Scotiabank Value® VISA* Card
Scotiabank Value® VISA* Card
0.99% introductory interest rate on balance transfers for the first 6 months (12.99% after that; annual fee $29)◊
Annual Fee
Interest Rate
Balance Transfer
Cash Advance
$29.00 *$0.00 each Supplementary Card
24.99%
0.99% *12.99% after 6 months
27.99%
Good
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Card Details
- 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
- Low 12.99% interest rate
- Pay down balances faster
- Simplify your monthly payments
- Rates, fees and other information are effective as of Jul 2, 2020. Subject to change.
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Legal Details
◊ Offer Description and Conditions: The introductory 7.99% interest rate applies only to eligible purchases subject to the conditions below (the "Offer"). This rate applies when the new Scotia Momentum No-Fee Visa credit card account ("Account") is opened by October 31, 2020 and will continue for 6 months from date of Account opening (the "Promotional Period"). After the Promotional Period, purchase balances at the promotional rate of 7.99% (including any unpaid balances) will increase to the preferred interest rate for purchases (currently 19.99%). If you don't pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional rate Offer and the interest rates that apply on any unpaid balance and purchases will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions)). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges.
Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.
Payment Allocation: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.
Rates and Fees: There is currently no annual fee for the primary card and no fee for each additional supplementary card.
The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions).
All rates, fees, features and benefits are subject to change.
RateSupermarket.ca's Review
Looking to pay off some credit card debt? There's no sense wasting hard earned money on interest payments (which often prevent you from making a serious dent in your principal!) when you could be paying as little as 1.99% on balance transfers. Many credit card consumers don't fully understand the concept of a balance transfer, but these credit cards can be excellent tools in the quest to be debt-free: transfer an existing balance from a higher interest rate credit card to the Scotiabank Value® VISA card and pay only 1.99% in interest for the first six months. On top of that, the ongoing interest rate for new purchases is only 11.99%, much lower than the average 19.99%. Plus, pay no hidden balance transfer fees! All with a low annual fee of $29. After your first six months are up and the introductory interest rate ends, you'll pay a low rate of 11.99%. To put this into perspective: if you're carrying a balance of $1,500 on another credit card with a 19.99% interest rate, you'll save $139.65 in the first six months alone by switching to the Scotiabank Value® VISA card.
Top Features About Scotiabank Value® VISA card
- 1.99% introductory interest rate on balance transfers and cash advances for the first six months; only 11.99% thereafter
- No hidden balance transfer fees
- Ongoing purchase rate of 11.99%
- Instant cash advances
Pros
- Save money on interest with a 1.99% introductory interest rates on balance transfers and cash advances for the first 6 months
- Ongoing interest rate only 11.99%
Cons
- $29 annual fee
How We Did It: Balance Transfers
| Ave. Canadian Credit Card Debt | Amount Paid Monthly | Debt Timeline |
| $3,277.33 | Minimum Payment (varies) | 24 Months |
All interest totals include limited time interest rates, credits, bonuses and annual fees.
Rate, product information and rewards estimate are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details
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