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Upcoming Changes to Scotiabank American Express Cards

Scotiabank has announced several upcoming changes to two American Express credit cards:

Changes to the Scotiabank Platinum American Express Card

2 points per dollar on all purchases

Until now, the Scotiabank Platinum American Express® Card offered 4 Scene+ points for every dollar spent at:

  • a gas station,
  • a grocery store
  • a restaurant
  • an entertainment facility

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.

No foreign currency conversion fees

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.

Other benefits

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.

Our opinion on these changes

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).

Changes to the Scotiabank American Express Card

New categories offering 2 points per dollar

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:

  • Ride & Drive (gas and public transportation)
  • Eat In & Eat Out (grocery stores, restaurants, bars, food delivery)
  • Entertainment
  • Streaming services

And 1 Scene+ point for every dollar spent elsewhere.

That’s the equivalent of a 1 to 2% return depending on your purchases. Which is pretty good for a no-fee credit card.

Insurance

Effective July 1, 2022, the Scotiabank American Express Card will no longer offer the following coverages:

  • Travel Emergency Medical Insurance
  • Trip Interruption Insurance
  • Common Carrier Travel Accident Insurance
  • Rental Car Collision/Loss Damage Insurance

But the card will now offer Mobile Device Insurance (up to $500).

Our opinion on these changes

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.

Come to discuss that topic in our Facebook Group!

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