Scotiabank American Express Card Review
Pros
- Earn 5,000 welcome bonus points upon first purchase
- Competitive reward points earning rate (1 point per $1 spent)
- No annual fee
- Flexible travel redemption with no blackout dates or restrictions
- Access to American Express Invites for exclusive events
- Eligibility for balance transfer at 7.99% interest during introductory period
Cons
- Not all merchants accept American Express cards
- Limited travel insurance compared to other premium cards
- No travel rewards multipliers or accelerated earning rates
- Lower welcome bonus compared to other travel rewards credit cards
- Introductory balance transfer rate increases after 6 months
- Lacks some additional benefits of premium credit cards (e.g. airport lounge access, concierge service)
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With Scotiabank American Express Card, here’s how you earn rewards:
| Gas | 2 points |
| Groceries | 2 points |
| Restaurants / Delivery | 2 points |
| Specific Stores | 3 points |
| All Other Spend | 1 point |
How much your rewards are worth
The dollar value of your rewards depends on the specific ScotiaBank rewards program and what you choose to redeem your points for.
For Scotiabank American Express Card in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Redeem for travel | $348.00 |
| Apply to statement credit | $243.60 |
| Gift cards | $257.52 |
| Grocery rewards | $348.00 |
| Restaurant rewards | $348.00 |
| Movie rewards | $348.00 |
| Apple / BestBuy | $267.96 |
Calculating your annual rewards
$24,000.00 annual spending x $1.45% return on spending = $348.00 annual rewards
$348.00 annual rewards – $0.00 annual fee = $$348.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 760 – 900 |
| Personal Income | $12,000.00 |
| Interest Rates | |
|---|---|
| Purchase | 20.9% |
| Cash Advance | 22.9% |
| Balance Transfer | 22.9% |
| Fees | |
|---|---|
| Extra Card Fee | $0 |
| Card type | AMEX |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Mobile Phone Insurance | 500 |
Scotiabank American Express Card Review
The Scotiabank American Express Card is a popular choice for Canadian credit card holders who value convenience and rewards. This article will look into the earning potential of this card, discuss four key benefits, outline two potential drawbacks, and present additional information to help you decide if this is the right card for you.
Earning Potential:
With the Scotiabank American Express Card, you earn Scotia Rewards points on your purchases. The earning potential is as follows:
- 2 Scotia Rewards points per $1 spent on eligible dining, entertainment, grocery, and daily transit purchases.
- 1 Scotia Rewards point per $1 spent on all other eligible purchases.
Benefit 1: Travel Benefits
The first major advantage of this card is the suite of travel benefits. Cardholders have access to travel support services through American Express Travel Services, along with comprehensive travel insurance.
Benefit 2: Flexible Rewards Redemption
The second major advantage is Scotia Rewards’ flexible redemption options. You can redeem points for travel, merchandise, gift cards, and even statement credits. This flexibility ensures that you can make the most of your rewards.
Benefit 3: No Foreign Transaction Fees on Purchases
The third major advantage is this card does not charge any foreign transaction fees on purchases, which can save you money on international purchases or online shopping on foreign websites.
Benefit 4: Special Experiences and Offers
The fourth major advantage is access to special experiences and offers by American Express Invites, which includes advance movie screenings, concerts, curated dining experiences, and other exclusive event invitations.
Drawback 1: Annual Fee
A significant drawback is the $120 annual fee. While some may find the rewards and benefits offset this cost, it’s essential to consider if the card’s perks are worth the fee for your spending habits.
Drawback 2: Limited American Express Acceptance
Another potential drawback is that American Express acceptance is not as widespread as Visa or Mastercard in Canada. You may encounter situations where you cannot use this credit card, limiting your earning potential.
Additional Information:
While carrying a Scotiabank American Express Card can help consolidate your various rewards into one convenient Rewards program, you must weigh the pros and cons according to your specific financial situation, needs, and spending habits. This will enable you to make an informed decision on whether this card is right for you.
Is the Scotiabank American Express Card not convincing you? Consider the Scotiabank L’earn Visa Card or the Scotiabank American Express Platinum Card. Still not the right credit card? Make sure not to miss the Scotiabank Momentum Mastercard Credit Card.
FAQ
Key benefits
- 5,000 bonus points awarded with initial transaction
- Earn rate of 1 reward point for each dollar spent
- Zero dollar annual membership fee
- Travel rewards with redemption flexibility and zero restrictions
- Exclusive access to American Express Invites special events
- 7.99% introductory interest rate for qualified balance transfers
- Expanding merchant acceptance network for American Express
- Basic travel insurance coverage for peace of mind
- Single-tier reward system with straightforward earning potential
- Entry-level welcome bonus compared to competing cards
- Balance transfer rate subject to increase post-introductory period
- Excludes luxury features such as lounge amenities and personalized assistance
