Scotiabank Gold American Express® Card Review

If you want tons of premium perks, comprehensive travel insurance, and one of the highest reward rates in Canada, investing in the Scotiabank Gold American Express Card is truly a golden opportunity.

Best known for its balance of both rewards and benefits, this card covers all the bases for every type of spender.

How You Earn Rewards With The Scotiabank Gold American Express Card

Unsurprisingly, there are several ways to earn rewards with this high-status card.

Here’s how you can collect points by tapping the Scotiabank Gold American Express Card:

• 6 points per $1 spent at Sobeys, Safeway, IGA, Foodland & Participating Co-ops
• 5 points per $1 spent on eligible dining, other grocery stores, and entertainment purchases (including movies, theatre, and ticket agencies)
• 3 points per $1 spent on rides (including rideshare, buses, taxis, subways and more)
• 3 points per $1 spent on eligible streaming service payments (Netflix, Spotify, Disney+, Crave and more)
• 1 point per $1 spent on all other eligible purchases

As you can see, cardholders who like to optimize their eligible grocery, dining and entertainment purchases will get the most out of this card. At the same time, this card also caters to those who take advantage of featured transit and streaming services. This variety in value is what makes the Scotiabank Gold American Express Card so well-rounded. Plus, if you truly make the most out of your purchases in the mentioned categories, you can offset the cost of the card’s annual fee by earning a substantial annual value (especially in the first year).

Redeeming your Rewards With The Scotiabank Gold American Express Card

Now that we’ve covered which rewards are on the table, it’s time to establish how you can redeem your earnings.

Average spenders will find the most value redeeming their Scene+ points towards the following categories ranked from highest to lowest potential value:

• Entertainment and Experiences: for example, if you use your points to pay for eligible movie, performance, or concert tickets.
• Travel: for bookings made through specified programs towards eligible flights or vacation packages.
• Groceries: this card could be the perfect companion that helps you check off your grocery list at eligible retailers (like Sobeys).
• Restaurants: for when you want to grab a bite to eat at an eligible establishment.
• Merchandise: for those everyday household item purchases.
• Eligible Gift Cards: if you want to turn your points into the perfect present.
• Statement Credits: if you simply want to convert your points into cash towards your credit card statement balance.

5 Benefits of the Scotiabank Gold American Express Card

Just like its reward categories, the Scotiabank Gold American Express Card comes with plenty of perks.

Here’s a breakdown of the Scotiabank Gold American Express Card’s benefits:

A Point-Boosting Welcome Bonus

The Scotiabank Gold American Express Card offers bonus Scene+ points in the first few months of membership on everyday eligible purchases. Temporarily, the card is also supplying an additional bonus when you spend a specified amount on everyday eligible purchases in your first year. These bonuses are a great addition to the card’s high-earning potential on everyday purchases (like groceries, dining, and transit) overall.

No Foreign Exchange Fees

Speaking of waived fees, while most cards come with a fee of 2.5% every time you make a purchase in a foreign currency, the Scotiabank Gold American Express Card forgoes the fee altogether. This perk allows cardholders to save a substantial amount in fees while traveling.

Low Income Requirements

Lots of high-value premium cards come with high expectations, including high income requirements. Luckily, this isn’t the case with the Scotiabank Gold American Express Card. You can apply with a low annual personal income, making the card more accessible – even those in the early-stages of their careers.

Amex Experiences

As a credit card from the American Express network, the Scotiabank Gold American Express Card is equipped with exclusive American Express experiences like the Front Of The Line program, which gives cardmembers access to tickets or reservations to some of the most sought-after concerts, productions, and restaurants.

Extensive Insurance Coverage

What makes the Scotiabank Gold American Express Card so fit for travel is its comprehensive insurance coverage, which includes high-value protections like trip interruption and trip cancellation coverage, plus emergency medical insurance for cardholders over 65.

2 Downsides of the Scotiabank Gold American Express Card

While there aren’t nearly as many downsides to the Scotiabank Gold American Express Card as there are benefits, it’s still important to point them out.

Here are some of the Scotiabank Gold American Express Card’s shortcomings:

American Express Acceptance

Even though the American Express experiences are something to be proud of, the American Express acceptance rate is a little less exciting. Compared to other networks like Visa and Mastercard, Amex credit cards aren’t as widely accepted internationally or at certain retailers like Costco. 

Lack of Lounge Pass

We said that the Scotiabank Gold American Express Card was well-rounded and we meant it. However, there is one aspect of this card that travellers in particular could critique, and that’s the lack of a lounge pass (a feature other competitors have). That said, lounge access isn’t completely out of the question, there is a discount code available to cardmembers for pass purchases, although most people prefer this perk to be a package deal.

Comparison to Other Premium Points Credit Cards

To help you figure out whether the Scotiabank Gold American Express Card is the right premium points card for you, we’ve gone ahead and compared it to other cards in its league – a couple from the same network and another to offer some variety.

Here’s a side-by-side comparison of some of the Scotiabank Gold American Express Card’s closest competitors:

American Express Cobalt Card

For a slightly higher annual fee (one that’s not waived in the first year) you can upgrade to what’s often referred to as the best credit card in Canada.

