Scotiabank offers credit cards in various categories, including low-interest, cash back, travel, no annual fees, student, and balance transfer credit cards.
With the Scotiabank low-interest credit card, you save on interest charges and can potentially pay off your balance faster compared to a regular credit card.
Read on to learn about the best Scotiabank low-interest credit cards and alternatives in 2023.
Scotiabank Low Interest Credit Card
The Scotiabank Value Visa Card is Scotiabank’s only low-rate card in Canada.
This credit card has a 12.99% fixed interest rate for purchases, cash advances, and balance transfers. While it costs $29 annually to keep in your wallet, the annual fee is waived in the first year, and supplementary cards are free.
Even better, if you have a balance on your other cards, you can transfer them to the Scotiabank Value Visa and pay a 0% promotional balance transfer rate for the first six months.
Pros:
- Low-interest rate at 12.99%.
- 0% promo balance transfer rate for six months.
- Save on car rentals at AVIS and Budget locations.
- Free supplementary cards.
Cons:
- Does not offer cash back or reward points.
- It lacks insurance benefits.
Scotiabank Value Visa Card
Best for low-interest rates
Annual fee: $29
Welcome offer: No annual fee for the first year and 0% interest rate for cash advances for the first 6 months.
Interest rates: 12.99% for purchases and cash advances.
Minimum income requirement: N/A
Recommended credit score:
Good
On Scotiabank’s website
Scotiabank Low Interest Credit Card Alternatives
Other low-interest cards in Canada include the ones from HSBC, National Bank, and RBC:
HSBC +Rewards Mastercard
- Annual fee: $25 (waived in the first year).
- Interest rate: 11.9% on purchases, balance transfers, and cash advances.
The HSBC +Rewards Mastercard is one of the best low-interest-rate credit cards in Canada.
Considering the average credit card interest rate is around 20%, an 11.90% annual percentage rate (APR) can potentially save you hundreds of dollars in interest charges.
This card is also a rewards credit card, offering 2 points per $1 spent on dining and entertainment and 1 point per $1 spent on everything else.
While you pay $25 annually, this fee is waived in the first year. Learn more in this review.
HSBC +Rewards Mastercard
Best for low-interest rates
Annual fee: $25
Welcome offer: Earn 35,000 points when you spend $1,000 within 60 days of account opening ($175 travel value); annual fee rebate for the primary cardholder in the first year.
Rewards: Earn up to 2 points per dollar on eligible purchases.
Interest rates: 11.9% on both purchases and cash advances.
Minimum income requirement: None
Recommended credit score:
Good
On HSBC’s website
National Bank Syncro Mastercard
- Annual fee: $35
- Interest rate: 4% + Prime for purchases; 8% + Prime for cash advances and balance transfers.
The Syncro Mastercard offers a variable low-interest rate that fluctuates with the prime rate. This means the interest rate you pay increases and decreases with the Prime rate and is also impacted by your credit profile.
Cardholders also enjoy access to purchase protection for up to 90 days and an extended warranty for up to one additional year.
National Bank Syncro Mastercard
Best National bank credit card for low interest
Annual fee: $35
Rewards: Low-interest credit card.
Interest rates: 4% + prime rate for purchases (currently 11.20%), 8% + prime rate for cash advances (currently 15.20%).
Minimum income requirement: None
Recommended credit score:
Very Good
On National Bank’s website
RBC Visa Classic Low Rate Option
- Annual fee: $20
- Interest rate: 12.99% for purchases and cash advances
The RBC Visa Classic Low Rate Option lets you save on interest compared to a traditional credit card, with a 12.99% fixed interest rate.
This card also includes purchase security and extended warranty coverage.
Here’s a detailed RBC Visa Classic Low Rate Option review. And you can learn about RBC low interest credit cards.
Methodology:
The Savvy New Canadians team assesses the best low interest credit cards based on their annual fees, interest rates, welcome bonuses, rewards, insurance coverage, and other perks. We carefully evaluate each credit card and place more weight on the value of the long-term rewards it offers. Only credit cards we would personally use are recommended. While these credit cards are some of the best on the market, they may not be right for you. Visit the credit card issuer’s website using the links to confirm each product’s terms and conditions before applying.
Pros and Cons of Low Interest Credit Cards
The benefits of a Scotiabank low-interest credit card include the following:
- Low-interest charges compared to a regular credit card.
- It may be easier to pay off credit card debt when it compounds at a lower rate.
- Low annual fees compared to premium credit cards.
The downsides of a low-interest credit card are:
- They usually do not offer competitive cash back or reward points.
- You may need a high credit score to qualify.
- They are generally no-frills and may lack basic insurance coverage.
How Much Do You Save With a Low Interest Credit Card?
Using the HSBC +Rewards Mastercard as an example, here’s how much money you can potentially save based on the lower APR.
Let’s say you have a $5,000 credit card balance. If the credit card charges 20.99% interest and you pay $350 monthly, it will take 17 months to pay off your balance. The total interest you pay is $803.
If you use a low-interest card with 11.9% APR and make the same monthly payments, it will take 16 months to pay off your balance and cost $418 in interest charges.
| Regular Credit Card | Low Interest Card | |
| Interest rate | 20.99% | 11.9% |
| Months to pay off balance | 17 | 16 |
| Interest fees | $803 | $418 |
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