Pros & cons
Pros
- 0.99% on balance transfers for 9 months.
- 13.99% interest rate on purchases, balance transfers, and cash advances.
Cons
- No rewards on purchases.
- Limited insurance included.
Your rewards
How you earn rewards
This card does not earn rewards on purchases.
Details and eligibility
- Estimated Credit Score
- 760 - 900
- Personal Income
- $12,000
- Household Income
- N/A
- Annual Fee
- $29.00
- First Year Free
- Yes
- Extra Card Fee
- $0
- Card type
- Credit
- Purchase
- 13.99%
- Cash Advance
- 13.99%
- Balance Transfer
- 13.99%
- Balance Transfer
- 0.99%
- Transfer Term
- 9 months
Genius Rating
Scotiabank Value Visa Card's 3.5 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
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Our review
When it comes to your credit card needs, is saving money on interest your main concern?
Do you find yourself forgetting (or struggling) to get your card balance paid off by the end of every month?
Do you find yourself cursing yourself when you make a payment and realize that 20% of your hard earned money is just going to the bank and not putting any dent in your credit card balance?
Do you have any pre existing credit card debt that you could pay down much faster without those giant interest payments getting in the way?
If you find yourself relating to any of these statements, the Scotiabank Value Visa could be the card that will end your card search. (Although, with ANY credit card, paying off your balance at the end of every month should be your number one concern).
With an annual fee of only $29 and the ability to add secondary cardholders for free, this card doesn’t rank super high in rewards and perks. In fact, there is no reward program for this card, and the only added extra you are going to be enjoying at the end of the day is up to 25% in discounts when renting a car at Avis.
What this card lacks in perks, however, it makes up for with it’s low interest rates and balance transfer introductory rate.
This card gives you a permanent interest rate of 12.99% on all purchases and balance transfers. That could add up to some big savings!
And this card gives you an introductory balance transfer rate of only 0% for 6 months.
Key benefits
User reviews
Reviewed by 5 Canadians
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I've been on hold for over an hour to make a balance transfer. They've also now hiked the interest amount and reduced the time to pay back. This happening over a course of 8 days. The wait at the branch was also long just to receive the card.
I have a 800 plus credit score went through long detailed application process photo ID etc. then told come to branch. Useless.
Charged me interest $400+ on the 10 month no interest. In the fine print it said I missed payments, emails I did get were past due minimums or collection letters. I missed a couple min payments and that's on me, but I also did not receive any email notifications (though set up online). I had an emergency and thus the 10 mos no interest until I received insurance money. I was able to get $125 back but still out over $300. I've never paid credit interest in my life and I'm 50+ with a great credit score. Scotiabank should have just refunded me the interest based on my situation. Not happy with the outcome.
I have had this card for over 15 years since becoming a customer of Scotiabank. The bank automatically approved me for it, and I just didn’t bother looking for a better card at the time or inquired about other options. The annual fee is low, the regular interest rate is the lowest I’ve seen on a credit card, and I have a very generous credit limit. However, there really are no benefits that come with this card for me since I pay my balance in full every month. I seldom use the card anymore because I have better cards in my wallet. If you tend to carry a balance then this card will give you a good interest rate.
great was looking for a cheaper
