Everyone knows that you need to pay off your credit card charges as soon as possible in order to avoid getting hit with heavy interest fees. It’s easy to say that, though, and much harder to actually do it. No matter how much you might want to wipe out that debt, if your budget is tight enough, you will have to put your money toward other priorities. The Scotiabank Value Visa is a low-interest credit card that allows you to carry a balance for a while when needed without paying interest fees that are quite so high.
The Fundamentals of the Scotiabank Value Visa
The main appeal of this card is its discounted interest rate, perfect for those who know they won’t always be able to pay off all of their debts immediately upon incurring them. It charges just 12.99% interest on everything, a full 7% below the usual 19.99% rate you would expect to see on most cards. It’s still a much higher rate than anyone wants to pay, but the difference between the lower rate and the standard one can be enough to create hundreds of dollars in savings each year if your debt is big enough. This can help to make an untenable debt situation a little easier to work with due to the budget leeway it gives. Even if you’re doing all right with a large amount of credit card, debt, though, you might still want to consider this option. Those hundreds of dollars could be put toward paying down your debt directly, allowing you to pay even less in interest over the course of time and get this whole situation wrapped up sooner.
An Even Better Welcome Bonus
That would be reason enough to choose it on its own, but new cardholders have it even better; when you’ve only just signed up for this card, you can pay just 0.99% interest on any balance transfers you make in your first 6 months. That rate is close to nothing, and if you have a large amount of accumulated debt dragging you down, it provides you with a golden opportunity to transfer that amount to this card and use the break from fees to aggressively pay down that debt. In the wrong hands, it could also pose a significant temptation to put off paying for even longer, though, so be sure to take the idea seriously and work on getting that plan into action right away. Your rates will go right back up to the usual 12.99% after those 6 months if there is anything left for you to pay, and you don’t want to be stuck paying that amount unless it’s absolutely necessary. To make sure things go as smoothly as possible, it might be prudent to wait and apply for the card only when you are certain you will have a sizeable sum of money to put toward your repayment obligations each month – that way, you will be able to make the most of this chance.
An Easy Card To Get
This excellent potential for savings is complemented by how few barriers there are to getting this card. It’s considered a basic offering, so you don’t need particularly good credit or much of an income to get it. This means that even those who are less well-off financially can make use of this card. It does charge a $29 annual fee, though, which is obviously not ideal considering that it is a product targeted at those who need to save money rather than spend it. However, if you’re not saving more than enough over the course of a year to make up for that fee, it’s very possible that you don’t really need a low-interest card. Give it some thought and come back to the idea after you’ve decided whether or not you still want to stick with this type of card.
When To Choose the Scotiabank Value Visa
The Scotiabank Value Visa isn’t the credit card with the lowest rates in Canada, but it arguably doesn’t have to be in order to be valuable and useful. It’s easy to be approved for it and its annual fee is relatively low. It still makes sense to try for a few other options if you can, but if it comes down to this card or nothing, you’ll be happy you have it available to you as a low-interest backup option.