Scotiabank Value« VISA* card

Application Disclosure Statement
Scotiabank

Annual Interest Rate or Rates

Annual interest rates are in effect on the day the account is opened (whether or not a card is activated).

Promotional rate of 0.99% on cash advances**, balance transfers and Scotia® Credit Card Cheques, will apply on your first 6 monthly statements.

The promotional rate(s) will increase to the interest rate(s) that apply for that type of transaction, as identified below, following the expiry of the promotional period.

Purchases: 12.99%

Cash advances**, balance transfers and Scotia® Credit Card Cheques: 12.99%

Your preferred annual interest rates will increase to standard rates of 24.99% on purchases and 27.99% on cash advances, balance transfers and Scotia Credit Card Cheques if we do not receive your minimum payment by the payment due date 2 or more times in any 12 month period. This will take effect in the third statement period following the missed payment that caused the rates to increase. These rates will remain in effect until we receive your minimum payments by the payment due date for 12 consecutive months.

If your account is part of a Scotia® Total Equity Plan, these higher standard rates do not apply to your account.

Interest-free Grace Period

21 days

You will benefit from an interest-free grace period of at least 21 days for new purchases± if we receive your balance on your monthly statement in full by the payment due date. This interest-free grace period will be automatically extended to at least 25 days on your next monthly statement whenever we do not receive your balance in full by the payment due date. Upon receipt of your balance in full by the payment due date, this interest-free grace period will revert back to at least 21 days on your next monthly statement.

There is no interest-free grace period for cash advances**, balance transfers and Scotia Credit Card Cheques.

Minimum Payment

Interest Charges + Fees + $10.00 plus any overdue or overlimit amount.
(For non-Quebec residents)

Your minimum payment will include Interest Charges on your monthly statement, plus cash advance fee(s), plus any dishonoured payment fees, plus any dishonoured Scotia Credit Card Cheque fees, plus $10.00.

For residents of Quebec:
Is the greater 5% of the outstanding New Balance on your statement or $10.00 plus any overdue or overlimit amount.

For all residents:
In addition, amounts showing on your monthly statement as OVERDUE or OVERLIMIT must be paid immediately and will be added to the minimum payment.

If your balance is less than the above, the minimum payment will equal the balance.

Foreign Currency Conversion

2.50%
Transactions made in a foreign currency will be converted and posted to your account in Canadian currency. The exchange rate is determined by Visa Inc. on our behalf on the date that the transaction is settled with Visa Inc. This exchange rate may be different from the rate in effect on the transaction date. When the transaction is posted to your account, in addition to the exchange rate, you will be charged a foreign currency conversion mark-up equal to 2.50% for each foreign currency transaction. The mark-up applies to both debit and credit transactions.

For account payments and Scotia Credit Card Cheques, the exchange rate will be the posted rate charged to customers at any branch of The Bank of Nova Scotia on the date the transaction occurs. For any reversal of these transactions, the exchange rate will be determined in the same manner as of the date that the transaction is reversed.

Annual Fees

Primary cardmember card:

  • $29.00; or
  • $0.00 if account is part of a Scotia Total Equity Plan.

To be charged when the card is issued (regardless of activation) and will be billed to your first statement and once a year thereafter.

Other Fees

To be charged on the day the transaction occurs (unless otherwise indicated):

Cash advance fee for each cash advance:

  • processed by Scotiabank or any financial institution in Canada: $3.50
  • obtained at any Scotiabank Automated Banking Machine (ABM) in Canada: $3.50
  • obtained at any non-Scotiabank ABM in Canada displaying the Interac+ symbol: $3.50
  • obtained at any ABM outside of Canada: $7.50
  • processed by Scotiabank or any financial institution outside of Canada: $7.50
  • obtained at any Global ATM (ABM) Alliance Bank outside of Canada: $3.50
  • cash-like transaction fee: $4.00
  • balance transfer fee: $3.50 will apply to all balance transfers processed by Scotiabank (for transfers to Scotiabank accounts or to non-financial institutions)

Promotional low rate fee: 3.00% (unless waived or reduced by us in the offer) of the amount of each transaction under a promotional low rate offer made to you (minimum fee of $3.50). A promotional rate means the rate is lower than your preferred annual interest rates. Promotional low rate offers may apply to cash advances, balance transfers or Scotia Credit Card Cheques. The exact promotional low rate fee will be disclosed to you at the time the offer is made.

Scotia Credit Card Cheque fee: $3.50 will apply to each transaction made using a Scotia Credit Card Cheque.

Dishonoured payment fee: $48.00. Fee is charged for each Credit Card payment dishonoured by your financial institution on the date the payment is returned/dishonoured.

Dishonoured Scotia Credit Card Cheque fee: $48.00. Fee is charged on the date the cheque is returned for each cheque which is returned due to insufficient credit available in your account.

Replacements: Each replacement sales draft, cash advance draft or monthly statement: $5.00.

Overlimit fee: $29.00. Fee is charged on the day your balance first exceeds your credit limit and then once per statement period (charged on the first day of the statement period) if your account remains overlimit from a previous statement period.

Scotia Total Equity Plan: If you select this real estate secured plan, additional fees and charges will apply related to the collateral mortgage security and registration. Additional information will be provided to you if you are interested in applying for the Credit Card account as part of this plan.

+Interac Inc. owner of the mark Interac. The Bank of Nova Scotia authorized user of the mark.


The Bank reserves the right to waive any fees or charges in its discretion.


All rates, fees and other terms are effective as of January 25, 2020, unless otherwise indicated, and are subject to change. For information on current interest rates and fees, please call 1-888-882-8958 or visit scotiabank.com.

 

±Annual fees, dishonoured payment fees, dishonoured Scotia Credit Card Cheque fees, overlimit fees, and replacement fees are treated as purchases and the annual interest rate for purchases will apply to them. The interest-free grace period described above in this disclosure statement also applies to them.

 

**Cash advances: Cash advances include "cash-like transactions" which are transactions that are similar to cash or convertible into cash and include wire transfers, travellers cheques, money orders and gaming transactions (including gaming chips and some lottery tickets).


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* Visa Int./Licensed User.


 
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