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)
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 Gold American Express, here’s how you earn rewards:
| Gas | 3 points |
| Groceries | 5 points |
| Restaurants / Delivery | 5 points |
| Specific Stores | 6 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 Gold American Express 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 | $588.00 |
| Apply to statement credit | $411.60 |
| Gift cards | $435.12 |
| Grocery rewards | $588.00 |
| Restaurant rewards | $588.00 |
| Movie rewards | $588.00 |
| Apple / BestBuy | $452.76 |
Calculating your annual rewards
$24,000.00 annual spending x $2.45% return on spending = $588.00 annual rewards
$588.00 annual rewards – $120.00 annual fee = $$468.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 725 – 759 |
| Personal Income | $12,000.00 |
| Interest Rates | |
|---|---|
| Purchase | 20.9% |
| Cash Advance | 22.9% |
| Balance Transfer | 22.9% |
| Fees | |
|---|---|
| Annual Fee | $120.00 |
| Extra Card Fee | $0 |
| Card type | AMEX |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Travel Accident | 500000 |
| Emergency Medical Term | 25 days |
| Emergency Medical over 65 | 3 days |
| Trip Cancellation | 1500 |
| Trip Interruption | 1500 |
| Flight Delay | 500 |
| Baggage Delay | 1000 |
| Lost or Stolen Baggage | 1000 |
| Rental Car Theft & Damage | Yes |
| Hotel Burglary | 1000 |
| Mobile Phone Insurance | 1000 |
Scotiabank Gold American Express Review
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.
Benefit 1: 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.
Benefit 2: 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.
Benefit 3: 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.
Benefit 4: 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.
Drawback 1: 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.
Drawback 2: 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.
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
