Scotiabank Value Visa Card Review For 2024

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Written by Enoch Omololu

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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

Scotiabank Value Visa Card

On Scotiabank’s website

  • Low 12.99% interest rate on cash advances, purchases, and balance transfers to pay down your balance faster.
  • $500 minimum credit limit.
  • No fees for supplementary cards.
  • Save up to 25% off base rates at participating Avis and Budget rental car locations in Canada and the US.
  • Pay off purchases of $100 or more with Scotia SelectPay
  • No minimum income is required.

Low interest rate of 12.99%

No minimum income requirement

0% introductory rate on cash advances for 6 months

No promotional balance transfer interest rate

No rewards program

No travel, shopping, or other insurance benefits

The Scotiabank Value Visa Card is a great credit card for those who carry a balance and want to pay it off. With a 12.99% interest rate, you can pay off your balance faster than most other credit cards.

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

- National Bank Syncro Mastercard

On National Bank’s website

  • To pay down your balance, enjoy a low interest rate of the prime rate + 4% for purchases and the prime rate + 8% on cash advances.
  • Extended warranty and purchase protection are included.
  • Enjoy unique experiences with Priceless Cities.
  • No minimum income requirement to apply.

Low non-introductory interest rate

Priceless Cities experiences

No minimum income requirement

Interest rate is dependent on the prime rate, so it can change

No points, travel, or cash back rewards

No insurance coverage

While the National Bank Syncro Mastercard comes with few benefits and little insurance, it’s one of the only credit cards in Canada that offers a low non-introductory interest rate. Use this to your advantage to pay off any balances owning.

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

BMO Preferred Rate Mastercard

On BMO’s website

  • A low interest rate of 12.99% on purchases helps you pay your balance faster.
  • Transfer balances for just a 0.99% interest rate for 9 months.
  • The $20 annual fee is rebated if you have a BMO Performace chequing account.
  • Extended warranty and purchase protection are included.
  • Turn larger purchases into smaller, interest-free monthly payments.
  • Get 24/7 emergency support anywhere in the world.
  • You must have a minimum personal income of at least $15,000 to qualify.

Low purchase and cash advance interest rates

Annual fee is waived if you have a BMO chequing account

No option to earn and redeem points or cash back

$20 annual fee

The BMO Preferred Rate Mastercard is light on rewards but gives you 9 months to pay off your balance with a 0% interest rate plus 12.99% interest on new purchases. If you have a BMO Performance chequing account, the annual fee is waived.

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 CardsAnnual FeeAPR PurchasesAPR Cash AdvancesReward Points or Cash Back Availability
Scotiabank Value Visa Card$2912.99%12.99%No
National Bank Syncro Mastercard$35Minimum 8.9%Minimum 12.9%Yes
BMO Preferred Rate Mastercard$2012.99%15.99%No


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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Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

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