Canadian banks offer a range of top-grade travel rewards cards with various benefits. The Scotiabank American Express card is one such credit card. It offers a great rewards rate and allows cardholders to earn redeemable rewards on multiple spending categories. Cardholders also get comprehensive travel insurance, sign-up bonus points, and several ways to redeem their bonus points. The Scotiabank Rewards points are redeemable for gift cards, merchandise, travel bookings, and more. The card has no annual fees and offers mobile insurance benefits. Let’s review the advantages and disadvantages of using the Scotia American Express card.
Scotiabank Amex Red Card is Best for
- Frequent travellers looking for excellent travel rewards;
- Regular shoppers who often spend on dining, gas, daily transit, entertainment, and groceries;
- Those who want an interest-free grace period on purchases;
- American Express cardholders seeking to cover travel expenses;
- Travellers who need comprehensive travel insurance.
Scotiabank American Express Card Advantages
The Scotiabank American Express card offers a few benefits.
No annual fee
The Scotiabank American Express card owners won’t need to worry about annual fees, as there is no annual fee ever.
New cardholders earn bonus Scene+ points in the first three months. The requirement to earn this bonus is to spend a certain amount. They can earn additional cash-redeemable bonus points if they keep using the card for the first year.
Earn rewards on purchases
The Scotiabank American Express card allows you to earn rewards by purchasing across three categories – entertainment, dining, and groceries. Every dollar you spend in these categories gives you five Scene+ points. Cardholders also earn 2 points per dollar they spend on streaming services (Cineplex and Netflix), daily transit, and gas. Earn one point for every dollar you spend on all other purchases. The Scene+ rewards1 are also redeemable for travel through Scene+ Travel. Cardholders can get top discounts on airfare.
Mobile device insurance
If your mobile device experiences a mechanical failure or is accidentally damaged, stolen, or lost, you can count on additional bonus cash in mobile device insurance.
Extended warranty and security
Every purchase you make is under protection against theft, loss, or damage for the first three months. Cardholders also get the extended manufacturer’s warranty for one additional year. The card includes price protection that offers customers reimbursement for a drop in items’ prices within two months of purchase.
Car rental discounts
The Scotiabank American Express card allows customers to save on car rentals at Budget and AVIS locations.
American Express members can enjoy special benefits whether shopping or travelling at home. Scotiabank sends notifications to cardholders whenever new experiences and offers are available. These offers include various perks such as film screenings, theatre engagements, fine dining establishments, etc. Cardholders also get exclusive rewards such as amenities and discounted prices when travelling.
Are There Any Disadvantages?
No matter how great the Scotiabank American Express Red card might be, there are a couple of downsides to keep in mind.
Compared to Mastercard and Visa, Amex cards are not that popular among retailers and stores. Fewer retailers accept Amex. That could be an issue for some cardholders.
Limited daily point conversions
Cardholders can’t convert their rewards points more than four times a day. Completed interchangeability conversions aren’t subject to cancellation.
High eligibility requirements
All persons must be 18+ to become eligible for this card. You must have a good credit score (650+). The eligibility requirements also include a minimum annual income ($12,000).
High interest rate
Compared to other Scotiabank Amex cards, this card charges high interest rate on purchases, cash advances, and balance transfers.
Low reward level
The Scotiabank Amex card offers a reward level of 1%. That’s lower than other Scotiabank Amex cards – Scotiabank Gold Amex and Scotiabank Platinum Amex.
Comprehensive Protection Package
Frequent travels get additional benefits such as travel insurance that offers insurance coverage for rental car damage, trip interruptions, accidents, and medical emergencies. Furthermore, the insurance extends to the cardholder’s family, dependants, and spouse. This Scotiabank card offers the following types of insurance coverages:
- Travel accident insurance – pay up to 75% of your travel cost with your card.
- Travel medical emergency insurance – eligible cardholders under age 65 can use this insurance for up to eight consecutive days. Customers of age 65+ can use coverage for up to three consecutive days.
- Trip interruption – get up to 75% cashback on your tips costs with no extra fees.
- Rental car damage/ collision loss insurance.
- Extended warranty protection and purchase security.
Eligibility Requirements for Scotiabank American Express card
There are three Scotiabank AMEX card eligibility requirements to keep in mind:
- You must be 18+;
- You must have a good credit score (650+);
- And, must earn a minimum income of $12,000.
How to Earn Scene+ Points with this AMEX Red card?
You have two ways to earn Scene+ rewards:
- Earn 2 points per dollar spent on select streaming services, daily transit, gas, entertainment, dining, and grocery;
- Earn 1 point per dollar spent on all other purchases.
Similar Offers and Alternatives
What Makes Scotiabank American Express Red Card Different
The Scotiabank Amex card is an excellent option for cardholders looking for purchase protections, money-saving insurance, and redeemable travel rewards2. The card has no annual fee and offers a rare mobile device insurance type.
Cardholders get an option to combine cash back rewards with no annual fees while earning travel rewards and additional bonus points on every purchase. They also get a range of insurance coverages and the option to convert Scotia Rewards points to Scene+ points and vice versa.
Scotiabank offers three ways to apply for this card – online, by phone, and in person. Finally, you get a complete package of benefits for being a member of the American Express club.
The Scotiabank American Express card is among the three most popular Canadian travel credit cards. It’s an affordable no-fee travel reward credit card that offers a range of travel insurance coverages, purchase protections, and abundant travel rewards. Cardholders can earn bonus points on every dollar they spend on regular purchases. You can redeem your points without travel restrictions, and there’s travel insurance included with the card. Redeem your rewards for airfare, gift cards, merchandise, and travel.
Frequently Asked Questions
- Scene+ Program. Scotiabank
- Are Travel Rewards Credit Cards Worth It? Investopedia