of the Scotia Total Equity plan. This is a real estate secured plan that lowers the default interest rate. It does have its own set of fees, but is a plan that applicants can discuss with Scotiabank customer service on whether or not it is the right plan, which can help assess whether or not it is going to make financial sense.

If the card is inactive for 12 consecutive months, then an inactive fee of $10.00 could be charged to the account. This means that there have been no transactions posted to the account in that period.

Final Word

The No-Fee Scotiabank Value Visa card gives opportunities for the card to cost less. Starting with a reasonable credit limit, an introductory rate, a low default interest rate, and flexibility, it is a card that the cardholder can get the most out of throughout the life of the account.

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