Headquartered in Canada, Scotiabank aims to deliver high-quality banking and lending solutions through the Americas. It does this by offering multiple credit card and loan options.
One of the credit cards that Scotiabank offers is the Value Visa credit card. This card offers a low introductory APR and keeps the interest rate low once the initial introductory period is over.
This entry-level card is a great way to start out, but before you apply, you need to know all the information about the features and fees. That way, you can decide if this is the right card for you.
Features
The Scotiabank Value credit card is affiliated with the Visa network of cards. The introductory offer gives the cardholder a low rate of .99% APR.
Once the 6-month introductory period is over, the rate will rise to 12.99%. Along with the introductory offer, you will get a 0% transfer fee.
The card also comes with a 21-day interest-free period and a 12.99% cash advance rate. There is no maximum credit line, but the minimum for this card is $500.
Benefits
Along with these features and rates, there are several great benefits that cardholders will be able to take advantage of when approved for the Scotiabank Value Visa. Here are a few of those.
- You are able to add another cardholder and get them their own card at no extra cost
- The card is fitted with a chip, as well as the capability to be used on your smartphone to save time at checkout
- At select Avis and Budget car rental locations, you can save up to 25% on your rental car in the US and Canada
- The card can be reinforced with protection in case of illness or other emergencies.
How to Apply
After you have made sure that you have met the requirements listed below, you will want to gather the proper documentation that you will need for the application process. This may include the following.
- Personal and contact information
- Employment history
- Proof of annual income
- Social insurance number
- Credit history
- Any current banking information
Then, you can begin the application process. Fill out the application using the link below and submit it when completed.
Once that is done, all that is left to do is wait for the decision to be sent to you via email. If you would like to start your application process, then follow this link to the bank’s application page.
Who is Eligible?
In order to be eligible for the Scotiabank Value Visa card, you must meet the following requirements.
- Be a resident of Canada
- Be 18+ years of age
- Have a credit score of 650+
- Bring home an annual income of at least $12,000
Fees and Interest
The Scotiabank Value Visa card comes with a few fees and rates that you should be aware of. These are aside from the ones discussed above in the features section.
The first is an annual fee of $29 that will be charged to the card. There is also a $29 fee for exceeding the credit limit of the card.
Another fee to look out for is the $48 non-sufficient funds charge. Other than that, there is a 2.5% conversion fee on foreign currency and purchases in foreign countries.
Lastly, there is also a fee when you make a cash advance. This fee is $3.50 no matter the size of the cash advance.
Bank Contact Info
If you have more questions, you can contact the bank using any of the options below.
Phone: 1-800-472-6842
Mail: P.O. Box 4100, Station A, Toronto, ON M5W1T1
Twitter: @ScotiobankHelps
Website: www.scotiabank.com
Summary
If you ever intend on owning your own house or car, you will need to build your credit. One of the best ways to do that is to find an introductory card that is easy to pay off and that doesn’t come with a lot of exorbitant fees.
The Scotiabank Value Visa card is one of those options. It starts with a low introductory rate, and even when the APR rate goes to its final number, it is still a low-interest card.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.