Scotiabank Value Visa Card Review 2024: A Decent Option If You Carry A Balance

The Scotiabank Value Visa card is a low-interest credit card that can help Canadians who struggle with credit card debt pay off their debt faster. At 12.99% for both purchases and cash advances, this credit card’s interest rate is significantly lower than the majority of typical Canadian credit cards. That makes this card ideal for individuals who struggle to pay off their monthly statements and typically carry a monthly balance.

The Scotiabank Value Visa Card carries an annual fee of $29, which is pretty reasonable. However, there are no rewards and the only real perk is a car rental discount opportunity. That being said, the low interest rate can potentially save you hundreds of dollars in interest over the course of a year which, for someone who struggles with credit card debt, is more beneficial than points and perks. However, there are still balance transfer credit cards offers on the market that might be even more beneficial to someone with debt since they often offer 0% interest for a period of time.

Another thing to note is that you do need to pay off, at least, the minimum balance every month. If you fail to do this twice within a consecutive 12-month period, you will lose the 12.99% promotional rate and your interest rate will increase to 24.99% on purchases and 27.99% on cash advances. Both of these rates are higher than typical credit cards, so be sure to pay off your card minimums monthly.

• 12.99% interest rate on purchases and cash advances
• $29 annual fee and $0 for supplementary cards
• No rewards are earned with this credit card.

While the low interest rate of the Scotiabank Value Visa is handy for any upcoming purchases, this credit card also is a very handy balance transfer credit card and can help you pay off any pre-existing credit card debt more quickly.
Instead of paying 19.99% (or more!) with a typical credit card, you can switch your balances over to the Scotiabank Value Visa and pay a much lower rate. The Scotiabank Value Visa currently has a special offer with an introductory balance transfer rate of 0% for the first 6 months. After this period, the rate will go up to 12.99%, but that is still significantly lower than most credit card interest rates.

• Cardholders can save up to 25% off the base cost of car rentals at participating AVIS and Budget locations within Canada and the USA when paying with their Scotiabank Value Visa Card.
• Cardholders can receive supplementary cards at no cost.
• Includes an option to opt-in to one of two Scotia Credit Card Protection bundles for an additional fee.

Interest Rates

• Regular APR Min: 12.99%
• Cash Advance APR: 12.99%
• Balance Transfer APR: N/A

Fees

• Cash Advance Fee: $5 Balance Transfer Fee: 1% (minimum $5)
• Foreign Transaction Fee: 2.5%
• Annual Fee: $29
• Any Other Fees: N/A

Value Visa Card vs. MBNA True Line Gold Mastercard

The MBNA True Line Gold Mastercard is another low-interest rate credit card. The annual fee for this option is a little higher than that of the Scotiabank Value Visa Card ($39 as opposed to $29). However, the MBNA True Line Gold Mastercard also has a lower purchase interest rate (10.99% compared to the Scotiabank Visa Value card’s 12.99%) and it comes with a couple more perks and benefits. That being said, the cash advance rate for the MBNA True Line Gold Mastercard is 20.99%—much higher than the Scotiabank Value Visa’s 12.99%. Still, if you don’t need cash advances, the MBNA True Line Gold Mastercard remains a more lucrative pick.

Scotiabank Value Visa Card vs. HSBC +Rewards Mastercard

The HSBC +Rewards Mastercard offers tough competition for the Scotiabank Value Visa as a low-annual-fee and low-interest rate credit card option. With an annual fee of $25 and a purchase rate of 11.90%, it offers a better deal than the Scotiabank Value Visa. Additionally, the HSBC +Rewards card has a rewards program and offers insurance coverage. If you want supplementary cards, you will need to pay an additional $10 (remember, the Scotiabank Value Visa Card offers them for free) but overall, the HSBC +Rewards Mastercard comes out on top.

Scotiabank Value Visa Card vs. CIBC Select Visa Card

The CIBC Select Visa Card has the same annual fee as the Scotiabank Value Visa card at $29, but the interest rate for purchases is slightly higher at 13.99%. From this perspective, the Scotiabank Value Visa Card is a better pick. That being said, if you are looking to do a balance transfer then CIBC Select Visa comes out ahead since the balance transfer period is 10 months at 0% compared to the six months at 0% currently offered by Scotiabank Value Visa cards.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonuses, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

If you are someone who is struggling to pay off their credit card balance every month, then the Scotiabank Value Visa Card is worth considering. The 12.99% interest rate is significantly lower than most credit cards and can save you hundreds of dollars in interest payments over the course of a year, as long as you pay off your monthly minimums.

But, as you can see from the comparisons above, it is not the only low-annual-fee, low-interest rate credit card on the market and some of the other options are more lucrative.

Related: Best Credit Cards To Hold