Information - Rates - Fees
Dishonoured Payment Fee: $48
To apply for the card you must:
- Be a Canadian Citizen or Landed Immigrant
- Have reached the age of majority in your province/territory (18 years in AB, MB, ON, PE, QC, SK. 19 years in all others)
- Not have declared bankruptcy in the past seven years
- Have a minimum gross monthly income of $1,000 unless you are applying for a student VISA card
Legal Promotion Notice:
The introductory 3.99% interest rate applies to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) only (the "Offer"). This rate applies when the new Scotiabank credit card account ("Account") is opened by the defined date (the "Offer End Date") (See terms & conditions of the card) and will continue for 6 months from that date ("the Promotional Period"). This offer cannot be used to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank Account. After the Promotional Period, the 3.99% interest rate on any promotional balances (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) that applies on your Account. Offer applies only to new Scotiabank credit card accounts opened by the Offer End Date. Former or current Scotiabank credit cardholders that transfer from an existing Scotiabank credit card account or re-open a closed Scotiabank credit card account are excluded from this Offer. Offer may be changed or extended and cannot be combined with any other offer.
The preferred annual interest rates for the Account are: 16.99% on purchases and 16.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). Rates and fees are subject to change.
Review by CreditCardsLab Canada
The No-Fee Scotiabank Value Visa card is competitive and allows its cardholders to carry out the standard types of transactions that credit cards are known for. Because of the low interest rate, transferring high interest cards over to this one makes saving money possible. There is also the option to do cash advances when you need cash and even use the card internationally. The fees are low and the possibilities for use are endless.
As far as penalties, there is a penalty interest for late payments if two payments are made late consecutively or three are late in a row. There is also an overlimit fee that is charged once for every month that the card balance is over the credit limit.
But something that makes the card even more competitive is its security. Cardholders can be reimbursed for any fraudulent charges to their account as long as they have exercised good practices in securing their card. To monitor possible fraudulent activity, cardholders can use the online account management option to check the balance, available credit, and much more. If the question cannot be answered online, then customer service is available to help cardholders get answers and to also address missing or stolen cards.
- Intro rates
Rewards & Benefits
*The information provided for No-Fee Scotiabank® Value VISA® Card is believed to be accurate at the time of evaluation (Sep 11, 2020). We strongly advise visitors to review the fees, terms and conditions to verify accuracy of the information posted prior to applying for the product.
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