Scotiabank Gold American Express Review 2021
While it may come with a name that makes it sound like it is exclusive to our friends to the south of the border, the Scotiabank Gold American Express is a credit card with plenty of perks for Canadians.
From unique travel benefits to an enticing rewards program to the ability to save on foreign transaction fees, the Scotiabank Gold American Express makes a name for itself on the Canadian credit card market. But how does this card stack up against its counterparts?
Finding the right credit card for your needs and lifestyle is tricky. We hope that this Scotiabank Gold American Express Card review will bring some clarity to the selection process for your new piece of plastic. After all, your next credit card has the honor of gracing your wallet!
Scotiabank Gold American Express Review: Overview
While American Express has nothing short of an omnipresence among our American neighbors, for the most part, it is less frequent on Canadian soil.
That was true, at least, before the implementation of the Scotiabank Gold American Express card, which has been quickly gaining the reputation of being a standout choice among credit cards in Canada.
This recommendation mostly comes as a result of the card’s versatile rewards system and international flexibility.
Unlike many rewards credit cards, where the rewards are often in the form of cashback and calculated on a percentage basis, the Scotiabank Gold American Express offers its users a points system that varies based on the spending category.
For example, cardholders can use their card to pay for certain food and grocery purchases, which will earn 5 Scotia reward points for every dollar spent.
Cardholders who use it for gas and other household purchases will earn 3 Scotia reward points. All other purchases will earn 1 point per dollar spent.
The Scotiabank Gold Amex card also offers its users a relatively simple process for redeeming their rewards, with popular choices including gift cards, electronics, statement credits, travel expenses, and of course, Scotiabank’s very own SCENE points program.
Sign-Up Process and Sign-Up Requirements
The Scotia Gold Amex comes with a long laundry list of customer benefits. That said, it will probably come as no surprise to most that it has some pretty strict qualifying requirements.
Firstly, applicants will have to boast not a good nor a great but an excellent credit score of at least 760.
However, the minimum personal income required is $12,000, making it much more accessible than many cashback credit cards that require a $60,000 income to qualify.
You can apply for a Scotiabank Gold American Express online through Scotiabank’s website.
Once there, you will need to accept the terms and conditions and submit a series of personal details, including your Social Insurance Number (SIN).
For a limited time, all new Scotiabank Gold American Express cardholders will earn 25,000 bonus Scotia rewards at the time of account opening. If you want to know whether or not to pull the trigger and apply, now might be the time.
Key Card Features
We explained a bit about this card’s points system a bit earlier on, but allow us to harp on it a little further.Unmatched Rewards System
The Scotiabank Rewards program’s rewards system structure works like this:
There is no expiry on Scotia Rewards points. However, if an account holder is no longer in good standing, the customer will no longer have access to their points.
Points also cannot be earned on balance transfers, returns, refunds, interest payments, cash advances, and more.Flexible Travel Rewards
While there are several categories where a cardholder can redeem their reward points, customers can redeem them for travel-related activities.
Included under this umbrella is access to airport lounges, hotel upgrades and bookings, vacation packages, cruises, or car rentals. While this is not explicitly a travel credit card, the diversity of these redeemable options is nothing to ignore.
In addition to the card’s basic features, it also includes 24/7 concierge services and comprehensive trip insurance.Save on Foreign Exchange Fees
Due to its roots in the United States, this Amex card does not charge its users any foreign transaction fees. This feature is a major advantage for those who often travel, be it for business or pleasure, and make many purchases in a currency foreign to their own.Access to American Express Invites and Scotia Rewards Travel Advantage
The Scotiabank Gold American card offers its customers access to American Express Invites, an exclusive service that allows access to ticket presales and reserved seating for certain events.
The Scotia Rewards Travel Advantage offers its members a price guarantee on air travel, as well as certain discounts on cruises, hotels, and car rentals.
Scotiabank Gold American Express Pros & Cons
Pros: The Good Stuff
Three categories (entertainment, restaurants, and groceries) earn the highest number of points per dollar spent (5)
Low personal income requirement ($12,000)
A generous bonus of 25,000 points after signing up (provided you charge at least $1,000 to the card within the first three months of using it)
Access to special perks for Amex holders
Comprehensive travel insurance options
Cons: The Not So Good Stuff
You may find that your American Express credit card is not an acceptable method of payment at fewer places in Canada than in the United States
Annual fee of $120
Less enticing for those who do not travel internationally often
Requires a high credit score to qualify
Our Final Thoughts
All things considered, this card has unique options and is quite underrated in the potential benefits that it can offer a good number of Canadians. This sentiment is especially true for those who find themselves making frequent purchases on the other side of the border.
If you're considering the addition of the Scotiabank Gold American Express to your credit card family, then this is likely a suitable option for you.
Frequently Asked Questions
The Scotiabank Gold American Express credit card has a wide variety of perks, which means its ideal audience is quite broad.
However, its ideal customer will probably spend a considerable amount of time across the border so that they can reap all of the benefits of having zero foreign exchange fees.
This benefit complements the fact that this card is a good travel credit card in general, offering essential benefits like travel insurance and luxury benefits like concierge services.
Even if you do not often find yourself in a foreign country, the card may be worth your while thanks to its robust points system, covering a wide range of everyday categories such as groceries and gas.
One of the best things about the Scotiabank Gold American Express is its wide insurance offering!
To name a few of the insurance types that this card offers: travel emergency medical insurance that can last up to 25 days, flight delay insurance that can cover up to 75% of the full ticket price delayed and lost baggage insurance that can cover the full cost of your trip tickets, travel accident insurance that can cover up to 75% of your card cost, trip cancellation that covers up to 75% of your ticket cost, and rental car collision or damage insurance.
Also included are insurance against hotel burglaries, as well as a 90 day extended warranty protection.
While having a bank account with Scotiabank may make it easier to get approved, it is not a requirement.
While you are most likely to have a credit card from your home bank, it is certainly possible to have more than one credit card from more than one different bank.
However, there is one important caveat to note regarding the Scotiabank Gold American Express. If you plan to convert your Scotiabank rewards into SCENE points, you will need to have already an account that collects SCENE points and is in good standing.
You do not need to be a customer with Scotiabank to have a SCENE points card.