4. The card comes with great travel insurance
The included travel insurance package is great and is one of the card’s key benefits. When cardholders use the Scotiabank Gold American Express for their travel expenses, they receive up to $1 million in medical travel coverage for 25 days and $1 million in travel accident insurance (if you are over 65, this is only for a maximum of 3 days). You also get up to $1,500 per person in cancellation or interruption coverage (up to a maximum of $10,000) when you charge at least 75% of your travel expenses to your card; flight and baggage delay security; and car rental loss and damage coverage. You also get an extended warranty on select purchases and hotel/motel burglary insurance.
5. No foreign transaction fees will be charged
When you make a purchase in a foreign currency, in person or online, you usually pay a 2.5% to 3% fee on top of the currency conversion. These are the foreign transaction costs and they can add up quickly. Credit cards with no foreign transaction fees are rare for Canadian consumers, and Scotia is the only major bank to offer this benefit. When consumers shop with the Scotiabank Gold Amex, that fee is waived. This is an exceptional value for online shoppers or those who travel frequently, especially in the United States where American Express is widely accepted. In addition to waiving fees, Scotiabank Gold Amex earns you 1 point per $1 on all purchases made in a foreign currency.
6. Being an Amex cardholder has its advantages
As American Express members, cardholders are entitled to the company’s Amex Offers and Amex Front of the Line programs. After free registration, Amex Offers gives members access to coupons, discounts or earning points with spending at participating retailers. As the name suggests, Front of the Line offers Amex members priority access to presale tickets and reserved seats at concerts, musicals, and other live events.
7. You probably won’t pay for a movie anytime soon
If you enjoy watching the latest movies, you should really consider this card. You’ll earn 5 Scene+ points for every dollar you spend on everyday purchases like gas and groceries (not to mention restaurants and the theater itself). Since a general admission or a 3D movie ticket earns you 1,250 points, you’ll earn a free one for every $250 you spend in those essential categories, which you’ll likely reach or exceed each month.
Are there any drawbacks to the Scotiabank Gold American Express?
While the Scotiabank Gold Amex card is robust, especially for travelers, there are a few things to consider before signing up. First, American Express is not as widely accepted in Canada as Visa or Mastercard. If you routinely shop at stores like Costco and Loblaws, you won’t be able to use your card, which could seriously reduce the income potential for food and groceries that makes this card so strong. (You can find a list of some retailers that accept Amex here.)
This post Scotiabank Gold American Express rating 2022
was original published at “https://www.moneysense.ca/spend/credit-cards/scotiabank-gold-amex-american-express-review/”