(CAN) ScotiaLine for Students Question....

I have this student line of credit but I'm not exactly sure how it differs from a credit card other than the available credit being 12k, and the interest rate at 3% instead of 22%. So I took out 150$ from it last month and the minimum payment due is 5$ this month.

Will I still gain interest if I only pay the minimum due, or do I have to pay the full 150$ in order to not have interest?

Also what will happen if I don't pay the minimum of 5$ in time? Will that affect my credit rating?

I normally do not bank with ScotiaBank, all my actual credit cards and money is with BMO.

Any help to these questions would be awesome, thanks.