You might be wondering where this title comes from. Well, between having the highest annual value through a robust rewards system, flexible redemptions, a generous welcome bonus, and comprehensive insurance, it all becomes pretty obvious.

The reward rates are comparable to the Scotiabank Gold American Express Card, with high earnings on dining and drinks, groceries, streaming, gas and transit. What makes these points better than the Scotiabank Gold American Express Card’s points though is their worth, with higher values when redeemed towards travel (specifically through airline partners, the fixed point travel program, and hotel partner transfers), statement credits, and gift cards.

As for coverage, the Scotiabank Gold American Express Card’s insurance is a bit more comprehensive in certain values, and includes trip interruption and cancellation, plus emergency medical over 65 insurance. It also comes with the no foreign transaction fee perk which can save you a substantial amount in conversion fees.

Overall, the American Express Cobalt Card is more valuable if your focus is earning more rewards, but the Scotiabank Gold is for those who want something with slightly fewer rewards but more comprehensive coverage and no foreign transaction fee.

The American Express Platinum Card

A drawback of both the Scotiabank Gold American Express Card and the American Express Cobalt Card is their lack of included lounge access or passes. So, what better card to introduce next than one with unlimited access to hundreds of airport lounges worldwide? Not to mention, a card that has more perks than any other credit card in Canada.

Of course, you will need to pay a hefty annual fee for these perks – which include complimentary hotel benefits and upgrades, dining and travel credits, and the Nexus Program Rebate. As mentioned, you're also paying for premium lounge access that gives you and one guest unlimited access to airport lounges around the world.

While the Scotiabank Gold American Express Card offers mobile device insurance and emergency medical over 65 in addition to the categories it shares with the American Express Platinum Card, overall, most of the American Express Platinum Card's insurance categories offer more value.

Ultimately, the American Express Platinum Card is best for frequent travellers who will take advantage of all the travel benefits this card has to offer. Alternatively, the Scotiabank Gold American Express Card might be better for those who travel less often (making it more difficult to take advantage of all the American Express Platinum Card's benefits), but still want good coverage and no foreign transaction fees and decent rewards.

Scotiabank Passport Visa Infinite Card

We’ll end this list with a non-Amex competitor: the Scotiabank Passport Visa Infinite Card. While these cards come from different networks, they share the same institution, which accounts for some subtle similarities. You will want to note, however, that the acceptance rate for the Scotiabank Passport Visa Infinite Card is better since it's a Visa card rather than an Amex card (like the Scotiabank Gold American Express Card). American Express cards are less widely accepted, especially in Europe, so a Visa might be a better choice if you want peace of mind when paying abroad.

If you take a close look at both cards, their insurance lists are almost identical, except the Scotiabank Gold American Express Card adds mobile device insurance. Next, they both come with no foreign transaction fees, making them fit for international spending.

That said, the cards differ on things like qualifications, since the Scotiabank Passport Visa Infinite Card has a higher annual fee, and higher income requirements for both personal and household categories. The Scotiabank Passport Visa Infinite Card also has lower overall reward rates, contributing to a much lower first year and overall annual value. On a positive note, the Scotiabank Passport Visa Infinite Card comes with the airport lounge Dragon Pass and half-a-dozen complimentary visits.

So, if you want more acceptance and lounge access but fewer rewards, the Passport is the better choice for you; otherwise, the Scotia Gold card would be a better option.

How to apply for the Scotiabank Gold American Express Card

To apply for the Scotiabank Gold American Express Card, follow this general step-by-step guide:

1. Visit the Scotiabank official website.
2. In their drop-down menu, select “Credit Cards.”
3. From here, if you select “view all” it won’t take much scrolling to find the Scotiabank Gold American Express Card. In fact, it’s currently featured at the top of the page in their “offer spotlight.”
4. Once you find the Scotiabank Gold American Express Card, select “Learn about this card” to read up on all the offers directly from the source.
5. When you’re ready, hit “Apply now” to begin the application process.
6. The application will have you review the card's terms and conditions, fill in personal information (like your name, birthdate, and income), and create a username and password.
7. Once you’ve completed all the steps in the process, carefully review everything before pressing submit.

Final Verdict

The Scotiabank Gold American Express Card covers everything from high-rewards in everyday spending categories to decent travel perks and insurance.

If you can fund the annual fee after the first year, you’ll find that you can collect a substantial annual value through this versatile premium credit card. 

If you’re not set on lounge access or avoiding American Express, this is a great points card. However, if lounge access and more acceptibility is a must, consider its close competitor: the Scotiabank Passport Visa Infinite Card.

Frequently Asked Questions

Does the Scotiabank Gold American Express card have lounge access?

While lounge access isn’t automatically included on the Scotiabank Gold American Express Card, it does allow you to access a discount on airport lounge pass purchase.

What’s the minimum income requirement for the Scotiabank Gold American Express card?

The minimum income requirement for the Scotiabank Gold American Express Card is a personal income of at least $12,000.

What credit score do you need for the Scotiabank Gold American Express Card?

It’s estimated that the recommended credit score for the Scotiabank Gold American Express Card is a “good” credit score, which is a score of about 660.