The Scotiabank Gold American Express makes a name for itself on the Canadian credit card market with features like unique travel benefits, low income requirement, and the chance to save on foreign transaction fees.

Finding the right credit card for your lifestyle and needs can be challenging. We hope that this review will help you make an informed decision about the Scotiabank Gold American Express Card.

Scotiabank gold american express at a glance

• Annual fee: $120 (waived the first year)
• Rewards: 5 Scotia Rewards points on every $1 you spend on eligible grocery stores, restaurants, fast food, drinking establishments and entertainment; 3 points on eligible gas, rideshares and public transit, as well as streaming services; 1 point on every other purchase.
• Personal income requirement: $12,000
• Purchase interest rate: 19.99% on purchases and 22.99% on cash advances

Key card benefits

1. Unrivaled rewards system

The Rewards system structure for Scotiabank Rewards is as follows:

• Spending on groceries (restaurants, groceries) and entertainment will earn you 5 points.
• Streaming services, gas, and transportation costs earn 3 points each.
• For every dollar spent on anything else, you get 1 point

The Scotia Rewards program has no expiration date. However, a customer whose account is no longer in good standing cannot access the points.

A balance transfer, return, refund, interest payment, cash advance, and more do not qualify for points.

2. No foreign transaction fees

Unlike other credit cards in Canada, which charge 2.5% to 3% on purchases made in a non-Canadian currency, the Scotiabank Gold American Express comes with no foreign transaction fee. That makes this a great card to have in your pocket when travelling outside of Canada (which, yes, we will do again someday!).

In fact, it’s one of the best credit cards with no foreign exchange fee in Canada.

3. Flexible travel rewards

Although you can redeem reward points in various categories, you can use them for booking anything related travel. This includes access to airport lounges, hotel upgrades and bookings, vacation packages, cruises, or car rentals. In addition, there are various redeemable options with this card, even though it is not explicitly a travel credit card.

Aside from its essential features, the card also offers 24/7 concierge support.

4. Exciting welcome bonus

Here’s a welcome bonus that will help you get the most out of this credit card.

You can earn up to 40,000 points, including:

• 20,000 points after you spend $1,000 in the first three months, plus
• 20,000 points with a $7,500 first-year purchase

Redeeming the 40,000 points for travel would be worth $400.

Additionally, Scotiabank waives the annual fee for the first year ($120), allowing you to “test drive” the card before making any commitments.

5. Low personal income requirements

Most premium credit cards have high personal income requirements. But that’s not the case with Scotiabank Gold American Express

To qualify for this card, you’ll only need a low personal income of $12,000 to be eligible.

The Scotiabank Gold American Express Drawbacks

Does it have flaws? Yes (like anything else in life). Here are some of its drawbacks.

• Annual fee of $120
• If you don’t travel internationally often, this might not be appealing to you.
• A credit score of at least 650 is required.
• Visa and Mastercard are more widely accepted than Amex cards.

Our Final Thoughts

This card has many unique features, and its potential benefits to its users are enormous.  Also, this card is a great addition to any traveler’s wallet due to its superb travel insurance package and free foreign transaction fees.