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4.5

Best for Canadians who want a card with a low interest rate and no frills.

If you’re looking for a low-fee, low-rate card to help manage your existing debt, the Scotiabank Value Visa Card is worth considering.

Learn more about how we evaluate cards.

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.

Scotiabank Value® Visa* Card

Annual Fee

$29

Offer ends October 31, 2024.

Waived first year
Intro Interest Rates

0% intro on balance transfers for 10 months

0% introductory interest rate on balance transfers for the first 10 months, 12.99% after that.
Rewards Rate

N/A
Intro Offer

N/A

Apply Now

0% introductory interest rate on Balance Transfers for the first 10 months (12.99% after that; annual fee $29).¹ Plus no annual fee in the first year.¹ Offer ends 31 Oct 2024.
Save up to hundreds of dollars a year on interest.
Low interest rate of 12.99%.
Pay down higher interest rate balances faster.
Transfer higher rate balances and save even more.
To be eligible, $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident that is the age of majority in the province or territory where you live.
Terms and Conditions Apply. Click ‘Apply Now’ for complete details.

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 7th out of 13 banks in J.D. Power’s 2023 Credit Card Satisfaction Study[1].
Low Trustpilot rating: Scotiabank scored 1.2 out of 5 possible stars based on over 875 customer reviews, as of this writing.
Low Better Business Bureau rating: 1.19 out of 5 possible stars based on over 110 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

Welcome offer

Ongoing rewards

Card value

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.

	Scotiabank Value Visa Card	SCOTIABANK MOMENTUM VISA CARD
Annual fees	$29.	$39.
Minimum annual income	$12,000.	$12,000.
Interest rates	12.99% on purchases, balance transfers and cash advances.	19.99% on purchases, 22.99% on balance transfers and cash advances.
Rewards	N/A.	Earns 1% to 2% cash back on eligible purchases.

Reasons 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	Low-interest credit card
Fees and interest rates
Annual fee	$29.
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.

Rating methodology

NerdWallet 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.

Purchases, cash advances and balance transfers are all subject to an ongoing 12.99% interest rate, as of this writing. Introductory offers may reduce this rate.

Scotiabank doesn’t disclose the credit score needed for a credit card, making it difficult to know your approval odds. But the higher your credit score, the better your chances. You can check your credit report for free through either of Canada’s major credit bureaus, Equifax or TransUnion.

The Scotiabank Value Visa Card does not earn rewards. If you are interest in a Scotiabank credit card that earns rewards, specifically Scene+ rewards, you’ll need one of the following cards: Scotiabank Passport Visa Infinite Card, Scotiabank Gold American Express Card, Scotiabank Scene+ Visa Card, Scotiabank American Express Card, Scotiabank Platinum American Express Card or Scotiabank Scene+ Visa Card for Students.

J.D. Power, “J.D. Power 2023 Canada Credit Card Satisfaction Study,” accessed October 16, 2023.

About the Authors

Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about credit cards and personal finance. Previously, she was a writer, editor and video host for financial…

Georgia Rose

Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post, The New York Times, The Independent and The Associated…

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