Scotiabank Gold American Express Card Review (May 2023)

December 19, 2022
Reviews

The Scotiabank Gold American Express Card is a premium travel credit card that offers extensive insurance coverage, plus excellent Scene+ points earn rates. If you're looking to start saving up Scene+ points and make purchases online, the high earn rates and no foreign fees make this card one of the best options in Canada.

The Scotiabank Gold American Express has a very reasonable annual fee of $120, and you can earn points at a rate of 6 Scene+ points per $1 spent on groceries and food deliveries, 5 Scene+ points on entertainment purchases, and a flat 1 Scene+ point on other everyday purchases.

What Is The Scotiabank Gold American Express Card?

The Scotiabank Gold American Express Card is an outstanding travel credit card with a high earning rate, competitive welcome bonus, and no transaction fees. It is a credit card tier that provides more features than the essential Scotiabank American Express Card. Travellers most likely to spend a lot during their trips can benefit significantly from this card. 

The Bank of Nova Scotia, or the Scotiabank, is one of Canada's biggest banks and financial institutions. It was established in March 1832 with headquarters in Ontario. The company also became an issuer of American Express credit cards in the country.’

Meanwhile, American Express was originally an American company that offered payment card services. It started in Canada in 1853 in Hamilton and Toronto and is currently operating as Amex Bank of Canada and Amex Canada In. Scotiabank had an exclusive agreement with American Express, allowing it to issue some of its credit cards. 

Scotiabank Gold American Express Card Features

#1 High Earn Rate Up To 6 Scene+ Points

The Scotiabank Gold American Express Card offers a high earning rate for eligible purchases. However, it can mainly be earned if you spend on the Canadian dollar. 

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  • 6 Scene+ points for every $1 spent at qualifying food merchants such as Sobeys, FreshCo, and more
  • 5 Scene+ points for every $1 spent on food delivery, dining, and other qualifying grocery stores
  • 5 Scene+ points for every $1 spent on qualifying entertainment purchases
  • 3 Scene+ points for every $1 spent on qualifying daily transit options and gas
  • 3 Scene+ points for every $1 spent on qualifying streaming services
  • 1 Scene+ point for every $1 spent on qualifying everyday purchases, regardless if it is in Canadian dollars or not

#2 Earn Up To $850 Welcome Bonus And Waived First Year Annual Fee

The Scotiabank Gold American Express Card provides a high welcome bonus to cardholders of up to $850 or 45,000 Scene+ points in the first twelve months of card membership. Another benefit for new cardholders is the waived first-year annual fee. Here is the eligibility to get a total of 45,000 Scene+ bonus:

  • 25,000 Scene+ points bonus for $1,000 qualifying daily purchases in the first three months
  • 20,000 Scene+ points bonus for $7,500 spend on everyday purchases in the first year

#3 No Foreign Transaction Fees

If you make purchases in a different currency, you will not be charged any foreign transaction fees using the Scotiabank Gold American Express Card. This feature applies to transactions abroad or online shopping. However, Scotiabank stated the exchange rates would still apply.

#4 Comprehensive Travel And Purchase Insurance

The Scotiabank Gold American Express Card cardholders are protected with comprehensive travel and purchase insurance coverages. Terms and conditions apply.

  • Travel Emergency Medical Insurance offers $1,000,000 coverage for accidental injury and illness for 25 consecutive days for 65 years old and below and three consecutive days for 65 years old and above 
  • Purchase Security covers eligible purchases for 90 days from the purchase date
  • Extended Warranty Protection doubles the eligible purchases’ manufacturer’s warranty
  • Trip Cancellation/Trip Interruption Insurance provides up to $1,500 per individual and a maximum of $10,000 per trip
  • Delayed and Lost Baggage Insurance provides a maximum of $1,000 for lost baggage and $1,000 for delayed luggage for all insured persons
  • Flight Delay Insurance offers up to $500 reimbursement per insured individual for four hours of delayed flights
  • Travel Accident Insurance provides up to $500,000 coverage and $1,000,000 per occurrence 
  • Hotel/Motel Burglary Insurance offers up to $1,000 in coverage
  • Rental Car Collision Loss/Damage Insurance provides coverage depending on your liability to the rental agency up to the car's cash value
  • New Mobile Device Insurance offers up to $1,000 coverage if the eligible devices are stolen, lost, experience mechanical failure, or are accidentally damaged

#5 Get Complimentary Concierge Services

The Scotiabank Gold American Express Card holders are entitled to free concierge services 24/7. You can get assistance with any booking services or other eligible services it offers. This is a great feature that isn't present in many other Amex cards like the Cobalt.

