Scotiabank Value Visa Review: Interest rate, balance transfer offer, and comparisons
Nerdy Verdict
People carrying a balance that can be cleared over months rather than years, particularly those who can’t get, or don’t want, a line of credit.
Not ideal for:
People who pay their balance in full every month — there are no rewards and a $29 annual fee to get an interest rate perk that won’t be used.
Why we like it:
The 13.99% interest rate is far lower than most credit cards and the 0% balance transfer offer can prove to be helpful if you pay off your balance.
The Scotiabank Value Visa is a card that specializes in chipping away at credit card debt with its low purchase interest rate and helpful balance transfer offer.
That’s its main niche as there are no other real reasons to keep the card once it’s served its purpose — the lack of rewards will whet the appetite of those who are able to maximize its full potential once they graduate to more lucrative cards with rewards and perks.
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The card’s low 13.99% interest rate on purchases, cash advances and balance transfers can help you pay down debt quicker compared to a card with higher interest rates. But that’s all you're getting from this card. Besides discounts at participating car rental companies, there are no perks, no rewards and no complimentary insurances. Best for: Cardholders who typically carry a balance and want a simple, no-frills credit card.
Pros
- Low 13.99% APR.
- Low $29 annual fee.
Cons
- No rewards.
- No insurance coverage.
- 0% promotional interest rate on balance transfers for the first 9 months with a 1% balance transfer fee.
- Plus no annual fee for the first year.¹
- Save hundreds of dollars in interest a year.
- Low 13.99% interest rate.
- Pay down balances faster.
- Simplify your monthly payments.
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
1. It’s all about the interest rates
The Scotiabank Value Visa is centred around interest rates and debt consolidation. Because of this, it’s the best Scotiabank credit cards when it comes to interest rates:
13.99% purchase interest rate.
13.99% cash advance rate.
13.99% balance transfer rate.
These are all significantly lower than the Canadian average of around 20%-21%.
Example of your potential savings
Say you’re carrying a $5,000 balance and putting $250 towards it monthly with no purchases on top of that. On your other card (for this example, the RBC Cash Back Mastercard), you’d normally pay 21.99% and take 26 months to clear it, paying $1,285 in interest.
At 13.99%, you would be able to clear the debt within 23 months, only having paid $726 in interest, so long as you always make your payments. Total interest savings before fees: about $559 and 3 months of your life back. The $29 annual fee is waived in your first year if you qualify, so at this pace it costs you $29 at most before the balance is gone.
Try it yourself: See how much you’re paying in interest with our credit card interest calculator
2. Nine-month balance transfer offer (and what happens in month ten)
In addition to the lower purchase interest rates, this card offers a balance transfer offer of 0% for the first nine months after account opening, with a transfer fee of 1% (or a minimum of $5).
After the introductory period ends, the rate will go back to the preferred rate of 13.99%.
To put it in simpler terms, for every $1,000 in your balance, you’ll need to pay $113 per month to get the most out of the balance transfer promo.
Compared to leaving your balance on another card with a 21.99% interest rate ($1,019), you’ll save $919 if you port your balance over and also have an aggressive payment schedule of $1,123 per month on the Scotiabank Value Visa.
If you’re paying the entire balance on the 21.99% interest card in 9 months, you’ll need to pay $1,215 per month, costing $938 in interest. Moving the balance to the Value Visa can save you $838, even after accounting for the 1% transfer fee.
Try it yourself: See how much you can save using a balance transfer with our handy tool
3. Don’t miss too many payments or the low interest rate disappears
Big heads up: You can lose the preferred interest rate of 13.99% if you aren’t able to make the minimum payment twice within 12 months.
For those who struggle to pay their balance, this fine print can be a cause for concern.
Missing two minimum payments will cause your rates to jump up to the “standard” interest rates, which are actually above the Canadian national average:
24.99% for purchase interest.
27.99% for cash advances.
4. No rewards, but some perks that seem tacked-on
The Value Visa is one of few Scotiabank cards without any rewards. If you’re using this card, earning rewards or cash back won’t be your main goal anyway.
The card does not include insurance coverage.
In terms of perks, there are fuel savings at Shell and car rental discounts at AVIS and Budget locations in Canada and the U.S. Neither of these perks are designed for someone who is trying to take advantage of a low interest rate to manage their debt.
5. This can be a pre-approved switch, but you won’t qualify for some of the benefits
This card is sometimes offered to Scotiabank customers who need it, rather than exclusively being open for applications. If you’re offered this card, note that you aren’t eligible for the balance transfer offer or the first-year annual fee waiver.
This is standard across the major Canadian financial institutions in that you cannot move a balance from one card to another just to take advantage of a promo offer.
If you’re transferring over a balance from another issuer and have never held a Scotiabank credit card, you may qualify, subject to approval and offer conditions.
Alternatives to the Scotiabank Value Visa
Aside from the BMO Ascend World Elite Mastercard, other travel-focused options may suit your spending and lifestyle better.
Choose the RBC Visa Classic Low Rate Option for an annual fee that’s $9 lower and a lower purchase interest rate (12.99%). The tradeoffs include a slightly higher cash advance and balance transfer rate of 14.99% and a slightly higher introductory balance transfer promo rate (0.99%).
Choose the MBNA True Line Mastercard if you don’t want to pay an annual fee. You get a similar 0% introductory interest rate for 12 months instead of nine, but a higher balance transfer fee of 3%. The purchase interest rate is also lower at 12.99%, but there’s a 17.99% rate on balance transfers after the promotion.
Choose the BMO Preferred Rate Mastercard if you want to focus exclusively on a balance transfer. It has a 0% introductory rate for balance transfers for 18 months, though there is a higher balance transfer fee of 3%.
Nerdy Verdict
Best for:
People carrying a balance that can be cleared over months rather than years, particularly those who can’t get, or don’t want, a line of credit.
Not ideal for:
People who pay their balance in full every month — there are no rewards and a $29 annual fee to get an interest rate perk that won’t be used.
Why we like it:
The 13.99% interest rate is far lower than most credit cards and the 0% balance transfer offer can prove to be helpful if you pay off your balance.
DIVE EVEN DEEPER
Georgia Rose
Janine DeVault