Scotiabank Gold American Express cardholders earn Scene+ points, which can be redeemed for travel, gift cards, merchandise or a statement credit.
You can really rake in the rewards with this card. Firstly, if you apply before October 31st, you can take advantage of their current welcome offer. You can get 20,000 bonus Scene+ points for spending at least $1,000 in the first 3 months and another 20,000 bonus Scene+ points for spending at least $7,500 in the first year. In total, that’s 40,000 points worth up to $400.
This card has excellent earning potential with up to 6 Scene+ points per dollar spent.
The top reward category offers 6 points per dollar spent at participating grocers including Sobeys, Safeway, FreshCo and Foodland. You can also earn 6 points per dollar spent on grocery delivery through Voilà too, if you need (or prefer) your groceries coming to you.
If you shop at a different grocery store, you can still rake in the points on groceries. You’ll earn 5 Scene+ points per dollar spent, as long as they accept American Express. Restaurants, food delivery (including meal kits), movies, and entertainment are also in the 5 points per dollar category.
Scotiabank Gold American Express cardholders earn 3 Scene+ points per dollar spent on gas, ridesharing and public transportation, as well as on streaming services like Netflix and Spotify.
However, there are limits on the accelerated categories and you’ll only earn that rate on the first $50,000 per year. After that, you’ll earn the base rate of 1 Scene+ point per dollar that you also get on all your other spending with no limit.
To redeem the points you’ve earned with your Scotiabank Gold American Express Card, you can use the Scene+ rewards catalog online. Points can be redeemed for travel, gift cards, merchandise, or cash back.
To get the most out of your Scene+ points, use them for travel. Scene+ points are valued at $0.01 each when you book travel using the program’s online booking system powered by Expedia. Prices are displayed in dollars and points and you can use any combination of money and points to book travel. Comparing the cost of a round-trip flight from Toronto to Vancouver, there doesn’t seem to be any difference in price between booking directly with the airline and using Scene+.
You can also redeem your Scene+ points for merchandise and gift cards, although you’ll want to pay attention to the points cost as it’s not always consistent. For example, you can redeem points at a value of $0.01 each for gift cards to Scene’s partner retailers like Sobeys, Cineplex, and the family of restaurants that includes Harvey’s, Swiss Chalet and Montana’s.
Choose another retailer however, and you’ll need to redeem roughly 33% more points for a reward of the same value. For example, whereas a $100 Sobeys gift card costs 10,000 points, a $100 Indigo gift card costs 13,400 points. The same devaluation applies if you redeem your points for merchandise through Scene+ partners Apple and Best Buy.
You can also redeem your points for a statement credit, at a reduced value of approximately $0.07 per point.
The real value of a cash back card is based on potential annual earnings. We did the math for you by calculating what the average Canadian spends every year for each Scotiabank Gold American Express rewards category. Forbes Advisor uses data from multiple government agencies in order to determine both baseline income and credit card spending averages across various categories. We use these values using the average Scene+ point value of $0.01 per point.
Forbes Advisor estimates the total annual credit card spending to be $27,851.70. Of that amount, grocery purchases add up to $7,536 annually, earning $376.80 in Scene+ points, assuming you earn 5 points per dollar (but you’ll earn more if you spend at select stores). Gas amounts to $3,360 annually — earning $100.80 worth of Scene+ points. Dining amounts to $2,775 annually, amounting to $138.75 in Scene+ points. For entertainment, Canadians spend $2,424, earning $231.20.
From there, other purchases (like recurring bills, online purchases, airline tickets, hotel stays and miscellaneous spending) make up the remaining $11,756.70. Assuming you earn the 1 Scene+ per dollar base rate on those spends, this adds another $117.56 to your yearly cash back. All of this brings the grand total for yearly earnings to 94,311.70 Scene+ points, equal to $965.11. Once you factor in the $120 annual fee, this card earns $845.11 in net earnings per year.