Scotiabank Gold American Express Review
Pros
- 5x points on eligible grocery, dining, and entertainment purchases
- 3x points on eligible gas, public transit, and streaming services
- Flexible redemption options (travel, merchandise, gift cards, statement credit)
- No foreign transaction fees
- Comprehensive travel insurance
- Access to airport lounges
- Concierge service
Cons
- $120 annual fee
- American Express cards not as widely accepted
- No dedicated rewards program (part of Scotia Rewards)
- Minimum credit score required
- High interest rate on purchases (19.99%)
- Limited interest-free grace period (21 days)
Editorial Note: DollarWise may earn a commission on sales made from partner links on this page.
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 Gold American Express has earned a 4.67 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).
4.7
Rewards
1.7
Fees
2.6
Perks
2.5
Interest rates
4.6
Insurance
4.0
Acceptance
2.5
Approval
The highest scoring categories for the Scotiabank Gold American Express are rewards 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 Gold American Express the most important factors for scoring this card are its rewards and insurance.
Rewards
With the Scotiabank Gold American Express, here’s the rates at which you earn rewards for different spending categories per dollar you spend:
| Bills | 1 point |
| Pharmacy | 1 point |
| Gas | 3 points |
| Groceries | 5 points |
| Restaurants | 5 points |
| Specific Stores | 6 points |
| Travel | 1 point |
| All Other Spend | 1 point |
Calculating your annual rewards
We estimate that spending $2,000 per month with the Scotiabank Gold American Express would earn $684 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:
| Gas | $72 |
| Groceries | $300 |
| Restaurants | $120 |
| Specific Stores | $72 |
| All Other Spend | $120 |
Our study investigating the value found that each dollar spent on the Scotiabank Gold American Express is worth up to $0.01, depending on how you redeem.
This $684 in rewards value puts the Scotiabank Gold American Express in the top 10% 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 Gold American Express earns $684 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 | 1.00% | 1.25% |
| Pharmacy | 1.00% | 1.17% |
| Gas | 3.00% | 1.48% |
| Groceries | 5.00% | 1.71% |
| Restaurant | 5.00% | 1.53% |
| Store | 6.00% | 1.94% |
| Travel | 1.00% | 1.19% |
| Other | 1.00% | 1.08% |
| Redemption method | Annual rewards |
|---|---|
| Redeem for travel | $684 |
| Apply to statement credit | $479 |
| Gift cards | $506 |
| Grocery rewards | $684 |
| Restaurant rewards | $684 |
| Movie rewards | $684 |
| Apple / BestBuy | $527 |
For an annual spend of $24,000, we estimated annual rewards value at up to $684.
That’s equivalent to a 2.85% return on spending.
The Scotiabank Gold American Express has an annual fee of $120. After deducting this, we predicted net annual rewards of $564.
This puts it in the top 10% of credit cards for net rewards after fees.
In comparison, the average card earns net annual rewards of $254.
Fees
The Scotiabank Gold American Express has a $120 annual fee.
The average card charges $85. So, the Scotiabank Gold American Express is in the top 30% 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 Gold American Express scored a 2.6 out of 5 for perks, putting it in the top 20% of cards.
The average card scores 1.6 out of 5 for perks.
Interest Rates
| Purchase | 20.99% |
| Cash Advance | 22.99% |
| Balance Transfer | 22.99% |
The average (median) credit card has a purchase interest rate of 19.99% and so the Scotiabank Gold American Express charges 1% more than the average.
For cash advances it costs 22.99% compared to the average of 19.96%.
Testing the Scotiabank Gold American Express 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
| Insurance | This Card | Average |
|---|---|---|
| Extended Warranty | 1 year | 1 year |
| Purchase Protection | 90 days | 90 days |
| Travel Accident | $500,000 | $500,000 |
| Emergency Medical Term | 25 days | 15 days |
| Emergency Medical over 65 | 3 days | 4 days |
| Trip Cancellation | $1,500 | $1,500 |
| Trip Interruption | $1,500 | $2,000 |
| Flight Delay | $500 | $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 4.6 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 | 725 – 759 |
| Personal Income | $12,000 |
| Household Income | $0 |
| Fees | |
|---|---|
| Annual Fee | $120 |
| 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 725 to qualify for the Scotiabank Gold American Express, while the average card requires 652 to qualify.
This puts it in the top top 50% 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 Gold American Express credit card offers a robust rewards program and valuable benefits that appeal to a wide range of users. We’ve thoroughly analyzed its earning potential, benefits, and drawbacks to help you determine if it’s the right card for your needs.
Earning potential
With the Scotiabank Gold American Express card, you can earn Scotia Rewards points on all purchases.
You’ll receive 5 points per dollar spent on eligible grocery, dining, and entertainment purchases, 3 points per dollar spent on eligible gas, public transit, rideshare, and streaming services purchases, and 1 point per dollar spent on all other purchases.
This tiered reward structure makes it an excellent choice for those who spend heavily in these categories.
Benefits
- Comprehensive Travel Insurance: A major advantage of this card is the comprehensive travel insurance coverage it provides, including travel emergency medical insurance, trip cancellation and interruption insurance, flight delay insurance, baggage loss and delay insurance, and more. This can offer peace of mind for frequent travelers.
- Generous Sign-up Bonus: Another significant benefit is the strong sign-up bonus offered to new cardholders. At the time of writing, new cardholders can earn up to 20,000 bonus points after spending $1,000 within the first three months. This can be a valuable motivation to choose this card over others.
- No Foreign Transaction Fees: An added advantage is the no foreign transaction fee on purchases.
Many credit cards charge a fee of around 2.5% on purchases made in foreign currencies, but with the Scotiabank Gold American Express card, you’ll save on those extra fees when making purchases abroad or online with international retailers. - Exclusive Event Access: Enjoy exclusive access to popular events and experiences through the American Express Invites program, which includes presale tickets, reserved seating, and special offers for concerts, sporting events, dining experiences, and more.
Drawbacks
- High Annual Fee: A significant drawback of this card is the annual fee of $120. While the benefits may outweigh the cost for many users, it’s essential to consider whether the card’s features will provide enough value to justify the fee.
- Limited Merchant Acceptance: Another potential drawback is the limited acceptance of American Express cards at some merchants. While this is becoming less of an issue over time, it’s still essential to have a back-up payment option for instances where American Express is not accepted.
Additional information
In conclusion, the Scotiabank Gold American Express card offers a competitive rewards structure, valuable travel benefits, and appealing perks. While there are certain drawbacks like the annual fee and acceptance limitations, the card’s advantages may still prove worthwhile for many users.
As with any financial product, carefully evaluate your spending habits and preferences to determine if this card is right for you.
Not the right fit? You could consider the Scotiabank Value Visa Card. Or, if you’re looking for other options check out the Scotia Momentum Visa Card, and the Scotiabank Scene Visa Card.
FAQ
Key benefits
- Earn up to 20,000 bonus Scotia Rewards points (offer expiry varies)
- 1 point per $1 spent on all other eligible purchases
- Points never expire as long as the account remains open
- 0% intro APR for purchases during the first six months (then 19.99%)
- Dedicated travel portal (Scotia Rewards Travel Service)
- $50 fee for each additional authorized user
- Emergency medical insurance (up to $1 million in coverage)
- Trip cancellation/trip interruption insurance
- Flight delay and lost baggage insurance
- Rental car collision/loss damage insurance
- Hotel/motel burglary insurance
- Purchase security and extended warranty protection
