Scotiabank Gold American Express® Card vs CIBC Costco Mastercard: Which one is better?
Scotiabank Gold American Express® Card
4.9
CIBC Costco Mastercard
2.8
Finly Rebate
Finly Rebate
N/A
Rewards Breakdown
Annual Rewards
$644.5
Scene+
First Year Bonus
$400
Scene+
Annual Fee
$120
First Year Value
$924.5
$524.5 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$347.33
First Year Bonus
$0
Annual Fee
$0
First Year Value
$347.33
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Mobile Device Insurance
$1,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Lost or Stolen Baggage
$500/person, $1000/trip
Baggage Delay
$500/person, $1,000/trip After 4 hours
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Car Rental Damage & Theft
$65K up to 48 days
Travel Accident
$500K/person, $1M/occurrence
Hotel Burglary Insurance
$1000/occurrence
Emergency Out of province Medical
$1M, Up to 25 days
Emergency Medical Over 65
$1M, Up to 3 days
Trip Cancellation
$1500/person, $10000/trip
Trip Interruption
$1500/person, $10,000/trip
Flight Delay
$500/person
Insurance Included
Mobile Device Insurance
$1000
Extended Warranty
Up to a year
Purchase Protection
Up to 90 days
Extra Benefits*
No Foreign Transaction Fees
Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD
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Concierge Services
Discount
Discount on PriorityPass Membership
American Express® Experiences
Extra Benefits
N/A
Interest Rates*
Purchase:
20.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Balance Transfer:
22.49%
Annual Fee*
$120
Annual Fee
$0
Income Required*
Min Personal Income:
$12,000
Min Household Income:
$12,000
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Welcome Bonus*
Earn 20,000 bonus Scene+ points by making at least $2,000 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
N/A
Rewards Rate*
- Earn 6x Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
- Earn 5x Scene+ points for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
- Earn 5x Scene+ points for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agencies stores.
- Earn 3x Scene+ points for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more
- Earn 3x Scene+ points for every $1 CAD you spend in Canada on eligible select streaming services
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- Earn additional benefits + up to 4x Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
Rewards Rate
- 3% cash back on Restaurants
- 3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
- 2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
- 1% on everything else
Loyalty Program*
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 (Cash)
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?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
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
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
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
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
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