Scotiabank Value Visa Card Review [Updated 2019]
The Scotiabank Value Visa card offers low standard interest rates and annual fees compared to many cards in Canada and with an introductory rate of 0.99% on balance transfers for the first 6 months it is a great card to use to rebuild your credit score.
If you can continue making your minimum payments you'll get to keep that low-interest rate of 12.99% for as long as you use the card, it's not an introductory rate like many cards offer.
- Low standard interest rate of 12.99% on purchases, cash advances, and balance transfers
- Introductory interest rate of 0.99% on balance transfers for six months
- Low annual fee of $29
- No rewards program such as cash back or travel redemptions
- Interest rates go up to 25%-28% if you do not make minimum payments twice in a 12 month period
- Additional fees on foreign transactions and cash advances
An introductory rate of 0.99% on balance transfers for the first 6 months on the Scotiabank Value Visa card is all the signup bonus you'll get as the card doesn't have a rewards or cash back program.
But if you're looking to consolidate debt from other cards that perk when signing up for the card is exactly what you'll need.
With a $29 annual fee, the Scotiabank Value Visa card has one of the lowest fees available in Canada. Typical annual fees for credit cards in Canada range from $100-$150. Even more appealing is the fact that the Scotiabank Value Visa has no additional fees for any supplementary cards, which is great if you are sharing the credit card account with a family member.
While the annual fee is low for the Scotiabank Value Visa card, there are some other fees on the card to be aware of. Balance transfers and cash advances will cost you 3% in fees on the transaction and foreign transactions are an extra 2.5%. There is also $48 fee for any late payments which is rather steep compared to other Canadian credit cards.
The Scotiabank Value Visa card's standard interest rate of 12.99% on purchases, balance transfer, and cash advances is one of the key features of the card.
The low rate is designed to help you pay off that balance as soon as possible and when combined with the 0.99% introductory rate on balance transfers for the first 6 months, makes for an intriguing offer if you are looking to consolidate debt from other higher interest rate credit cards.
Keep in mind though that the standard rate of 12.99% will go up to 24.99% on purchases and 27.99% on cash advances if you do not make your minimum monthly payment by the due date twice within a 12 month period. Those increased rates will last for 12 months so in order to take advantage of the low standard rate it is very important to make your payments on time.
In order to qualify for the Scotiabank Value Visa card, you must be a Canadian citizen or permanent resident and be at least the age of majority which is either 18 or 19 depending on which province or territory you live in.
To acquire the card you'll also need to have no record of bankruptcy in the past 7 years and have a minimum annual income of $12,000. Lastly, the minimum monthly credit limit for the Scotiabank Value Visa card is $500, so you'll need to demonstrate your creditworthiness up to that amount.
Given its focus on low-interest rates and the introductory rate for balance transfers, the Scotiabank Value Visa card has limited additional perks. However, the card does offer saving up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S., in addition to the free supplementary cards on the account.
WHO SHOULD NOT GET THIS CARD
The Scotiabank Value Visa card isn't for anyone who is looking to rack up rewards for the redemption of travel, merchandise or cash back. It's a basic, no-frills low-interest rate card for those looking to save money when consolidating debt or working to improve their credit score.
ALTERNATIVE CARD: MBNA TRUE LINE GOLD MASTERCARD
Another interesting card to consider when looking for a no-frills, low-rate card is the MBNA True Line Gold Mastercard. The MBNA True Line Gold Mastercard offers an even lower standard interest rate of 8.99% on purchases and balance transfers than the Scotiabank Value Visa card and also has a better introductory offer of 0% on balance transfers for the first 6 months.
The MBNA True Line Gold Mastercard does, however, have a 24.99% rate on cashback transactions compared to the Scotiabank Value Visa card and also comes with a slightly higher annual fee of $39.
If you're looking to transfer a balance, aren't planning on using your credit card for cash back transactions and don't mind an additional $10 per year in annual fees then the MBNA True Line Gold Mastercard is the better option.
The Scotiabank Value Visa card gives you very competitive interest rates and some of the lowest fees of credit cards in Canda. With an introductory rate of 0.99% on balance transfers in the first 6 months the card is great for consolidating debt on higher rate cards and working to improve your credit score.
Even if you aren't able to pay off all the debt transferred on signup within the 6 months of the introductory offer, you'll still be able to take advantage of the comparatively low regular rate of 12.99% thereafter.