Scotiabank L'earn Student Visa
The Scotiabank L’earn Visa offers a great opportunity for first-time credit card holders who are looking to build credit and have access to a basic cash back rewards program. The application process is near effortless with regards to personal requirements, including low minimum annual income, proof of citizenship and student status.
This is advantageous to students who have limited or part-time work responsibilities. Consequently, this lends itself to an apparelled frequency in approvals, especially for those entering post secondary education and require a low credit limit with an in-store and online functionality.
Any college or university student that I’ve ever known has always been on a fairly tight budget. I know that when I was in my undergraduate years, I was always strapped for cash. Any areas where funds can be saved is a plus, don’t you agree?
So having a card with no annual fee always starts things off on the right foot.
The Scotiabank L’earn Visa offers a very basic cash back rewards scenario where you can earn as high as 1% on every purchase that you make with the card. There are no expiration dates and no upper limit to the amount of cash back dollars you can acquire.
The APR @ 19.99% is on the high side compared to the other cards in a similar category, however, as Tangerine is a newcomer to the credit industry this rate offsets any risks involved as they establish their clientele. We’re hoping that as they build capital and status as a true competitor, that the line of credit cards they offer will extend to more than just the this particular Mastercard.
Paying off your entire monthly balance during the (21) twenty-one day grace period is highly suggested, as to not only avoid any interest charges at the going rate, but also to quickly build a solid credit score with the 2 major Canadian credit bureaus. In turn, this will give you leverage when the time comes to apply for other credit opportunities in the near future.
The application process is fairly easy and even though instant online approval isn’t an option you can start the process by phone or by visiting your nearest Scotiabank branch and speaking with a qualified individual. There is a required minimum $3,000 annual yearly income, as well as proof of student admissions and Canadian citizenship.
One thing to note, is that they don’t spend too much time corroborating with other sources to verify your income.This might help those with minimal credit history get through the application and approval stage.
However, that being said, it might be to your advantage to have a parent co-sign with you when you fill out the form, if you feel that you might have trouble going solo.
If you do decide to precede on your own, we would strongly advise you to exercise the option of securing the card with some form of collateral. Using either an investment account, a Canada savings bonds or a vehicle in your name (with no liens against it) are just a few examples of some ways you might guarantee your credibility.
So is this card right for you? If you haven’t yet established any type of credit history and are looking to earn some entry level cash back rewards simultaneously, then this is a great card to do just that. You know you’re already spending your limited cash on necessities such as groceries, school supplies and your weekends off with your friends.
So why are spending any more time considering the value of carrying a card like the Scotiabank L‘ earn Visa in your wallet? It’s an educated choice!
- Interest Rate: 19.99 %
- Annual Fee: $0
- VERY Low Minimum Annual Income Required – $3,000 Annually
- Entry level cash back
- *Up to 1%
- Online access, Android Pay and Apple Pay
- Cash Advance Rate: 22.99 %