#6 Access American Express Priority Pass

The Scotiabank Gold American Express Card holders gain access to American Priority Pass membership, offering access to more than 1200 VIP lounges worldwide. Another American Express program you can access using this card is the Amex Offers, giving more rewards from your daily purchases. 

#7 Access To Amex Experiences

The Scotiabank Gold American Express Card gives you a pass to access Amex Experiences and Amex Front Of The Line programs. These programs provide exclusive access to some of the most significant events in the country. As such, you can get immediate updates, advance screenings, reserve tickets ahead, and more. 

Scotiabank Gold American Express Card Pros And Cons

Pros

  • High earn rate for up to 6 Scene+ points on eligible purchases
  • High welcome bonus (up to 45,000 Scene+ points)
  • No foreign transaction fee
  • Comprehensive travel and purchase insurance coverage
  • Get complimentary concierge services
  • Get access to American Express exclusive programs

Cons

  • Not widely accepted by some merchants
  • Less travel benefits and perks

Scotiabank Gold American Express Card Pricing

The Scotiabank Gold American Express Card waives its annual fee for the first year of card membership. Other fees for services and transactions are applied. Some of the fees you may encounter are the following: 

FeesCost/Rate
Primary Card$120/year
Supplementary Card$29/each per year
Interest Rate20.99% on purchases
22.99% on cash advances, balance transfers, Scotia Credit Card Cheques, and cash-like transactions
Minimum Credit Limit$5,000
Dishonoured Payment$48
Non-sufficient Funds $48
Overlimit $29
Balance Transfer $5
Cash Advance counter fee (any financial institutions in Canada)$5
Cash Advance counter fee (any financial institutions outside Canada)$7
Cash Advance fee (including cash-like transactions)$5

In Summary

The Scotiabank Gold American Express Card is a premium card that is good for travelers since it has high earning rates. The insurance coverage is extensive, and an outstanding welcome bonus and benefits to new cardholders. Individuals who are frequently shopping can get excellent rewards from the Scene+ rewards program of Scotiabank. 

Scotiabank Gold American Express Card FAQs

How much does the Scotiabank Gold American Express Card cost?

The Scotiabank Gold American Express Card has an annual fee worth $120 for the primary card and $29 for the supplementary cards. Some other fees may include a balance transfer of $5, a dishonoured payment fee of $48, and more. 

Is the Scotiabank Gold American Express Card worth it?

Yes, the Scotiabank Gold American Express Card is worth it. It is a premium credit card with a generous welcome bonus, a high earning rate, no foreign transaction fees, and more. 

Is the Scotiabank Gold American Express Card safe?

Yes, the Scotiabank Gold American Express Card is safe. Scotiabank provides its credit cards and system with reliable security to prevent unauthorized or fraudulent activities. 

Is the Scotiabank Gold American Express Card legit?

Yes, the Scotiabank Gold American Express Card is legit. It is used by numerous Canadians and is regarded as one of the best travel credit cards in the country. Unlike the Amex Platinum, which is issued directly by American Express, the Scotiabank Gold American Express Card is issued by Scotiabank.

Is it good to have a Gold American Express Card?

Yes, having a Gold American Express Card is good as it offers an excellent earning rate, generous welcome bonus, and more. It is recognized as one of the leading credit cards in Canada

What are the disadvantages of having an American Express Card?

One of the most significant disadvantages of having an American Express Card is it is not widely accepted. Some merchants don’t get purchases, especially small ones. 

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