If you're looking to earn rewards on groceries and more, you might find yourself comparing the Scotiabank Gold American Express vs. the MBNA Rewards World Elite Mastercard.
Both are highly rated, flexible rewards cards, and both are valuable options. Ultimately, the Amex card's benefits and accessibility put it on top, but the best card for you depends on your spending habits. For example, if you spend a lot of money at Loblaws, an American Express might not be the right fit.
To choose between these credit cards, you'll want to look at details like annual fees, earn rates, perks, etc. This article compares all the details, so you can decide what's best for you.
Key Takeaways
- While both are excellent choices, the Scotiabank Gold American Express has better benefits and is more accessible than the MBNA Rewards World Elite Mastercard.
- Both cards charge the same annual fee, but the Amex gives you the opportunity to earn an annual fee rebate.
- The MBNA card has a very high earn rate and provides airport lounge access via Mastercard Travel Pass.
Never miss an amazing deal again + get our bonus 250+ page eBook for FREE. Join 50,000 other Canadians who receive our weekly newsletter – learn more.
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 | |
|---|---|---|
| Best for… | General spenders and new credit card users | High income earners who want a premium card |
| Annual Fee | $120 | $120 |
| Income Requirements | * $12,000 personal * $0 household | * $80,000 personal * $150,000 household |
| Welcome Bonus |  $150 GC Boost + Up to 50,000 bonus points (terms) | $40 GeniusCash + Up to 30,000 bonus points (terms) |
| Rewards | * 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 | * 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 |
| Highest Earning Category | Scene+ partners like Sobeys, Safeway, and FreshCo | Restaurants, groceries, and select recurring bills |
| Insurance Coverage | 12 types | 12 types |
| Special Features | * 0% foreign exchange fee * Earns Scene+ points * Amex benefits * Discount on Priority Pass lounge membership | * Annual birthday bonus * Earns MBNA Rewards * World Elite Mastercard benefits * Airport lounge access via Mastercard Travel Pass |
| Learn More | Learn more | Learn more |
What we love about the Scotiabank Gold American Express® Card
×3 Award winner 
GC: $100 + $50
3x Award winner Pros:
- $150 GC Boost + Up to 50,000 bonus points (terms)
- Up to 6 points per $1 spent on select purchases
- Discount on Priority Pass memberships
- 12 types of insurance
- No foreign exchange fees
Cons:
- Lower acceptance as an American Express
The Scotiabank Gold American Express Card is part of the Scene+ program, which 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 $3,000 monthly spend, you're looking at an average annual earn rate of 2.45%.
Most of your redemption opportunities give you the same standard return rate. These include:
- 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 aren't accepted everywhere. For instance, Loblaws and Costco do not accept American Express, 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 mentioned here) charge a 2.5% fee. For this reason, this Amex was named the 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 Offers, Amex Experiences, and Amex Front Of The Line.
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 featured here charge the same annual fee, but the Amex has much lower personal income requirements: just $12,000 in personal income, versus the $80,000 personal or $150,000 household income required for the MBNA card.
Additionally, Amex offers the opportunity to permanently waive the annual fee. 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.
What we love about the MBNA Rewards World Elite® Mastercard®
×7 Award winner GC: $40
7x Award winner Pros:
- $40 GeniusCash + Up to 30,000 bonus points (terms)
- 10% birthday bonus points every year
- 12 types of insurance
- Airport lounge access via Mastercard Travel Pass
Cons:
- High income requirements
The earn rates for the MBNA Rewards World Elite Mastercard are pretty similar to the Scotia Gold card, with a few key differences – the most obvious being that you'll earn MBNA Rewards rather than Scene+ points. 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, and an impressive average earn rate of 2.86%. Plus, unlike its competitor, you won't encounter acceptance issues.
When you're ready to redeem your hard-earned points, you can select from travel, gift cards, merchandise, or cash back.
Annual birthday bonus
There's 1 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.
World Elite Mastercard benefits
We're dealing with a World Elite Mastercard, so it comes with the full suite of World Elite Mastercard benefits – the most impressive of which is getting airport lounge access through the Mastercard Travel Pass program, which offers:
- Access to the Mastercard Priceless Experiences program
- Emergency services across the globe
- Discounts and perks with Cirque du Soleil
- Benefits with partners like H&R Block, FlexiRoam, and Fubo
- Airport lounge access via Mastercard Travel Pass
How do the Scotiabank Gold American Express Card vs. MBNA Rewards World Elite Mastercard compare?
Let's compare the Scotiabank Gold American Express vs. MBNA Rewards World Elite Mastercard side by side, looking at specific, key areas to see where one is better than the other.
