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Mr. Loonie
Scotiabank Value® Visa Card

Scotiabank Value® Visa Card

8.4
Very good
Expert Score · 12 reviews How we score

Best for: People who carry a balance and want a lower interest rate for a small fee

The balance you carry
Less interest than a typical card, each year
$210
About $420 a year here, instead of $630 at 20.99%

Ranked #9 of 176 for low interest. See the list

See how we worked it out
Balance transfers
0% for 9 months
1% fee, then 13.99%
Annual fee
$0 first year
Then $29 a year
Apply now on Scotiabank’s site (opens in a new tab)
Needs $12,000 personal income
We may get paid if you apply through this link. It never changes our score.

Have this card?

Details from Scotiabank’s site. Banks can update terms at any time, so give them a quick look before you apply. Source

Is it for me? Interest Can I get it? Perks Fees Similar cards
3 quick questions

Is it for me?

Do you carry a balance from month to month?

Do you have a balance on another card you’d like to move?

Do you want to earn rewards on your spending?

Answer the 3 questions to see if it fits.

From the numbers

The good and the bad

Stands out

  • Good: 0% on moved balances for 9 months A 1% fee to move them.
  • Good: 13.99% on purchases The usual rate is 20.99%.
  • Good: No fee in the first year Then $29 a year.

Watch for

  • Watch for: Earns no rewards If you pay in full each month, a no fee cash back card gives you more.
  • Watch for: $29 a year from year two
  • Watch for: 13.99% after the 9 months Whatever you haven’t paid off by then is charged the regular rate.

Worked out from the card’s rates and fees.

Show your work

What you’d pay in interest

On a balance of $3,000 that you carry for a year.

  • This card $420
    13.99% $3,000 carried all year
  • A typical card $630
    20.99% $3,000 carried all year

If you move a balance here

Moving $3,000 from a card charging 20.99%.

Fee to move it (1%)
$30
Interest here for 9 months
$0
Interest on the old card for 9 months
$472
You keep about
$442
Pay this a month to clear it before the 0% ends
$334
After 9 months, on anything left
13.99%

A late payment can end a promotional rate early. Simple yearly interest on a balance that stays the same. Banks charge interest monthly, so the real cost comes out a little higher.

Before you apply

Can I get it?

  • Age 18 or older 19 or older in BC, NB, NL, NS and the territories
  • Where you live Canada
  • Personal income $12,000 or more Issuer says
  • Newcomer program Scotiabank StartRight For permanent residents in Canada 5 years or less, international students and foreign workers. No Canadian credit history needed, with a limit up to $15,000. Foreign workers need a letter from their employer confirming income.
  • Credit score No minimum on record Most banks don’t publish one, and we don’t guess.

Mr. Loonie’s tip A balance transfer only helps if the balance shrinks. Set up an automatic payment so it goes down every month.

What critics say

Other reviewers on this card

8.4
Very good
Expert Score How we score
  • Money.ca (opens in a new tab) Aug 2023

    “The Scotiabank Value® Visa* card 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.”

  • Wealth Rocket (opens in a new tab) Jan 2023
    9.2

    “This low-interest card can be a huge burden lifter to anyone struggling with credit card debt. While it does not provide the perks of a fancier credit card, the fact that it offers a stellar balance transfer option, as well as a regularly low-interest rate, makes it a wonderful choice for anyone who finds themself spending hundreds of dollars on interest every year. The Avis and Budget car rental discounts are also a nice bonus, as is the low annual fee and free supplementary card. Overall, this is a fantastic option for anyone looking to pay off credit card debt or repair their credit.”

  • Hardbacon (opens in a new tab) Dec 2022
    9

    “The Scotiabank Value Visa is for anyone who wants to pay off their credit card or other high interest debt at ludicrous speed. It’s also for anyone who maybe just wants to start building their credit score without fear of falling into the dreaded credit card debt trap. The interest rate is nice and low, ensuring more of your payments are going towards the actual balance and not crazy interest charges. While you won’t earn rewards or cash back with this card, you will get a great promotional offer on balance transfers with no transfer fees.”

  • NerdWallet (opens in a new tab) Oct 2022
    9

    “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.”

  • SAVVY New Canadians (opens in a new tab) Sep 2022
    8.8

    “The Scotiabank Value Visa Card is worth looking at if you need a low-interest card option to consolidate your credit card balances and save money.”

  • Money We Have (opens in a new tab) Sep 2022

    “It may not have the lowest rates when compared to other low interest, balance transfer credit cards, but it’s pretty close. If you’re looking to reduce your debt, then this card will help you with that.”

What cardholders say

Ratings from people with this card

No ratings yet. If you have this card, tell others what it’s like.

Applied and weren’t approved?

Insurance and perks

What comes with it

  • Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S.
  • Mobile wallets Apple Pay
Fees and interest

What it costs

Annual fee
$0 first year Then $29 a year
Purchase interest
13.99%
Cash advance interest
13.99%
Foreign currency fee
2.5%
All fees and rates

Fees

Extra cards
None
Fee waivers
First year: $29 off (Waived on the first year)
Cash advance fee
1%, Minimum of $5
Balance transfer fee
1%, Minimum of $5
Over-limit fee
$29
Late payment fee
None
Source
Issuer page

Interest rates

Balance transfer interest
13.99%
Intro rate: balance transfers
0% for 9 months, fee 1%
Source
Issuer page

Read the card terms and conditions for the full terms.

Checked on Nov 8, 2026. Source

Before you decide

Similar cards

Purchase interest on each card. This card: 13.99%.

See all cards ranked by interest

Some of these links pay us when you apply, at no extra cost to you. Most don’t, and pay never changes our score. How we make money

Common questions

Questions people ask

What is the annual fee on the Scotiabank Value® Visa Card?

$0 the first year, then $29 a year.

What income do I need?

Scotiabank asks for $12,000 in personal income.

Does it charge a foreign transaction fee?

Yes, 2.5% on purchases in other currencies.

What is the interest rate?

13.99% on purchases. Cash advances are 13.99%.

Does it have a balance transfer offer?

Yes, 0% for 9 months. The transfer fee is 1%. After that, the rate is 13.99%.

Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.

Spot something wrong? We’ll check it with the bank. Suggest a correction

Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.

Mr. Loonie is independent and supported by affiliate links. We may earn a commission when you apply through some links, at no cost to you. How we make money

$210
less interest a year
Apply now on Scotiabank’s site (opens in a new tab)
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