Scotiabank Gold American Express® Card vs American Express Gold Rewards Card®: Which one is better?
Scotiabank Gold American Express® Card
4.9
American Express Gold Rewards Card®
4.2
Rewards Breakdown
Annual Rewards
$644.5
Scene+
First Year Bonus
$450
Scene+
Annual Fee
$120
First Year Value
$1,094.5
$524.5 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$619.03
American Express Membership Rewards
First Year Bonus
$1,260
American Express Membership Rewards
Annual Fee
$250
First Year Value
$1,629.03
$369.03 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$500/person, $1000/trip
Baggage Delay
$500/person, $1,000/trip After 4 hours.svg)
Car Rental Damage & Theft
$65K up to 48 days
Travel Accident
$500K/person, $1M/occurrence
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1000/occurrence
Emergency Out of province Medical
$1M, Up to 25 days
Trip Cancellation
$1500/person, $10000/trip
Trip Interruption
$1500/person, $10,000/tripFlight Delay
$500/person
Mobile Device Insurance
$1,000Emergency Medical Over 65
$1M, Up to 3 days
Insurance Included*
Lost or Stolen Baggage
$500Baggage Delay
$500 after 6 hour delayCar Rental Damage & Theft
$85K, up to 48 daysTravel Accident
$500,000Extended Warranty
Up to 1 yearPurchase Protection
90 days, Up to $1,000Hotel Burglary Insurance
$500Emergency Out of province Medical
15 daysTrip Cancellation
$1,500 per person, $3,000 combinedTrip Interruption
$1,500 per person, $6,000 combinedFlight Delay
$500 after 4 hour delay
Extra Benefits*
American Express® Experiences
No Foreign Transaction Fees
Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD.svg)
Concierge Services
Discount
Discount on PriorityPass Membership
Extra Benefits*
American Express® Experiences
.svg)
Status lift
Hertz Gold Plus Rewards® loyalty program
Extra points
Earn 2 points on Amex Travel Online purchases and extra points on American Express offers.svg)
Travel Credit
$100
Nexus Program Rebate
$50 statement credit every 4 years
Complimentary Hotel Benefits
Hotels booked American Express Travel
Airport Lounge - Priority Pass
Pass only. No Complimentary visits!Airport Lounge - Plaza Premium
4 Free complimentary visits
Interest Rates*
Purchase:
20.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Interest Rates*
Purchase:
21.99%2
Cash Advance:
21.99%2
Annual Fee*
$120
$0
First Year Waived
Annual Fee*
$250
Income Required*
Min Personal Income:
$12,000
Min Household Income:
$12,000
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus*
Earn 25,000 bonus Scene+ points by making at least $1,000 in everyday eligible purchases in your first 3 months. Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $7,500 in everyday eligible purchases in your first year.
Welcome Bonus*
Earn 5,000 Membership Rewards® points for each monthly billing period in which you spend $1,000 in purchases on your Card in the first Year
Rewards Rate*
- 6 Points per $1 spent at Sobeys, Safeway, IGA, Foodland & Participating Co-ops
- 5 Points per $1 spent on eligible dining, other grocery stores, entertainment purchases including movies, theatre, and ticket agencies
- 3 Points per $1 spent on rides which includes 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
Rewards Rate*
- 2x points per $1 spent on gas, groceries and drugstore purchases
- 2x points per $1 spent on travel (eligible flights, hotels, tours and more)
- 1x point per $1 spent on all other eligible purchases
Loyalty Program*
Loyalty Program*
Point Redemption Options*
Merchandise
0.76¢ / point
Gift Cards
0.74¢ / point
Statement Credits (Cash)
0.7¢ / point
Entertainment
1¢ / point
Travel
1¢ / point
Groceries (Sobeys)
1¢ / point
Restaurants
1¢ / point
Point Redemption Options*
Statement Credits (Cash)
1¢ / pointGift Cards
0.765¢ / pointMerchandise
0.63¢ / pointMost Optimal
Transfer to Airline Partners
2.1¢ / pointFixed Point Travel Program
1.66¢ / pointTransfer to Hotel Partners
1.66¢ / point
Amazon.ca
0.7¢ / point
Is this card worth it?
The Scotiabank Gold American Express® Card is one of our favorite cards. It has a very solid rewards program, earning one of the highest rewards among all credit cards in Canada. In addition, it offers comprehensive travel benefits, including the rare and valuable no foreign transaction fee benefit, making it a great and balanced credit card in terms of both rewards and benefits. The first-year annual fee waiver is the cherry on top, providing even greater value to cardholders.
Is this card worth it?
The American Express® Gold Rewards Card is an excellent choice for travelers seeking an entry-level card that offers a strong balance of generous travel benefits without excessive costs. With a relatively low annual fee, this card provides flexibility and a range of perks that make it stand out among other options. It’s ideal for those who want to maximize their travel rewards without being tied to a specific airline or compromising on the benefits offered.
Pros
- No foreign transaction fee saves you 2.5% on all non-CAD purchases.
- Rewards cover all high-spending categories, including food, groceries, entertainment, and gas.
- Comprehensive coverage of all travel insurance.
Pros
- Flexible Rewards: Enjoy flexible Membership Rewards point conversion with up to 2 points per $1 spent.
- Travel Perks: Includes $100 annual travel credit and 4 free passes to Plaza Premium lounges in Canada.
- Comprehensive Insurance: Comes with 11 types of insurance coverage.
- Multiple Redemption Options: Offers 4 ways to redeem points for maximum value.
Cons
- The card network is American Express, which might not be widely accepted in some countries, making it a bit harder to use the no foreign transaction fee benefit.
- Having a lounge pass would have made this card even more perfect, but there is access to a discount code for lounge access pass purchases.
Cons
- High Annual Fee: The card comes with a $250 annual fee.
- Foreign Transaction Fees: A 2.5% fee applies to foreign transactions.
- Limited Travel Insurance for Seniors: No travel medical insurance coverage for those over 65.
- Lower Acceptance: As an American Express card, it may have lower acceptance compared to Visa or Mastercard.
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Scotiabank Gold American Express® Card vs American Express Gold Rewards Card®: When to go for one over the other
Annual Fees and Requirements
The Scotiabank Gold American Express card has a significantly lower annual fee compared to the American Express Gold Rewards card, with the latter nearly double the cost. Both cards cater to individuals with good to excellent credit, though the higher fee for the American Express Gold Rewards card may be a deciding factor for some. Scotiabank specifies a minimum personal income, while American Express does not outline specific income requirements.
Rewards Comparison
Both cards offer similar annual rewards, but their earning categories differ. The Scotiabank Gold American Express card offers higher rewards in everyday categories like groceries, dining, and entertainment. In contrast, the American Express Gold Rewards card focuses more on travel and broader categories like gas and drugstore purchases. While the rewards are comparable in value, the American Express Gold Rewards card often has a larger welcome bonus.
Reward Redemption Options
The American Express Gold Rewards card offers more flexibility in redemption compared to the Scotiabank Gold American Express. With American Express, you can convert points into statement credits, allowing you to use your rewards to directly pay off your balance, making it more versatile. Scotiabank’s redemption options include travel, merchandise, and groceries, but the lack of a statement credit option makes it less flexible overall.
Benefits and Insurance
Both cards provide extensive insurance coverage, but their benefits differ. The Scotiabank Gold American Express card shines with its no foreign transaction fee, offering significant savings on international purchases, making it ideal for frequent travelers looking to reduce costs. On the other hand, the American Express Gold Rewards card focuses on luxury travel perks, such as a $100 annual travel credit and lounge access, which appeal to those seeking premium experiences.
Conclusion
Although the annual rewards are similar, the key difference lies in the benefits and annual fee. The Scotiabank Gold American Express card, with its no foreign transaction fee, is a strong choice for those focused on saving money while traveling abroad. However, the American Express Gold Rewards card offers greater flexibility in how rewards can be redeemed, including the ability to turn points into statement credits. For those seeking luxury perks and flexible redemptions, the American Express Gold Rewards card, despite its higher fee, might be the better option.
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