Scotiabank Gold American Express Review 2024: Is It Worth It?
Jan 1, 2024Scotiabank Gold American Express card offers Scene+ points and great travel perks, but the annual fee may be too high for some people.
The Scotiabank Gold American Express is one of four Amex cards offered by Scotiabank. Cardholders earn Scene+ points on select grocery, restaurant, entertainment, transit and streaming purchases. However, points can’t be spent outside of the Scene+ platform.
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Scotiabank Gold American Express full review
The Scotiabank Gold American Express is one of three Amex cards offered by the bank. You can earn Scene+ points on select grocery, restaurant, entertainment, transit and streaming purchases. However, you can’t earn cash back, and points can’t be spent outside of the Scene+ platform.
Benefits of the Scotiabank Gold Amex
24/7 concierge customer service.
Discounted membership to Priority Pass, which grants access to more than 1,200 airport lounges worldwide.
Extensive travel insurance perks, including hotel burglary, flight cancellation and lost luggage coverage.
No foreign transaction fees, which means you just pay the exchange rate.
Drawbacks of the Scotiabank Gold Amex
No cash-back rewards.
Points can’t be used or transferred outside of the Scene+ platform.
Who should get the Scotiabank Gold American Express card?
The Scotiabank Gold American Express card is a great choice if you:
Collect Scene+ points. Scene+ points can be used to purchase a range of products and services, such as movie tickets, flights, groceries and more.
Don’t plan to carry a balance month-to-month. While not unusually high, the card’s 20.99% purchase APR is among the highest of Scotiabank’s credit cards. Therefore, this card may be a better fit if you’re confident you will pay off the balance in full each month.
Is the Scotiabank Gold American Express worth it?
Whether the Scotiabank Gold Amex makes sense for your wallet depends on how you want to earn rewards. If you’re looking for a card that offers Scene+ points, has Amex perks and a low income requirement, this card may be worth it. However, if you want a card that offers cash back rewards or low interest rates, you’ll need to look elsewhere.
Scotiabank customer ratings
Below average in customer satisfaction: Scotiabank ranks 9th out of 13 issuers in J.D. Power's 2024 Canada Credit Card Satisfaction Study.
Low Trustpilot rating: Scotiabank scored 1.2 out of 5 possible stars based on more than 1,000 customer reviews, as of this writing.
Low Better Business Bureau rating: 1.19 out of 5 possible stars based on just 93 customer reviews, as of this writing.
Scotiabank Gold American Express eligibility
Who qualifies for the Scotiabank Gold American Express card?
To qualify for the Scotiabank Gold Amex, you must:
Be a Canadian resident.
Be at least the age of majority.
Have no history of bankruptcy in the last seven years.
Have a minimum annual gross income of $12,000.
Approximate credit score needed for approval
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. What we do know is that higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.Want to learn more? Visit our “What Credit Score Is Needed for a Credit Card?” page.
Scotiabank Gold American Express rewards
Earn up to 45,000 bonus Scene+ points. Spend at least $1,000 in eligible purchases within the first three months of card ownership and receive 25,000 points. Earn an additional 20,000 points if you spend at least $7,500 in the first year (offer available for limited time and only to new cardholders).
You can earn Scene+ points on the following purchases.
6x points on purchases at Sobeys, Safeway, Freshco, Foodland and more.
5x points on eligible restaurants, food delivery and grocery stores.
5x points on eligible ticket purchases to movies and theatres.
3x points on gas and daily transit, including rideshare.
3x points on select streaming services.
1x points on everything else.
The value of Scotiabank Scene+ points may vary based on the redemption method you choose, but according to NerdWallet analysis, you can expect to get around 1 cent per point on travel, movies, dining, entertainment, banking, and retail, pharmacy and grocery shopping.
In the first year, you could potentially earn $730 in travel rewards, according to the Scotiabank website. The welcome bonus of 45,000 Scene+ points is equal to $450 in travel rewards. Plus, a year of everyday purchases can generate an average $247 in travel rewards, as well as $33 in foreign transaction fee savings, on average.
How to apply for the Scotiabank Gold Amex
You can apply for the Scotiabank Gold Amex via the company’s website. Follow the below steps to apply.
Log in or sign up for a new account.
Enter any personal details like name and email address.
Create username and password, if you do not already have an account. .
Verify your identity.
Enter any employment or financial information requested.
Review the card’s terms and conditions before you submit your application.
Scotiabank Gold Amex vs Amex Cobalt
If you’re not committed to Scotiabank’s Scene+ program, and you’re simply looking for an Amex that earns rewards, you might consider the American Express Cobalt. The card has a similar annual fee to the Scotiabank Gold Amex but earns Amex Membership Rewards points instead.
Rewards breakdown
Rewards breakdown
NerdWallet's take
NerdWallet's take
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Rewards breakdown
Rewards breakdownNerdWallet's take
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Card detailsReasons you might want a different card
You may want to consider a different card if you:
Want to earn cash back or non-Scene+ points.
Want a card with customizable spending categories.
» MORE: Best American Express credit cards
Scotiabank Gold American Express facts
Scotiabank Gold American Express | |
|---|---|
Card type | |
Fees and interest rates | |
Annual fee | $120.00 |
Regular/purchase APR | 20.99% / 22.99%. |
Penalty APR | 25.99% (27.99% on cash advances) if two or more payments are missed in a 12 month period. Penalty is removed after you make the minimum payment for 12 consecutive months. |
Cash advance APR | 22.99%. |
Balance transfer APR | 22.99%. |
Foreign transaction fee | No foreign transaction fee. |
Rewards and benefits | |
Intro offer | New cardholders can earn up to 45,000 bonus Scene+ points in the first year. Earn 25,000 if you spend at least $1,000 on eligible purchases in the first three months. Earn an additional 20,000 if you spend at least $7,500 on eligible purchases in the first year. Terms and conditions apply. |
Reward earn rates | Earn between 1x and 6x Scene+ points on eligible purchases, such as groceries, gas and streaming services. |
Other perks |
|
Insurance coverage | |
Travel accident | Up to $500,000 ($1 million per occurrence). |
Travel medical | Up to $1 million per insured person per trip. |
Flight delay | Up to $500 for necessary expenses, such as accommodation, meals and sundries. |
Baggage delay | Up to $1,000 of coverage per trip for all insured persons. |
Lost or stolen baggage | Up to $1,000 of coverage per trip for all insured persons. |
Hotel burglary | Up to $1,000 of coverage. |
Rental car theft/damage | For up to 48 days. |
Extended warranty | Up to one additional year. |
Purchase Protection | 90 days. |
Mobile Device Protection | Up to $1,000 of mobile device protection in case of loss, theft, accidental damage or mechanical issues. Conditions apply. |
Methodology
BACK TO TOPNerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.
Frequently asked questions
What is the minimum income for Scotiabank Gold American Express?
What is the minimum income for Scotiabank Gold American Express?
You must have a minimum gross income of $12,000 to apply for the Scotiabank Gold American Express card.
Does Scotiabank Gold Amex have lounge access?
Does Scotiabank Gold Amex have lounge access?
Yes, for a discount. The Scotiabank Gold American Express card offers a discount on Priority Pass membership, which grants access to over 1,200 airport lounges worldwide.
DIVE EVEN DEEPER
Shannon Terrell