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Published November 1, 2022

Scotiabank Value Visa Card Review

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Best for Canadians who typically carry a balance or want to transfer a balance from another card.

Scotiabank Value Visa Card rating: 4.5/5.0 stars

View star rating methodology.

Scotiabank Value® Visa* Card

Scotiabank Value® Visa* Card
  • Annual Fee
    $29
    Waived first year
  • Interest Rates
    12.99%
  • Rewards Rate
    N/A
  • Intro Offer
    N/A
  • Our Take
    Why we like it

    A rare 0% intro period on balance transfers and low interest rates year-round, the Scotiabank Value Visa can help you quickly pay down balances transferred from higher-rate credit cards.

    Pros
    • Cardholders who carry a balance will save money every month with this card’s low 12.99% interest rate on purchases, cash advances and balance transfers.
    • A stellar 0% introductory interest rate on balance transfers for the first six months.


    Cons
    • No rewards.
    • No insurance coverage.
  • Product Details
    • 0% introductory interest rate on Cash Advances for the first 6 months (12.99% after that; annual fee $29).1 Plus no annual fee in the first year.1 Offer ends April 30, 2023.
    • 0.00% introductory interest rate on balance transfers for the first 6 months (12.99% after that).
    • 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 pros and cons

Pros

  • Low annual fee.
  • Low interest rates.
  • Rental car discounts.

Cons

  • No built-in insurance coverage.
  • Doesn’t earn rewards.

Scotiabank Value Visa Card full review

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.

Benefits of the Scotiabank Value Visa Card

This card’s competitive 12.99% APR is outdone only by its 0% introductory rate for the first six months of card ownership. Offer expires April 30, 2023. You’ll also get car rental discounts when you book with Avis and Budget and the option to add certain types of insurance coverage to your card for a fee.

Drawbacks of the Scotiabank Value Visa Card

The Scotiabank Value Visa doesn’t earn any rewards, like cash back or airline miles. It also doesn’t have any built-in insurance coverage. In fact, you won’t find any of the bells and whistles you get with premium credit cards, like emergency roadside assistance, exclusive dining offers, priority access to entertainment events and more.

Is Scotiabank reliable and secure?

Scotiabank was founded in 1832 and is considered one of Canada Big Six Banks. Like many banks and credit unions, Scotiabank carries Canada Deposit Insurance Corporation (CDIC) insurance, which protects customer deposits of up to $100,000 if the bank goes under.

Scotiabank credit card transactions are also protected from losses that result from unauthorized transactions through the Visa Zero Liability Policy. The Policy exempts cardholders from paying for unauthorized purchases, while unique codes and extra steps to confirm card holders’ addresses and identities help prevent fraudulent card use.

» MORE: Read our full Scotiabank review

Scotiabank customer satisfaction ratings

Scotiabank ranks 10th (and below industry average) in customer satisfaction with credit card issuers, according to J.D. Power’s 2022 Canada Credit Card Satisfaction Study, a survey of 6,478 cardholders in Canada [1]. Card issuers were rated on their benefits and services, communication, card terms, customer support and rewards. The credit card issuers with the highest customer satisfaction ratings in the survey were Tangerine Bank, American Express and Canadian Tire.

Scotiabank had a Trustpilot rating of 1.2 out of 5 stars based on more than 600 reviews, as of this writing.

Scotiabank had 1.14 out of 5 stars according to fewer than 90 customer reviews on the Better Business Bureau website, as of this writing. Scotiabank is not rated or accredited by the BBB itself.

Scotiabank Value® Visa* Card

Get a rare 0% intro period on balance transfers and low interest rates year-round.

Scotiabank Value Visa Card details and eligibility

Who qualifies for the Scotiabank Value Visa Card?

You must be a Canadian resident and at least the age of majority for your province or territory to be eligible for the Scotiabank Value Visa Card. You’ll also need to meet income requirements.

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. It also means any score suggestion we make would be our best guess — which may not be accurate and could result in card application rejections. We don’t want that.

