Credit Card Articles

The Sensible Scotiabank Value Visa Card

July 21, 2014 by CreditCardsCo™

The Scotiabank Value Visa card has a very reasonable APR, even outside of its introductory period, competitive fees, and it is a card that can be used anywhere Visa is accepted. It has a fast application process with a 24 hour decision timeline, among a number of other benefits.

The Scotiabank Value Visa card doesn't waste any time by providing potential cardholders with an online form that only takes about 5 to 10 minute to fill out. While the credit decision is not one that is provided immediately, it is one that is given within 24 hours.

As for why a person should fill out the application, it begins with the introductory rate for the first six months. As long as the account remains in good standing for that six month period, the introductory rate remains in effect. The low rate benefits allow for hundreds of dollars to be saved annually and for balances to be paid down faster. Monthly payments are more simplified that way.

Low APR And Annual Fee

Even after the introductory period is over, the annual interest rate is still very competitive. If the account is part of the Scotia Total Equity Plan, then the rate is going to be even lower. There is also a small annual fee that is lower than many annual fees attached to similar cards on the market.

There is also an annual interest rate associated with cash advances and balance transfers. The annual interest rate is going to be the same as the purchase rate. Cash advances are defined as transactions that are not purchases. They can include wire transfers, the purchase of travelers cheques, money order purchases, and the purchase of gaming chips. It is very important to review what constitutes a cash advance when the card is received so that you know when the annual interest rate and the cash advance fee will be charged.

Transactions that are considered cash advances include any cash taken from the card through a bank teller at a financial institution, cash obtained through an ABM, cash obtained outside of the country at an ABM, and money received from the card from a bank teller outside of Canada.

Balance transfers are a small percentage of the transaction amount for transfers over a minimum dollar amount. The fee is a small percentage of the transfer amount. This is a way to take a balance from a higher interest card to the lower interest card, which can save a great deal of money.

If cardholders wish to avoid the annual interest rate on purchases, there is a 21 day grace period. This means that the entire balance can be paid off within that period in order to avoid the annual interest rate for that month. This is a strategy that can help save a great deal of money while keeping the card active and in good standing.

Penalty APR And Fees

A penalty interest rate may be applied to the account if a payment is made late. This annual interest rate is higher than the regular rate. This penalty rate is applied to cash advances, balance transfers, and purchases. This penalty rate is applied if you miss two payments in a row or three payments are missed within a 12 month period. Late payments also end any introductory periods that may be in place. The penalty rate will be in place for a six month period starting with the next billing statement. During that six months, payments have to be made on time in order for the penalty rate to be lifted at the end of the penalty period.

Other fees include the dishonoured payment fee. This fee is charged to the card for every payment that is not honored by the financial institution. The fee is charged on the date that the payment is returned.

If a check is dishonoured, then there is a dishonoured Scotia Credit Card Cheque fee that is charged to the account if a cheque is returned for non-payment. The fee will be assessed to the account on the date that the cheque is returned.

The next penalty fee is the overlimit fee. This fee is charged on the day that the credit card balance exceeds the credit limit. The fee is charged once for the statement period and then it is charged every statement period the account remains overlimit.

The dishonoured payment fee, dishonoured Scotia Credit Card Cheque fee, and the overlimit fee are all treated like purchases in regards to the interest rate that is applicable to purchases. However, the interest-free grace period also applies. Pay off the balance in 21 days and the interest can be avoided.

When You're Ready to Apply

When you're ready to apply for the account, there are some things to know. First, you need to be a Canadian Citizen or a legal immigrant. You must also be the age of majority in your province or territory. There should be no bankruptcies within the past seven years. You must also have a gross monthly income that meets the requirements of the card. The income level required is on the low end of the spectrum since this card provides a lower starting credit limit.

When you fill out the application, make sure you have your personal contact information, employment information, monthly housing costs calculated, gross monthly income information, and record any other monthly obligations. Once you have all of this together and you find that you meet the application requirements, you can easily apply for the card online in just a matter of minutes.

Conclusion

The Scotiabank Value Visa card does present a value. The minimum credit limit is reasonable, the annual interest rate is competitive, and the annual fee is low. When the card remains in good standing, cardholders are able to get the most out of it for the long-term.

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