Personal Finance

Scotiabank/Balance Transfer

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  • Feb 10th, 2018 12:03 pm
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[OP]
Banned
Jul 18, 2016
2014 posts
781 upvotes

Scotiabank/Balance Transfer

Have any of you attempted to do the balance transfer through online banking at Scotiabank?

I received a good balance transfer offer through one of their online communication messages. There is an option to click on a button "Transfer Balance Now". However, it takes me to a general page where I select one of several credit accounts I have with Scotiabank.

This is concerning because I am uncertain if by using this online system, will I actually get their low rate or will I pay the full interest rate. With MBNA, it is so clear that I am agreeing to a set interest rate with a set fee. With Scotia, its too generalized, and I have no idea if I am actually exploiting the good offer.

Have any of you done this online with Scotia and succeeded with the low/no interest offer?
4 replies
Deal Fanatic
User avatar
Aug 24, 2016
8308 posts
8910 upvotes
The Prairies
I have. And yes it is a strange way of doing things.
I made sure I took a screen shot of my offer, just in case the offer wasn’t honoured for whatever reason.
As long as you do the BT through the link in your offer, you’ll get the promotional rate.
Sr. Member
User avatar
Jul 9, 2016
671 posts
273 upvotes
Toronto
ive only done a BT through scotia but NOT through any special offer, my GM Visa was reduced a few months ago to 16.99 interest or something, so i just tested out the BT function to xfer some money away from a 19.99 card. worked easy enough, showed on my scotia online the next day and took the same amount of time to be reflected on the other card as a standard bill payment would have (1-2 business days). i also noticed a while ago that you can select your credit card as the from account when making a bill payment, and it counts as a cash advance, i wonder if doing the 'balance transfer' through this function, paying a credit card bill through the payments page with your scotia visa, when an offer is present would be the same as going through the balance transfer link.

(i know this isnt directly in answer to your question haha, AND i only have the 1 credit product with them, but just my 2 cents :) )
[OP]
Banned
Jul 18, 2016
2014 posts
781 upvotes
coolintheshade wrote: I have. And yes it is a strange way of doing things.
I made sure I took a screen shot of my offer, just in case the offer wasn’t honoured for whatever reason.
As long as you do the BT through the link in your offer, you’ll get the promotional rate.
Thanks a lot. I've made the transfer through the link, and printed the promotional offer as you suggested. Fingers crossed. Hope it works. I really don't want to pay 20% interest on 12K!!
[OP]
Banned
Jul 18, 2016
2014 posts
781 upvotes
SuperSauvage wrote: ive only done a BT through scotia but NOT through any special offer, my GM Visa was reduced a few months ago to 16.99 interest or something, so i just tested out the BT function to xfer some money away from a 19.99 card. worked easy enough, showed on my scotia online the next day and took the same amount of time to be reflected on the other card as a standard bill payment would have (1-2 business days). i also noticed a while ago that you can select your credit card as the from account when making a bill payment, and it counts as a cash advance, i wonder if doing the 'balance transfer' through this function, paying a credit card bill through the payments page with your scotia visa, when an offer is present would be the same as going through the balance transfer link.

(i know this isnt directly in answer to your question haha, AND i only have the 1 credit product with them, but just my 2 cents :) )
Interesting thoughts. I was wondering if the promotional rate would also apply to a bill payment from my Scotia Amex. This would save the the initial 1% BT fee, and allow me to only pay the $3.50 fee.

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