American Express (Amex) cards are popular for their exclusive benefits and luxurious features over other operating networks.
The Scotiabank Gold American Express Card is not lagging among the best AMEX cards in Canada due to its competitive features.
In this Scotiabank Gold American Express Card review, I provide a detailed analysis of what the card entails including how it compares with other credit cards in Canada.
Let’s go there!
Overview of Scotiabank Gold American Express Card
For a quick understanding of what the Scotiabank Gold American Express Card entails, below is an overview of the card’s key features.
| Annual fee | $120 |
| Annual percentage rate | 20.99% on purchases 22.99% on cash advances |
| Maximum reward on purchases | 6X Scene+ points on every $1 eligible purchase on restaurants, grocery, drinking, fast food, and entertainment |
| Sign-up bonus | 45,000 Scene+ points for the first year of card membership |
| Foreign transaction fee | $0 |
| Additional card fee per year | $29 |
| Minimum credit limit | $5,000 |
Let’s now take a detailed view of the Scotiabank Gold American Express Card.
What is the Scotiabank Gold American Express Card?
The Scotiabank Gold American Express Card is one of the best Amex credit cards in Canada offered by Scotiabank which is backed by several awards for its competitive features.
The card offers a competitive sign-up bonus of 45,000 Scene+ points which is worth $450 in value. After the promo, it rewards users with competitive redeemable points upon purchases.
While it has a $120 annual fee with a $12,000 minimum personal annual income requirement, the card allows you to make free foreign transactions.
With exclusive features and comprehensive insurance, the Scotiabank Gold American Express Card could be your best Amex card in Canada.
Key Features of Scotiabank Gold American Express Card
The following is a detailed view of the Scotiabank Gold American Express Card’s key features.
1. Promotions
As a way of giving you the best first-time impression, the card welcomes you with up to 40,000 Scene+ points within your initial year of card membership.
To access this $450-valued sign-up bonus, all you need is to apply for the card by April 30, 2023, and make the following purchases:
- Make eligible everyday purchases of at least $1,000 within your first three months of card membership. This will earn you 20,000 bonus Scene+ points.
- Make eligible everyday purchases of at least $7,500 within your initial year of card membership. This will earn you 20,000 Scene+ points, bringing the total to 40,000 Scene+ points.
2. Rewards
When the promo expires, you will earn the following points with the Scotiabank Gold American Express Card:
| Reward | Requirement |
| 6X Scene+ points | Spend at least $1 on eligible restaurants, grocery, drinking, fast food, and entertainment purchases |
| 5X Scene+ points | Spend a minimum of $1 on qualified entertainment within Canada |
| 3X Scene+ points | Spend $1 on qualified certain streaming services within Canada |
| 3X Scene+ points | Spend at least $1 on eligible daily transit, gas and select streaming services. |
| 1X Scene+ point | Spend a minimum of $1 on every other purchase |
Compared to other Amex cards in Canada, the Scotiabank Gold American Express Card has competitive rewards.
The interesting part is that you can redeem your reward for travel any time you wish.
3. Free Foreign Transactions
On top of competitive rewards, the Scotiabank Gold American Express Card allows you to make free foreign transactions.
This will save you from the standard 2.5% foreign transaction fee that Scotiabank charges on other credit cards.
Paying no foreign transaction fees means saving more on your international purchases, trips and other dealings.
4. Exclusive Benefits
As one of the best Amex cards in Canada, the Scotiabank Gold American Express Card gives you exclusive benefits that aren’t accessible elsewhere.
Below is a highlight of the exclusive benefits available on this card as of the time of writing:
- Amex offers on travel, dining, shopping, and more.
- Access to “Front Of The Line” presale tickets before public disclosure.
- American Express Invites on getaway packages, movies, shopping deals and more.
- Complimentary concierge services (24/7)
- Discount at over 1200 VIP lounges worldwide
With this wide range of exclusive benefits, the Scotiabank Gold American Express Card gives you a luxurious feeling.
5. Insurance Coverage
Credit card insurance helps you offset liabilities related to your card usage. And the Scotiabank Gold American Express Card offers some of the comprehensive collection of insurance you can expect in Canada.
From Travel Emergency Medical Insurance, Flight Delay Insurance and Hotel/Motel Burglary Insurance, to Purchase Security & Extended Warranty, the credit card got you covered on various grounds.
Pros and Cons of Scotiabank Gold American Express Card
From the above review, we can identify the following pros and cons of the Scotiabank Gold American Express.
