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The Scotiabank Value Visa card can be used anywhere in the world where Visa is accepted, has a low interest rate, a low annual fee, and it is ideal for balance transfers and individuals looking for ways to pay down a credit card balance quickly.
The Scotiabank Value Visa credit card does give its cardholders a certain degree of value. The first bit of value comes in the way of the low interest rate. However, cardholders are able to enjoy an introductory rate that reduces the annual interest rate for a short period of time. However, the default interest rate is not high at all. This makes it very competitive. It is even more competitive in that there is an introductory interest rate for a specific period of time. This interest rate is the same for purchases, cash advances, balance transfers, and Scotia Credit Card Cheques.
The goal of this card is to help cardholders have a credit card that they are able to pay down quickly. The competitive interest rate and fees make this possible. This allows individuals to get the most out of their credit card without having to pay a fortune to get it.
Simplified Monthly Payment
The monthly payment is simplified in that there is a formula in which it is broken down. This formula is the interest charges, plus the fees, plus a specific dollar amount that is small. You will always know what your monthly payment consists of by using this formula. It is important to keep in mind that any overdue or over limit amounts must be paid immediately, which means they will be added to the minimum payment amount. This breakdown can help you have more control over your monthly payment so that you can better control your budget.
Foreign Transactions
When you are traveling, you can use your card anywhere Visa is accepted. After the purchase is made, the currency is converted to Canadian currency and then the fee is charged. The fee is equal to a small percentage of the foreign transaction after it has been converted. It is important to note that the exchange rate could be different on the day that the conversion is made than it was on the day the purchase was made. Visa takes care of this conversion on behalf of Scotiabank. For Scotia Credit Card Cehques, the exchange rate will be the posted rate that is charged at any Bank of Nova Scotia branch that the customer visits on the date that the transaction occurs. For any reversal of foreign transactions, the exchange rate will be determined in the same manner as of the date that reversal occurs.
Fees
The fees are straightforward in that there is an annual fee and it is a small annual fee. This fee is charged at the time the card is issued and will be billed to the first statement. After that, it is billed to the account every year on the anniversary date.
If you wish to obtain a cash advance from the card, there are fees for this as well. Cash advances can be processed by tellers at any financial institution in Canada. Money can also be withdrawn from a Scotiabank Automated Banking Machine. If an ABM is the Interac symbol, then money can be obtained from it for a reasonable fee. If the ABM is outside of Canada, then the fee is higher. Cash advances may even be processed by tellers at any financial institution outside of Canada.
The next set of fees belongs to balance transfers. There is a small fee that is charged per balance transfer and it is a small percentage of each transaction. It can be ideal to do a balance transfer when the balance is transferred from a higher interest credit card. This can save a great deal of money on credit card bills.
Another set of fees includes fees for replacement sales drafts, monthly statements, and cash advance drafts. Much of this information can be obtained online by logging into the account and simply checking it.
The last set of fees includes the penalty fees. The penalty fees start with dishonoured payment fees. If a check is used to make a payment and it is returned due to insufficient funds, then a fee will be charged. A fee is also charged for dishonoured Scotia Credit Card Cheques. If a payment is made late, then a penalty APR may be applied after two late payments in a row. If three occur within 12 months, then the penalty APR will be assessed. The account has to be in good standing for six months in order for the penalty APR to be removed from the account. If the account balance goes over the limit, then an overlimit fee is charged on the day that the balance exceeds the credit limit. The fee is charged just once per statement.
The fees are considered standard, yet they are competitive. Factored in with the low interest and the low annual fee, the card has an overall degree of competitiveness. This can make choosing the right credit card account much easier.
Scotia Total Equity
The Scotia Total Equity plan is a real estate secured plan. There are additional charges and fees that apply related to the collateral mortgage security and registration. However, this is a plan that can reduce the interest rate on the credit card, resulting in even more money saved. This is a program that you can receive more information on when applying for the credit card account that is a part of the plan.
Conclusion
The Scotiabank Value Visa card helps cardholders get the most out of their credit card by allowing balances to be paid quickly. This is due to a very competitive interest rate, low annual fee, and other fees that are considered to be quite low. Factor in the introductory rate and even balance transfers will save a lot of money.
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