A line of credit can help you manage your cash flow, especially for periods in the year where you have more financial demands such as holidays, or if you have irregular income. Consolidating your higher interest rate credit card debt and other high interest credit balances into a new line of credit at a lower interest rate can help you reduce how much you're paying monthly in interest and that should help you to pay off your debt more quickly. You could also find a line of credit useful as an emergency fund. It can help you cover unexpected expenses, such as major home repairs.
When you borrow money, you agree to pay it back with interest over time. With a loan, you know it will be paid off over a specific period of time with fixed payments. With a line of credit, you have the flexibility to repay as much as you want or if you qualify, as little as interest only every month1. You can always pay your balance in full.
A loan is also not a revolving credit, which means that once your loan is paid off, you no longer have access to those funds and will need to reapply if needed. With a line of credit, the convenience of only having to apply once helps with availability of funds up to your available credit limit4.
Enjoy special discounts on car rentals of up to 25% at participating AVIS and Budget car rental locations worldwide — just present your access card at any participating location to pay from your ScotiaLine Line of Credit account or visitwww.avis.com/scotiabankvisa, or call 1-800-TRY-AVIS (879-2847) and quote Avis Worldwide Discount number C2196007. For Budget, visitwww.budget.ca/scotiabankvisaor call 1-800-268-8900 and quote Budget Corporate Discount number A363300.
For general rates and information aboutScotiaLine® Personal Line of Credit please call us at 1-888-882-8958.
