Friday Oct 31, 2014

ScotiaLine Visa Account

1 June 2009

19804 ScotiaLine Visa AccountThe ScotiaLine Visa card is not just a regular line of credit; it is a leading personal line of credit with the convenience of no fee visa card access. You have a great personal borrowing tool which combines the high credit limits and low rates of a personal line of credit with flexibility to use it anywhere, anytime.With the ScotiaLine Visa Card you have no annual fee and credit limits ranging from $20,000 to $500,000. Your credit limit depends on your credit history and credit rating; once they are in good standing getting a high credit limit is easily attainable.

The interest rate you receive is a variable interest rate which is either Secured of Insecure. The Secured rate is Scotiabank Prime Rate + 1%. As of April 22nd 2009, the current Scotiabank Prime Rate + 1% is 2.25%; giving you a total interest rate of 3.25% which is among the lowest interest rates out there.

The Insecure rate is Scotiabank Prime Rate + 4.99%; therefore with the current prime rate it is 7.24%. Secured or Insecure rates are both great rates for any credit card and with the ScotiaLine Visa Card you have access to both.

A few bonus features is purchase security and extended warranty protection, complimentary Scotia Visa cheques and optional Line of Credit Protection.

You can get up to 21 interest free grace period on new card purchases giving you ample time to either paying off the entire balance or paying your monthly balance.

Don’t miss the chance to getting this great credit card, apply today and start using your line of credit with ease.

Click Here if you are interested in applying.

About the Author

Sensei

My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into stone when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top. I love everything there is about Canada and everything financially related to Canadians. I write deily posts from Canadian Banks to Credit Card information.

Comments (1 )



James Wrote:

Some interesting comments to add here about the interest rate structure. BNS structures its interest rates for this card around an alpha numbering system. “A” clients are the best clients, getting a rate of 2.99 points above prime; “B” clients would pay 3.99 points above prime and “C” clients would pay 4.99 above prime. However, it is hard to see how lower credit score individuals would still qualify for this card.

It is hard to understand, too, why this card isn’t more appreciated in the marketplace. First, it is likely the only card other than the RBC Private Banking Infinite Visa card that has a minimum limit of $20 000 dollars; however, unlike the RBC card, there is no annual fee. Yet it still has many of the basic warranty protection items found on other cards. Plus, if you don’t carry a balance, and charge items with the Visa card, not the line of credit cheques, you don’t get charged interest for 21 days! In other words, its like having a line of credit but without paying any interest charges if paid on time – any normal line of credit will always charge you a fee from the moment you withdraw money from the credit product.

There are other points however. There is little doubt that 3 points above prime is not the best rate on the market for lines of credit. In fact, my credit union offers me 1 point above prime but on a much smaller loan product. Others would likely pay that same rate if the loan were secured by money or real estate. So, it might well be a good product for those who don’t have money or real estate to use as an asset to back the liability – or who don’t carry a balance all the time.

In any event, it is a great product and unique on the market.

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