Credit Card Review & Application

4.5

out of 5

- 0.99% introductory interest rate on balance transfers for the first 6 months (12.99% after that; annual fee $29)◊
- Save hundreds of dollars in interest a year
- Pay down balances faster
- Simplify your monthly payments



Introductory APR: 0.99%*
Introductory Period: 6 months on BT
APR on Purchases: 12.99% *
Annual Fee: $29*
Card Issuer: Scotiabank
Card Network: VISA
Card Category: Consumer (Regular)
Card Type: - Instant Decision Card
- Low Interest Credit Card
Credit Needed: Good*

The Scotiabank Value Visa card is rather straightforward. The online application process takes approximately 5 to 10 minutes. This is not a card that gives an instant credit decision, but it is one that will give you one within 24 hours if an email address is provided. If an email is not provided, then the decision is mailed via postal mail.

Before applying, it is good to have all of the needed information available. This information includes personal and contact information, employment information, gross monthly income, monthly obligations that include child support and spousal maintenance, and monthly housing costs. If you are a Canadian Citizen or Landed Immigrant, are the age of majority in your territory or province, have not declared bankruptcy in the past seven years, or you have a gross monthly income of at least $1,000, you can apply for the card. It is very important to note that these requirements and any requirements and offers related to the card are always subject to change, so it is good to check the terms and conditions and be mindful of the changes the card issuer makes.

As for what sets this card apart, it has a very low introductory rate in place for a period of time. Even when that period has expired, the annual interest rate is very low and competitive. There is an annual fee that is quite low, adding to the competitiveness of the card. For those cardholders that have accounts that are part of a Scotia total Equity Plan, their annual interest rate is even lower.

The annual interest rate also applies to cash advances, balance transfers, and Scotia Credit Card Cheques. If cardholders are a part of the Scotia Total Equity Plan, then the interest rate is even lower. When you decide to obtain cash off of the card, there are different types of cash advances. The types are any monetary transactions that are not purchase transactions, such as a wire transfer, travelers cheques, foreign currency transactions, money orders, the purchase of gaming chips, and other types of cash transactions.

To avoid paying interest on purchases, you can take advantage of the interest-free grace period of 21 days if the balance is paid off during that period. If you do not pay off the balance in full, then the grace period is extended to 25 days on the next monthly statement to give you the opportunity to do so. If you do pay your balance off in full, then the grace period reverts back to 21 days on the next statement.

As long as payments are made on time, the account remains in good standing. Good standing is a big deal during the introductory period so that the introductory interest rate stays intact. If a late payment is made twice in a row, then a penalty interest rate is applied. If the late payment is made three times in a 12 month period, it will be applied in that case as well. On-time payments will need to be made for a specific period of time for the penalty APR to be lifted.

When making that payment, there is a minimum payment that needs to be made. It is the interest charges, plus the fees, plus a specific dollar amount. This simplifies your monthly payments so that you know what you are paying and why. If there are any dollar amounts on your statement that are over the limit or overdue, those amounts will need to be paid immediately, so they are added to the minimum payment amount.

If you wish to use the card internationally where visa is accepted, you can do so. The fee is a small percentage of the transaction amount. After the transaction is made, the foreign currency will be converted to Canadian currency. The exact exchange rate is determined by Visa on the behalf of Scotiabank. This exchange rate could be different than the exchange rate on the date of the purchase. Nonetheless, the amount is equal to a small percentage of the converted transaction amount. This shows how the card can be used anywhere Visa is accepted.


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 reference to promotional offer:

The introductory 0.99% 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 (See website for details) (the "Offer End Date") 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 0.99% 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: 11.99% on purchases and 11.99% 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: 0.99%*
Applied Towards: Balance Transfer, Cash Advance, Checks
Introductory Period: 6 months on BT*
APR on Purchases: 12.99% *
Annual Fee: $29*
Grace Period: See Terms**
Min Credit Line: $500
Late Payment Fee: N/A*
Over Limit Fee: $29.00
Balance Transfer: Yes
APR Cash Advances: 11.99%
Additional Fees Foreign Currency Conversion fee: 2.5%
Dishonoured Payment Fee: $48
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† Published on Nov 2, 2018. Information relating to the 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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