Avoid Massive Credit Card Debt With No-Fee Scotiabank Value Visa Card

The No-Fee Scotiabank Value Visa card is a card that allows cardholders to use it anywhere in the world where Visa is accepted and for a reasonable cost. The credit limit is modest, the interest is low, there is an introductory period, and cardholders have control of how much they spend via the straightforward nature of the card.

When consumers apply for credit cards, they want cards with no hidden fees or agendas. They want something that is going to give them spending power rather than the right to say that they have a credit card. The No-Fee Scotiabank Value Visa card gives a person the spending power they need by giving a reasonable credit limit from the start. There is no annual fee to take away money from that balance and the interest is quite competitive, as it is lower than many cards in its class.

To get started with this card, potential cardholders can apply online. This is done by going to the Scotiabank website and choosing the card to apply for. The application process takes approximate 5 to 10 minutes, but can go as fast as possible if you already have your information on-hand. The information that is needed includes personal and contact information, employment information, gross monthly income, monthly rent or mortgage payment, and other monthly obligations like child support and spousal support.

To apply, you need to be a Landed Immigrant or Canadian Citizen, be at least the age of majority in your province or territory, not have declared bankruptcy within the past seven years, and have a minimum gross monthly income that meets the minimum requirement. If you meet these requirements and the information that is provided on the application is correct, the odds of approval increase when credit requirements are met.

Payment And Fees

There is no annual fee, but there are fees that can be attached to the monthly payment. The monthly minimum payment amount is broken down into three items. They are the interest charges, plus the fees, plus a minimum dollar amount. If an overlimit or dishonoured cheque fee is assessed to the account, then those fees will be added to the fees portion of the payment. The interest is based on the amount of the balance, so it can vary from month-to-month. The minimum dollar amount is the same each month.

You can keep your payment down by avoiding late payments, overlimit fees, and dishonoured cheque fees. You can also minimize your payment by reducing your interest as much as possible. This is done by paying off your balance in full within the 21-day grace period that is given. This eliminates the interest on purchases for that billing period. If the balance is paid off again and again throughout the life of the account, then a lot of money is going to be saved throughout time. Even if the balance can't be paid off every billing cycle, the opportunity is there to save money again and again. This is how balances can be paid down quickly, credit line increases can be given, and cardholders can get the most out of their credit account without having to go deep into debt in order to enjoy all of the privileges.

21-Day Grace Period

One nice feature of the No-Fee Scotiabank Value Visa card is that there is a 21-day grace period that enables you to pay off your balance and avoid interest on purchases. This is something that can save you a lot of money on interest if you charge an amount to your card that you can pay off every month. If you don't pay off your balance during a 21-day grace period, then the grace period will be extended to 25 days the following month.

Foreign Transactions

Cardholders can also use their credit cards anywhere in the world where Visa is accepted. However, the transactions that are made in a foreign currency will be converted to Canadian currency before it is posted to your account. Visa determines the exchange rate on behalf of Scotiabank on the date that the transaction is settled with Visa. This exchange rate could be different than the rate that was in effect the day that the transaction was made. This rate includes an amount that is equal to the percentage charged for the converted amount. If a transaction is reversed for any reason, the exchange rate is once again determined by Visa on behalf of Scotiabank on the date that the reversal is settled with Visa. Again, an amount will be included that is equal to the fee percentage of the converted amount.

If foreign payments are made with Scotia Credit Card Cheques, the exchange rate that will be posted will be the rate that was charged to the customer at any Bank of Nova Scotia location on the date the transaction takes place. If there needs to be a reversal of the transaction, the exchange rate is determined in the same manner that it was on the date of the transaction.

Nonetheless, the foreign transaction fee is low and competitive, giving a person more spending power when they use their card abroad. This can make the card a good primary spending method when traveling or a backup. Plus, taking the card along on a trip means having security in your wallet. If you lose cash or other spending methods, you always have your credit card to fall back on. If it is lost, you can immediately call Scotiabank and report the card lost so that no fraudulent transactions occur. You can then arrange to have a new card sent to you and none of your spending power is compromised.

Conclusion

The No-Fee Scotiabank Value Visa card is a rather transparent card, as it breaks down its payment, how you can avoid interest, and even allows you to take the card anywhere in the world where Visa is accepted. This is worldwide spending power without high fees and interest.