Scotiabank has announced several upcoming changes to two American Express credit cards:
Until now, the Scotiabank Platinum American Express® Card offered 4 Scene+ points for every dollar spent at:
And 1 Scene+ point for every dollar spent elsewhere.
As of July 1, 2022, there will be no more spending categories. From now on, you will get 2 Scene+ points for every dollar spent. It doesn’t matter what the spending category is. That’s the equivalent of 2% on all purchases.
Until now, the Scotiabank Platinum American Express® Card has charged a 2.5% conversion fee for foreign currency transactions.
This was a negative point, especially compared to its little sister, the Scotiabank Gold American Express® Card, which does not charge FX fees.
Effective July 1, 2022, the Scotiabank Platinum American Express® Card will join the club of a few credit cards in Canada that do not charge a foreign currency conversion fee.
The Scotiabank Platinum American Express® Card retains its Ten annual complimentary visits to Priority Pass airport lounges.
Also, Mobile Device Insurance (up to $1,000) will be added to the extensive range of insurance included with the Card.
With a $399 annual fee, Scotiabank needed to make these types of changes to keep the Scotiabank Platinum American Express® Card competitive.
However, there are still other more attractive options on the market. Starting with the Scotiabank Gold American Express® Card. Also no foreign currency conversion fees, but with spending categories (5 points per dollar for food and entertainment; 3 points per dollar for travel and streaming services). And most importantly, much more affordable at $120 a year.
But also with the HSBC World Elite® Mastercard®: 6 points per dollar for travel (or 3%) and 3 points per dollar everywhere else (or 1.5%). Also without foreign currency conversion fees (and accepted everywhere through the Mastercard network).
Until now, the Scotiabank American Express Card offered 1 Scene+ point for every dollar spent.
Starting July 1, 2022, you can earn 2 Scene+ points for every dollar spent on:
That’s the equivalent of a 1 to 2% return depending on your purchases. Which is pretty good for a no-fee credit card.
Effective July 1, 2022, the Scotiabank American Express Card will no longer offer the following coverages:
But the card will now offer Mobile Device Insurance (up to $500).
So it’s a repositioning of this card: it’s no longer intended for travellers (with multiple insurance withdrawals) but rather for people looking for rewards and insurance on everyday purchases.
This is a no annual fee credit card that may be of interest to some people who want to access American Express promotional offers, for example. Before moving on to more attractive cards like the Scotiabank Gold American Express® Card or the American Express Cobalt® Card.
Savings are here:
