Scotiabank Value Visa Card Review 2022 (0% Balance Transfer)

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by Enoch Omololu, MSc (Econ)


Advertiser Disclosure

The Scotiabank Value Visa is a no-frills card that does a great job when all you need is a low-interest credit card or balance transfer credit card.

It offers a 0% promotional interest rate on cash advances and balance transfers for the first 6 months and a permanently lower interest rate of 12.99% APR on cash advances, purchases and balance transfers after the promotional period ends.

Need to consolidate your debt fast? This review of the Scotiabank Value Visa card shows why you should consider it for your wallet.

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Scotiabank Value Visa Card Benefits

Here are some of the specs of the Scotiabank Value Visa Card:

  • Annual fee: $29
  • Cash advance and balance transfer: 0% promo rate for 6 months and 12.99% after
  • Purchase APR: 12.99%
  • Additional cards: $0
  • Income eligibility: $12,000

1. Low-interest rate: You pay a 0% rate on cash advances and balance transfers in your first 6 months. This makes the card excellent for consolidating debt from higher-interest rate credit cards.

If you are able to pay down or pay off your credit card debt during the 6-month period, you could save a lot of money on interest fees.

Even if you are unable to pay off your entire balance, the 12.99% base rate is much lower than the usual 19.99% or higher interest rate available on regular credit cards.

2. Free supplementary cards: You can get additional cards for free e.g. for your spouse or other family members.

3. Save up to 25% on car rentals at participating AVIS and Budget locations in Canada.

4. Save time at the checkout when you use the Scotiabank mobile banking app. Simply tap your phone if the terminal supports Visa payWave and you can also use Visa Checkout for online purchases.

As I mentioned earlier, the Scotiabank Value Visa is a no-frills card and offers no cash back or rewards points. That said, its low-interest rate offer on cash advances and balance transfers makes it an excellent low interest rate credit card.

With an annual fee of $29, you can use the card to consolidate your debts at a lower rate, save money on fees and continue building your credit score while you pay off your balance.

Scotiabank Value Visa Card Review

How Does The Scotiabank Value Visa Compare?

Some credit cards that are comparable to the Scotiabank Value Visa are:

2. Tangerine Money-Back Card

  • $0 annual fee
  • Up to 2% cash back on purchases
  • $100 cash back bonus for a limited time
  • 1.95% promotional balance transfer for 6 months
  • 19.95% standard interest rate on purchases and balance transfers

This Tangerine credit card offers up to 2% unlimited cash back on 3 categories of spending and 0.50% cash back on everything else.

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

2. BMO Preferred Rate Mastercard

  • Purchase APR: 12.99%
  • Balance transfer offer: 3.99% for 9 months
  • Annual fee: $20
  • Income requirement: $15,000

You enjoy a standard 12.99% APR on purchases; 15.99% on cash advances, and a 3.99% promotional balance transfer rate for 9 months. Note that a 1% transfer fee applies.

Learn more about the BMO Preferred Mastercard.

3. BMO CashBack Mastercard

  • Annual fee: $0
  • Balance transfer offer: 1.99% for 9 months
  • Standard interest rate: 19.99% purchases and 22.99% cash advances

The BMO Cash Back Mastercard is a top-rated card that combines cash back offers with a low balance transfer rate of 1.99% for 9 months. A 1% balance transfer fee applies.

Learn about the BMO CashBack Mastercard.

Final Thoughts

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.

For a good mix of favourable short-term low balance transfer rates and continuing great cash back rewards, you can also check out the Tangerine Money-Back Credit Card.

Scotiabank Value Visa Card Review 2022


The Scotiabank Value Visa works great as a low-interest credit card or balance transfer credit card. It offers a 0% promo rate on cash advances and balance transfers for the first 6 months and is excellent for debt consolidation.


  • Low-interest purchase rate
  • Low balance transfer rate for 6 months


  • Offer no insurance benefits
  • No cash back rewards

Best Credit Offers in September 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories; 0.5% elsewhere.

Get 15% bonus cash back in the first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Access to a portion of your paycheque three days early.

1.20% savings interest on every dollar balance.*

The Neo Card pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Earn up to 5% cash back at 7,000+ participating stores.

No annual account fees.

Guaranteed instant approval credit card.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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