hi..

your right that both Scotia and CIBC credit cards have mostly the same card features but i have spotted something better with Scotia credit cards.

they are offering few days of free interest or a grace period without any interest. usually, 21days grace period is what they are offering. try to check Scotiabank Value Visa card.

http://www.scotiabank.com/cda/content/0,1608,CID13396_LIDen,00.html

it seems that this is Scotia visa phone call is pretty much the same as the CIBC ones that you did. The same annual fees, interest rates etc. which means that the banks are pretty much offering the same thing.

11.9% is not really an attractive interest rate when you consider that the other cards are doing a much lower rate. Not only that I'm wondering if somehow I should attach this credit cards to my house's equity to get an even lower rate. Just some questions that I'm thinking about out loud

This is a call I made to Scotia bank Visa's customer service.
The goal of my questions were to understand their low interest credit card better. They were very helpful.

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Monty: Hi is this Low Interest Scotia VISA application?

Scotia Visa: So you’d like to apply for Visa?

Monty: Yes, for Scotia Bank?

Scotia Visa: Yes, and are you a Scotia Bank customer?

Monty: I am not, no. Do I need to be?

Scotia Visa: No. Do you have any existing credit card in other banks?

Monty: Yes I do. But what I want to know is, what is your lowest interest rate card?

Scotia Visa: It depends on your annual income and may I ask how much is your annual income?

Monty: No, but it’s not bad. You base the lowest interest rate card on my annual income?

Scotia Visa: Yes, we have the one if you have a high income then you can apply for Scotia Visa as low as Prime plus 2.99.

Monty: Okay, what income do I need for that?

Scotia Visa: Prime rates are 2.25 plus 2.99 equals 5.24%. This one is as low as Prime plus 2.99 up to Prime Plus 4.99.

Monty: So basically that’s not bad. Is that unsecured or secured?

Scotia Visa: This is unsecured.

Monty: What sort of income do I need for that?

Scotia Visa: This maybe a rough $50,000 or higher then you can have a Plus Scotia Visa because the minimum limit is at $20,000.

Monty: The minimum line of credit is $20,000.

Scotia Visa: A Scotia Visa actually is a line of credit card that the Visa can give you.

Monty: What happens if I just want a card that has, like $5,000 line of credit?

Scotia Visa: $5,000 is just a line of credit as well as a credit card. If you’re talking for line of credit only as well as a credit card? You want a credit card as well?

Monty: Yes, I just want a credit card with $5,000 on it.

Scotia Visa: Okay, then the lowest will be 11.49% with a $29 annual fee. This is the lowest and the first six months is 3.99% as well if you do the balance transfer with the cash advance

Monty: Do I need really good credit to get that one?

Scotia Visa: It’s hard to say how good your credit is. We check with the Credit Bureau anyway.

Monty: Do you have a cash back card instead?

Scotia Visa: Yes, we have a Money Back Visa and you pay $39 per year. You can get up to 2% cash back and it’s $39 per year but the interest rate is a lot lower if banking or something.

Monty: It’s 19% for that. If you use the cash back card you shouldn’t carry a balance I guess because it’s pretty expensive.

Scotia Visa: Exactly. You always can have one line of credit and one Cash Back Visa. So you use a line of credit to pay the 19.99% Cash Back Visa. You can also do it like this way.

Monty: As far as rewards go, you’ve got the air of points?

Scotia Visa: Airplanes?

Monty: Yes.

Scotia Visa: We have a Gold Visa Card, and you can earn points and you can redeem the points for travel and with the $110 annual fee. That’s one you can earn points for travel.

Monty: Right, okay.

Scotia Visa: [Unintelligible], not those .

Monty: I see, Scotia Gold?

Scotia Visa: Yes. Scotia Gold, plus all Visa.

Monty: Oh I see, okay. I’m just on your website and I’m looking at it while I’m talking here. The annual fee is $110. I’d have to actually spend quite a bit in order to make that back, wouldn’t I?

Scotia Visa: The thing is, why we charge you that and it is because of the carry loss on travel benefit, including a travel medical insurance. That insurance, that’s we charge the customer $110 annual fee.

Monty: Okay.

Scotia Visa: Because of those insurance, because we have to pay for insurance right?

Monty: I think that answer s all my questions. So basically if I apply today, how long will it take me to know…?

Scotia Visa: If you apply online or over the phone, you may wait probably 10 business days. So after 2 weeks, if it is approved you get a VISA card after two weeks and the branch will call you.

Monty: So just talking about the low interest card again, so that’s Prime 2.25% plus how much?

Scotia Visa: 2.99% as low as based on your good credit rating, up to Prime plus 4.99% and at the left side is the black one, the Scotia Visa.

Monty: So it goes from 2.99% to 4.99%?

Scotia Visa: Exactly. So you make that Prime plus 2.99 or Prime plus 3.99 or Prime plus 4.99, either one.

Monty: You can’t get rewards with that?

Scotia Visa: No.

Monty: Does that card come with any insurances?

Scotia Visa: Only if you buy something then you can get 1 year extended warranty for both insurance follow up and travel.

Monty: It sounds good. I appreciate your help today.

Scotia Visa: Welcome sir.

Monty: Okay, thank you. Bye-bye.