Scotiabank Gold American Express Card: Up To 5X Points on Foreign Currency Transactions!

The Scotiabank Gold American Express^® Card now earns up to 5X points on foreign currency transactions in its purchase categories!

It’s important to choose a credit card that maximizes benefits (high multipliers) while reducing additional costs such as currency conversion fees. For travelers, this change allows them to optimize each expense even further, so they can travel more often or better.

Until recently, it was the American Express Cobalt^® Card that was prioritized for thegrocery and restaurant categories abroad, since it was possible to earn 5X points despite the terms and conditions that limited this multiplier in Canada. However, as of October 2024, it is no longer possible to earn these multipliers abroad.

The Scotiabank Gold American Express^® Card has emerged as a very attractive option in recent months. Not only does it charge no conversion fees for foreign currency transactions, but it also now offers the possibility of having its multipliers on the same categories as in Canada:

• 5 points per dollar spent in grocery stores, restaurants and entertainment centers
• 3 points per dollar spent on gas, public transit and streaming services.

This is unofficial news. And it probably won’t be announced by Scotiabank (as it was by American Express Canada for the American Express Cobalt^® Card).

The terms and conditions of the Scotiabank Gold American Express^® Card still state the following:

Accelerated accumulation ratios (6X, 5X or 3X, as applicable) under the Scene+ program (the “Program”) will only be offerted on current purchases in Canadian dollars. You will earn 1 point Scene+ for every dollar of foreign currency purchases charged to your Scotiabank American Express credit card account (the “Account”), after conversion to Canadian dollars.

In the past, we’ve confirmed that foreign currency spending only earns 1X points on this card, even in purchase categories. This is not the case with its sibling, the Scotiabank Passport Visa Infinite Card, which earns up to 2 points per dollar on foreign currency transactions.

Unofficially, it’s been new for a few months now, and could be a game-changer when it comes to choosing your credit card!

Indeed, some members of the Milesopedia community have reported that their grocery and restaurant spending abroad with the Scotiabank Gold American Express^® Card generated 5X points, in addition to saving on conversion fees.

Here are some screenshots of transactions in France and Italy by Jean-Maximilien :

The same goes for Qatar (Jean-Maximilien) and during my last visit to Japan:

Here are screenshots of transactions in France and Portugal (thanks Jerry M.):

Here are some transactions made in the United States where it is also possible to obtain 3 times the points on public transport (thanks Olivier S.) :

Here are some transactions I made in South Korea, where I was able to confirm the earning of 5 points per dollar and the absence of foreign transaction fees:

Despite the fact that the American Express Cobalt^® Card no longer offers a high multiplier abroad, while the Scotiabank Gold American Express^® Card allows you to accumulate 5X points, it’s important to understand that the nature and value of these points differ.

American Express Membership Rewards Points can be transferred to airline or hotel loyalty programs. This gives them a variable value depending on their use, while retaining the minimum value of 1 cent when used to reimburse any purchase. If you book airline tickets where your points are worth 2 cents or more, for example, this could be more advantageous for you than Scene+ points.

Scene+ points have a fixed value of 1 cent per point. However, they are very flexible and can be redeemed on a wide range of travel-related expenses. What’s more, you have up to 12 months after each such transaction to use your Scene+ points.

Despite the fact that Membership Rewards points can be worth up to 1.7 cents per point, as calculated by Milesopedia, the Scotiabank Gold American Express^® Card remains the best choice for foreign purchases, thanks to its double advantage of no conversion fees and points multiplier.

The Scotiabank Gold American Express^® Card offers an attractive welcome bonus, making it a great option for people who’d like to give it a try.

With the possibility of benefiting from 5X points abroad without conversion fees, this card becomes a real game changer for those who want to maximize their savings while accumulating Scene+ points for their next adventures.

Don’t wait any longer to try out this Scene+ credit card and take advantage of this offer!