Scotiabank Gold American Express® Card vs BMO CashBack® World Elite® Mastercard®: Which one is better?

Scotiabank Gold American Express® Card

4.9

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

BMO CashBack® World Elite® Mastercard®

4.2

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Finly Rebate

$200 Cash Rebate from FinlyWealth

Now $200 until Oct 31, 2024

Finly Rebate

N/A

Rewards Breakdown

Annual Rewards

$613.54

Scene+

Welcome Bonus

$450

Scene+

Annual Fee

$120

First Year Value

$1,063.54

$493.54 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$490.46

Welcome Bonus

$190

Annual Fee

$120

First Year Value

$680.46

$370.46 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included

Emergency Out of province Medical

$1M, Up to 25 days

Lost or Stolen Baggage

$500/person, $1000/trip

Baggage Delay

$500/person, $1,000/trip After 4 hours

Flight Delay

$500/person

Travel Accident

$500K/person, $1M/occurrence

Car Rental Damage & Theft

$65K up to 48 days

Hotel Burglary Insurance

$1000/occurrence

Purchase Protection

90 days

Extended Warranty

Up to a year

Emergency Medical Over 65

$1M, Up to 3 days

Trip Cancellation

$1500/person, $10000/trip

Trip Interruption

$1500/person, $10,000/trip

Mobile Device Insurance

$1,000

Insurance Included

Emergency Out of province Medical

$1M, Up to 25 days

Lost or Stolen Baggage

$500/person, $1000/trip

Baggage Delay

$500/person, $1,000/trip After 4 hours

Flight Delay

$500/person

Travel Accident

$500K/person, $1M/occurrence

Car Rental Damage & Theft

$65K up to 48 days

Hotel Burglary Insurance

$1000/occurrence

Purchase Protection

90 days

Extended Warranty

Up to a year

Extra Benefits

No Foreign Transaction Fees

Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD

American Express Experiences

Concierge Services

Discount

Discount on PriorityPass Membership

Extra Benefits

Airport Lounge - Dragon Pass

Pass only, complimentary visits not included

Roadside Assistance

Includes free battery boosts, flat-tire change, lockout service and towing

Car Rental Discount

25% off base rate of participating National Car Rental and Alamo Rent a Car

Gas Discount

Get up to seven cents off per litre on Shell® fuel

Hotel Booking Discount

Save up to 7% on your Booking.com prepaid hotel or property rental bookings

Boingo Wi-Fi hotspot

Interest Rates

Purchase:

20.99%

Cash Advance:

22.99%

Balance Transfer:

22.99%

Interest Rates

Purchase:

20.99%

Cash Advance:

23.99%

Annual Fee

$120

First Year Waived

Annual Fee

$120

First Year Waived

Income Required

Min Personal Income:

$12,000

Min Household Income:

N/A

Income Required

Min Personal Income:

$80,000

Min Household Income:

$150,000

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

Get up to 10% cash back in your first 3 months with an incremental cashback value of $200

Rewards Rate

6 Points on on every $1 you spend at Sobeys, Safeway, IGA, Foodland & Participating Co-ops
5 Points dining and at other eligible grocery stores, entertainment purchases which includes movies, theatre, and ticket agencies
3 Point on Rides which includes rideshare, buses, taxis, subways and more
3 Points on eligible streaming services (Netflix, Spotify, Disney+, Crave and more)
1 Point on everything else

Rewards Rate

5% cashback on groceries (maximum $25 per statement)
4% cashback on daily transit (maximum $12 per statement)
3% cashback on gas (maximum $9 per statement)
2% cashback on recurring payments (maximum $10 per statement)
1% cashback on all other credit card purchases.

Loyalty Program

Scene+

Loyalty Program

N/A

Point Redemption Options

Entertainment

1¢ / point

Travel

1¢ / point

Groceries (Sobeys)

1¢ / point

Restaurants

1¢ / point

Merchandise

0.76¢ / point

Gift Cards

0.74¢ / point

Statement Credits

0.7¢ / point

Point Redemption Options

Not Applicable

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?

If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.

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

Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
Includes roadside assistance, a rare but valuable benefit for people on the road.
Provides a comprehensive list of insurance coverage and benefits.
High first-year 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