Scotiabank Platinum American Express Credit Card Review [Updated 2019]

ADVERTISER DISCLOSURE

SCOTIABANK PLATINUM AMERICAN EXPRESS CREDIT CARD REVIEW [UPDATED 2019]

People who desire a premium travel rewards credit card, and don’t mind paying a high annual fee, might want to consider the Scotiabank Platinum American Express card.

As with the lower end Scotiabank Gold American Express credit card, people who own the Platinum AmEx benefit from earning four ‘Scotia Reward’ points on every $1 they spend at gas stations, grocery stores, restaurants, and entertainment such as movies.

People also earn 1 Scotia Reward point for every $1 spent on everything else. This is an impressive deal that enables people to speedily accumulate Scotia Rewards points that can be redeemed for travel through Scotia Rewards Travel Service, a full-service travel agency.

And the points for travel can be used anywhere, anytime, with no travel restrictions. However, unlike the Scotiabank Gold American Express card, the Platinum card comes with a hefty annual fee.

PROS

  • Earn four rewards points on every $1 spent at gas stations, grocery stores, restaurants, and entertainment such as movies
  • Earn 30,000 bonus rewards points when you make your first purchase with the card
  • No travel restrictions

CONS

  • An extremely high annual fee of $399
  • Supplementary credit cards cost $99 each
  • Must maintain a credit limit of at least $10,000 on the card

SIGNUP BONUS

The distinguishing feature of the Scotiabank Platinum American Express credit card is that it provides cardholders with 30,000 bonus reward points once they make their first purchase with the credit card.

People do not need to spend a certain amount of money within a set number of weeks or months to receive the 30,000 bonus reward points. The moment you use the credit card – even to buy a pack of gum – you’ll get 30,000 Scotia Reward points.

This signup bonus stands in marked contrast to other credit cards that require people to spend $1,000 or more in three to six months in order to qualify to receive fewer bonus points.

credit-cards-for-beginners-guide

ANNUAL FEE

Now for the bad news. The Scotiabank Platinum American Express credit card comes with one of the highest annual fees of any credit card available in Canada. It will cost you $399 a year to own and use this credit card.

Supplementary cards cost $99 each. These are extremely high fees – more than double the $99 annual fee charged on the comparable Scotiabank Gold American Express credit card. What’s more, you don’t get much more with the Platinum card than you do with the Scotiabank Gold American Express credit card for the higher annual fee.

The signup bonus of 30,000 Scotia Reward points is about the only upgrade. In every other respect, the Scotiabank Platinum American Express credit card is nearly identical to the Gold card.

INTEREST RATES

While the annual fee on the Scotiabank Platinum American Express card is sky high, the annual percentage rate (APR), or interest charged, is the standard 19.99% on purchases and 22.99% on cash advances, balance transfers and Scotia credit card cheques.

These are the same interest rates you’ll find on most credit cards in Canada, and identical to the APR on all Scotiabank issued credit cards.

APPROVAL REQUIREMENTS

To be eligible for the Scotiabank Platinum American Express credit card, you need to be a Canadian citizen and at least 18 years of age. You must also have no outstanding unpaid debts along with an annual gross income of at least $12,000.

And, you have to agree to a minimum credit limit on the card of $10,000, which is high compared to other credit cards that have limits ranging from $1,000 to $5,000.

OTHER FEATURES

The Scotiabank Platinum American Express card comes with several additional features that are designed to make globetrotting comfortable and hassle-free.

These features include discounts on rental cars, complimentary hotel room upgrades, access to medical insurance, insurance against flight delays and lost baggage, and around the clock concierge service.

You can also purchase extended warranties on a number of items you buy with this credit card and get protection against a price drop within 60 days of making a purchase. And, Scotia Reward points can be converted into SCENE points and used at movie theatres.

WHO SHOULD NOT GET THIS CARD

If you’re cost conscious then you should steer clear of the Scotiabank Platinum American Express card, which has a $399 annual fee.

While 30,000 bonus reward points are nice, they don’t quite justify the high annual fee. If you want a travel rewards credit card that can be used to book airline tickets, hotels and rental cars, then there are more affordable options that offer similar benefits.

ALTERNATIVE CARD: THE SCOTIABANK GOLD AMERICAN EXPRESS CREDIT CARD

The Scotiabank Gold American Express credit card is near identical to the Scotiabank Platinum American Express card with two exceptions – first, the annual fee of $399 on the Platinum card is quadruple the $99 annual fee charged on the Gold credit card.

Second, the bonus rewards on the Gold card are half the 30,000 bonus points you get just for signing up and using the Platinum credit card.

The Gold credit card also requires cardholders to spend $1,000 within the first three months to receive the bonus points. In the end, which credit card you prefer will depend on whether you can stomach a high annual fee. The rewards are nearly identical on the two cards.

CONCLUSION

The Scotiabank Platinum American Express credit card is one of the best travel rewards cards you can own. Earning four rewards points for every $1 spent on purchases such as gas and groceries is great. But those reward points come with a steep price in the form of a super high $399 annual fee.

If your goal is to book a vacation completely on reward points, then there are more affordable credit card options that you may want to explore.