Suggesting that you’d need a “good” or “excellent” score is also confusing, because the meaning of those terms can vary depending on the rating system card issuers use.

Instead, we’ll tell you what we do know: higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.

Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.

» MORE: How to Check Your Credit Score 

Income requirements

A minimum annual personal income of $12,000 is required to qualify for the Scotiabank Value Visa Card.

Who should get the Scotiabank Value Visa Card?

Anyone trying to pay down existing credit card debt should consider the Scotiabank Value Visa Card. This card’s 0% introductory interest rate doesn’t t last forever, but it can help you pay down what you owe faster. And even once the six-month introductory period is over, the 12.99% interest rate is significantly lower many other Canadian credit cards.

How to know if the Scotiabank Value Visa Card is right for you

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.

Total value of the Scotiabank Value Visa Card

The Scotiabank Value Visa Card doesn’t earn rewards or come with a welcome offer of bonus points. But its six-month 0% introductory interest rate could put extra money in your pocket — or at least help stretch your dollar’s worth.

Not having to pay any interest on your credit card balance (even temporarily) means any payment you make goes entirely toward what you owe.

To see just how much money you stand to save with a 0% interest rate, here’s how much interest the following credit card balances would generate over six months with a 19% APR, which is typical for Canadian cards.

Credit card balanceInterest charges after 6 months
$5,000$495
$12,000$1,188.14
$20,000$1,980

If you have existing, high-interest credit card debt, transferring what you owe to a card like the Scotiabank Value Visa can yield significant savings. Even if you can’t eliminate your balance in the six-month 0% APR period, this card’s 12.99% rate is significantly lower than the industry average, so you’ll save money in the long run.

Plus, no annual fee for the first year of card ownership puts $29 in your pocket right off the bat. So even those without existing credit card debt have something to capitalize on. Offer expires April 30, 2023.

Is the 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.

How to apply for the Scotiabank Value Visa Card

You can complete the Scotiabank Value Visa Card application from Scotiabank’s website:

  1. Select the ‘Apply Now’ button from the Scotiabank Value Visa Card’s page on Scotiabank’s website.
  2. Review the card’s terms and conditions and select Agree to continue.
  3. Enter your personal details, including your full name, date of birth, phone number, email address and residential address.
  4. Tell Scotiabank about your employment status.
  5. Tell Scotiabank about your finances, including your annual personal income and monthly housing expenses.
  6. Review the information you’ve submitted.
  7. Create a PIN and password.
  8. Submit your application.

How to maximize the benefits of the Scotiabank Value Visa Card

Get the most from your Scotiabank Value Visa Card with the following tips:

  • Pay down existing credit card debt. Take advantage of the 0% introductory interest rate by making a balance transfer from an existing credit card with a higher rate.
  • Use your card for car rentals. Book your rental with your Scotiabank card to save up to 25% off base rates at participating Avis and Budget locations.
  • Pay your bill on time. If you fail to pay the minimum twice in 12 months, Scotiabank will raise your card’s interest rates to 24.99% on purchases and 27.99% on cash advances. This penalty APR will stay in place until you’ve made 12 consecutive payments on time. Your account may fall into default if you continue to miss payments.
  • Avoid cash advances. Borrowing money from your credit card will result in a $5 to $7.50 cash advance fee per transaction.

Alternatives to the Scotiabank Value Visa Card

The low interest rates of the Scotiabank Value Visa come at a cost — no rewards and no built-in insurance coverage. If you already bank with Scotiabank and want to keep all your accounts under one roof, but crave better perks, consider the Scotiabank Momentum Visa Card: a cash back rewards card that offers a 0% introductory rate. Or, compare your cash-back credit card options from other financial institutions.

If cash back doesn’t appeal, numerous card alternatives exist, including travel cards, Aeroplan cards, cards with no annual fees and more.

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 vs Scotiabank Momentum Visa Card

They carry similar fees and income requirements, but only one of these Scotiabank cards earns rewards.

