Scotiabank Value Visa Card review
Best for: People who carry a balance and want a low rate on everything, plus a 0% balance transfer to start.
- Welcome bonus
- 0% on balance transfers for 9 months Plus first-year fee waived
- Annual fee
- $29
- Interest rates
- 13.99% / 13.99% Purchase / cash advance
- FX fee
- 2.5%
The bottom line
The Scotiabank Value Visa Card charges 13.99% on purchases, cash advances and balance transfers, for a $29 annual fee. Scotiabank’s current offer adds 0% on balance transfers for the first 9 months with a 1% transfer fee, and waives the annual fee in the first year, for new accounts opened between July 2, 2026 and January 3, 2027. It earns no rewards, so it’s built for paying down debt rather than for everyday spending.
Welcome bonus
- 1% fee on each transfer, minimum $5
- After 9 months, the cash advance rate applies (currently 13.99%)
- No annual fee in the first year
- New accounts opened July 2, 2026 to January 3, 2027
- Not available if you’ve held a Scotiabank personal credit card in the past 2 years
Rates & fees
- $29 annual fee for the primary card
- Supplementary cards $0
- First-year annual fee waived with the current offer
- Minimum credit limit $500
Standard rates of 24.99% (purchases) and 27.99% (cash advances) apply if two consecutive minimum payments are missed during the promotion
The cash advance rate applies to cash advances, balance transfers and cash-like transactions
Perks & benefits
Pros & cons
Pros
- 13.99% on purchases, cash advances and balance transfers
- Current offer: 0% on balance transfers for 9 months
- Low 1% transfer fee, minimum $5
- First-year annual fee waived under the current offer
- Free supplementary cards
Cons
- $29 annual fee after the first year
- Earns no rewards
- No built-in insurance
- Two missed payments in a row during the promotion trigger 24.99% on purchases
A no-frills card for people paying down debt. Purchases and balance transfers both cost 13.99%, the fee is $29 a year, and Scotia SelectPay lets you split bigger buys into instalments.
Suits you if
- You carry a balance and want one low rate
- You want to move debt off a higher-rate card
- You like splitting big buys into instalment plans
Look elsewhere if
- You pay in full each month and want rewards
- You want insurance with your card
- You might miss payments, which can push your rate to 24.99%
Credit Lab Expert
Our detailed review
Who it’s for
The Scotiabank Value Visa Card is a low-rate card for people who carry a balance. It charges 13.99% on purchases, cash advances and balance transfers, so the rate doesn’t change with how the card is used, and it earns no rewards. Supplementary cards are free, so a household can share the same low rate.
Anyone who pays the full statement every month gets little from the low rate, since paying in full avoids purchase interest. For them, a no-fee rewards card is usually the better fit. The Value Visa makes the most sense for someone paying down existing debt or expecting to carry a balance for a while. It also suits someone moving a balance from a higher-rate card who wants to keep the transfer fee low.
The current balance transfer offer
Scotiabank’s current offer is a 0% promotional rate on balance transfers for the first 9 months, with a fee of 1% of each transfer, minimum $5, plus no annual fee in the first year. It applies to new accounts opened between July 2, 2026 and January 3, 2027, and isn’t available to anyone who held a Scotiabank personal credit card in the past 2 years.
Because of the $5 minimum, a transfer of $500 or less costs $5; above that, the fee is 1% of the amount. After 9 months, any remaining transferred balance is charged the cash advance rate, currently 13.99%. Transfers made outside the promotion are charged that same cash advance rate, as are cash-like transactions.
Low rate vs balance transfer: how they fit together
The rate after the promotion is the same 13.99% the card charges on purchases, so a balance that isn’t cleared within 9 months moves to a low rate rather than a high one. That makes the offer more forgiving for anyone who isn’t sure they can repay the full amount in time.
The promotion covers balance transfers only. New purchases are charged 13.99% from the start, so putting day-to-day spending on another card that’s paid in full keeps the transferred balance shrinking. The low rates also depend on paying on time: if two consecutive minimum payments are missed during the promotion, standard rates of 24.99% on purchases and 27.99% on cash advances apply.
Fees and extras
The annual fee is $29 for the primary card, waived in the first year under the current offer, and supplementary cards cost $0. The minimum credit limit is $500. Purchases in a foreign currency carry a 2.5% fee, or $2.50 per $100.
There’s no built-in insurance; Scotia Credit Card Protection, a creditor insurance product, is optional. Extras include up to 5¢ per litre in value at Shell with a linked Shell Go+ account (up to 3¢ off instantly plus up to 2¢ in Scene+ points), up to 25% off base rates at participating Avis and Budget locations in Canada and the US, Scotia SelectPay instalment plans on eligible purchases of $100 or more with no instalment plan fee, 10% off GigSky global mobile data plans, and Apple Pay and Google Pay.
How it compares
The BMO Preferred Rate Mastercard has the same $29 fee, waived in the first year under its current offer, and the same 13.99% purchase rate, but charges 15.99% on cash advances and balance transfers and offers 0.99% on transfers for 9 months. The TD Low Rate Visa Card charges 12.90% on everything for $25 a year and currently offers 0% on purchases for 6 months, but has no transfer promotion.
