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Scotiabank L’earn® VISA* card

Interest Rate19.99%

Annual FeeNo Annual Fee

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Scotiabank L’earn® VISA* card

Last Updated: 01 Mar 2016




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Interest Rate

19.99%

Annual Fee

No Annual Fee

Sign-Up Bonus

Balance Transfer:

22.99%

Cash Advance:

22.99%

Minimum Credit Score Needed:

Poor (300-629)

Credit Card Issuer:

Scotiabank

Network:

Visa
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Review of Scotia L'Earn Visa Card
4 / 5 Reviewer
Pros
  • Students can get cashback and grow credit with the card
  • Students can apply for the card on their own
  • Cash back doesn’t expire
  • Works with mobile payment options
Cons
  • Lacks bonuses some other cards offer
  • Applications not accepted online, you must visit a bank branch
  • Other cards give more cash back regardless of amount spent
Summary

Review of Scotia L'Earn Visa Card

Many students lack the credit history required for true financial independence but can use credit cards such as the Scotiabank L’earn Visa card to improve their credit rating as it’s an easy card to be approved for.

They’ll be able to gain credit from purchases and generate cash back from the card. One advantage to the card is that it’s perfect for those that are on the go as it works with Android Pay and other mobile payment options. Some other cards feature a welcome bonus, which this card lacks, so that is a drawback of the card.


Card Perks
• The Card has no annual fees
• Works with Visa PayWave
• Works with my Mobile Wallet, Android Pay, and Apple Pay
• Get a 20% discount on rental cars through Avis
• Credit Card Protection is provided if you want it
Card Approval Process

The card caters to students as they can apply for the card and be approved even if they have no credit history or limited credit history. To increase the odds of approval, the student can use a co-signer if they prefer or use collateral such as bonds. A downside to the approval process is that the student must go to a bank to be approved or talk to the help center. During the approval process, Scotiabank doesn’t dig into the finances of the student during the approval process, but they need to provide proof they are a Canadian citizen as well as a student.

Cash Back

As a student spends cash, they get cash back through a tiered structure system. If the student spends $$500, for example, they get 0.25% or $1.25. if the student spends more such as $1000, they get 0.25% on th first $500 and then 0.5% on the next $500 for $3.75.


• .25% when spending up to $500
• .5% when spending up to $1,000
• 1% ack when spending over $1,000


When you get the bill, the cash is automatically applied to it. You have no limits on the amount of cash that you earn, and it doesn’t expire. Similar student cards, such as the the BMO SPC Cash Back Student Mastercard, gives you 1% cash back regardless of how much you spend which can be more appealing for students that might not reach the higher cash back thresholds.

Interest Rate

There is a 21-day interest free grace period for any purchases on the L’earn Visa credit card. For cash advances, the interest rate is 19.99% and for balance transfers, it’s 22.99% which are industry standard. To avoid paying high interest and adding to your debt load, it’s advisable to use the grace period. If the card is used wisely, it can help the student build credit in a responsible way.

Summary

The L’earn Visa card is the perfect card for students, so they can build their credit history and improve their score. Students can get some cash back by making purchases. Students that don’t make a lot of purchases each month should look at the BMO SPC CashBack Mastercard. For students that need to take care of major expenses like books, food, and tuition, the L’earn Visa card is a solid choice.

Editors Rating
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UID:4727

With L’earn® VISA* card for Students by Scotiabank you get up to a 1% Moneyback reward1

$0 Annual Fee 

Helps students build a good credit rating

Accelerated Moneyback Reward Program designed with students in mind

Students can now get a VISA card that was designed with students in mind. The L'earn VISA* card offers a Moneyback® reward program and a host of other great benefits.

  • Get up to a 1% Moneyback reward1
  • $0 annual fee
  • Spend wisely, earn valuable rewards
  • Build a good credit rating

Related Plans & Offers

Interest Rate

16.99%

Annual Fee

No Annual Fee

Balance Transfer: 16.99%

Cash Advance: 16.99%

Sign-up Bonus

3.99% Introductory interest rate on Balance Transfers for the first six months†

Interest Rate

19.99%

Annual Fee

No Annual Fee

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

Interest Rate

19.99%

Annual Fee

$39

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

5,000 Aventura Points after first purchase

Interest Rate

19.99%

Annual Fee

$39

Balance Transfer:

Cash Advance: 22.99%

Sign-up Bonus

5,000 Aeroplan Miles
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