The Scotiabank Gold American Express® card is one of the best credit cards for day-to-day purchases since it offers good cash backs on any purchase made. Given its features and rather limited competition it should be noted that this credit card targets both the active travellers and the entertainment-savvy customers.
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Furthermore, it enables the cardholder to make the necessary monetary savings if any when carrying out transactions in the foreign exchange since the card attracts no additional charges for transactions made in other currencies. In this aspect alone, this makes it a favored choice for the individuals who travel to foreign countries or those who order products from overseas websites.
Key information about the Scotiabank Gold American Express® card
Some benefits of this credit card are that makes it possible for one to have a package that satisfies commercial and personal needs in equal measure given the fact that the needs do vary and will therefore require different facilities in the process of creating and maintaining a package.
With regard to business, this card means solutions to spend management or find convenient ways to pay for services and products for clients. In this segment, information on the fee for utilizing this card annually, method used to arrive at the credit limit, and numerous benefits that are associated with having this credit card as yours will be given.
A number of factors have to be considered in order to guarantee to potential cardholders that it is possible to make a rational decision on becoming the cardholder of this or that credit card, according to one’s personal needs and preferences.
How does the annual fee work?
You need to know that Scotiabank Gold American Express® card attracts an annual fee of $120. However, new cardholders can enjoy the card because the first year’s annual fee is sometimes be considered waived.
However, an approach towards this can be made depending on the specific spending structure of the claimant, in that there are ways Scotiabank can possibly counter through the reward programs or spending benefits. For instance, through Preferred Package or Ultimate Package, there is an option of getting the annual fee on this credit card and some others waived.
How is the credit limit determined?
The credit limit for the Scotiabank Gold American Express® card is beginning from $5,000. The extent of the credit limit is arrived at depending on the applicant’s solvency, credit history, income, and general credit rating. These elements are observed by Scotiabank during the application phase, so as to determine the correct limit for every applicant.
Credit card benefits
- Earn up to 6X Scene+TM points: Earn 6 Scene+ points for every $1 CAD spent at participating grocery stores, 5 points for dining and entertainment, and 3 points for gas and daily transit.
- No foreign transaction fees: Save 2.5% on all purchases made in foreign currencies.
- Amex offers®: Enjoy exclusive deals on shopping, dining, and travel.
- Airport lounge access: Preferred discounts on Priority Pass™ membership, providing access to over 1200 VIP lounges worldwide.
- Comprehensive insurance coverage: Includes travel insurance, purchase protection, and extended warranty.
- Exclusive Amex offers®: Access exclusive deals and discounts on shopping, dining, travel, and more. These offers add significant value and rewards for cardholders.
Points program
The point’s earning system in the Scene+ is one of the core aspects of the Scotiabank Gold American Express® card. It lets the cardholders to earn points on every kind of purchase made, with some extra multipliers for some classes like grocery, dining and entertainment. It can be used to travel, shop, dine and many more thus making it a highly valuable point’s reward system increasing the value of the spending made.
Disadvantages
- Annual fee of $120: After the first year waiver, this fee applies annually.
- High interest rates: 20.99% on purchases and 22.99% on cash advances.
- Supplementary card fee: $29 per year for each additional card.
High interest rates
There are, however, some disadvantages of this card, the main of which is that purchases and cash advances attract interest charges of 20. 99% and 22. 99% respectively. Such rates are relatively high and can snowball if one is to use this card and maintain a balance beyond the due date since it is not a credit card meant to be used by individuals who clear their balances each month.
Who can apply for this card?
To apply for the Scotiabank Gold American Express® card, applicants must meet several criteria:
- Minimum age: 18 years old.
- Income requirements: Proof of a stable income is necessary, but specific minimum income requirements are not publicly specified.
- Credit history: A good to excellent credit score is generally required.
- Residency: Applicants must be residents of Canada.
- Legal status: Must have a valid Canadian address and Social Insurance Number (SIN).
How to apply for the Scotiabank Gold American Express® card
Online application
You can easily apply for the Scotiabank Gold American Express® card through the internet banking procedure. Begin with the official website of Scotiabank followed by the credit cards tab and finding the Scotiabank Gold American Express® card.
You will find the application form by clicking the “Apply Now” button: the application form for the Internet is the same as the one you may get in-store, which includes the candidate’s name, address, date of birth, and SIN number to conduct credit check.
Besides the personal information, the necessary information is required about the financial, including the current occupation, annual income, and other income. Precision is important here because the information you provide will be used to set your credit worthiness, and consequently your card limit.
When the form has been filled out all the sections, please read the information highlighted in the form critically to establish the fact that it is accurate before you submit your application. After submitting your application, Scotiabank is likely to conduct a credit check to determine your application suitability.
This may last for another two to three days or even five depending on the additional documentation that may be required from the client. If you are qualified for the card, you will get a notification either through the email or a phone call and the card will be sent to you. The card comes with information you will need to activate it either on the internet or by phone as instructed.
