Scotiabank Gold American Express Card Review For 2022: $850 Bonus

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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 rate20.99% on purchases 22.99% on cash advances
Maximum reward on purchases5X Scene+ points on every $1 eligible purchase on restaurants, grocery, drinking, fast food, and entertainment 
Sign-up bonus45,000 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:

RewardRequirement
5X Scene+ pointsSpend at least $1 on eligible restaurants, grocery, drinking, fast food, and entertainment purchases
3X Scene+ pointsSpend at least $1 on eligible daily transit, gas and select streaming services.
1X Scene+ pointSpend 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.

ServiceFee
Annual fee $120 
Foreign transaction fee$0
Annual additional card fee$29
ABM cash advance feeIn 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: 

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 three months of card membership, you will earn up to 5,000 bonus Scene+ points on your $750 or more eligible purchases with the Scotiabank American Express Card.

While it also requires a $12,000 minimum personal annual income, 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:

Scotiabank Gold American Express Card Review
4.6

Summary

The Scotiabank Gold American Express Card by Scotiabank is an award-winning credit card offering competitive features in Canada.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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