The Scotiabank Value Visa card really lives up to its name. It’s a straightforward, “no-frills” card with a low annual fee and very low interest rates.

Features of the Scotiabank Value Visa

  • Annual fee $29
  • Supplementary cards Free
  • Interest rates 12.99% (purchases)/12.99% (cash advances)
  • Foreign currency conversion 2.5%
  • Minimum credit limit $500
  • Visa payWave™, Apple Pay and Android Pay

Benefits of the Scotiabank Value Visa

The only real benefits of the Scotiabank Value Visa are the low annual fee and the low-interest rate. Cardholders also get access to discounts at participating outlets of AVIS and Budget, but this is standard across most Scotiabank cards.

Drawbacks of the Scotiabank Value Visa 

The Scotiabank Value Visa is a totally no-frills credit card. If you’re confident that you can pay off your balance in full each month, or at least most months, then you could get a far better deal from a card that offered rewards.

Scotiabank Value Visa Compared to Other Popular Credit Cards 

The nearest points of comparison to the Scotiabank Value Visa card are the Scotiabank cards with no annual fee. These are as follows.

There is also the Scotiabank® GM®* Visa* Card however this is quite a niche product. Basically, the main benefit is that the card allows you to earn credit towards the purchase or lease of a qualifying General Motors vehicle.


All of these cards have foreign currency fees of 2.5%. All the Visa cards and the Mastercard have a minimum credit limit of $500. The American Express has a minimum credit limit of $1000. All cards entitle the cardholder to discounts at participating outlets of AVIS and Budget in both Canada and the U.S.A.


The Visa cards and Mastercards have contactless payments (Visa payWave™ and Mastercard Tap & Go). All cards, including the American Express card support Apple Pay and Android Pay.  


Let’s see how the no-fee cards stack up in terms of other features and benefits:

Card

Interest rate

Benefits

No Fee Scotiabank Value® Visa* Card

  • 16.99%/16.99%
Cell

SCENE®* Visa* Card

  • 19.99% (purchases)/22.99% (cash advances)
  • Earn SCENE points with purchases and redeem them for movies and meals.

Scotia Momentum® No-Fee Visa* Card


Scotia Momentum® Mastercard®* Credit Card

  • 19.99%/22.99%
  • Earn 1% cash back at gas stations, grocery stores and drug stores and on recurring bill payments.  Earn 0.5% cash back on all other eligible purchases.

Scotiabank Rewards® Visa* Card

  • 19.99%/22.99%
  • Earn 1 Scotia Rewards point for every $2 you spend.  Convert Scotia Rewards points to SCENE points and vice versa.  Redeem your Rewards points for flights and benefit from a Best Price Guarantee on airfares.

Scotiabank American Express® Card

  • 19.99%/22.99%
  • Earn 1 Scotia Rewards point per $1 on eligible purchases.  Convert Scotia Rewards points to SCENE points and vice versa.  
  • Redeem your Rewards points for flights and benefit from a Best Price Guarantee on airfares.
  • Benefit from special Offers with Scotia Rewards Travel Advantage
  • Exchange points on merchandise and gifts at Scotia Rewards
  • Enjoy Special Offers, Access and Experiences with American Express Invites®
  • Travel Emergency Medical Insurance
  • Trip Interruption Insurance
  • Rental Car Collision Loss/Damage Insurance
  • Travel Accident Insurance

Scotiabank Value Visa vs No Fee Scotiabank Value® Visa* Card

It’s very easy to compare the Scotiabank Value Visa with the No Fee Scotiabank Value® Visa* Card as they are essentially the same card except the No Fee Scotiabank Value® Visa* Card has no annual fee and a higher rate of interest.  


Which of these cards is better for you depends on how you use it. If you regularly use your card for payment and frequently carry a balance, then spending $29 per year on the regular Scotiabank Value Visa will probably net you a better overall deal.


