Scotiabank American Express Platinum Card Review
Pros
- Comprehensive rewards program
- Extensive travel insurance coverage
- Flexible point redemption options
- Comprehensive concierge service
- No foreign transaction fees
- Access to airport lounges
Cons
- High annual fee
- American Express acceptance is not as widespread
- High credit score requirement
- No introductory promotions or bonuses
- No cashback option for rewards
- Limited additional benefits compared to some competitors
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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 Platinum Card has earned a 4.76 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).
3.5
Rewards
0.4
Fees
3.5
Perks
5.0
Interest rates
4.2
Insurance
4.0
Acceptance
2.5
Approval
The highest scoring categories for the Scotiabank American Express Platinum Card are interest and insurance.
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 Platinum Card the most important factors for scoring this card are its interest and insurance.
Rewards
With the Scotiabank American Express Platinum Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:
| Bills | 2 points |
| Pharmacy | 2 points |
| Gas | 2 points |
| Groceries | 2 points |
| Restaurants | 2 points |
| Specific Stores | 2 points |
| Travel | 2 points |
| All Other Spend | 2 points |
Calculating your annual rewards
We estimate that spending $2,000 per month with the Scotiabank American Express Platinum Card would earn $480 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:
| All Other Spend | $480 |
Our study investigating the value found that each dollar spent on the Scotiabank American Express Platinum Card is worth up to $0.01, depending on how you redeem.
This $480 in rewards value puts the Scotiabank American Express Platinum Card in the top 30% 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 Platinum Card earns $480 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.
| Spend | This Card | Average |
|---|---|---|
| Bills | 2.00% | 1.25% |
| Pharmacy | 2.00% | 1.17% |
| Gas | 2.00% | 1.48% |
| Groceries | 2.00% | 1.71% |
| Restaurant | 2.00% | 1.53% |
| Store | 2.00% | 1.94% |
| Travel | 2.00% | 1.19% |
| Other | 2.00% | 1.08% |
| Redemption method | Annual rewards |
|---|---|
| Redeem for travel | $480 |
| Apply to statement credit | $336 |
| Gift cards | $355 |
| Grocery rewards | $480 |
| Restaurant rewards | $480 |
| Movie rewards | $480 |
| Apple / BestBuy | $370 |
For an annual spend of $24,000, we estimated annual rewards value at up to $480.
That’s equivalent to a 2.00% return on spending.
The Scotiabank American Express Platinum Card has an annual fee of $399. After deducting this, we predicted net annual rewards of $81.
This puts it in the bottom 30% of credit cards for net rewards after fees.
In comparison, the average card earns net annual rewards of $254.
Fees
The Scotiabank American Express Platinum Card has a $399 annual fee.
The average card charges $85. So, the Scotiabank American Express Platinum Card is in the top 10% of cards based on the cost of the annual fee.
Perks
We manually review the perks of each credit card to determine how they compare to other cards.
The Scotiabank American Express Platinum Card scored a 3.5 out of 5 for perks, putting it in the top 10% of cards.
The average card scores 1.6 out of 5 for perks.
Interest Rates
| Purchase | 9.99% |
| Cash Advance | 9.99% |
| Balance Transfer | 9.99% |
The average (median) credit card has a purchase interest rate of 19.99% and so the Scotiabank American Express Platinum Card charges 10% less than the average.
For cash advances it costs 9.99% compared to the average of 19.96%.
Testing the Scotiabank American Express Platinum Card with a $2,000 starting balance, you can see in the graph how the 10% less in interest rates impacts the interest over a year, compared to the average card.
Insurance coverage
| Insurance | This Card | Average |
|---|---|---|
| Extended Warranty | 2 years | 1 year |
| Purchase Protection | 120 days | 90 days |
| Travel Accident | $500,000 | $500,000 |
| Emergency Medical Term | 31 days | 15 days |
| Emergency Medical over 65 | 10 days | 4 days |
| Trip Cancellation | $2,500 | $1,500 |
| Trip Interruption | $5,000 | $2,000 |
| Flight Delay | $1,000 | $500 |
| Baggage Delay | $1,000 | $500 |
| Lost or Stolen Baggage | $1,000 | $1,000 |
| Rental Car Theft & Damage | Yes | No |
| Hotel Burglary | $1,000 | $1,000 |
| Mobile Phone Insurance | $1,000 | $1,000 |
We scored it 4.2 out of 5 for insurance.
