Comparing an American Express to a Mastercard is like comparing apples and oranges, right? The Scotiabank Gold American Express® Card and MBNA Rewards World Elite® Mastercard® are both highly rated flexible rewards cards, and both are excellent, valuable options.
Still, not everyone wants multiple credit cards. If you have to choose between the two, you'll want to look at details like annual fees, earn rates, perks, etc.
To help you choose the best credit card to suit your needs, we’ve created a review that examines the most important aspects of each card.
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Scotiabank Gold American Express Card vs. MBNA Rewards World Elite Mastercard at a glance
Since these cards are from different issuers, it helps to look at their features side-by-side:
| Scotiabank Gold American Express® Card | MBNA Rewards World Elite® Mastercard® | |
|---|---|---|
| Annual fee | $120 | $120 |
| Welcome bonus |  $60 GeniusCash + Up to 50,000 bonus points, first year free (terms) | $150 GC Boost + 30,000 bonus points (terms) |
| Maximum rewards | * Up to 6% back (up to $50,000 annual spending) | * Up to 4% back (up to $25,000 annual spending) |
| Highest earning categories | Groceries | Groceries and recurring bill payments |
| Insurance | 12 types included | 12 types included |
| Special features | * 0% foreign exchange fee * Earns Scene+ points * Includes Amex Experiences * Opportunity to waive annual fee | * Annual birthday bonus * Includes World Elite Mastercard benefits * Flexible redemption options |
| Best for | General spenders and new credit card users | People with high incomes who want a premium card |
| Income Requirements | * $12,000 personal | * $80,000 personal * $150,000 household |
| Learn More | Learn More | Learn More |
What we love about the Scotiabank Gold American Express Card
×1 Award winner 
GC: $60
1x Award winner Pros:
- $60 GeniusCash + Up to 50,000 bonus points, first year free (terms)
- Up to 6 points per $1 spent on select purchases
- 4 ways to redeem points, 2 with especially high value
- 12 types of insurance
- No foreign exchange fees
Cons:
- Lower acceptance as an American Express
- High $120 annual fee
The Scene+ program has excellent earn rates and offers many, many places and opportunities to earn them. Take a look at what/how cardholders can earn on their purchases:
- 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 5 Scene+ points per $1 spent on groceries, dining, and entertainment
- 3 Scene+ points per $1 spent on gas, select streaming services, and transit
- 1 Scene+ point per $1 spent on foreign currency purchases
- 1 Scene+ point per $1 spent on all other purchases
You'll get lots of rewards on basic purchases, especially if you frequent Sobeys and Safeway grocery stores. Based on a typical $2,000 monthly spend, you're looking at earning around 58,800 points per year.
What can you do with them? Here's the areas where you'll get the most value:
- Movie tickets and concessions
- Travel
- Groceries
- Restaurants
- Home Hardware (and affiliated stores)
You can also put points towards gift cards and statement credits, though these options aren't as valuable as others.
Before we jump into the ways this card stands out from the MBNA Rewards World Elite Mastercard, we should remind readers that Amex cards are not accepted everywhere. For instance, Loblaws and Costco do not accept American Express cards, so keep that in mind if you’re a regular shopper at either store.
No foreign exchange fees
The Scotiabank Gold American Express Card doesn't charge foreign exchange fees on purchases made in currencies other than Canadian dollars – only the exchange rate applies. Most credit cards (including the MBNA Rewards card) charge a 2.5% fee. For this reason, this Amex won our 2025 Best Foreign Exchange Credit Card.
One point to note – on foreign currency purchases, you'll only earn 1 point per $1 spent, no matter what category the merchant is classified as.
Standard Amex benefits
Sure, Scotiabank issues the Gold card, but as an American Express card, it comes with all the standard benefits, including Amex Front Of The Line. With this, you'll get extra savings, as well as easier access to concert tickets.
If you want airport lounge access, the Scotiabank Gold American Express Card can help. Cardholders get a discount on a Priority Pass membership. It's not a free membership, and you'll have to pay for every visit, but it's better than nothing.
Lower income requirements
Both cards charge the same annual fees, but the Amex has much lower personal income requirements: $12,000, versus the $80,000 personal and $150,000 household income required for the MBNA card.
Additionally, Amex offers the opportunity to waive the annual fee permanently. If you have the Scotiabank Ultimate Package, one of the benefits is a credit card annual fee waiver on select Scotiabank credit cards, and the Gold card is included.
