Terms and Conditions

Value of up to $857.22 in the first year, includes (a) up to $704 in bonuses and savings from with a Scotiabank Value^® Visa^* Card and (b) up to $153.22 in bonus and regular interest earned with a Momentum^PLUS Savings Account, all as described in further detail below.  

Scotiabank Value^® Visa^* Card

a) Value of up to $704 with a Scotiabank Value^® Visa^* Card is an annual potential value for the first 12 months based on the following card offers and usage: 

• $29 in annual fee savings (first year annual fee waiver with a Preferred Package, or $29 ongoing annual fee waiver with an Ultimate package) 

• $675 in potential interest savings on a balance transfer of $3,000 made in the first 6 months when compared to other bank credit card with an interest rate of 29.99%  (see example in chart below)

Offer Description and Conditions: The Introductory 0% Balance Transfer Rate and First Year Annual Fee Waiver Offer (the “Offer”) applies only to new Scotiabank Value Visa credit card accounts (“Accounts”) that are opened by October 31, 2023 subject to the conditions below. We will waive the annual fee for the primary card issued before October 31, 2023 on the Account for the first year only. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.   

Introductory 0% Balance Transfer Rate Offer Description and Conditions: The Introductory 0% Balance Transfer Rate Offer (the “Rate Offer”) applies only to eligible cash advances (including balance transfers and cash-like transactions) (collectively “Cash Advances”) subject to the conditions below. This introductory rate applies if the new Account is opened by October 31, 2023 and will continue for 6 months from date of Account opening (the “Promotional Period”). After the Promotional Period, the promotional 0% interest rate on any Cash Advances (including any amount of those Cash Advances that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 12.99%). A balance transfer fee of 1% of the amount of each Cash Advance transferred or made during the Promotional Period applies (minimum fee of $5.00). A $5 Cash Advance fee applies to all other Cash Advances. Interest saved assumes a constant balance (i.e, no other transactions posted) during a 12 month period.  

This Offer cannot be used for any Scotiabank account including to transfer a balance from another Scotiabank account, or to make a payment or deposit to another Scotiabank account. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.    

Here’s an example of how you could save $675 in interest in balance transfers in your first 12 months:  

For illustrative purposes only. This is an example based on a $3,000 balance at a 29.99% interest rate transferred to a Scotiabank Value^® Visa^* at our promotional interest rate of 0% for the first six months and 1% promotional balance transfer fee, and 12.99% interest after the first six months. After your first six months, your 0% interest rate on cash advances (including balance transfers and cash-like transactions) changes to 12.99% (plus $5 per transfer / advance). The 12.99% interest rate will apply to the amount of any unpaid balance transfers and other cash advances that were charged the 0% rate during your first six months. Assumes a constant balance (i.e. no other transactions posted) during a twelve month period. Actual savings will vary depending on actual account usage and other factors.

Potential First Year Value = Up to $704

Actual savings and rewards earned will depend on individual card usage and eligibility for applicable offers. Conditions apply.     

Losing your promotional rate: If we don’t receive the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional Rate Offer and the interest rates that apply on any unpaid balance will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on Cash Advances).    

How we apply payments: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.    

First Year Annual Fee Waiver Offer Description and Conditions: We will waive the $29 annual fee for the primary card issued before October 31, 2023 on the Account for the first year only.    

Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are also eligible for the Offer.       

Momentum^PLUS Savings Account

(b) Value of up to $153.22 is an example of potential interest earned in the first year with a Momentum^PLUS Savings Account when you make a deposit of $5,000, select a 90 day Premium Period and maintain that balance for 12 months. Assumes no compounding of interest or additional deposits, and no debit transactions during the period of 365 days. Below is a breakdown of interest earned in the first year assuming the above: 

• 1.40% Regular Interest Rate ($70.00)   
• 0.85% Premium Period Interest Rate ($42.50)  
• 0.05% Package Interest Rate with a Preferred Package ($2.50)
• 3.10% Welcome Bonus Interest Rate eligible for first 3 months ($38.22)  

See Welcome Bonus Interest Rate Offer Terms & Conditions for full details. Includes Regular Interest Rate of 1.40% plus a Package Interest Rate Boost of 0.05% for Preferred Package holders, 90-Day Premium Period Interest Rate of 0.85% and a Welcome Bonus Interest Rate of 3.10% for 3 months. Regular Interest plus a Package Interest Rate Boost of 0.05% for Preferred Package holders (or 0.10% for Ultimate Package holders) is calculated daily, paid monthly. Premium Period Interest is earned when you choose a 90, 180, 270 and/or 360-day Premium Period. A longer Premium Period earns a higher Premium Period Interest Rate provided you don’t make any withdrawals within the Premium Period you select. Premium Period Interest is calculated daily, paid at the end of the applicable Premium Period. Welcome Bonus Interest is calculated daily and paid monthly for 90 days (3 months) on your first Momentum^PLUS Savings Account opened. Interest rates are per annum and subject to change. Visit the Current Rates Page for more information and current rates.

Additional Bundle Product with Package Benefits: GIC Rates

Preferred GIC Rates with Ultimate Package
Ultimate Package holders will receive Ultimate Package GIC interest rates (“Ultimate Package GIC Rates”) on Long Term Non-Redeemable GICs with terms between 1 and 10 years, excluding Special Rate GICs, Market Linked GICs and Guaranteed Income Optimizer GICs. The Ultimate Package GIC Rates are subject to change without notice. For the latest Ultimate Package GIC Rates, contact your branch or call 1-800-4-SCOTIA. Interest is accrued daily on your GIC from the issue date up to, but not including, the maturity date. For Scotiabank GICs that pay interest during their term (monthly, semi-annually or annually) the last interest payment is paid at maturity.

Preferred GIC Rates with Preferred Package
Preferred Package account holders will receive Preferred Package GIC interest rates (“Preferred Package GIC Rates”) on Long Term Non-Redeemable GICs with terms between 1 and 10 years, excluding Special Rate GICs, Market Linked GICs and Guaranteed Income Optimizer GICs. The Preferred Package GIC Rates are subject to change without notice. For the latest Preferred Package GIC Rates, contact your branch or call 1-800-4-SCOTIA. Interest is accrued daily on your GIC from the issue date up to, but not including, the maturity date. For Scotiabank GICs that pay interest during their term (monthly, semi-annually or annually) the last interest payment is paid at maturity.

® Registered Trademark of The Bank of Nova Scotia

* Visa Int./Licensed User.