Have you got your eye on getting a new credit card but don't know where to start? Have you been looking at a bunch of credit card comparisons? Are one of the options the Scotiabank Value® Visa?
Finding what credit card works for you can be a stressful and difficult task. All the options, rates, and perks are different for each card, you definitely don't want to miss out on a great money-saving opportunity. We'll help you better understand the features, fees, and help determine if the Scotiabank Value® Visa card is right for you in this article.
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Scotiabank Value® Visa Card Features
The Scotiabank Value® Visa has some pretty great features for those on a budget and want to take advantage of maximizing their credit for the lowest cost available.
It's important to note that it is not the best visa that Scotiabank offers if you're looking to rack up some points with your purchases. This card is better suited for those looking to save on interest fees for any balances they carry.
Speaking of interest, the Scotiabank Value® Visa lets you take advantage of a great low-interest rate of 12.99% on purchases and balance transfers or credit advances.
This is a pretty low rate in comparison to other cards Scotiabank offers like the Scotia Momentum® Visa Infinite Card which has an interest rate of 20.99% on purchases and 22.99% on cash advances. Most Visa cards will fall in around the 20% mark as that is the industry average for interest rates.
Interest rates are something that should be paid attention to quite deeply since high-interest rates are the hidden money pit that can end up costing you much more than you intended to spend. If you are someone who carries a balance on your card regularly, it's best you stick to the lower interest rate cards to avoid paying more than you have to.
Another great perk of the Scotiabank Value® Visa card is that any additional cards you need for your spouse, partner, or family member doesn't cost you any additional fees.
Most cards will charge you an extra amount anywhere from $30 and up for additional cards requested for the account. This card doesn't add more expenses to the fees involved with owning a credit card.
Supplementary cards can be used for partners and family members as well as friends. The options are up to you to supply additional cards.
Balance Transfer Rates
The biggest perk offered on this card is the balance transfer rate of 12.99%.
This means that you can transfer any outstanding credit balances either from your card or line of credit that you owe with a higher interest rate to this card and take advantage of the lower interest rate on your outstanding balance.
That means that you will be saving quite a lot of money on interest alone by doing a balance transfer. Who doesn't want to save money?
Car Rentals Savings
Scotiabank Value® Visa holders get to take advantage of a discount of up to 25% on car rentals from participating Avis Car Rental locations in Canada and the U.S. Yes, you heard that right, that's 25% less money that will be spent on your trip or whenever you need to rent a vehicle.
To take advantage of this offer with your card, make sure that you are at a participating location and that you use your Scotiabank Value® Visa to pay for the rental to receive the 25% discount.
The Scotiabank Value® Visa is equipped with payWave technology which allows holders to wave their cards at participating cash registers to pay for their purchases via their smartphones.
Every Scotiabank visa is also equipped for Visa Checkout for online shopping which lets you pay for your items fast online, without having to get up and search for your credit card.
This is especially handy if you ever leave the house and forget your wallet. You're able to pay for your coffee or quick grocery run with the swipe of your phone instead of remembering to take your wallet.
If you're an Apple user, there's some good news for you too.
The Scotiabank Value® Visa card is also compatible with ApplePay allowing you to place your card into your Apple Wallet to use for online purchases and at participating retailers that support ApplePay in person.
This Scotiabank visa card offers a minimum credit limit of $500 in order to activate this card.
You are able to request any limit you want but it will be up to your credit score and income to determine what amount of credit Scotiabank is willing to give you. Your credit score will also impact your maximum credit amount which is something you can request via your regular banking institution.
The general rule of thumb when it comes to credit limits is to not spend more than half of the card limit on a regular basis and pay it off in time in order to keep your credit in good standing. Keep this in mind when you are applying for a limit so that you aren't maxing out the card each month on your spending and pay it off in a timely manner before the due date each month.
You can speak to a representative to determine the right limit for you as well as what your credit score is and how you can improve it with your selected credit limit.
Optional Credit Card Protection
In addition to the other perks already mentioned, users are able to take advantage of optional insurance benefits.
Every Scotiabank visa card has the option to purchase additional credit insurance for their card for a variety of incidentals that may occur that could make you unable to repay your balance in a timely manner. This coverage does come at a fee so be aware of the additional cost.
Credit card protection is a good idea to have in case of accidents and to avoid getting stuck with a large number of bills either for you or your loved ones.
There are two credit card insurance benefits to choose from with the Scotiabank Value® Visa.
The basic protection includes coverage for death, critical illness, and hospitalization. Typically this is in the form of helping to pay for your credit bill in the event of any of the mentioned issues.
This coverage can be a supplementary top-up to an already existing life insurance plan either through work or through the province that you live in, or function as its own policy.
In contrast, the comprehensive protection offers the same coverage that's offered in basic but with additional items.
The comprehensive protections also offers coverage for disability, job loss, as well as strike or lockout from your place of employment. This is a great protection to have in the event that you have a credit balance but are no longer able to work and earn an income.
Scotiabank Value® Visa Card Fees
The Scotiabank Value® Visa does have an annual fee charge, but like its interest rate, it's also relatively low in comparison to what other cards offer.
When you sign up for the card you will have to pay $29.00 annually to use the card and its benefits. As we mentioned earlier, you will not have to pay an extra fee for any additional cards you add to your account. They are all included in the fee charged.
The fee for the card pretty much pays for itself when you factor in any interest you would be saving on balances on your other cards.
Is It Worth It?
If you are someone that is looking for a good starter visa, then this card is for you. With the great interest rate and the low annual fee, this card is a good way to start building your credit history.
This is also a great card for those with a credit balance on their other cards who are looking to transfer the balance to a lower interest rate for repayment. This is an option that will save you money and also help you pay off your credit balance quicker with less of your money going to interest.
Be sure to speak to your financial advisor on the best banking decision for you and to go over the options suitable to your lifestyle and spending habits.
How Does It Compare to Other Scotiabank Cards?
If you're looking to gain points for things you purchase on your card then this card is not for you. The main benefits in comparison to other cards is the lowest available interest rates.
This card does not offer a points package on purchases or any cashback options so if that is what you're looking for in a card then this one will likely not be your best pick.
People who spend higher amounts of money on items that receive quite a bit of cashback will find better usage from a cashback card. Or if you're an individual who wants to save up points to redeem for rewards like movies, gift cards, trips etc, then this card won't be giving you any of those additional perks you might be looking for.
This card is ideally best used as a back-up card for balance transfers more so than day to day spending. The advantage is the interest rate versus the spending perks.
How to Qualify & Apply for This Card
In order to qualify for this card, you will need to be working in order to apply. The good news is because this credit card has a low minimum amount, you won't have to worry about making a lot of money in order to qualify.
Currently, you are able to process an application for this card via their website, in a branch location, or via telephone with a representative. If you have questions about the card, your best bet is to get someone live on the phone or in a branch to answer them.
Before you apply for any credit card, check your credit score to see where you stand for qualifying for any type of credit card as some with higher minimum limits require a certain credit score to qualify. You can ask the representative for more information on this.
Get Your Scotiabank Value® Visa Now
The Scotiabank Value® Visa is a great option for those looking to start their credit journey as well as those who are looking to take advantage of the low-interest rate. The low rate and the low annual fee make it a great budget-friendly card to have in your wallet.
Be sure to speak to a Scotiabank associate to determine if this card is the right card for you and your lifestyle.
If you want to explore more visa options, click here to learn more.