Scotiabank American Express Card Review



Annual Fee


Annual Rewards

7,000 points

Intro Offer


Annual fee


Annual rewards

7,000 points

Intro offer


  • 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


  • 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)

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The Scotiabank American Express Card has earned a 4.40 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).




Interest rates




The highest scoring categories for the Scotiabank American Express Card are fees and rewards.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the Scotiabank American Express Card the most important factors for scoring this card are its fees and rewards.


With the Scotiabank American Express Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills1 point
Pharmacy1 point
Gas2 points
Groceries2 points
Restaurants2 points
Specific Stores3 points
Travel1 point
All Other Spend1 point

Calculating your annual rewards

We estimate that spending $2,000 per month with the Scotiabank American Express Card would earn $372 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Specific Stores$36
All Other Spend$120

Our study investigating the value found that each dollar spent on the Scotiabank American Express Card is worth up to $0.01, depending on how you redeem.

This $372 in rewards value puts the Scotiabank American Express Card in the top 40% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the Scotiabank American Express Card earns $372 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

SpendThis CardAverage
Above, we’ve calculated the earn rate for the Scotiabank American Express Card for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$372
Apply to statement credit$260
Gift cards$275
Grocery rewards$372
Restaurant rewards$372
Movie rewards$372
Apple / BestBuy$286

For an annual spend of $24,000, we estimated annual rewards value at up to $372.

That’s equivalent to a 1.55% return on spending.

The Scotiabank American Express Card has an annual fee of $0. After deducting this, we predicted net annual rewards of $372.

This puts it in the top 30% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.


The Scotiabank American Express Card has a $0 annual fee.

The average card charges $85. So, the Scotiabank American Express Card is in the bottom 50% of cards based on the cost of the annual fee.


We manually review the perks of each credit card to determine how they compare to other cards.

The Scotiabank American Express Card scored a 1.8 out of 5 for perks, putting it in the top 40% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Cash Advance22.99%
Balance Transfer22.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the Scotiabank American Express Card charges 1% more than the average.

For cash advances it costs 22.99% compared to the average of 19.96%.

Testing the Scotiabank American Express Card with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Mobile Phone Insurance$500$1,000

We scored it 2.2 out of 5 for insurance.

It offers 3 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score760 – 900
Personal Income$12,000
Household Income$0
Annual Fee$0
Extra Card Fee$0
Card typeAMEX

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 760 to qualify for the Scotiabank American Express Card, while the average card requires 652 to qualify.

This puts it in the top top 10% of cards by approval difficulty.

The personal income requirements are $12,000, while the average card requires $23,896.

This puts it in the top 40% of cards by the income required to qualify.

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.


  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.
  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.
  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.
  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.


  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.
  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.


With the Scotiabank American Express Card, you can redeem your points for a variety of options through the Scotia Rewards program. The options include:

  • Travel Rewards: Book flights, hotels, car rentals, cruises, and vacation packages.
  • Travel Flexibility: Use points to offset the cost of taxes and fees on your travel bookings, or apply points directly towards your travel statement credit.
  • Merchandise: Choose from a wide range of products including electronics, home appliances, fashion, and more.
  • Gift Cards: Redeem points for gift cards from popular retailers, restaurants, and entertainment providers.
  • Apple and Best Buy Catalogues: Redeem points for products available in the exclusive Apple and Best Buy catalogues within the Scotia Rewards program.
  • Scotia Rewards Experiences and Events: Use points for access to unique experiences and special events, such as concerts, theatre tickets, and culinary experiences.
  • Charitable Donations: Contribute your points as a charitable donation to select registered charities.

The Scotiabank American Express Card comes with a foreign transaction fee of 2.5% on any purchases made abroad or in foreign currencies. This fee is applied in addition to the converted purchase amount in Canadian dollars.

For example, if a cardholder makes a purchase in U.S. dollars using this card, the transaction will be converted to Canadian dollars at the exchange rate on the date the transaction is posted to the account, and then a 2.5% fee on that converted amount will be applied.

The Scotiabank American Express Card does not have a minimum income requirement, making it accessible to a wide range of applicants.

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

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