With the Scotiabank Gold American Express Card, you earn Scotia Rewards points that will be used for travel expenses. The highlights of the credit card are as follows:
- $99 annual fee
- $29 for additional cardholders
- Earn 30,000 sign up bonus after your first purchase (accounts need to be opened before
October 31, 2014)
- Earn 4 points for every $1 you spent on gas, grocery, dining and entertainment purchases
- Earn 1 point for every $1 spent on all other purchases
The 30,000 sign up bonus points essentially wipes out the $99 annual fee, because 30,000 points gives you $300 in travel expenses. This essentially gives you a $201 net ($300 – $99)
Previously, the promotion was that the $99 annual fee was waived, but only 15,000 sign up bonus. As a result, you were getting a $150 net. So the current promotion is actually more lucrative, except that you have to pay $99 up front, before you can redeem your points. If you can take advantage of using the points, then this is a great time to sign up for the credit card.
Your points need to be redeemed on travel expenses, which also includes any taxes and/or fuel surcharges that you may pay. The reason is because your points are redeemed against your overall purchase.
Earning 4 points for every $1 spent on gas, groceries, dining and entertainment can be very lucrative and the points can add up in a hurry. The reason I still hesitate to get such a credit card is because to make this credit card worthwhile, you need to continually hang on to the credit card to earn enough points for a reward redemption. That means you have to continually pay the $99 fee every year.
I still prefer the Capital One Aspire World MasterCard. Maybe one day I will switch over, but not at the moment.