Scotiabank American Express Card Review

4.85

$0.00

Annual Fee

$348.00

Annual Rewards

7,000 points

Intro Offer

$0.00

Annual fee

$348.00

Annual rewards

7,000 points

Intro offer


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:

Gas2 points
Groceries2 points
Restaurants / Delivery2 points
Specific Stores3 points
All Other Spend1 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 methodAnnual 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 Score760 – 900
Personal Income$12,000.00
Interest Rates
Purchase20.9%
Cash Advance22.9%
Balance Transfer22.9%
Fees
Extra Card Fee$0
Card typeAMEX

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Mobile Phone Insurance500

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

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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