Scotiabank Gold American Express® Card vs CIBC Costco Mastercard: Which one is better?
Scotiabank Gold American Express® Card
4.9
RECOMMENDED CREDIT SCORE
CIBC Costco Mastercard
3.4
RECOMMENDED CREDIT SCORE
Finly Rebate
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
$347.33
Welcome 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
Purchase Protection
90 days
Extended Warranty
Up to a year
Emergency Out of province Medical
$1M, Up to 25 daysEmergency Medical Over 65
$1M, Up to 3 days
Trip Cancellation
$1500/person, $10000/trip
Trip Interruption
$1500/person, $10,000/trip
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.svg)
Car Rental Damage & Theft
$65K up to 48 days
Hotel Burglary Insurance
$1000/occurrence
Insurance Included
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended 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
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Concierge Services
Discount
Discount on PriorityPass Membership
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%
Annual Fee
$120
$0
First Year Waived
Annual Fee
$0
Income Required
Min Personal Income:
$12,000
Min Household Income:
N/A
Income Required
Min Personal Income:
$15,000
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
N/A
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
- 3% cashback on Restaurants and CostcoGas
- 2% cashback on Costco.ca purchases (Max $160 yearly)
- 2% cashback on Gas (Max $100 yearly)
- 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
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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