The Scotiabank Value Visa card is one of Canada’s best low-interest credit cards.
For only $29 yearly, this card lets you enjoy a low 12.99% APR on both your purchases and cash advances, as well as receive discounted car rental rates at participating locations.
This Scotiabank Value Visa card review covers the card’s benefits, downsides, and application process to help you decide whether it’s the right credit card for you.
Main Highlights
- The Scotiabank Value Visa card’s main benefits include low-interest rates, free supplementary cards, and a balance transfer option.
- Some disadvantages of this low-interest credit card are its lack of Rewards Points or cash-back benefits and zero included insurance coverage.
Scotiabank Value Visa Card – Summary
Scotiabank Value Visa Card
Rewards: Save on interest with a 12.99% interest rate.
Welcome offer: 0% introductory interest rate on cash advances for the first 6 months, plus get the first annual fee rebated.
Interest rates: 12.99% for purchases, balance transfers, and cash advances.
Annual fee: $29
Recommended credit score:
Good to Excellent
On Scotiabank’s website
Benefits of the Scotiabank Value Visa Card
The main benefits of the Scotiabank Value Visa card include the following:
Low-Interest Rates
While most credit cards in Canada have interest rates between 19.99% and 22.99%, the Scotiabank Value Visa Card only charges 12.99% on both your purchases and cash advances.
Up To 25% Off Car Rental Rates
Participating AVIS and Budget locations in Canada and the U.S. offer 25% off their base rates when you pay with your Scotiabank Value Visa card.
Free Supplementary Cards
Without paying extra, your friends and family members can benefit from the convenience and flexibility of having their own card while sharing your credit line.
Transfer Higher-Rate Balance Rates
You may move your outstanding debt in other credit lines to the Scotiabank Value Visa card. This card’s low-interest rate of 12.99% on all transactions makes it one of the best balance transfer credit cards in Canada.
Faster Checkout
Thanks to Visa payWave, paying at the counter can be as easy as waving your Value Visa card on top of the card reader. Alternatively, you may link your credit card to your mobile phone to tap your device instead of your card at the counter.
For online transactions, Scotiabank’s integration with Apple Pay, Google Pay, and Click to Pay also make it extremely easy to pay online in seconds.
Downsides Of The Scotiabank Value Visa Card
Here are some drawbacks of the Scotiabank Value Visa card:
No Rewards Points System
Unlike some low-interest credit cards, the Scotiabank Value Visa card doesn’t allow you to earn points or cash back with your purchases.
No Included Insurance Coverage
While other Scotiabank credit cards come with complimentary insurance coverage, the Value Visa card only offers optional insurance services to its users.
How To Apply For The Scotiabank Value Visa Card
Any Canadian resident who has reached the provincial majority age can apply for the Scotiabank Value Visa card as long as they fit the following criteria:
- Hasn’t declared bankruptcy for the past 7 years.
- Has a minimum annual personal income of $12,000.
The application process can be done online, in person, or by calling Scotiabank’s customer support. Giving the bank permission to access your credit bureau records is mandatory, whichever method you choose.
Scotiabank Value Visa Card Alternatives
If you’re still undecided whether the Scotiabank Value Visa card is best for you, you may also want to consider these low-interest credit card options.
National Bank Syncro Mastercard
This credit card has a slightly more expensive annual fee of $35. However, it offers a minimum APR of only 8.9% on purchases and 12.9% on cash advance transactions.
One of the main benefits of this card is its Purchase Protection. With this feature, you can enjoy financial coverage for eligible purchases that suffer damage or theft within 90 days of the purchase date.
National Bank Syncro Mastercard
Rewards: Low interest rate to help pay off your balance.
Welcome offer: None
Interest rates: Prime rate + 4% for purchases, prime rate + 8% for cash advances.
Annual fee: $35
Recommended credit score:
Good to Excellent
On National Bank’s website
BMO Preferred Rate Mastercard
Among other cards in this list, the BMO Preferred Rate Mastercard offers the lowest annual fee of only $20. Its interest rates are 12.99% on purchases and 15.99% on cash advances.
Like the Scotiabank Value Visa card, this BMO credit card also offers you a supplementary card for free.
BMO Preferred Rate Mastercard
Rewards: A low interest rate to help you pay off your balance faster.
Welcome offer: Get a 0.99% interest rate on balance transfers for 9 months with a 2% transfer fee, plus the first year annual fee waived.
Interest rates: 12.99% for purchases, 15.99% for cash advances.
Annual fee: $20
Recommended credit score:
Good to Excellent
On BMO’s website
Is the Scotiabank Value Visa Card Worth It?
The Scotiabank Value Visa card is worth it if you need a low-interest credit card with low annual income requirements. It offers various benefits, including up to 25% off your car rental rates, free supplementary cards, and faster checkout.
Moreover, the Scotiabank Value Visa balance transfer option is a valuable benefit that allows you to save more money by reducing your interest payments.
Scotiabank Value Visa Card vs Alternative Cards
| Credit Cards | Annual Fee | APR Purchases | APR Cash Advances | Reward Points or Cash Back Availability |
| Scotiabank Value Visa Card | $29 | 12.99% | 12.99% | No |
| National Bank Syncro Mastercard | $35 | Minimum 8.9% | Minimum 12.9% | Yes |
| BMO Preferred Rate Mastercard | $20 | 12.99% | 15.99% | No |
FAQs
Is there an annual fee on Scotiabank Value Visa?
Yes, the Scotiabank Value Visa has a $29 annual fee. However, Scotiabank sometimes offers promotions that waive the first annual fee of this credit card.
How do you qualify for a Scotiabank value visa?
To qualify for the Scotiabank Value Visa, you must be of the provincial age of majority and have a minimum annual income of $12,000. Additionally, you must not have declared bankruptcy in the past 7 years.
Does Scotia Value Visa have travel insurance?
No. The Scotiabank Value Visa card doesn’t include travel insurance. However, it allows you to get the optional Scotia Credit Card Protection which can help cover your monthly credit card payments when you experience unexpected life events.
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