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Have More Control With The Scotiabank Rewards Visa Card

by MarketProSecure

When an individual opts for a credit card, they simply want a card that gives them what they need and want. The Scotiabank Rewards Visa card takes it one step further by giving rewards for spending, as well as an interest-free grace period that allows for full use of the credit limit.

The Scotiabank Rewards Visa card gives more than a standard interest rate and no annual fee. It also gives its cardholders rewards for using the card. This is something that enhances the overall usage of the card for a number of reasons. In fact, it is very possible to enjoy these rewards for as little money paid in interest as possible.

But first, applicants have to qualify for the card. To qualify, an individual needs to be at least the age of majority in their province or territory. They must also be a Canadian resident or a Landed Immigrant. There is also a minimum monthly income requirement and there must not be any bankruptcies within the past seven years.


Earning Rewards


Earning rewards is easy. All you have to do is use the account and earn a point for every two dollars that you spend. It is very simple. You can then use the points that you earn to purchase merchandise, gift cards, and much more. So not only do you receive a card with reasonable interest, but one that gives you something back.

To get the most of these rewards, there is a strategy that a cardholder can use and that is to utilize the 21-day grace period that is given in order to eliminate the interest on purchases. If the account is paid off during that 21 day period, then the interest for purchases will be eliminated. If it is not paid off, the next billing cycle will have a 25-day period. If the account is paid off during a 25-day period, then the grace period reverts back to the 25 days. The cardholder has the opportunity to do this every billing cycle so that he or she can have 100 percent of their credit limit each cycle.


Fees And Interest


The fees and interest are rather simple. Cardholders can do everything with this card that they can with any rewards credit card. There is the opportunity to transfer high interest card balances to this lower interest card and the ability to obtain cash advances. How much the fee is depends on the type of cash advance and where it takes place. For instance, there is the ability to do an ABM transaction. The small cash advance fee applies, but the ABM fee applies as well. There is also the ability to perform cash advances through a bank teller. These advances can be made both domestically and internationally. Foreign transactions will cost more.

There is also a foreign transaction fee for purchases. It is a competitive fee and it is charged as a percentage based on the amount spent after it has been converted to Canadian currency. The card can be used as a primary spending method when traveling, which is a way to keep your interests secure, or it can be used as a backup method. It is entirely up to you how you want to use it and you will still be able to accumulate rewards points when using the card abroad.

Other fees associated with the card are penalty fees. One penalty fee is the overlimit fee, which is charged the day the card goes over its limit. The second penalty fee is the dishonoured cheque fee. This is a fee that is charged when a cheque payment is dishonoured due to insufficient funds or when a Scotia Bank Card Cheque is not honoured. The last penalty is the penalty interest that occurs when a payment is made late. Make two payments late in a row and the interest is increased. Make three late payments in a year and the interest increases. This penalty interest will remain in force for a specific amount of time as long as the account remains in good standing.


Security


Security is very important when it comes to a credit card and Scotiabank gives its cardholders some useful tools when it comes to enhancing the security of the card. The tools include antivirus protection, and tips on how to protect the card when using it. Cardholders also receive tips on how to protect their card when using it online and over their mobile.

But the good news is that Scotiabank does not hold the cardholder responsible when responsible security measures have been taken to protect the account information. If fraud occurs anyway, the cardholder is reimbursed for the fraudulent charges, eliminating the financial liability that is connected with that fraudulent charge.


Account Management


Managing the account is easy because it can be done online through the OnLine Financial services. Online account management is a valuable tool for a number of reasons. The first is the fact that you can check your balance, available credit, and minimum payment online. You can also make a payment online so that you do not have to mail anything. The connection is secure, so that payments can be safely made.

Online account management is also a way in which account activity can be watched. What this means is that you are able to view your balance, your available credit, minimum monthly payment, and much more. You can easily identify fraudulent activity on your account through online account management because you can see the activity on the account. If you notice fraudulent activity, it is important to notify customer service as soon as possible so you can take advantage of the security features on the account.


Conclusion


The Scotiabank Rewards Visa Card is a rewards card that gives cardholders the chance to use their entire credit limit every billing cycle and earn rewards. Cardholders have flexibility in how they use their card, control over what fees are assessed, and can also take advantage of fraud reimbursement if the card is fraudulently used.

Published: October 20, 2014


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