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With an increased welcome bonus of 50,000 points after spending $2,000 in the first 3 months and $7,500 in the first year worth $500 travel rewards in your first year, as well as abolishing foreign transaction fees, it's one of the travel cards that many will want in their wallets ASAP.
In addition to this, you'll see amazing earn rates, strong redemptions, and insurance coverage that'll give you the freedom to reenact The Hangover with abandon (though we don't recommend this).
So let's go over all the changes and see if it's right for you.
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Scotia Gold Amex earn rates
If you like to eat – whether it’s at a restaurant or you’re a home cook, this card is for you with 5 points for every dollar spent on:
- groceries,
- restaurants, and
- entertainment.
This is more than any other flexible rewards card. Drive a lot or use public transit everyday? Binge-watch Netflix all the time?
No worries. This card will also earn you 3 points for every dollar spent on:
- gas,
- daily transit, and
- select streaming services.
On top of these high earn rates, you’ll also earn 1 point for every dollar on all other purchases. This means no matter what you’re swiping your card on – you’re earning points.
How many points can you get
Here’s a look at how what you’ll earn based on a $2,000 monthly spend – assuming you’re buying your needs on credit and paying it off at the end of the month:
| Category | Points earned per dollar | Monthly spend | Points earned |
|---|---|---|---|
| Groceries/restaurant purchases | 5 | $500 | 2,500 |
| Gas | 3 | $200 | 600 |
| Other | 1 | $1,300 | 1,300 |
| Total per month | $2,000 | 4,400 | |
| Total per year | $24,000 | 52,800 |
This leaves you with $528 travel rewards at best value, with up to $400 more (if you’ve taken advantage of the welcome bonus). This comes out to $928 in first-year rewards.
But say you spend more on groceries and restaurants, which you probably do – especially with a family to feed. Here’s a reworked table showing more on food and less on other purchases:
| Category | Points earned per dollar | Monthly spend | Points earned |
|---|---|---|---|
| Groceries/restaurant purchases | 5 | $800 | 4,000 |
| Gas | 3 | $200 | 600 |
| Other | 1 | $1,000 | 1,000 |
| Total per month | $2,000 | 5,600 | |
| Total per year | $24,000 | 67,200 |
If you’re redeeming for travel (the best value) at $0.01 per point, just by making your regular purchases you’ll earn $672 in travel rewards.
Add up the $500 welcome bonus, and you’ve got $1,172 to spend on travel in your first year.
Overall, this card is terrific when it comes to earning points…but is it good for when you’re using your points?
Keep reading and find out.
No foreign transaction fees
The Scotia Gold Amex offers 0% foreign transaction fees. Yup, you read that right.
We couldn’t write a review without mentioning one of the cards best features – especially if you travel. Whether it be a trip to the U.S., overseas, or shop online in other currencies, this card can save you big time.
The average card charges 2.5% when it comes to these fees, so this is a pretty special feature that sets this card apart.
In fact, there are only a select few cards in Canada that don’t charge FX fees, putting this card in rare company.
Related: How Foreign Currency Exchange Works When Returning Your Purchases
Using your Scene+ points
It should be noted that while the best value comes from travel, the Scene+ points are super flexible and can be redeemed for movie tickets, merchandise, gift cards, travel, and even statement credits through the Scene+ program.
Here’s a breakdown of how much value you’re getting when using each category.
Redeem for movie tickets – 1.05 cents per point
It may be a surprise, but the best value for your points is redeeming for free movie tickets at Cineplex theatres.
Based on our research, the average value of a Scene+ point when redeemed for movies is 1.05 cents.
However, the value can swing wildly based on the type of movie ticket you’re purchasing with your points – anywhere from 0.89 all the way to 1.27 cents each.
So when redeeming, take a second to look at the value of your points before cashing in your points for movie tickets so you’re not missing out.
Redeem for travel – 1 cent per point
Scene+ is really unique in the fact that they let you book with either their own site that’s operated by Expedia, or with any other travel provider, and the value still remains the same (1 cent per point) no matter which option you choose.
But keep in mind that if you’re booking with another provider, you’ll need to redeem at least 5,000 points towards your booking.
Convert points into statement credits – up to 0.8 cents per point
Scene+ also allows you to convert points into statement credits. The more points you decide to cash in, the more value you’ll be getting back.
This is a great option if you’ve decided to skip travelling for the year and just want the money back.
Low end: 3,000 points = $20, or 0.67 cents per point
High end: 62,500 points = $500, or 0.8 cents per point
Redeem for gift cards – 0.74 cents per point
There are plenty of options to choose from when redeeming for gift cards, from a $25 to $100 value. No matter what, they have the same point value.
If you wanted to redeem for a $25 gift card, you’d need 3,400 points.
Redeem for merchandise or experiences – varied value per point
Scene+ provides their own portals to redeem points for merchandise through Best Buy and Apple.
Pretty much their entire online stores are available for you to use your points. To get any item, you only need to redeem 20% of the points shown – you can pay for the rest using a credit card.
We’ve calculated an average value of 0.77 cents per point, but it varies based on item.
Scotia Gold Amex insurance
If you were worried about insurance, don’t be. The Scotia Gold Amex offers you a pretty good insurance package, depending on what’s important to you.
Scotiabank Gold American Express® Card Please review your insurance certificate for details, exclusions and limitations of your coverage.Extended Warranty 1 year Purchase Protection 90 days Mobile Device $1,000 Travel Accident $500,000 Emergency Medical Term 25 days Emergency Medical over 65 3 days Trip Cancellation $1,500 Trip Interruption $1,500 Flight Delay $500 Baggage Delay $1,000 Lost or Stolen Baggage $1,000 Hotel Burglary $1,000 Rental Car Theft & Damage Yes
That’s 11 different types of insurance – including a hard to find coverage, emergency medical for those aged 65 and over. It’s only 3 days, but it’s a definite step in the right direction in comparison to other cards.
To sum the Scotia Gold Amex up
It’s a great card for those who want to earn points on groceries, eating out, and gas. This describes most of us, and the opportunity to redeem for a wide variety of rewards is very appealing.
The downsides
Like we said earlier, the annual fee can seem steep at $120, and of course – it is an Amex. So depending on where you’re doing your shopping…it might not be accepted.
But if this is a card that you think will work for you and your shopping habits, it’s going to work hard for you, too.
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We’d like to hear from you
Will you be adding the Scotia Gold Amex to your wallet anytime soon?
Or maybe there’s another card that’s caught your eye?
Let us know in the comments below.
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