Scotiabank American Express Gold Card Review

Scotiabank Gold American Express Card

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Scotiabank American Express Gold Card
7.5 / 10 Our Vote
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Pros
4% cash back for select categories
Travel benefits
Welcome bonus
Cons
$99 annual fee
Summary
When you measure up the rewards, then the credit card that gives the highest returns in cash back seems to be the Scotiabank American Express Gold Card. They give a handsome return of 4% for your major purchases such as gas, grocery, entertainment, and dining. You may also get a welcome bonus of 20000 points that is worth around $200 for travel. This card also has impressive travel insurance features and very flexible options for travel rewards. With the annual cost waiver for the first year you simply cannot ignore this card and is like a must have in your wallet. These are ample reasons to try out this card and earn rewards faster with no risk at all. The welcome bonus points are only for new accounts opened by February 28, 2017, when you make purchases worth minimum $750 in your first 3 months. 
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Our Review on Scotiabank Gold American Express Card

Scotiabank American Express Gold Card Pros

As a Scotiabank American Express Gold Card member, you do enjoy few perks that come with their cash back rewards card.

  • The 4% cash back for gas, restaurant, grocery, and entertainment is the highest reward rate in the market. So, you earn 4 rewards points for each dollar you spend on these categories. And you also earn 1% on everything else that you purchase using this card.
  • Great travel benefits such as discounts and amenities on airfare, hotels, cruises, car rentals and vacation tours.
  • Get faster travel rewards. Welcome bonus of 20000 points that equals $200 in travel rewards.
  • Redemption for travel is very flexible as you just need to purchase from your agent and then go online or call Scotia to redeem your points.
  • Travel insurance benefits that also includes medical emergency coverage.

 Scotiabank American Express Gold Card Cons

The Scotiabank American Express Gold Card has some drawbacks as follows.

  • After the first year, you start paying an annual fee of $99 for the primary card and $30 for the additional cards.
  • There are no ongoing promotions for balance transfers or cash advances. The interest rates are as per market rate and there are other cards with lower rates or promotions.
  • When you compare acceptance for this card at merchants and payment terminals then it may not be as widely accepted as a MasterCard or Visa card.

 Scotiabank American Express Gold Card Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on Scotiabank American Express Gold Card Features & Benefits

Some of the main features of the Scotiabank (Gold) American Express Card are as follows.

Annual Fee

This card has an annual cost of $99 for the primary card and each additional card may cost $30 per year. However, if you open a new account before February 28, 2017, then they will waive the annual cost for both cards. It is important that you apply for the additional cards too at the same time to avail this offer. There are other cards in the market with a lesser or no annual fee at all but they may not give you a 4% rewards rate.

Interest Rate

The annual interest rate on purchases is 19.99% and is on the higher side of the market rate. You may find some cards with lower rates in the market but they may not have comparable benefits and rewards. If you are in the habit of carrying a card balance each month then you may look for a better rate for your card.

Balance Transfer

As of now, there are no promotions going on for balance transfers done on this card. The interest rate for a balance transfer is 22.99% on this card. You may find other cards with a promotional rate of 0% to 1.99% that may help you avoid high-interest rates. They charge a balance transfer fee of $3.50 unless there is a promotional offer.

Cash Advance

They charge an interest rate of 22.99% on cash advances. You may get an introductory lower cash advance rate on some other cards. They charge a transaction fee of minimum $3.50 for each cash advance. If you obtain a cash advance at an ABM, Scotia branch or financial institution outside Canada they charge a $7.50 fee.

Foreign Currency Conversion Fees

They convert all your foreign currency transactions with this card to Canadian dollars equivalent. For this conversion, they charge a 2.50% fee on the transaction amount. American Express will retain 1% of the transaction amount as they set the foreign exchange rates for this card. The average market rate for foreign currency conversion is around 2.50% to 3%.

Credit Score Rating

You may be eligible for this card even with a good credit rating and you do not require an excellent rating or credit history. If you were not able to qualify for other high-end cards then this card is good in terms of rewards and eligibility.

Rewards

If you open a new account by February 28, 2017, then you may get 20000 bonus points. This will give you around $200 travel rewards. To avail this bonus you may have to spend at least $750 in the first three months of opening a new account. This card gives you 4 rewards points for every dollar when you spend the first $50000. These are for merchants classed as grocery stores, restaurants, supermarkets, theaters etc. When you finish spending up to $50000 with this card then you may earn 1% cash back on all purchases.

Insurance Features Of Scotiabank American Express Gold Card

The Scotiabank (Gold) American Express Card has the good insurance features and you may also purchase additional coverage for more protection.

  • Emergency travel medical coverage
  • Trip cancellation and interruption coverage
  • Flight delay coverage and lost or delayed luggage insurance
  • Travel insurance for accidents in common carriers
  • Burglary insurance in motels and hotels
  • Collision and loss or damage coverage for rental car
  • Purchase protection and extended warranty
  • Price protection

Where Can You Use Scotiabank American Express Gold Card

You may use the Scotiabank American Express Gold card at all locations that accept American Express cards. This also includes all Costco locations where you shop and you may look for the American Express logo signage. The Apple Pay feature also works with this card. These transactions are secured by American Express Fraud protection, Visa zero liability and Interac zero liability.

Scotiabank American Express Gold Card Reward Redemption

The rewards that you earn with this card can be redeemed for travel purchases or bookings and merchandise. Other categories include gift cards and pre-paid cards. Since they do not give a statement credit you may redeem using any of these options as per their terms. It is easier to redeem for travel as you may book and pay with this credit card. When this purchase shows up on your statement then you may redeem your travel points for those purchases as you get $1 for 100 points.

Scotiabank American Express Gold Card Contact Information

  • Customer Service Number:1800 747 3208
  • Card Application: 1888 860 7093 or 416 701 7814
  • Mailing Address: P.O. Box 4100, Station A, Toronto, ONM5W 1T1

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

Scotia is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

http://www.scotiabank.com/ca/en/files/12/10/AMEX-Gold-Red-Cards-Terms-eng.pdf


 

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