The Scotiabank Platinum American Express Card is Scotiabank’s top-tier premium travel and lifestyle credit card.
With 4x points on essential spending categories and 10 airport lounge visits per year, this card is a good fit for high-spending frequent travellers who are seeking a simplified and accessible rewards program in Scotia Rewards.
The Scotiabank Platinum American Express Card is offering 30,000 Scotia Rewards points for new cardholders, upon making your first purchase. This is a fairly standard signup bonus on this card compared to historical levels.
The card has an annual fee of $399 for the primary cardholder. Supplementary cards are priced at $99 apiece.
The Scotiabank Platinum American Express Card offers a tiered earning structure:
You can buy gift cards for other retailers at gas stations and grocery stores, meaning that you could potentially earn 4% back on the majority of your purchases if you leverage the power of gift cards.
The elevated 4x earning rate is limited to the first $100,000 per membership year on the four bonus categories combined. For all spending beyond that amount, you’ll only earn 1x Scotia Rewards points.
While the 4x earning rate is fairly strong in the context of the wider market, it isn’t the most powerful earning rate that Scotiabank offers: the Scotiabank Gold American Express Card comes with a stronger 5x earning rate on groceries, dining, and entertainment – all with a lower annual fee of $120.
Scotia Rewards is one of the most flexible fixed-value points programs in Canada. Points have a value of 1 cent per point, and can be easily credited towards any travel expense.
This is far superior to fixed-value points programs from Canada’s other major banks, which force you to book your travel through their in-house travel agencies. With those programs, you’re effectively limited to using your points for flights, hotels, car rentals, and vacations.
On the other hand, with Scotia Rewards points, you can apply your points to things like Airbnbs, train tickets, and award taxes and fees. Simply charge the travel expense to your credit card, and then redeem points to “offset” the charge within a 90-day period.
Throw in the fact that you can use the age-old “refundable hotel trick” to turn your Scotia Rewards points into a pure statement credit, and this card is an absolute winner in the realm of fixed points travel cards.
Your points won’t expire for as long as you’re a cardholder. If you cancel the card, you’ll have 60 days to redeem your Scotia Rewards points before they’re gone.
Primary and supplementary cardholders receive a Priority Pass membership with 10 and four complimentary lounge visits per year, respectively.
Despite not being issued by American Express, this card still gets many of the perks of being on the American Express payment network.
You’ll be able to register for some Amex Offers including Shop Small, use Amex Front of the Line for presale event tickets, and use American Express Invites for exclusive experiences.
The insurance on the Scotiabank Platinum American Express Card is as strong as you’d expect for a premium travel credit card. Coverage includes:
The essential emergency medical insurance of up to $2 million for you, your spouse, and dependent children on unexpected medical illness or injury when travelling out-of-province
Trip cancellation and interruption insurance of up to $2,500 and $5,000 per person, respectively
Flight delay insurance for delays of more than four hours, up to $1,000 per person
Rental car collision or damage insurance, which can help you save on the insurance fees usually charged by car rental companies
On the purchase protection side, you’ll get extended warranty of up to two more years, purchase protection of 120 days against damage, loss, or theft for new items, and even price protection of up to $100 per item if the price drops within 60 days after you’ve made your purchase.
There is no minimum income requirement associated with the Scotiabank Platinum American Express Card.
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Alternatively, you may check websites like Great Canadian Rebates to see if any of their cash-back offers might pique your interest.