Best benefits: Tie
For the everyday Canadian who may not travel much, the Scotiabank Gold American Express Card has a long list of sweet benefits that make it stand out from the crowd. But if you're a frequent flyer, the airport lounge access offered by the MBNA Rewards World Elite Mastercard can't be beat.
The Scotia Amex gives cardholders a discount of 3 cents per litre when fuelling up at Shell stations – 7 cents off for V-Power fuel. The welcome bonus is also worth more than the MBNA card's: at the time of writing, it's worth up to $500 vs. up to $300 from MBNA.
On the other hand, MBNA cardholders get that sweet birthday bonus each year, which can really boost your points bank. And the World Elite Mastercard benefits really are tremendous for travellers.
Best for low fees: Scotiabank Gold American Express Card
Since both cards charge the same annual fee, you'd think this category might be a tie. However, the Scotiabank Gold American Express Card offers the opportunity to continually waive the annual fee permanently as long as you hold the corresponding Scotiabank banking package.
Plus, this card avoids foreign transaction fees.
It's worth noting, though, that both the Amex and MBNA cards have the same interest rates:
- 21.99% purchase interest rate
- 22.99% cash advance interest rate
- 22.99% balance transfer rate
Best insurance: tie
Both cards offer 12 types of insurance, so the right card comes down to the type of coverage you need.
The Scotiabank Gold American Express Card offers emergency medical insurance, including coverage for seniors, while the MBNA Rewards World Elite Mastercard does not.
The MBNA Rewards World Elite Mastercard does offer a much higher limit on its travel accident coverage. But it has lower coverage limits for lost, stolen, and/or delayed baggage.
Lastly, consider that the MBNA card has better rental car coverages than the Amex, including coverage for rental car personal effects. It also comes with rare price protection insurance – which is not the same as purchase protection, offered by both cards.
To decide which card is best for you, consider which types of insurance you're most likely to use, and compare these packages against any insurance you already have so you can fill in the gaps.
Best rewards: MBNA Rewards World Elite Mastercard
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 2.45% return on spending, but the MBNA card gave a 2.86% return.
All this being 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 inform the cashier that you want to use your points as payment. It's much easier than logging in, scrolling through options, and choosing a redemption option.
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.
This card boasts:
- Impressive earn rates
- A huge welcome bonus
- A thoughtful birthday bonus every year
- World Elite Mastercard benefits
- A comprehensive insurance package
Of course, the Scotiabank Gold American Express Card is still an excellent and very valuable option.
What users think
You'll easily find cardholders who are completely loyal to one specific card network over another, but this Redditor raises a valuable point. If you're primarily using your card for groceries at Costco or Walmart, pay attention to acceptance and how groceries are coded.
Redditors mention (and we concur) that you should be using a card that aligns with your shopping habits so you get the most points possible from your purchases and can keep an eye out for bonus opportunities.
FAQ
What are the benefits of the Scotiabank Gold American Express credit card?
The Scotiabank American Express Gold waives foreign exchange fees, making it a great card for when you travel abroad. You'll also get a fuel discount when filling up at Shell, a nice welcome bonus, and a discount on a Priority Pass membership, which gets you airport lounge access.
Is Scotiabank Amex Gold worth it?
Yes, the Scotiabank Gold American Express Card is a valuable card that's worth having in your wallet. This card is easier to qualify for, and the Scene+ points users collect will generally have a higher value than MBNA Rewards points. The perks and extensive insurance package also make this a card worth having.
What are the benefits of the MBNA Rewards World Elite Mastercard?
The MBNA Rewards World Elite Mastercard has generous insurance coverage that includes mobile device and price protection insurance. You'll also continue to get an annual birthday bonus, which is a nice recurring feature after the card's solid welcome bonus is long gone.
Is MBNA Rewards World Elite Mastercard worth it?
Yes, the MBNA Rewards World Elite Mastercard is Canada's best cash back credit card, with an average earn rate of 2.86%. It earns flexible MBNA Rewards, offers a generous annual birthday bonus, and provides rental car insurance coverage – all of which are very valuable benefits.
Which card is better, Scotiabank Gold American Express Card or MBNA Rewards World Elite Mastercard?
Overall, the Scotiabank Gold American Express Card is the better card, providing perks and benefits that more people will find valuable. Plus, Amex has much simpler eligibility requirements, which makes this card more accessible for everyday Canadians. Still, the MBNA card is an excellent choice with a very high earn rate.
creditcardGenius is the only tool that compares 126+ features of 253 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 253 cards is for you.
GC: 
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.
Showing 1 comments