The RBC Visa Classic Low Rate Option costs $20 a year, charges 12.99% on purchases and 14.99% on cash advances and balance transfers, and offers 0.99% on transfers for 10 months for applications made by November 4, 2026. The MBNA True Line Mastercard has no annual fee, a 12.99% purchase rate and a 0% balance transfer promotion for 12 months. Scotiabank’s case rests on a 0% transfer with a 1% fee and a low rate once it ends. Check each issuer’s current terms before applying.
How it compares
- 45 of the 113 credit cards we track cost less per year, and 65 cost more.
- Charges the same 2.5% foreign transaction fee as 99 other cards we track.
- Spending $1,000 in a foreign currency adds about $25 in FX fees, or $125 on $5,000.
Side by side with similar picks
| Scotiabank Value Visa Card |  BMO Preferred Rate Mastercard |  CIBC Select Visa Card |  RBC Visa Classic Low Rate Option | |
|---|---|---|---|---|
| Annual fee | $29 | $29 | $29 | $20 |
| FX fee | 2.5% | 2.5% | 2.5% | 2.5% |
| Rewards rate | — | — | — | — |
| Purchase interest | 13.99% | 13.99% | 13.99% | 12.99% |
| Welcome bonus | 0% on balance transfers for 9 months | First-year $29 annual fee waived | — | 0.99% on balance transfers |
| Offered by | Scotiabank | BMO | CIBC | RBC |
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Frequently asked questions
Does the Scotiabank Value Visa Card have an annual fee?
Yes. The Scotiabank Value Visa Card has an annual fee of $29, about $2.42 a month. $29 annual fee for the primary card; supplementary cards $0. First-year annual fee waived with the current offer. Minimum credit limit $500. The cash advance rate applies to cash advances, balance transfers and cash-like transactions. Standard rates of 24.99% (purchases) and 27.99% (cash advances) apply if two consecutive minimum payments are missed during the promotion..
What is the Scotiabank Value Visa Card welcome bonus?
0% on balance transfers for 9 months. Plus first-year fee waived. 1% fee on each transfer, minimum $5. After 9 months, the cash advance rate applies (currently 13.99%). No annual fee in the first year. New accounts opened July 2, 2026 to January 3, 2027. Not available if you’ve held a Scotiabank personal credit card in the past 2 years.
What is the interest rate on the Scotiabank Value Visa Card?
13.99% on purchases and 13.99% on cash advances. You can avoid purchase interest by paying your full statement balance by the due date.
What rate applies to a Scotiabank Value Visa balance transfer after the 0% period?
After 9 months, any remaining transferred balance is charged the cash advance rate, which is currently 13.99%, the same as the purchase rate.
How much is the Scotiabank Value Visa balance transfer fee?
Under the current offer, 1% of each transfer, with a minimum of $5. A transfer of $500 or less costs $5, and larger transfers cost 1% of the amount.
Who can’t get the Scotiabank Value Visa balance transfer offer?
Anyone who held a Scotiabank personal credit card in the past 2 years. The offer is also limited to new accounts opened between July 2, 2026 and January 3, 2027.
Is the Scotiabank Value Visa’s 13.99% rate better than a 0% balance transfer?
On this card you get both. Transferred balances are charged 0% for the first 9 months under the current offer, for a 1% fee, then the cash advance rate, currently 13.99%. New purchases are charged 13.99% from the start.
Does the Scotiabank Value Visa have a 0% rate on purchases?
No. Scotiabank’s current promotion applies to balance transfers only, and purchases are charged the regular 13.99%. The TD Low Rate Visa Card, by contrast, currently offers 0% on purchases for the first 6 months.
Can the Scotiabank Value Visa’s low rate go up?
Yes. If two consecutive minimum payments are missed during the promotion, standard rates of 24.99% on purchases and 27.99% on cash advances apply.
How does Scotia SelectPay work on the Scotiabank Value Visa?
Scotia SelectPay lets you turn eligible purchases of $100 or more into instalment plans, with no instalment plan fee.
Does the Scotiabank Value Visa save money on gas at Shell?
Yes, with a linked Shell Go+ account. Scotiabank lists up to 5¢ per litre in value at Shell: up to 3¢ per litre off instantly plus up to 2¢ per litre in Scene+ points.
Does the Scotiabank Value Visa come with insurance?
No built-in insurance is listed on the product page. Scotia Credit Card Protection, an optional creditor insurance, can be added separately.
Scotiabank Value Visa or BMO Preferred Rate Mastercard: which is better for a balance transfer?
Under current offers, Scotiabank’s 0% for 9 months beats BMO’s 0.99% for 9 months on rate, and after the promotion Scotiabank charges 13.99% on transfers against 15.99% at BMO. Both cost $29 a year with the first year waived and charge 13.99% on purchases. Check BMO’s transfer fee before comparing totals.
Rates, fees and offers come from Scotiabank’s published terms and can change at any time. Confirm the current terms with Scotiabank before applying. CreditLab may earn a commission from partner links; this never changes the facts we show. See our methodology.