If, on the other hand, you don’t really use your card that much, but sometimes carry a small balance, then the No Fee Scotiabank Value® Visa* Card may be your better option. If you’re not using the card that much, then you’re not going to get any great benefit from rewards. If you’re only carrying small balances then it may not be worth paying the $29 for the regular Scotiabank Value® Visa* Card.

Scotiabank Value Visa vs Scotia Momentum® No-Fee Visa* Card/Scotia Momentum® Mastercard®* Credit Card

The two Scotia Momentum® cards are essentially identical apart from the fact that they operate on different networks. Their headline attraction is the cashback offer. There’s a lot to be said for “free money” - just as long as you can afford it. If you regularly carry a balance, then you’re probably going to be a lot better off going for the lowest interest rates you can find, meaning the Scotiabank Value® Visa* Card.

Scotiabank Value Visa vs SCENE®* Visa* Card/Scotiabank Rewards® Visa* Card

Similar comments apply here. Both the SCENE®* Visa* Card and the Scotiabank Rewards® Visa* Card offer a decent range of rewards for using your card. The Scotiabank Rewards® Visa* Card has the broader offering but if you regularly entertain either clients or employees (or would like to), then the SCENE®* Visa* Card could be the better deal.


Again, however, if you regularly carry a balance, then going for a card with low-interest rates is likely to be far more cost-effective than going for a card with rewards.

Scotiabank Value Visa vs Scotiabank American Express® Card

Everything said about the SCENE®* Visa* Card and the Scotiabank Rewards® Visa* Card also applies to the Scotiabank American Express® Card. There is also the twist that American Express works a bit differently from Visa and Mastercard.


In short, American Express cards tend to offer very good deals to cardholders. For example, even the entry-level Scotiabank American Express® Card offers a far longer list of rewards than any of the other no-fee cards.  


The flip side of this, however, is that American Express is known for charging higher merchant fees than Visa and Mastercard. Unsurprisingly, therefore, fewer merchants accept it. What this means in practice depends on how and where you intend to use the card.  


American Express has long had a strong presence in the travel and entertainment sector. It’s also widely accepted in the United States. Even in the travel and entertainment sector, however, acceptance is far from guaranteed. Likewise, if you travel or shop online at merchants outside North America, you may discover that you need to use an alternative form of payment.

Scotiabank Value Visa – Benefits for a Small Business 

There are three main reasons why the Scotiabank Value Visa card is a good credit card for a small business.

Fairly easy to qualify

With a minimum credit limit of just $500, it’s relatively easy for businesses to qualify for them even if they’re brand new and hence have no credit history. In fact, getting a basic credit card like the Scotiabank Value Visa can be a great way for a new business to start building a credit rating.

Low annual fee and super-low interest rates

For many small businesses, especially new ones, saving money is more important than earning rewards. The Scotiabank Value Visa card gives you an affordable way to handle minor bumps in your cash-flow. You can put them on the card and pay off the balance when your funds come in without incurring excessive interest charges. As a bonus, if you ever need to withdraw cash, you can do so at your standard interest rate.

Discounts on car rentals will be a nice bonus for many businesses

As in the consumer world, companies are moving away from purchasing expensive assets such as cars and are even avoiding long-term leases if they can. Instead, they’re moving towards on-demand usage such as car clubs and car rental services. This means that the discount at AVIS and Budget is likely to be a nice bonus for many businesses.

Who is the Scotiabank Value Visa best for?

The Scotiabank Value Visa is best for people who want a card to use a line of credit rather than just a means of payment. If you’re regularly carrying a balance, especially a higher one, then low-interest rates are probably going to be of far more beneficial to you than rewards programs. A $29 annual fee is a really low price to pay to unlock such competitive interest rates


About the author 

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe's background and how he can help your business.

Tags

You may also like

Research and Development Grants for Ontario Businesses (2021): 23 Government Incentives to Boost Your R&D

Research and Development Grants for Ontario Businesses (2021): 23 Government Incentives to Boost Your R&D
Success message!
Warning message!
Error message!