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Scotiabank Gold American Express Card Review

Aug. 3, 2020
3 mins
A woman uses the point of sale terminal to pay for her drink at a cafe

The Scotiabank®* Gold American Express® Card won two major categories at the RATESDOTCA Best of Finance Awards 2020:

It topped the charts for its excellent rewards program, general flexibility for earning and redeeming points, and the first-year value.

Not only that, but this card is the best of both worlds, featuring top perks and benefits from Scotiabank and American Express. Cardholders earn flexible Scotia Rewards points, and enjoy the advantages AMEX cards are so well known for like advance ticket sales and unique experiences.

Card details
Credit card Great features Annual fee First-year value
Scotiabank®* Gold American Express® Card
  • FlexibleScotia Rewards redeemable for travel or statement credits
  • Travel insurance, no foreign transaction fees

$120

$874

Scotiabank®* Gold American Express® Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$400
+ Annual rewards
$744
- Annual fee (First Year Waived)
$0
Total first year value
$1144
Scotiabank®* Gold American Express® Card

card image
Welcome bonus
$400
Scotia Scene+ Points
Annual rewards
$744
Scotia Scene+ Points
Annual fees:
$120 (First Year Waived)
Interest rates:
19.99% on purchases • 22.99% on cash advances
2022 Winner – Best No Foreign Transaction Fees Credit Card for Long Stay Travellers and Best Credit Card for Staying Home and Ordering In
Strong travel perks and 0% foreign transaction fees compliment great reward value
Details at a glance Collapse details
Welcome bonus
$400
Annual rewards
$744
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$400
+ Annual rewards
$744
- Annual fee (First Year Waived)
$0
Total first year value
$1144
Annual fees:
$120 (First Year Waived)
Interest rates:
19.99% on purchases
22.99% on cash advances
2022 Winner – Best No Foreign Transaction Fees Credit Card for Long Stay Travellers and Best Credit Card for Staying Home and Ordering In
Strong travel perks and 0% foreign transaction fees compliment great reward value
Details at a glance Collapse details

For a limited time, the Scotiabank®* Gold American Express® Card is offering new cardmembers 25,000 bonus Scotia Rewards points when they spend at least $1,000 in purchases in the first three months.

This card offers Scotia Rewards points on everyday items and services, a full suite of travel insurance, and no foreign transaction fees on purchases made abroad or online at foreign merchants. This handy feature can save cardholders 1.5% to 3% in fees and offers convenience when travelling.

According to our Best of Finance methodology, the average Canadian will earn $874 in Scotia Rewards in the first year.

Credit score requirement for approval:

Good: You’ve had a credit card or loan for at least six years. You’ve had good credit for the last seven years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). You haven’t opened a new credit card account, loan, or line of credit in the last nine months. You’ve made the minimum payments on my existing credit cards for the past three months.

Annual fee:

$120

Each supplementary card has a $29 annual fee.

Limited time offer/bonus:

  • Earn 25,000 Scotia Rewards points when you make at least $1,000 in purchases in the first three months of opening the account.

Offer expiry date: November 1, 2020

Rewards:

  • Earn five Scotia Rewards points per dollar you spend on grocery, restaurant, fast food, food delivery and food subscription purchases, as well as entertainment, including movies and event tickets.
  • Earn three Scotia Rewards points per dollar you spend on gas and daily transit, including public transportation and rideshare services. Plus, earn three Scotia Rewards points per dollar on select streaming services.
  • Earn one Scotia Rewards point everywhere else you shop.

Earning potential:

How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.

Rewards earned over a 12-month period = 99,400 Scotia Rewards
Monetary value = $994
Annual fee = $120
Total earned over the first year (rewards minus annual fee) = $874

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You can redeem your points for:

  • Travel
  • Experiences
  • Merchandise
  • Gift cards
  • Statement credits
  • Converted to SCENE points

Insurance:

  • Travel emergency medical insurance
  • Trip cancellation/trip interruption insurance
  • Flight delay insurance
  • Delayed and lost baggage insurance
  • Travel accident insurance
  • Rental car collision loss/damage insurance
  • Hotel/motel burglary insurance
  • Purchase security
  • Extended warranty
  • Scotia Credit Card Protection (optional)

Other perks:

  • Enjoy all that American Express Invites offers, including exclusive access to events, presale tickets, and deals.
  • Get the Best Price Guarantee on airfare when you use the Scotia Rewards Travel Service.
  • Enjoy no foreign transaction fees on online purchases as well as abroad.
  • Save time with the help of the 24/7 complimentary concierge service.
  • Receive a preferred discount on the Priority Pass membership and access airport lounges worldwide.

Rates, product information, and rewards estimates are subject to change at any time and do not constitute financial advice. Information in this article is accurate as of the date of this posting, August 3, 2020.

Hayley Vesh

Hayley Vesh is an editor and writer in the personal finance space, where she uses her eight years of media and marketing experience to bring content to life. She specializes in money products, including mortgages, home and auto insurance, and credit cards. Hayley holds a Broadcast Journalism diploma from Sheridan College and was awarded the Shaw Media Journalism and Media Award for graduating at the top of her class. Her work has appeared in Global News and diverse digital corporate training materials behind the scenes.

Hayley is passionate about making complex subjects, such as home buying and financial literacy, concise and intriguing. Her work has garnered media coverage from The Globe and Mail, blogTO, Yahoo! News, and CityNews 680 and has been syndicated across other publications.

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