If you don’t pay off your credit card balance in full every month, you’ll owe your provider some interest fees on top of your balance. The Scotiabank Value Visa offers a lower interest rate than a standard card to help you keep those costs low and make it easier to recover from any mounting debt problems that you encounter.
Reduce the Interest You Owe
Unpaid credit card balances are a widespread problem in this country; Canadians as a whole are currently carrying around $599 billion in credit card debt and paying interest on each of their individual slices of that problem every month. While not everyone has an equal share of that sum, many people find it hard to manage their high credit card payments every billing period. This card can make that task much easier. With it, you’ll pay just 12.99% interest on all purchases, cash advances and balance transfers, and as part of a special welcome bonus currently you’ll pay 0.99% interest on cash advances for 6 months. This effectively makes your rates incredibly low as long as you are willing to make most of your purchases during this time in cash, and even after that 6-month period, you’ll still benefit from a reduced rate considerably low the 20% rate that most standard cards carry. A $29 annual fee will be charged, which isn’t ideal especially considering that the main purpose of the card is to help you save money. However, there is another aspect to this card that helps to make up for it, as we’ll get into below.
Qualify Easily, Even If You’ve Been Turned Away Before
Another strong point of this card is that it can be theoretically obtained by just about anyone. It boasts some of Scotiabank’s least demanding requirements, almost on par with the cards they target primarily at students. This means that you may not need much of a credit history to apply, and even your income doesn’t have to be very high. It makes a good starter credit card for people who haven’t been able to get their hands on another alternative, but it can also be useful as a first step back into the realm of standard credit cards when you’re trying to recover from a credit catastrophe. In that role, it can also help alleviate the toll of any existing debts on your likely strained finances. This ease of access is a big part of what makes the small annual fee an acceptable compromise when it would otherwise be a slight problem.
Making Life Easier When You Have Less Money
Almost everyone knows what it’s like to go without much money, even just for a little while. In such a situation, you often need credit more than the average person due to your inability to achieve stable cash flow, but you also have a reduced ability to pay for it. If you do take advantage of credit and also happen to fail to pay back your balance, you’ll be hit hard by interest fees. It’s an inexorable catch-22 that can make life in the lower economic rungs of society much harder than it needs to be. With a card that charges less in interest, you can largely avoid that problem. This card’s rates aren’t the lowest out there, but they are quite good for a card that is easy to get even without much to recommend yourself as an applicant. It’s one of the more certain options that you can count on to help you out of a rough spot, and that’s a commendable angle for Scotiabank to have taken.
Getting the Scotiabank Value Visa Is Simple
The Scotiabank Value Visa is an accessible credit card with fair value that more people ought to know about and perhaps consider applying for. If you go for it, you’re very likely to get it. All it takes is a few minutes filling out some forms on Bonsai Finance’s website and you’ll be done; make things easy for yourself and get started now.