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Scotiabank Value Visa Card Review 2023 (0% Balance Transfer)

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 a 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.

Scotiabank Value Visa Card Overview

Scotiabank Value Visa Card

Best for low-interest rates

Annual fee: $29

Rewards: N/A

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:


Scotiabank Value Visa Card

On Scotiabank’s website

  • The annual fee is waived in the first year.
  • Low-interest rate of just 12.99%.
  • 0% promotional balance transfer rate for 6 months; 1% balance transfer fee.
  • Save up to 25% on car rentals at AVIS and Budget in Canada and the United States.
  • Minimum gross income requirement of $1,000 per month.

Low-interest rate on purchases

Low-interest rate on cash advances

Low minimum income requirement

No rewards

Few premium perks

The Scotiabank Value Visa Card is a no-frills credit card that offers a very low-interest rate on purchases and cash advances. While it does not offer many other perks, it is a good option for anyone who carries a balance.

Scotiabank Value Visa Card Benefits

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

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 can pay down or pay off your credit card debt during the 6-month period, you could save money on interest fees.

Even if you cannot 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.

A 1% balance transfer fee applies if you move over a balance to this card.

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 using 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 mentioned earlier, the Scotiabank Value Visa is a no-frills card and offers no cash back or rewards points. 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 2023
  • Annual fee
  • Rewards
  • Interest rate
  • Eligibility


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 January 2023

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

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

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Get one of the no-fee cash back credit cards in Canada ($150 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $150 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer, airport lounge access, and insurance benefits.

No annual fees to use the card and cashback is paid out monthly.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their 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, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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