Thinking of getting a credit card?

Choose the card that's right for you

Here’s what you need to know before you get a credit card

A credit card can be your best financial ally—or your worst enemy. It all depends on how you use it. Whether you're building credit, managing monthly expenses, or just want the convenience of cashless payments, understanding how credit cards work is key to making the most of them.

 What Is a Credit Card?

At its core, a credit card is a short-term loan from your bank. You’re given a credit limit—a set amount of money you can borrow—and you can use it to pay for goods, services, or even withdraw cash. Each time you make a payment toward your balance, your available credit is replenished.

But here’s the catch: if you don’t pay off your balance in full by the due date, interest charges kick in. And those can add up fast.

Flexible repayment options

One of the perks of using a credit card is that you can choose to repay a purchase over 3,6,9 or 12 months with Scotia SelectPay gives you the benefit of extended time to cover the repayment at a lower interest rate.. This flexibility can be helpful for managing big-ticket items, but it also means you need to plan your payments carefully to avoid debt piling up.

What you’ll need to apply

Before you get a credit card, you’ll need to show that you can handle the responsibility. Here’s what's typically required:

✅ Basic Requirements

    • A valid government-issued photo ID (passport, driver’s licence, or voter’s ID)
    • Your Tax Registration Number (TRN)
    • Proof of address (utility bill, lease agreement, or bank statement)
    • Proof of income (recent pay slips, job letter, or business registration if self-employed)

✅ Credit Check

Your credit history plays a big role. Banks want to see that you’ve managed past debts responsibly. If you’re new to credit, you may be offered a lower limit or asked to provide a guarantor.

Smart tips before you swipe

  • Know your limit: Don’t treat your credit limit like free money. It’s borrowed—and it must be repaid.
  • Pay more than the minimum: Paying just the minimum keeps you in debt longer and racks up interest.
  • Track your spending: Use the Scotia mobile app to monitor spend.
  • Use it to build credit: Responsible use can boost your credit score.

A credit card isn’t just a piece of plastic—it’s a powerful financial tool. Used wisely, it can help you manage your money, build your credit, and even earn rewards. But it requires discipline, planning, and a clear understanding of how it works.