Scotiabank Gold American Express Review



Annual Fee


Annual Rewards

40,000 points

Intro Offer


Annual fee


Annual rewards

40,000 points

Intro offer


  • 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


  • $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)

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).




Interest rates




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.


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

Bills1 point
Pharmacy1 point
Gas3 points
Groceries5 points
Restaurants5 points
Specific Stores6 points
Travel1 point
All Other Spend1 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:

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.

SpendThis CardAverage
Above, we’ve calculated the earn rate for the Scotiabank Gold American Express for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual 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.


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.


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

Cash Advance22.99%
Balance Transfer22.99%

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

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Travel Accident$500,000$500,000
Emergency Medical Term25 days15 days
Emergency Medical over 653 days4 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 & DamageYesNo
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 Score725 – 759
Personal Income$12,000
Household Income$0
Annual Fee$120
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 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.


  1. 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.
  2. 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.
  3. 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.
  4. 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.


  1. 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.
  2. 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.


The Scotiabank Gold American Express credit card allows cardholders to redeem their points for a variety of rewards. There are multiple redemption options available, including:

  • Travel Rewards: You can redeem points for flights, hotels, cruises, car rentals, vacation packages and more through the Scotia Rewards Travel Service.
  • Merchandise: A wide selection of brand-name merchandise, including electronics, kitchen gadgets, fashion accessories, and home appliances, can be redeemed with your points in the Scotia Rewards catalogue.
  • Gift Cards: Choose from an extensive variety of popular retailers, dining, and entertainment gift cards available in the Scotia Rewards catalogue.
  • Statement Credits: Apply your points as a credit to your account, thereby reducing your outstanding balance. This can be done in the form of a purchase or travel credit.
  • Convert Points: Scotiabank Gold American Express cardholders have the option to convert their points to SCENE points, which can be redeemed for movie tickets, snacks, and other entertainment options at participating Cineplex theatres.
  • Charitable Donations: Finally, if you wish to support a good cause with your rewards, you can choose to donate your points to select charitable organizations.

These various redemption options provide flexibility and value for cardholders looking to make the most of the points they earn with the Scotiabank Gold American Express credit card.

The Scotiabank Gold American Express credit card offers a significant advantage when it comes to foreign transaction fees. While most credit cards charge a fee of 2.5% on transactions made in a foreign currency, the Scotiabank Gold American Express card eliminates this fee altogether.

This means cardholders can make purchases in any foreign currency without worrying about incurring additional charges on top of the exchange rate.

The Scotiabank Gold American Express credit card has a minimum income requirement of $12,000 for Canadian residents. This is an attainable requirement for most applicants, allowing a broader range of individuals to access this credit card’s benefits.

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

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