Scotiabank Gold American Express Card Review ($450 Bonus)

The Scotiabank Gold American Express card ranks as one of Canada’s best travel rewards cards, with a rewards rate of up to 5% on multiple spending categories, $450 in sign-up bonus points, and comprehensive travel insurance.

The Scotia Rewards points you earn with this card can easily be redeemed for travel bookings, merchandise, gift cards, and more.

For a limited time, when you obtain a new Scotiabank Gold AMEX card and spend up to $1,000 in your first three months, you will earn 25,000 bonus points ($250 value). And when you spend up to $7,500 in the first year, you get an extra 20,000 points, for a total of 45,000 points in the first year ($450 value).

This review of the Scotiabank Gold American Express card covers its features and rewards (now including zero foreign transaction fees), limitations, and why you may want to consider it for your wallet.

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Scotiabank Gold American Express Overview

Scotiabank Gold American Express Benefits

1. Sign-up bonus: Earn 25,000 bonus Scene+ points when you spend $1,000 in the first three months as a new cardholder. When you spend $7,500 or more in the first year, you get an additional 20,000 bonus points, for a total of 45,000 points or a $450 value.

2. Earn rewards on your spending: Earn 5 Scene+ points for every $1 you spend in three categories (groceries, dining, and entertainment) – up to 6x points at some grocers; earn 3 points for every $1 you spend on gas, daily transit and streaming services (Netflix and Cineplex); and earn 1 Scene+ point for every $1 you spend on all other purchases.

For purchases at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Thrifty Foods, IGA West, Les Marchés Tradition, Co-Op, and other participating stores, you earn 6 points per $1 spent.

3. No foreign transaction fees: This card is now one of a few credit cards in Canada that waives the 2.5% foreign transaction fee when you make purchases in foreign currency online or abroad.

4. Comprehensive travel insurance with coverage including:

• Travel emergency medical for up to $1 million. This coverage is provided to individuals who are under 65 years for up to 25 consecutive days, and if you are 65 years or older, your coverage is for up to 3 consecutive days.
• Trip cancellation/trip interruption insurance – up to $1,500 per person and a maximum of $10,000 per trip.
• Flight delay insurance.
• Delayed and lost baggage insurance up to a maximum of $1,000.
• Travel accident insurance up to a maximum of $1 million per incident.
• Rental car collision loss and damage insurance with coverage for up to 48 consecutive days and up to $65,000 MSRP value.
• Hotel/motel burglary insurance.

Note that you need to have used your card to pay all or part of your travel costs for these insurance coverages to apply.

5. Other perks offered by the Scotiabank Gold AMEX card are:

• Purchase security for up to 90 days.
• Extended warranty for up to an additional year.
• Discounted Priority Pass membership (35% discount) for access to over 600 VIP airport lounges worldwide.
• 24-hour Best Price Guarantee on airline tickets when you book through the Scene+ Rewards site or one of their representatives. Savings are also available on car rentals, vacation packages, cruises, and more.

The 5% rewards rate offered by this card on your groceries, dining, and entertainment spending is one of the best among travel rewards and cash back cards. The average household spends a lot of money on these categories every month, so it is easy to take advantage of the 5% rewards points.

For example, if you spend a realistic $700 monthly on groceries, restaurants and entertainment, your annual rewards points at 5% are 42,000 points or a $420 value.

There is an annual cap of $50,000 that you can earn 5 points/$1 on when spending on the above categories. After you exceed this annual spending, you start earning 1 point/$1.

The Scotiabank Gold Amex has a $120 annual fee. The initial sign-up bonus of 25,000 Scene+ points (worth $250) more than covers your annual fee for the first year.

Most cardholders can claim the $200 bonus based on the reasonable offer requirement to spend $1,000 within the first three months.

The foreign transaction fee waiver of 2.5% is a great addition to the card and makes it a full-fledged travel credit card.

Lastly, this card’s comprehensive travel insurance package is similar to what you find on some cards with heftier annual fees.

After assessing almost 190 credit cards across various data points for 2024, the Scotiabank Gold American Express Card ranked as our overall best credit card for the year.

Redeeming Scene+ Rewards Points

Scene+ points are straightforward to redeem for travel purchases (hotels, flights, car rental, etc.). You can book travel using Scene Plus at 100 points = $1. The minimum redemption is 5,000 points, which is equivalent to $50.

You can still use your points if you prefer to make your travel bookings through a different travel service or agency. Pay as you normally would using your card and then pay off your credit card balance using your points.

In addition to travel, points can also be redeemed for gift cards or a statement credit.

Downsides of the Scotiabank Gold American Express

The Scotiabank Gold American Express Card has a $120 annual price tag. If you would rather not pay fees on a card, check out my list of the best no-fee credit cards in Canada.

Another downside is that Amex cards are not as universally accepted as Visa or Mastercard.

For a Visa card by Scotiabank that has some similarities to this card, check out the Scotiabank Passport Visa Infinite.

It is also worth noting that supplementary cards cost $29 each.

Lastly, don’t forget you pay 20.99% interest APR for purchases if you carry a balance and 22.99% APR for cash advances.

Scotiabank Gold American Express Card Alternatives

A good alternative to the Scotiabank Gold American Express Cards is the Scotiabank Passport. It also waives foreign currency transaction fees.

• Scotiabank Passport Visa Infinite

Is the Scotiabank Gold AMEX Card For You?

This card is worth considering if you are looking for a travel card that offers an excellent rewards rate and if you spend a decent amount on groceries, gas, restaurants, and entertainment every month.

At a 5% earnings rate on these four categories, your $120 annual fee will be paid for in no time (not including the $250 to $450 sign-up bonus).

Also, the annual income requirement for the Scotiabank Gold American Express card is minimal, at $12,000.