Scotiabank Value Visa Card Review 2024: Is It Worth It?
Jan 12, 2024The Scotiabank Value Visa Card is a low-interest credit card with a low annual fee. But it doesn’t offer rewards or insurance coverage.
The Scotiabank Value Visa Card is a low-interest credit card with a low annual fee. But it doesn’t earn rewards and doesn’t come with insurance coverage like some other cards.
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Scotiabank Value Visa Card full review
If you typically carry a balance on your credit card or have existing credit card debt, the Scotiabank Value Visa Card might be a practical choice.
Benefits of the Scotiabank Value Visa Card
Low interest rate (12.99% on purchases, balance transfers and cash advances).
Rental car discounts when you book with Avis and Budget.
Drawbacks of the Scotiabank Value Visa Card
Doesn’t earn rewards like cash back or miles.
No built-in insurance coverage. You do have the option to add certain types of insurance coverage to your card for a fee.
Who should get the Scotiabank Value Visa Card?
Anyone trying to pay down existing credit card debt may want to consider the Scotiabank Value Visa Card. The card’s 0% introductory interest rate on balance transfers only lasts six months, but it can help you pay down credit card debt faster. Offer expires Oct. 31, 2024.
Even once the six-month introductory period is over, the 12.99% interest rate is significantly lower than that of many other Canadian credit cards.
Is Scotiabank Value Visa Card worth it?
It depends on your financial situation. Ideally, you want more value from your credit card than you pay to carry it. Since the Scotiabank Value Visa Card costs $29 annually, you need to squeeze at least that much value from the card for it to be worthwhile.
You won’t earn cash back or travel points, but the card’s low interest rate may offset the difference, especially if you’re working to pay down credit card debt or typically carry a balance on your card.
Scotiabank customer ratings
Below average in customer satisfaction: Scotiabank ranks 9th out of 13 issuers in J.D. Power’s 2024 Canada Credit Card Satisfaction Study.
Low Trustpilot rating: Scotiabank scored 1.2 out of 5 possible stars based on over 1,000 customer reviews, as of this writing.
Low Better Business Bureau rating: 1.19 out of 5 possible stars based on just over 90 customer reviews, as of this writing.
Scotiabank Value Visa Card eligibility
Who qualifies for the Scotiabank Value Visa Card?
To be eligible for the Scotiabank Value Visa Card, you must:
Be a Canadian resident and at least the age of majority in your province or territory.
Have no history of bankruptcy in the past seven years.
Earn a minimum annual personal income of $12,000.
Approximate credit score needed for approval
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for. Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
Scotiabank Value Visa Card rewards
Get a 0% introductory interest rate on cash advances and balance transfers for the first six months of card ownership. Plus, no annual fee for the first year.
You must open an account by Oct. 31, 2024 to qualify for the welcome offer.
The Scotiabank Value Visa Card does not earn rewards.
The Scotiabank Value Visa Card’s 0% introductory interest rate on balance transfers could save you money. Not having to pay any interest on your credit card balance (even temporarily) means the payments you make go entirely toward what you owe.
How to apply for the Scotiabank Value Visa Card
You can complete the Scotiabank Value Visa Card application from Scotiabank’s website:
Select the ‘Apply Now’ button from the Scotiabank Value Visa Card’s page on Scotiabank’s website.
Review the card’s terms and conditions and select Agree to continue.
Enter your personal details, including your full name, phone number and email address.
Create a username and password for your Scotiabank account.
Verify your identity.
Provide any required information, such as your income, employment status or financial data.
Submit your application.
Scotiabank Value Visa Card vs Scotiabank Momentum Visa Card
They carry similar fees and income requirements, but one card offers a low interest rate while the other earns rewards.
NerdWallet's take
NerdWallet's take
Card details
Card details
Rewards breakdown
Rewards breakdownNerdWallet's take
NerdWallet's takeCard details
Card detailsReasons you might want a different card
This card may not be suitable if:
You want to earn rewards.
You want a card with built-in insurance coverage.
Scotiabank Value Visa Card facts
Scotiabank Value Visa Card | |
|---|---|
Card type | |
Fees and interest rates | |
Annual fee | $29.00 |
Regular/purchase APR | 12.99%. |
Penalty APR | 24.99% on purchases and 27.99% on balance transfer, cash advances and cheques if you miss two payments within 12 months. This penalty APR will stay in place until you’ve made 12 consecutive payments on time. |
Cash advance APR | 12.99%. |
Cash advance fee | $5 to $7.50 per transaction, depending on where the transaction takes place. |
Balance transfer fee | $5 per transaction. |
Foreign transaction fee | 2.5% of the transaction amount. |
Rewards and benefits | |
Intro offer | Get a 0% introductory interest rate on cash advances and balance transfers for the first six months of card ownership. Plus, no annual fee for the first year. Offer valid until Oct. 31, 2023. |
Reward earn rates | The Scotiabank Value Visa Card doesn’t earn rewards. |
Other perks | Save up to 25% off base rates at participating Avis and Budget locations in Canada and the US when you book a rental with your Scotiabank card. |
Optional insurance coverage | |
Basic protection | You can choose to purchase basic protection, which includes life insurance (up to $50,000), critical illness coverage (up to $50,000) and hospitalization coverage (up to $50,000). Basic protection premiums equal $0.89 per $100 of your account balance. Additional taxes and fees may apply. |
Comprehensive protection | You can choose to purchase comprehensive protection, which includes the above basic coverage, as well as disability insurance (up to $10,000 per month for five months), job loss (up to $10,000 per month for five months) and strike or lockout coverage (up to $10,000 per month for five months). Comprehensive protection premiums equal $1.09 per $100 of your account balance. Additional taxes and fees may apply. |
Methodology
BACK TO TOPNerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.
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