Credit Card Review & Application


out of 5

- 3.99% introductory interest rate on balance transfers for the first 6 months (16.99% after that)
- A great low rate with no annual fee
- Pay down balances faster
- Simplify your monthly payments

Introductory APR: 3.99%*
Introductory Period: 6 months on BT
APR on Purchases: 16.99% *
Annual Fee: $0*
Card Issuer: Scotiabank
Card Network: VISA
Card Category: Consumer (Regular)
Card Type: - Instant Decision
- Low Interest
Credit Needed: Good*

The No-Fee Scotiabank Value Visa card is a simple credit card that allows its cardholders to pay down balances as fast as they want to. The first reason why balances pay down quickly is because of the low interest. The default interest rate is low, but there is an introductory rate that makes it even lower for a specific amount of time. This is a good way to save money on the card when the account is new, which can allow you to get even more spending power for less of an out-of-pocket expense.

Because the interest rate is low, this card is ideal for balance transfers. The balance transfer fee is just a small percentage of the amount that is transferred. When considering credit card debt as a whole, transferring a balance from a high interest card to a low interest card can save thousands of dollars in interest costs. Plus, this credit card gives cardholders the opportunity to avoid interest on purchases.

It is through the 21-day grace period that cardholders are able to avoid purchase interest, as long as the balance is paid off during that period. If the balance is not paid off, then the following period will be a 25-day grace period. If the balance is paid off during a 25-day grace period, the grace period reverts back to a 21-day grace.

The other fees are rather straightforward because they depend on what you do. For instance, ordering an additional cash advance draft, monthly statement or sales draft is going to result in a fee. If you opt for a cash advance or balance transfer, there will be a fee. If a payment is made late twice in a row or three times in a one year period, if cheques are dishonored, there are fees for that as well. If the account goes over the limit, an overlimit fee is charged once per billing cycle that the account is over the limit. If the card is inactive for 12 consecutive months, then there is an inactivity fee that is charged. You also have the ability to use the card internationally where Visa is accepted. This entails a foreign transaction fee with an exchange rate that is determined by Visa. You can assess how you would like to use the card based off of that competitively low fee and use the card just as you would domestically but with the additional cost.

The card is also very secure in that the card issuer has online tools to educate cardholders about fraud and how to recognize it, report it, and stop it. Nonetheless, there is a security guarantee and that guarantee states that cardholders will be fully reimbursed in the unlikely event that direct financial losses are experienced because of fraud. This is as long as security responsibilities are met. Security responsibilities include ensuring the card number is protected from fraudsters, not giving the card to someone else for use, and simply taking good care of the card.

Another element of the account is that cardholders can opt for the Scotia Total Equity Plan. This is a real estate secured plan with additional fees and charges that may apply that are related to collateral mortgage security and registration. You can obtain additional information from Scotiabank if interested in applying for the credit card as a part of this plan. If you opt for this plan, then you will not be subject to the interest-free grace period, but you are also not subject to the penalty interest if you make late payments that would qualify you for penalty interest.

Lastly, is the OnLine Financial Services option when it comes to managing the account. This is a good way to identify any fraud that may occur, as well as answer your own questions about your account. Anything that you cannot find through online account management can be found out by simply calling the customer service number on the website and on the back of your card. This makes managing your account easier for you.

The review prepared by

Other Benefits: *See terms and conditions of the card for other benefits
Comments: To apply for the card you must:

- Be a Canadian Citizen or Landed Immigrant
- Have reached the age of majority in your province/territory (18 years in AB, MB, ON, PE, QC, SK. 19 years in all others)
- Not have declared bankruptcy in the past seven years
- Have a minimum gross monthly income of $1,000 unless you are applying for a student VISA card

Legal Promotion Notice:

The introductory 3.99% interest rate applies to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) only (the "Offer"). This rate applies when the new Scotiabank credit card account ("Account") is opened by the defined date (the "Offer End Date") (See terms & conditions of the card) and will continue for 6 months from that date ("the Promotional Period"). This offer cannot be used to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank Account. After the Promotional Period, the 3.99% interest rate on any promotional balances (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) that applies on your Account. Offer applies only to new Scotiabank credit card accounts opened by the Offer End Date. Former or current Scotiabank credit cardholders that transfer from an existing Scotiabank credit card account or re-open a closed Scotiabank credit card account are excluded from this Offer. Offer may be changed or extended and cannot be combined with any other offer.

The preferred annual interest rates for the Account are: 16.99% on purchases and 16.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). Rates and fees are subject to change.
Online Account Access: Yes
Introductory APR: 3.99%*
Applied Towards: Balance Transfer, Cash Advance, Checks
Introductory Period: 6 months on BT*
APR on Purchases: 16.99% *
Annual Fee: $0*
Grace Period: See Terms*
Min Credit Line: $500
Late Payment Fee: N/A*
Over Limit Fee: $29.00
Balance Transfer: Yes
APR on Balance Transfer (%): 16.99%
Transfer Fee (%): 1.00%
APR Cash Advances: 16.99%
Additional Fees Foreign Currency Conversion fee: 2.5%
Dishonoured Payment Fee: $48
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* Published on Sep 11, 2020. Information relating to the No-Fee Scotiabank Value VISA Card may change without notice as a result we cannot guarantee the accuracy of details above. It is important you read the terms and conditions attached to a product before submitting the application.

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