When looking for a credit card that gives more for less, the Scotiabank Value Visa card gives a reasonable credit limit, an introductory interest rate, and competitive default rates and fees so that balances do not take a lifetime to pay down.
The Scotiabank Value Visa card is a simple card to understand in that the fees are standard, but the annual interest rate is very competitive, as is the annual fee. This allows cardholders to get more spending power for their money. With the 21-day grace period, the cardholder can enjoy paying no interest as long as the balance is paid off within that period. This allows a person to have the benefits of a credit card without having to pay a lot of interest.
The low interest also helps cardholders pay down their balances faster. This also makes it ideal for balance transfers since the interest rate is lower than most cards. If the cardholder is a Scotia Total Equity plan member, then the rate goes even lower. Factor in that there is an introductory rate in place as long as the card is in good standing and a lot of money can be saved while using the credit card.
What To Expect
It is good to know what to expect when applying for the Scotiabank Value Visa card. First, the application process is going to take approximately 5 to 10 minutes to complete. Second of all, an email update is going to be sent within 24 hours of application submission. It is very important to ensure that the email address provided during the application process is accurate so that information can be sent. If you don't have an email address, then your decision will be sent to you through postal mail.
Scotiabank does do everything possible to process the application as quickly as possible, which is why it is very important to ensure that the information provided on the application is accurate. Accuracy also increases the chances for approval.
Before You Get Started
Before you get started with the application card, it is best to ensure that you can apply. To apply, you simply need to be a Canadian resident, at least the age of majority in your territory or province, not have any bankruptcies within the past seven years, and have a minimum monthly gross income of $1,000.
If you meet all of these requirements, then you can move forward with the 5 to 10 minute application process. Once you have completed the application process, it takes approximately 24 hours to receive a decision via email. If you are approved, you will receive your card in the mail within two weeks. When you have the card, you can then use it immediately anywhere where Visa is accepted.
But before applying for the card, it is important to ensure you have all of your information available. The information that you need includes personal and contact information, such as your name, phone number, address, and SIN (optional); your employment information, such as your employer's name, time employed, and phone number; your gross monthly income; your monthly housing costs; and any other monthly obligations that you have, such as child support or spousal support. If you have all of this information ready, the application process will go much smoother and faster for you. The application isn't overly complicated.
Cash advances are classified as any time cash is withdrawn from the card. This is because they include "quasi cash advances," which are any monetary transaction that is posted to the account. They are not purchases, but they do include wire transfers, travellers cheques, remote stored value, money orders, and gaming chip purchases. Cash advances are subject to an APR, which is the same as the purchase APR. If you have an account that is part of the Scotia Total Equity Plan, then the APR is lower.
Scotia Total Equity Plan
The Scotia Total Equity Plan is a plan that cardholders can choose. It is a real estate secured plan. There are additional fees and charges that apply to the account in regards to the collateral mortgage security and registration. If cardholders are interested in applying for a credit card account as a part of this plan, more information is provided to the cardholder. The Scotiabank Value Visa Card standard application applies unless the potential cardholder states they want this plan.
The fees are rather basic. If a late payment is made twice in a row or three times in a year, then there is a penalty interest rate that is applied to the account. This rate may remain in effect for six months as long as no more late payments are made. The penalty interest will go into effect the statement period after the late payment is made. There are also dishonoured cheque fees. If a cheque is not honored due to insufficient funds when making a payment, the fee will be applied. The same applies to any Scotia credit card cheque that is not honored. If the balance goes over the limit, then there is an over limit fee.
Miscellaneous fees include a replacement sales draft, replacement monthly statement, or replacement cash advance draft. There is also the balance transfer fee that is a small percentage of the total balance transfer amount. If you choose to use the card internationally, there is a foreign transaction fee that is quite small. It is a small percentage of the transaction amount. Factor in the small annual fee and even the optional fees are not that high.
Overall, the Scotiabank Value Visa card is an affordable credit card, which allows for balances to be paid down faster. Even the fees are not as high as some of those of similar cards. This makes the card competitive and one that will work well for you.