Are you hoping to supercharge your debt repayment plan? One of the best ways to do that is with the help of a low-rate credit card. The right balance transfer credit card can go a long way toward helping you pay down debt a little bit faster.
One straightforward Canadian credit card that might help you pay down your debt a little bit faster is the Scotiabank Value® Visa. This credit card features a low balance transfer introductory offer, and a relatively low regular APR. Plus, right now you can get a $50 gift card when you apply.
Features of the Scotiabank Value® Visa Credit Card
The Scotiabank Value® Visa is a very straightforward credit card. You won’t find a lot of frills with this Canadian credit card. You will, however, get some solid value out of the card if you are looking to speed up your debt repayment plan. Right now, there is an introductory offer of 0.99% APR on balance transfers for the first six months.
If you have high-rate balances, you can transfer them to the Scotiabank Value® Visa and pay down your debt faster. One of the reasons that it can be so difficult to get out of debt is due to the fact that the high interest charged by many loans means that a good portion of your payment goes toward interest, instead of actually reducing what you owe.
When you have a lower interest rate, you change the game. More of your payment goes toward paying down the principal, helping you speed up the process. After the introductory period, this card still has a low rate by Canadian credit card standards: 12.99% APR.
Another nice feature of this credit card is that you can also get cash advances at that 0.99% rate for six months. After those six months are up, you still get the same 12.99% APR on the cash advances as you get for your regular purchases. This is a nice perk of this card.
You also receive a grace period of at least 21 days on your purchases, so if you pay off your balance within that time period, you don’t have to worry about being charged interest at all. The Scotiabank Value® Visa also comes with a 20% discount on AVIS car rentals. This can be helpful for the frequent traveller.
Here are the specs on the Scotiabank Value® Visa:
Annual fee: $29
Introductory APR: 0.99% for six months on balance transfers and cash advances
Regular APR: 12.99%
Discount on AVIS car rentals
Even though there is an annual fee on this credit card, it can still be worth it for the savings.
Review your balance transfer needs and see if you will save more by being to pay off a portion of your debt at a lower rate and faster, even with the annual fee.
Who the Scotiabank Value® Visa is right for
Because this credit card comes with no bells and whistles, this card is really best for someone who wants to complete a balance transfer to pay off debt faster. The more you can pay off within the introductory period, the better off you will be in the long run. Try to create a plan to pay off a good portion of your debt within the six-month introductory period.
The Scotiabank Value® Visa is also good for those who occasionally carry balances. The low 12.99% is better than paying an APR 19.99% or 22.99%. If you use your car to make large purchases and you know it will take two or three months to pay off, this card can be a reasonable choice, since you will pay less in interest than you might with another Canadian credit card.
The only downside is the $29 annual fee. Double-check to make sure your savings will offset the annual fee before you get this credit card.