It offers 13 types of insurance, whereas the average card has 5 types of coverage.
Approval and qualifying
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 760 – 900 |
| Personal Income | $12,000 |
| Household Income | $0 |
| Fees | |
|---|---|
| Annual Fee | $399 |
| Extra Card Fee | $0 |
| Card type | AMEX |
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 Platinum 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 Platinum Card is an excellent option for those who seek a premium credit card with solid earning potential and a wealth of benefits.
This card review will cover the earning potential, four significant benefits, and two drawbacks of the Scotiabank American Express Platinum Card, as well as additional information for prospective cardholders.
Earning potential
This credit card earns Scotia Rewards points for every dollar spent. Cardholders receive 4 points per $1 spent on eligible gas stations, grocery stores, dining, and entertainment purchases.
They also earn 1 point per $1 on all other eligible purchases. These points can be redeemed for a variety of rewards, such as travel, merchandise, gift cards, and statement credit.
Benefits
- Comprehensive Travel Insurance: One of the primary advantages of the Scotiabank American Express Platinum Card is the comprehensive suite of travel insurance coverage it offers.
This includes travel emergency medical insurance, trip cancellation/interruption insurance, travel accident protection, and more. This can provide valuable peace of mind when traveling. - 4x Points on Travel Purchases: This card also offers exceptional rewards for frequent travelers through its 4x points bonus on travel purchases. This makes it an excellent fit for individuals who often spend on airline tickets, hotel stays, car rentals, cruises, and other travel expenses.
Additionally, cardholders can enjoy a flexible redemption process with no restrictions on airlines or seat availability. - 24/7 Concierge Service: The concierge service provided with the Scotiabank American Express Platinum Card is another great benefit. This 24/7 service can assist cardholders with travel bookings, event ticket purchases, dining reservations, and a range of other personal requests.
- Premium Travel Privileges: The various premium privileges that come with the card, such as complimentary airport lounge access and hotel upgrades, provide an elevated travel experience for cardholders.
Drawbacks
- High Annual Fee: The first significant drawback of the Scotiabank American Express Platinum Card is its annual fee of $399. Although not uncommon for a premium credit card with a range of benefits, this fee may be a barrier for some potential cardholders.
- Limited Merchant Acceptance: The second drawback is that American Express is not as widely accepted as other credit card networks, such as Visa or Mastercard. This limited acceptance may restrict cardholders from maximizing the rewards potential in certain retail environments.
Additional information
New cardholders can take advantage of a welcome offer, which typically includes bonus points upon meeting a minimum spending requirement within the promo period. Additionally, the Scotiabank credit card mobile app allows users to easily track and redeem points and access exclusive American Express offers.
In conclusion, the Scotiabank American Express Platinum Card is a great choice for individuals looking for a premium credit card with solid earning potential, especially for travel. Its comprehensive travel insurance coverage, travel rewards, concierge service, and premium travel benefits make it highly attractive.
However, potential cardholders need to weigh the value of the included benefits against the $399 annual fee and the limited acceptance of American Express.
Interested in other credit cards? Canadians that like the Scotiabank American Express Platinum Card credit card also like the Scotiabank American Express Card. If you’re looking for other options you should consider the Scotiabank Momentum Mastercard Credit Card, and the Scotiabank Gold American Express Card.
FAQ
Key benefits
- 30,000 Scotia Rewards points sign-up bonus
- 4 points per dollar on eligible purchases
- 1 point per dollar on other purchases
- $399 annual fee
- 19.99% interest on purchases
- 22.99% interest on balance transfers and cash advances
- 11 included travel insurance coverages
- Platinum Concierge
- Priority Pass lounge access membership with 10 free visits annually
- 99% foreign exchange markup waiver
