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The Straightforward No-Fee Scotiabank Value Visa Card

by MarketProSecure

When looking for a credit card with low rates, competitive fees, no annual fee, and the ability to pay down the balance fast, the No-Fee Scotiabank Value Visa card has all of those traits and more, allowing you to get the most use out of your card rather than being limited by it.

The No-Fee Scotiabank Value Visa card is a unique low interest card that comes with a special interest rate during an introductory period and it has no annual fee. The default interest rate is fairly competitive in that the credit limit is reasonable and there is a grace period with this card. It also breaks down the minimum monthly payment in a way that simplifies it so that you understand what the payment means.

When you get started in the application process for this card, it is good to have your information ready. This means you need to provide personal information, such as contact information, employment information, housing costs, monthly obligations, income, and email address. By providing an email address, you can receive your credit decision within 24 hours of filling out your application.

Pay Down Balances Faster

It is possible to pay down balances faster because of the low interest. More of your payment goes toward the principle than the interest and that allows you to get the most out of your card. The low interest rate also makes it ideal for transferring balances from higher interest cards. This in itself is something that can save a great deal of money over time. Because of a low rate and no annual fee, hundreds of dollars can be saved in the course of a year.

You can also avoid interest on purchases by utilizing the 21-day grace period. With this grace period, you can save a great deal of money. You use it by simply paying off your balance in full before your due date. If you do not pay off your balance in full within the 21-day grace period, it is extended to 25 days the following billing period. Once the balance is paid off during a billing period, the grace period is lowered back down to 21 days. Once again, the cardholder has the opportunity to pay off the balance to avoid the interest on purchases.

Any interest and fees that are associated with balance transfers and cash advances still apply. Still, saving on purchase interest alone can save a great deal of money over time, allowing the card to work for you. In fact, you receive control over how much money you pay the credit card company to have spending power.

Simplified Monthly Payment

The monthly payment is simplified in that it is broken down. You pay a minimum dollar amount, plus interest, plus fees. These three elements together make your monthly payment. Unless you pay off your entire balance, the purchase interest will be there. Dishonoured Scotia Credit Card Cheque fees, dishonoured payment fees, and cash advance fees will be applied to the fees portion of the minimum monthly payment. Furthermore, amounts that show your monthly statement as overlimit or overdue will be added to the minimum payment as fees. This breakdown will help you understand your monthly payment and how you can have more control over it through the reduction of fees and using the 21-day grace period to avoid paying interest on purchases. You can also enquire about the Scotia Total Equity Plan where the interest rate is lower than the default rate on the card. Cardholders also do not have to worry about the penalty interest if they make a late payment when they are part of the Scotia Total Equity Plan.

Penalty Interest

Cardholders do not immediately receive the penalty interest if they make a late payment. It takes two minimum payments missed in a row in order to be assessed the penalty. The other way to be assessed the penalty is to miss three minimum payments within a 12 month period. The penalty may also be assessed if there are any returned payments. Once the penalty interest is in place, it remains there until on-time payments are made for six months in a row. After the penalty period is over, the interest reduces back to the default rate. However, Scotia Total Equity Plan members do not have to worry about the penalty APR.

If payments are returned, then there will be dishonoured cheque fees assessed to the account in addition to the penalty interest. Again, the account has to remain in good standing for the six month period in order for the rate to go back to its default rate. It is also important to note that any of the terms can change at any time, so it is very important to pay close attention to any correspondence that Scotiabank sends in relation to changes in their terms and conditions. That way you are able to stay on top of any changes that happen within your account so that you are able to continue to make the most of your account and its features.

Scotia Total Equity Plan

The Scotia Total Equity Plan is something that cardholders can enquire about if interested. It is a real estate secured plan. It has its own additional charges and fees that apply to the collateral mortgage security and registration. If cardholders are interested in applying for the credit card as a part of this plan, then Scotiabank can provide more information on this plan and all of the benefits that it possesses. This plan is for those that have mortgages, affording them very unique features.

Final Word

The No-Fee Scotiabank Value Visa card lifts many of the limits that tie people down with their credit cards. For instance, you have a grace period to pay off your balance in order to avoid interest on purchases. You also know how your monthly minimum payment is broken down so you can lower it every way possible.

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