Scotiabank Platinum American Express Card Review 2024: Is It Worth It?
Sep 25, 2024The Scotiabank Platinum American Express Card earns Scene+ points and comes with airport lounge passes, insurance coverage and no foreign transaction fees.
The Scotiabank Platinum American Express Card is a low-interest rewards credit card that earns Scene+ points. Cardholders earn points for each eligible dollar spent, with accelerated rates on purchases made through the Scene+ Travel portal.
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Scotiabank Platinum American Express Card full review
If you like to travel and want to earn rewards points with flexible travel redemption options, the Scotiabank Platinum American Express Card may be a practical choice.
Benefits of the Scotiabank Platinum American Express Card
Low interest rate (9.99%).
High base earn rate (2x Scene+ points on every purchase).
10 complimentary airport lounge passes through Priority Pass (membership not included), as well as complimentary access to Plaza Premium Lounges.
Robust suite of travel insurance coverage.
Flexible redemption options — you can redeem your points for travel bookings made through any provider.
No foreign transaction fees.
Drawbacks of the Scotiabank Platinum American Express Card
Very high annual fee compared to cheaper cards with similar perks.
No top tier travel perks like free checked bags and priority boarding.
Who should get the Scotiabank Platinum American Express Card?
Travel bugs that frequently spend money overseas will be best positioned to take advantage of this card’s benefits, such as its comprehensive travel insurance, free airport lounge passes and no foreign transaction fees.
Is the Scotiabank Platinum American Express Card worth it?
The Scotiabank Platinum American Express Card costs $399 annually, so you need to extract at least that much value from the card for it to be worthwhile. According to NerdWallet analysis, one Scene+ point is worth around one cent. So, earning two Scene+ points per $1 CAD spent, you’d need to spend roughly $19,950 in a year ($1,663 per month) to earn 39,900 points, which equals $399.
Something else to consider: this card’s lower interest rate can help offset the annual fee, especially if you’re working to pay down credit card debt or typically carry a balance on your card.
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 Platinum American Express Card eligibility
Who qualifies for the Scotiabank Platinum American Express Card?
You must be a Canadian resident and at least the age of majority for your province or territory to be eligible for the Scotiabank Platinum American Express Card. You’ll also need to have a minimum annual income of $12,000 and no history of bankruptcy in the past seven years.
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. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for.
Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
Scotiabank Platinum American Express Card rewards
Earn up to 60,000 Scene+ points in the first 14 months of card ownership.
Earn 50,000 Scene+ points when you spend at least $3,000 on eligible purchases in the first three months.
Earn 10,000 Scene+ points when you spend at least $10,000 on eligible purchases in the first 14 months.
Offer expires Oct. 31, 2024.
3x Scene+ points on hotels and car rentals when you book through the Scene+ Travel platform.
2x Scene+ points on everyday purchases.
Scotiabank suggests the combination of its welcome offer, ongoing Scene+ rewards and the card’s perks, like no foreign transaction fees and airport lounge passes, provide up to $2,187 in value for new cardholders in the first 14 months, depending on how they use the card.
According to Scotiabank, the $2,187 breaks down as follows:
$600 in points from the card’s welcome offer (60,000 Scene+ points).
$141 in savings from zero foreign transactions fees.
$742 in travel rewards by using the card for everyday spending.
$704 in savings by using the complimentary airport lounge passes.
The Scotiabank Platinum American Express Card comprehensive travel insurance that could be worth thousands, should you ever need to put it to use.
Point value breakdown
The value of Scotiabank Scene+ points may vary based on the redemption method you choose, but you can expect to get around one cent per point on travel, movies, dining, entertainment, banking, and retail, pharmacy and grocery shopping.
How to apply for the Scotiabank Platinum American Express Card
You can complete the Scotiabank Platinum American Express Card application from Scotiabank’s website:
Select the Apply now button from the Scotiabank Platinum American Express Card’s page on Scotiabank’s website.
Review the card’s terms and conditions and select ‘Agree’ to continue.
Enter your personal details, including your full name, phone number and email address.
Create a username and password for your Scotiabank account.
Verify your identity.
Provide any required personal and financial information, such as employment status and annual personal income.
Submit your application.
Scotiabank Platinum American Express Card vs Scotiabank Gold American Express Card
Both of these Scotiabank credit cards earn Scene+ points, but their annual fees, earn rates and interest rates vary significantly.
Rewards breakdown
Rewards breakdown
NerdWallet's take
NerdWallet's take
Card details
Card details
Rewards breakdown
Rewards breakdownNerdWallet's take
NerdWallet's takeCard details
Card detailsReasons you might want a different card
The Scotiabank Platinum American Express Card may not be suitable if:
You don’t travel often.
You don’t want a credit card with an annual fee.
You’d prefer to earn a different reward, like cash back.
Scotiabank Platinum American Express Card facts
Scotiabank Platinum American Express Card | |
|---|---|
Card type | |
Fees and interest rates | |
Annual fee | $399.00 |
Regular/purchase APR | 9.99%. |
Penalty APR | 19.99% if you miss two payments within 12 months. This penalty APR will stay in place until you’ve made 12 consecutive payments on time. |
Cash advance APR | 9.99%. |
Cash advance fee | $5 to $7.50 per transaction. |
Balance transfer APR | 9.99%. |
Balance transfer fee | 3% promotional rate (minimum $5). |
Foreign transaction fee | No foreign transaction fees. |
Rewards and benefits | |
Intro offer | Earn up to 60,000 Scene+ points in the first 14 months of card ownership. Earn 50,000 Scene+ points when you spend at least $3,000 on eligible purchases in the first three months. Earn 10,000 Scene+ points when you spend at least $10,000 in the first 14 months. Offer expires Oct. 31, 2024. |
Reward earn rates | 3x Scene+ points on hotels and car rentals when you book through the Scene+ Travel platform. 2x Scene+ points on everyday purchases. |
Other perks | No foreign transaction fees. 10 complimentary airport lounge passes through Priority Pass (membership not included), and complimentary access to Plaza Premium Lounges. Access to VIP events, such as New York Fashion Week and Pebble Beach golf course. Extensive travel insurance coverage. |
Insurance coverage | |
Travel accident | Up to $500,000 per insured person, up to a maximum of $1 million per occurrence. |
Travel medical | Up to $2 million per insured person per trip. |
Flight delay | Up to $1,000. |
Trip cancellation and interruption | Up to $2,500 per person up to $10,000 per trip for costs that arise from a cancelled trip from a covered cause. Up to $5,000 per person up to $25,000 per trip covers expenses that arise from having to cancel the remainder of a trip in progress from covered causes. |
Baggage delay | Up to $1,000. |
Lost or stolen baggage | Up to $1,000 of coverage per trip for all insured persons. |
Hotel burglary | Up to $1,000. |
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. |
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 the Scotiabank Platinum American Express Card?
What is the minimum income for the Scotiabank Platinum American Express Card?
A minimum annual income of $12,000 is required to qualify for the Scotiabank Amex Platinum Card.
What is the minimum credit limit of the Scotiabank Platinum American Express Card?
What is the minimum credit limit of the Scotiabank Platinum American Express Card?
There is a $10,000 minimum credit limit for the Scotiabank Platinum American Express Card.
Is the Scotiabank Platinum American Express Card the same as the Scotiabank American Express Platinum?
Is the Scotiabank Platinum American Express Card the same as the Scotiabank American Express Platinum?
The Scotiabank Platinum American Express Card and Scotiabank American Express Platinum Card are the same product. Scotiabank refers to the credit card on its site both ways.
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Shannon Terrell
Shannon Terrell