Pros
- Competitive sign-up bonus
- Competitive rewards
- Free foreign transactions
- Exclusive benefits
- Comprehensive insurance coverage
Cons
- High fees
- Income requirement
Scotiabank Gold American Express Card Fees
Below are some of the current fees associated with the Scotiabank Gold American Express Card.
| Service | Fee |
|---|---|
| Annual fee | $120 |
| Foreign transaction fee | $0 |
| Annual additional card fee | $29 |
| ABM cash advance fee | In and outside Canada = $5, outside Canada = $7.50 |
| Cash advance counter | In Canada = $5, outside Canada = $7.50 |
| Fast card fee | $20 |
| Balance transfer fee | $5 |
| Non-sufficient funds fee | $48 |
| Overlimit fee | $29 |
| Dishonoured payment fee | $48 |
From the above, it’s obvious that the credit card has relatively high fees compared to other Amex cards in Canada.
Notwithstanding, the card is worth checking out considering its competitive features.
Is the Scotiabank Gold American Express Card For You?
The ball is in your court to decide as you now have everything you need to make an informed decision.
Based on the above review, you can’t make the wrong choice with the Scotiabank Gold American Express Card if it meets your needs.
But if the card’s drawbacks are of concern to you, you should consider other options which I discussed at the end of this review.
How to Apply for the Scotiabank Gold American Express Card
Before you can apply for the Scotiabank Gold American Express Card, you must:
- Be a Canadian citizen or permanent resident and reach the age of majority in your province or territory
- Have a minimum of $12,000 personal annual income
- Have a Social Insurance Number (SIN)
- Have no bankruptcy in the last seven years
Are good equal to the requirements? Great! You can now proceed to apply for the time.
If you’re already a Scotiabank customer with online banking, all you need is to log in to your account and apply for the card. If not, follow the following steps to sign-up as a new client:
- Visit the application page through this link
- Click the “Apply now” button
- Click “No” on the pop-up question
- Read the card’s terms and conditions. If you’re comfortable with them, click the “Agree and continue” bottom
- View the card’s rates and fees and click “Accept and continue” if they sound okay for you
- Provide your personal details (full name, DOB, SIN)
- Follow the prompts to complete the application
It’s that simple. All you need now is to wait for your card that will be delivered through the mail.
Scotiabank Gold American Express Card vs Scotiabank American Express Card
If the Scotiabank Gold American Express Card doesn’t suit your needs, the Scotiabank American Express Card could.
Unlike the Scotiabank Gold American Express Card, the Scotiabank American Express Card gives you exclusive benefits of an Amex card with no annual fee and supplementary card fee.
And for your first year of card membership, you will earn up to 12,000 bonus Scene+ points with the Scotiabank American Express Card.
In addition, the Scotiabank American Express Card rewards you with 1 Scene+ point on every other $1 purchase.
With comprehensive insurance and exclusive Amex offers, the Scotiabank American Express Card is one of the cost-saving Amex cards in Canada.
Scotiabank Gold American Express Card vs SimplyCash Preferred Card from American Express
If you’re looking for an Amex card with real cash back against reward points, consider the SimplyCash Card from American Express.
Despite having no annual fee, the SimplyCash Card offers you a sign-up offer of 4% cash back on your initial six months of card membership.
After the promo expires, you will earn 1.25% cash back on every other purchase with the SimplyCash Card from American Express.
Like the Scotiabank Gold American Express Card, the SimplyCash Card features exclusive Amex offers ranging from tickets to virtual events.
With American Express SafeKey, Fraud Protection Guarantee, Buyer’s Assurance Protection Plan, and other coverage, the SimplyCash Card got you covered with comprehensive insurance.
Verdict
With different Amex cards out there, the Scotiabank Gold American Express Card has distinguished itself on various grounds.
From competitive rewards and promos, free foreign transactions, and exclusive Amex offers to comprehensive insurance, the card is worth checking out.
Hopefully, you are now able to decide whether this is the perfect credit card for you or not. I will be available in the comment section to respond to any further concerns you may have.
For more related information, check out our other relevant content, such as:
- Scotia Momentum No-Fee Visa Card Review
- Best No-Fee Credit Cards in Canada Review
- 15 Best Scotiabank Credit Cards
Scotiabank Gold American Express Card Review
Summary
The Scotiabank Gold American Express Card by Scotiabank is an award-winning credit card offering competitive features in Canada.
