How is interest calculated on credit card and line of credit accounts?

Charging interest on cash advances and line of credit advances (including ScotiaLine access card advances) In the case of cash advances from a credit card, including balance transfers and Scotia Credit Card Cheques, and all advances under a line of credit, including advances taken by cheque or purchases with your ScotiaLine access card, interest is payable on each cash advance or advance from the transaction date indicated on the monthly statement to the date it is repaid in full. There is no interest-free grace period for cash advances or advances. Cash advances include “quasi cash advances” which are monetary transactions posted to your account which are not “purchase” transactions and include, but are not limited to, wire transfers, foreign currency, travelers cheques, money orders, remote stored value, and purchase of gaming chips. Purchase of custom cheques for lines of credit are charged to your account and are also treated as advances. American Express Cards are not presently accepted for the purchase of bets, lottery tickets or casino gaming chips.

Interest For both credit cards and lines of credit, we will tell you the applicable interest rates. We may change these rates from time to time and in accordance with applicable law (even if you are paying your credit account on time as required by your agreement with us). If your credit account has standard and preferred rates, to qualify for the preferred interest rate(s), you must continue to repay your credit account on time as required by your agreement with us, otherwise, the standard interest rate(s) may apply. If your credit account is subject to the standard interest rate, the rate(s) will revert to the preferred interest rate(s) once you have continuously complied with your payment obligations (pay at least your minimum payment on time) under your agreement for 12 consecutive months (number of months are subject to change). Note: Paying on time means that we receive your payment by your payment due date.

Adding interest to your debt We calculate interest on your debt daily but we only add it to your debt once a month on each statement. We calculate the amount of daily interest by adding any new advances and subtracting any payments and then multiplying the unpaid balance of the debt on which interest is payable by the annual interest rate then dividing by 365 or 366 in a leap year. Interest is charged on a leap day in a leap year. Interest is charged at the rate applicable under the agreement both before and after the final payment date, maturity, default and judgment, until the credit account has been paid off in full.

You can also find this information in the Revolving Credit Agreement.

Last updated June 17, 2024