February 10

Scotiabank Canada: Low Interest & Student Credit Cards

Posted by on February 10, 2013 at 1:30 PM

Scotiabank Canada: Low Interest & Student Credit Cards

Scotiabank has two interesting credit card officers I wanted to share with our Moosers. They have a no annual fee student credit card with an annual cash back feature (which is awesome) and they also offer a low interest no fee credit card if you are not a student.

The Student card offer is really good. It is for students only, ages 18-25 years. Here are the features:

  • Earn up to 1% money back every year on the purchases you’ve made with your card
  • Interest free grace period of at least 21 days on purchases
  • 20% discount rates at Avis Car Rental
  • Take advantage of other VisaPerks
  • Interest rate of 19.99% on purchases and 21.99% on balance transfers and cash advances

I suggest never carrying a balance. The 1% money back every year is awesome because student expenses can really add up – and that added cash back once a year is fairly nice.

This is a great card if you need a low interest credit card, without any bells and whistles. If you DO carry a balance on a higher interest rate card, it might be a good idea to switch and save yourself some dollars. It has an annual fee, but the money you will be saving in interest will highly outweigh the annual fee. Here are the features:

  • 11.99% interest rate on purchases and on balance transfers and cash advances
  • Interest free grace period of at least 21 days on purchases
  • 20% discount rates at Avis Car Rental
  • $29 annual fee
  • 0.99% interest rate on cash advances and balance transfers for the first six months for accounts opened by Feb. 28th

Carrying a balance is never a good idea – but if you have to carry a balance it is best to get onto a card that charges you the least amount of interest.

(Expiry: Unknown)

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