Scotiabank Ultimate Package
What we love about the MBNA Rewards World Elite Mastercard
×4 Award winner GC: $125 + $25
4x Award winner Pros:
- $150 GC Boost + 30,000 bonus points (terms)
- Up to 5 points per $1 spent on purchases
- 10% bonus points every year on your birthday
- 12 types of insurance
Cons:
- High income requirements of either $80,000 personal or $150,000 household
The earn rates for the MBNA Rewards World Elite Mastercard are pretty similar to the Scotia Gold card, with a few key differences. Take a look:
- 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category)
- 1 point per $1 spent on all other purchases
That's quite a few categories that earn you 5 points per $1 spent. But unlike its competitor, you won't encounter acceptance issues.
When you’re ready to redeem your hard-earned MBNA Rewards points, you can select from travel, gift cards, merchandise, or cash back.
Annual birthday bonus
There's one more bonus on top of your welcome bonus and regular earnings. Every year on your birthday, you'll earn 10% of the points you earned over the last year, up to a maximum bonus of 15,000 points. In this case, that means you're getting a total of 64,680 points.
World Elite Mastercard benefits
We're dealing with a World Elite Mastercard, so it comes with the full suite of World Elite Mastercard benefits. First, you'll get access to 1,500 airport lounges around the world with a Mastercard Travel Pass provided by DragonPass. Just note you'll still have to pay for each visit.
Then there are Mastercard Priceless events. You'll gain access to exclusive discounts and special events worldwide (view available options here). Cardholders can also enjoy Mastercard World Elite Priceless Cities, 24/7 concierge service, and personalized deals or discounts for everyday offers. These might be discounts for dining, car rentals, or online shopping.
How do the Scotiabank Gold American Express Card and MBNA Rewards World Elite Mastercard compare?
Let's compare the key areas of credit cards side by side to see where one is better than the other.
Best benefits: MBNA Rewards WEM
When it comes to other benefits, there isn't much separating these, but we give the edge to the MBNA Rewards World Elite Mastercard for the World Elite Mastercard benefits, as they offer more in general than standard Amex card benefits.
We’re talking free airport lounge membership, Mastercard Priceless Events, concierge service, personalized discounts, and more.
When we tallied the value of each card’s rewards, the MBNA card was worth $686 in annual rewards (vs $588 with the Scotia card).
Best for low fees: Scotiabank Gold Amex
Since both cards charge the same annual fees, you’d think this category might be a tie. However, Scotiabank offers the opportunity to waive the annual fee permanently if you have a banking package.
And, the card never charges a foreign transaction fee. Most of its everyday interest rates are lower, too:
- 20.99 purchase interest rate
- 22.99% cash advance interest rate
- 22.99% balance transfer rate
Best insurance: tie
While both cards come with an impressive array of coverage types, each stands out for different reasons.
The Scotiabank Gold American Express Card offers emergency medical over 65 and offers slightly better travel insurance. On the other hand, the MBNA Rewards World Elite Mastercard has price protection insurance, 3 types of rental car insurance, and a much higher limit on its travel accident coverage.
Ultimately, the winner in this category depends on what type of insurance you’re looking for.
Best rewards: MBNA Rewards WEM
The spending categories for both cards are pretty close, but the minor differences tip the scales in favour of the MBNA Rewards World Elite Mastercard. When we crunched the numbers, the Scotiabank Gold American Express Card gave a 2.46% return on spending, but the MBNA card gave a 2.86% return.
MBNA is clearly ahead here. That said, Scotia has one advantage with Scene+ rewards – it's much easier to redeem your points. All you have to do is visit Sobeys or Safeway, purchase some groceries, and use your points to pay for them. There's no logging in and choosing your redemption.
The winner: MBNA Rewards World Elite Mastercard
There’s a reason the MBNA Rewards World Elite Mastercard won the best cash back and flexible reward card in Canada:
- Impressive earn rates
- A huge welcome bonus
- A thoughtful birthday bonus every year
- World Elite Mastercard benefits
- A comprehensive insurance package
However, we recognize that the high income requirements may make this card inaccessible for many Canadians.
Fortunately, the Scotiabank Gold American Express Card is also a great option. You’ll earn almost as much in rewards, and it’s a fantastic travel card since there are no foreign exchange fees.
FAQ
Is the Scotiabank Gold Amex worth it?
The Scotiabank Gold American Express Card is a great option, especially if you don’t meet the steep income requirements of the MBNA Rewards World Elite Mastercard. You’ll still enjoy high earn rates and get lots of flexible redemption options.
Which Amex has the best rewards?
The American Express Cobalt® Card isn't just our favourite Amex card, it’s our top pick among all credit cards. It stands out for its flexible rewards, high returns, and low fees, making it the perfect card for nearly everyone.
What is the minimum income for Scotiabank Gold Amex?
You must have at least $12,000 in personal income to qualify for the Scotiabank Gold American Express Card. It's significantly lower than the $80,000 (or $150,000 for a household) required by the MBNA Rewards World Elite Mastercard.
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