Let’s Compare Scotiabank Value VISA Card With Simplii Financial Cashback VISA Card
Read this blog to know the comparison between Scotiabank Value VISA Card and Simplii Financial Cashback VISA Card.
Source: Freepik
The Scotiabank Value VISA Card is the best credit card for “balance transfers.” It helps you to save hundreds of dollars in interest costs. You can directly access the apply link from here.
We will compare it with Simplii Financial Cashback VISA Card, the best credit card for interest rates. By owning this credit card, you get a chance to win 1 of 50 prizes worth $2,000. Apply directly through this link.
Let us explore both these credit cards in detail and compare them.
1. Scotiabank Value VISA Card
The Scotiabank Value VISA Card gives you the facility of Visa PayWave. You can make quick and easy payments with just a single tap.
Welcome Offer
As a part of the introductory benefit, this credit card offers you a 0% interest rate for the first 6 months on cash advances. Post that, you will be charged a nominal 12.99%
Let us evaluate this credit card deeply and make you aware of its various conditions and features.
1. Eligibility
| Eligibility Requirements | |
| 1. | You must be a resident of Canada. |
| 2. | Your annual income should be $60,000 per year |
| 3. | Be a major to get this credit card in your name. This age of majority may vary from province to province. |
| 4. | Must have a fair to good credit score, preferably more than 670. |
2. Annual Fee
- This credit card has an annual fee of $29.
- However, as a part of the exclusive offer, the yearly fee for the first year is waived
- Furthermore, you can get a supplementary card at $0
3. Interest Rates
| Nature of Balance | Interest Rate |
| Purchases | 12.99% |
| Cash advances (Including balance transfers, Scotia Credit Card Cheques, and all cash-like transactions) | 12.99% |
4. Earn Rate
This credit card is the best for transferring balances and offers the lowest interest rate on purchases and cash advances. It does not offer any cash back or reward points.
5. Exclusive Benefit
Using “Scotia Select Pay,” you can split your credit card purchases of $100 or more into easy installments of 3, 6, and 12 months. You do not have to pay any interest. But you will be subject to a Monthly Select Pay fee. You can easily use this service through the Scotia App or Scotia Online.
Additionally, you can save your car rentals up to 25% off the base rates. You need to use your credit card at participating AVIS locations.
This credit card also offers you two different coverage bundles. These are:
| Basic Protection | Comprehensive Protection |
| Death Benefit | Death Benefit |
| Critical Illness Benefit | Critical Illness Benefit |
| Hospitalization Benefit | Hospitalization Benefit |
| Disability Benefit | |
| Job Loss Benefit | |
| Strike or Lockout Benefit | |
| Death Benefit |
2. Simplii Financial Cashback VISA Card
Accepted at all in-person and online purchases, the Simplii Financial Cashback VISA Card can make you earn big by earning unlimited cash back. Bank will not charge any interest if you make a timely payment before the due date.
Welcome Offer
- You get a 9.99% purchase interest rate for the first six months. It increases to 19.99% afterward.
- Earn 10% cash back on purchases made at select restaurants and bars. The earn rate falls to 4% after this.
Let us evaluate this credit card and make you aware of its various conditions and feature.
1. Eligibility
| Eligibility Requirements | |
| 1. | You must be a resident of Canada |
| 2. | To qualify for this credit card, you must have a minimum annual household income of up to $15,000 |
| 3. | Be a major to get this credit card in your name. This age of majority may vary from province to province. |
| 4. | Must have a credit score between “760 and 900”. |
2. Annual Fee
- This credit card has no annual fee.
- Also, you can get up to three additional cards at $0
3. Interest Rates
| Nature of Balance | Interest Rate |
| Purchases | 19.99% |
| Cash advances | 22.99% |
*The interest-free grace period offered by this credit card is 21 days (about 3 weeks). You get this on all new purchases.
4. Earn Rate
You can earn cash back on purchases made via your credit card. The rate card is given below:
| Eligible Purchases | Cashback | Maximum Limit |
| Select restaurants, bars, and coffee shops | 4% | Up to $5,000 per year |
| Select Groceries, Drugstores, and Pre-authorized payments | 1.5% | Up to $15,000 per year |
| On all other purchases | 0.5% | No limit |
*Add up to three additional cardholders to boost cashback.
5. Exclusive Benefit
With this credit card, you get Purchase Security and Extended Protection Insurance. You can now double the warranty offered by your manufacturer, for up to one additional year. Additionally, you can opt for the optional travel-related insurance policy – CIBC Travel Medical Insurance.
Comparative Analysis
Let us compare some common conditions and features.
Parameters.
| Parameters | Scotiabank Value VISA Card | Simplii Financial Cashback VISA Card |
| Credit Score Required | 670+ | 760+ |
| Income Condition | Personal Annual Income: $60,000 | Household Annual Income – $15,000 |
| Annual Fee | $29 | $0 |
| Interest Rate: Purchases Cash Advances | 12.99% 12.99% | 19.99% 22.99% |
Out of the four parameters mentioned above, both the credit cards have two in their favour.
Opinion of ExpertbyArea.Money
You should opt for Scotiabank Value VISA Card if you usually carry a balance on your credit card. The interest rate of 12.99% is the best in the segment.
On the other hand, if your sole purpose is to earn cashback and get rewarded while spending using your credit card, then Simplii Financial Cashback VISA Card can work the best for you. Also, you do not have to pay any annual fee with this credit card and can even get three supplementary cards at $0.
Evaluate your requirements and perform an analysis. Choose the card that better serves your needs.