 Scotiabank Value Visa CardScotiabank Momentum Visa Card
Annual fees$29$39
Minimum annual income$12,000$12,000
Interest rates12.99% on purchases, balance transfers and cash advances.19.99% on purchases, 22.99% on balance transfers and cash advances.
RewardsNone. Earns 1% to 2% cash back on eligible purchases.

Scotiabank Value Visa Card Facts

Card Type

The Scotiabank Value Visa Card is a low-interest credit card. It doesn’t earn rewards or carry insurance coverage. But it offers a 0% introductory interest rate on balances transferred from other credit cards for six months. Offer expires April 30, 2022.

Interest Rates

Regular APR

The Scotiabank Value Visa Card’s regular APR, also known as the purchase APR, is 12.99%..

Purchase APR

The Scotiabank Value Visa Card’s purchase APR, also known as the regular APR, is 12.99%..

Cash advance APR

The Scotiabank Value Visa Card’s ongoing cash advance APR is 12.99%.

Balance Transfer Intro APR

The Scotiabank Value Visa Card’s ongoing balance transfer APR is 12.99%.

Fees

Annual Fee

The Scotiabank Value Visa Card’s annual fee is $29, which may be waived during the first year.

Balance Transfer Fee

The Scotiabank Value Visa Card has a balance transfer fee of $5 per transaction.

Cash Advance Fee

The Scotiabank Value Visa Card has a cash advance fee of $5 to $7.50 per transaction, depending on where the transaction takes place.

Foreign Transaction Fees

The Scotiabank Value Visa Card has a foreign transaction fee of 2.5% of the transaction amount.

Reward Earn Rates

Sign-up Bonus

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. If you transfer a balance from an existing card to the Scotiabank Value Visa Card during the promotional period, a balance transfer fee of 1% of the balance transfer amount will apply.

To be eligible for the Scotiabank Value Visa Card’s current sign-up bonus, you must open an account by April 30, 2022.

Rewards & Benefits

The Scotiabank Value Visa Card doesn’t earn rewards.

Other Perks

Beyond its low interest rates and annual fee, the Scotiabank Value Visa Card offers:

  • Visa payWave. Pay for small purchases by waving your card over the card reader.
  • Mobile Wallet. Tap your mobile device on the terminal to pay for purchases wherever you see the Visa payWave symbol.
  • Car rental discounts. 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.

Insurance Coverage

The Scotiabank Value Visa Card doesn’t come with built-in insurance coverage. But you can opt into the Scotia Credit Card Protection program to add coverage to your card for a fee. To qualify, your Scotiabank credit card must be in good standing, and you must be between 18 and 70.

There are two levels of Scotia Credit Card Protection: Basic and Comprehensive. If you hold either insurance bundle when you turn 70, your coverage reverts to the Life benefit at a monthly premium of $0.49 per $100 of your account balance.

Basic

Basic coverage under the Scotia Credit Card Protection program includes life, critical illness and hospitalization coverage. These benefits pay your outstanding Scotiabank credit card balance to a maximum of $50,000 in the event you are hospitalized, diagnosed with a critical illness or pass away.

Basic Protection costs $0.89 per $100 of your account balance monthly.

Comprehensive

Comprehensive coverage under the Scotia Credit Card Protection program includes all Basic coverage, plus disability, job loss, and strike or lockout coverage. This package provides a monthly benefit of 20% of your outstanding account balance up to $10,000 per month for up to 5 months if you cannot work because of sickness, injury, mental illness, involuntary job loss or labour dispute.

Comprehensive Protection costs $1.09 per $100 of your account balance monthly.

Rating methodology

NerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation 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.

  • Frequently asked questions about Scotiabank Value Visa Card

    • What is the interest rate on the Scotiabank Value Visa Card?

      Purchases, cash advances and balance transfers are all subject to an ongoing 12.99% interest rate, as of October 2022. Introductory offers may reduce this rate.

    • What credit score do I need for a Scotiabank Visa?

      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.

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