Scotiabank Value Visa Card
The Scotiabank Value® Visa is notable for offering a post-promotional APR of 11.99%, a very low post-promotional rate for balance transfer cards. Its promotional period offers a *0.99% APR on balance transfers, but this promotion lasts for a relatively short amount of time compared to other balance transfer card options. It also comes with an annual fee of $29, while its competitors currently do not charge an annual fee.
At a Glance
- Consolidate fees from high interest cards
- Benefit from low post-promotional interest rate of 11.99%
- *Introductory 0.99% rate on balance transfers for first 6 months
- $29 annual fee
- Optional free supplementary card
- Discounts of up to 20.00% when renting cars from Avis
- Checkout faster with Visa payWave
There are a few card highlights that diversify the card’s usability and set it apart from standard balance transfer cards. Frequent travelers can benefit from their time on the road, with customers eligible to receive a 20% discount on Avis car rentals. The card also provides additional ease when making small purchases. When you’re on the go, the payWave feature saves time at checkout by allowing you to simply wave the card or use the mobile phone application to pay.
Compare to Other Balance Transfer Cards
| Balance Transfer Intro Interest Rate | Intro Interest Rate Length | Balance Transfer Fee | Card’s Annual Fee | Supports Quick Checkout | |
|---|---|---|---|---|---|
| Scotia Value Visa | 0.99% | 6 months | $3.50 | $29.00 | Yes |
| MBNA Platinum Plus | 0.00% Limited time offer: ends on June 30th, 2018! | 12 months | $7.50/1% | $0.00 | No |
| RBC Cash Back Mastercard | 1.90% | 10 months | $3.50 | $0.00 | No |
Why We Like It
- Low Interest Rates
Value Visa’s 11.99% APR is one of the lowest available from Scotia, and it’s a rare flat rate, applying not only to balance transfers but also to purchases, cash advances and Credit Card Cheques. This is unusual in the balance transfer realm, where different interest rates typically apply to different uses of the card. - Low Introductory Balance Transfer Rate
New cardholders are eligible to receive a promotional *0.99% rate on balance transfers for the first 6 months. - Free Supplemental Card
The Scotiabank Value Visa Card presents a solution for customers needing additional cards. Scotiabank offers a free supplemental card for spouses or family members, with the extra card included in the single yearly fee. - Save on Car Rentals
Value Visa cardholders are eligible to receive discounts of up to 20.00% when renting from participating Avis Car Rental locations. Drivers can pocket valuable funds from road trips and vacations to spend as they like. - Quick Checkout Options
The card supports Visa payWave, allowing customers to simply wave their card or phone application at payWave-enabled cash registers quickly. For online purchases, cardholders can take advantage of Visa Checkout to make online checkouts more rapid as well.
Is It Worth It?
The Value Visa Card by Scotiabank is a good option for those looking to do a balance transfer, but who also want a more versatile card for use beyond the balance transfer itself. Some may not be able to see past the $29 annual fee, but this can easily be made up for if the cardholder rents cars from Avis.
*The introductory 0.99% 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 October 31, 2018 (the “Offer End Date”) 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 0.99% 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: 11.99% on purchases and 11.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). Rates and fees are subject to change.
Article comments
The 20% Avis discount is absolutely not adding $29 of value. For one, this applies to all Scotiabank Visas, including free ones. Plus, Avis constantly has promotions open to everyone saving you “up to 20%” and the promotions cannot be combined. So this “perk” is effectively nothing but an advertisement for Avis and has no real value.
Basically, you’re paying $29 for the low rate. The APR is 5% lower than the no-fee version of this card, and the balance transfer promo rate is 3% cheaper. What this means is the $29 version starts saving you more than the no-fee version when you carry an average balance higher than $580 per year, or you balance transfer more than $1933 for the 6 months.
Of course that’s pointless if you can get your hands on another low-rate card, like the Amex Essential that gives a 6 month balance transfer at 1.99%, and a regular 8.99%, for no fee.
One case where this card makes sense is if you carry a balance, have credit problems and aren’t able to be approved for any new cards, and you already have another card with Scotiabank. Scotiabank allows you to switch between card types without doing a new credit application. However the 6 month special only applies to new applications, so you would only get to benefit from the 11.99% rate.