What the Card Offers
Scotiabank markets the Value Visa as its low-interest card: 13.99% on purchases and cash advances, a 0% balance transfer rate for 9 months, and the first-year fee waived. The student version has the same terms.
- 13.99%
Purchase and cash advance rate1
13.99% on purchases, cash advances and balance transfers.
- 0%
Intro balance transfer rate2
0% on balance transfers for 9 months, with a 1% fee per transfer.
- $0
First-year annual fee2
The $29 annual fee is waived for the first year.
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- $800
Scotiabank's savings example3
On a $5,000 balance for a year, Scotiabank estimates $800 less interest than at 29.99%.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (3)
- Scotiabank Value Visa product page (retrieved 2026-10-16)
- Scotiabank Value Visa product page, footnote 1 (retrieved 2026-10-16)
- Scotiabank Value Visa product page, footnote 4 (retrieved 2026-10-16)
The Fine Print Report
Moderate fine print. The low rate is the product, and missed payments can take it away.
2 missed payments: 24.99% rateImpact level: Medium
Two missed payments in a row raise your rates to 24.99% on purchases and 27.99% on cash advances
If Scotiabank doesn't receive your minimum payment by the due date two consecutive times, any promotional rate ends and the interest on your unpaid balance rises to the card's standard rates, currently 24.99% on purchases and 27.99% on cash advances. Under the credit agreement, you pay the higher standard rates until you've made your minimum payment on time continuously for the period in your Disclosure Statement.
Why it matters: Automatic minimum payments protect both the promotional rate and your regular rate.
Carry a balance: interest from purchase dayImpact level: Medium
Carry any balance and every purchase is charged interest from the day you make it
The interest-free grace period only applies if Scotiabank receives your entire statement balance by the due date. If it doesn't, interest is charged on all purchases from their transaction date until you pay in full. Cash advances and balance transfers never have a grace period.
Why it matters: A low rate reduces interest but doesn't remove it: on a card people use to carry a balance, new purchases start costing interest right away.
No bonus if you had a Scotia card in 2 yrsImpact level: Medium
The welcome offer excludes anyone who has had any Scotiabank personal credit card in the last 2 years
The 0% balance transfer and fee waiver offer excludes current and former primary or secondary cardholders of any Scotiabank personal credit card in the past 2 years, including people switching from another Scotiabank card. Bonuses are credited about 8 weeks after you qualify, and only if the account is open and in good standing.
Why it matters: If you already hold a Scotiabank card, or did recently, you won't receive the bonus, even as a supplementary cardholder.
2.5% FX fee; refunds don't reverse itImpact level: Medium
Foreign currency purchases carry a 2.5% conversion fee, and refunds don't reverse it
Purchases in a foreign currency are converted to Canadian dollars and charged a foreign currency conversion fee of 2.5% of the converted amount. If a foreign purchase is refunded, the credit won't match the original charge: Scotiabank doesn't reverse the conversion mark-up, and the exchange rate may have moved.
Why it matters: Every $1,000 spent abroad or online in a foreign currency costs about $25 in fees, and a refunded foreign purchase still costs you the fee.
Scotiabank can debit your other accountsImpact level: Medium
Scotiabank can take what you owe from your other Scotiabank accounts
The credit agreement lets Scotiabank debit any other account you have with it for any payment you owe on the card and apply it to your balance.
Why it matters: If your chequing account is also at Scotiabank, a missed card payment can lead to a withdrawal you didn't schedule.
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0% transfer: 1% fee, not from ScotiabankImpact level: Low
The 0% balance transfer has a 1% fee and can't move balances from other Scotiabank accounts
The introductory 0% rate on balance transfers lasts 9 months, with a 1% fee on each transfer (minimum $5). After 9 months, any unpaid amount moves to the 13.99% cash advance rate. You can't use the offer to transfer a balance from another Scotiabank account.
Why it matters: Plan to repay the transferred balance within 9 months, and remember it only works for balances at other banks.
No rewards or insuranceImpact level: Low
No rewards and no insurance
The card earns no points or cash back and includes no travel or purchase insurance; only optional, paid balance protection is offered.
Why it matters: Use it for the balance you carry, not for everyday spending you pay off monthly.
$29 fee from year twoImpact level: Low
The $29 annual fee applies from the second year
The first-year annual fee is waived for accounts opened between July 2, 2026 and January 3, 2027. After that, the fee is $29 a year.
Why it matters: The interest savings on a carried balance usually outweigh the fee.
International students apply in branchImpact level: Low
International students have to apply in person at a branch
Canadian citizens and permanent residents can apply online; international students must book an in-person appointment. The student card has the same fee, rate and offer as the regular Value Visa.
Why it matters: Allow time for a branch visit if you're an international student.
Card can be frozen, limit cut without noticeImpact level: Low
Scotiabank can freeze the card or cut your limit to zero without notice or a reason
The agreement lets Scotiabank block, suspend or freeze the account, or reduce the credit limit (even to zero), at any time, without telling you in advance and even if you're not in default, including when the account is inactive.
Why it matters: Don't rely on this card as your only way to pay, especially while travelling.
Who This Card Is For
Great fit if you...
- Are a student who may carry a balance
- Want a low rate on cash advances too
- Have a balance at another bank to move
Consider alternatives if you...
- Pay your balance in full every month
- Want rewards or insurance
- Might miss payments
- Want to move a Scotiabank balance
The Verdict
The Value Visa for students offers a 13.99% rate on both purchases and cash advances, which can save hundreds a year on a carried balance.
Two consecutive missed payments raise the rates to 24.99% and 27.99%, and the card has no rewards or insurance.
The Recommendation: A solid choice if you carry a balance. Set up automatic minimum payments to protect the rate.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer