The ScotiaBank Gold American Express Card: Should You Keep It?

The ScotiaBank Gold American Express Card Review

First Published Date: October 8, 2015

The ScotiaBank Gold American Express card is a travel rewards credit card that lets you earn Scotia Rewards points for everyday purchases that can be used towards eligible travel costs without any blackout periods or restrictions.

The Cost

Annual Fee = $99. Additional cards = $29

Minimum annual income required = $12,000

Rewards Points Snapshot

– Earn 4 points for every $1 spent at eligible gas stations, grocery stores, and on dining and entertainment in Canada.

– Earn 1 point for every $1 spent on everything else.

First Time Bonus

A 20,000-point (valued $200) welcome bonus when you spend $500 within 3 months. Also, the annual fee is NOT waived for the first year.

Anniversary Bonus

None.

Features & Benefits

– Book with any travel provider and redeem points for your complete trip, including taxes and surcharges.

– Receive 20% off and complimentary upgrade (if available) and a free amenity, such as complimentary breakfast, late checkout privileges, etc. (if available)

– Low Price Airfare Alerts will monitor your itinerary and if a lower price becomes available, the agency of record will automatically exchange your ticket for the lower price.

– Access to 24/7 full service travel agency.

– Complimentary 24/7 premium concierge service.

– 35% discount on Priority Pass annual airport lounge membership.

– Emergency Medical Insurance (25 days<65, 10 days>65 or older, Amount: 1 M/per person).

– Travel Accident Insurance (Up to $500,000 CAD).

– Auto Rental Theft and Collision/Loss Damage Insurance (Amount not provided by Scotia)

– Trip Cancellation Insurance ($2,500 each, maximum $10,000).

– Trip Interruption Insurance ($2,500 each, maximum $10,000).

– Flight Delay Insurance (After 4 hours, maximum $500 per occurrence).

– Lost and Delayed Luggage (maximum $1,000).

– Hotel/Motel Burglary (maximum $1,000).

– Extended Warranty Insurance (1 additional year).

– Purchase Security (90 days).

– Price Protection (within 60 days, up to $100 per item, $500 each year).

What’s Missing

– None.

My Take

Although the Scotiabank Gold American Express card is not an Elite series card, it can put many elite cards to shame in terms of the features and benefits it provides for only a $99 annual fee. Just take a look at the regular American Express Gold card that charges a $150 annual fee and provides inferior benefits and insurances. For example, Amex Gold does not come with concierge, trip cancellation insurance, and many other features Scotiabank Gold American Express comes with.

The only thing I can complain about the Scotiabank Gold American Express card is that it does not provide 4 points per dollar on travel spending; it provides only 1 point, which I find ironic because it is a travel rewards card and providing no extra rewards points on travel spending.

Another thing you need to keep in mind is that this is a Scotiabank/American Express blended card that will only work on the American Express network and you may find many places will not accept this card, unlike Visa and MasterCard which are accepted everywhere.

Finally, keep in mind that insurances provide by American Bankers Insurance Company of Florida, an American insurer. Like Allianz Global (which provides insurances for many Canadian credit cards, for example, BMO World Elite MasterCard), there were numerous complaints and bad reviews online about these providers when it actually comes to processing claims. All these benefits look very good on paper, but would mean nothing if you are unable or getting hard time processing your claims. I am much more comfortable dealing with insurances provided by TD, RBC, American Express, and so on. So make your call before picking any credit cards that provide insurance benefits.

As of this writing I do not hold this card.

Disclosure: Information provided here may not be accurate and no longer valid. The mentioned card provider is not related to A Dawn Journal and neither monitor this site nor responsible for any inaccurate information. Contact the card company directly for accurate and updated information. A Dawn Journal or my YouTube Channel are not compensated by or affiliated with any credit card companies. All credit card articles are 100% unbiased and honest.

The TD Aeroplan Visa Infinite Card: Should You Keep It?

The TD Aeroplan Visa Infinite Review

First Published Date : October 14, 2015

The TD Aeroplan Visa Infinite card is a travel rewards credit card that lets you earn Aeroplan miles for everyday purchases that can be used towards Air Canada (and 26 other Star Alliance flights) and various other rewards such as hotels, vacations, car rentals, entertainment, merchandise, and so on offered by Aeroplan.

The Cost

Annual Fee = $120 Additional cards = $50

Minimum annual income required = $60,000 (Or $100,000 household income)

Rewards Points Snapshot

– Earn 1.5 miles for every $1 spent at eligible gas stations, grocery, drugstore, and on eligible aircanada.com purchases, excluding Air Canada vacation packages.

– Earn 1 point for every $1 spent on everything else.

First Time Bonus

A 15,000 miles welcome bonus when you make your first purchase. Another 10,000 miles bonus is usually offered when you spend $1,000 within 3 months (check the TD website for details as TD is always changing these bonus terms and conditions). Also, the annual fee is NOT waived for the first year.

Anniversary Bonus

None.

Features & Benefits

– Complimentary first checked bag when you travel on an Aeroplan reward flight operated by Air Canada.

– Priority check-in and boarding when you travel on an Aeroplan reward flight operated by Air Canada

– Access to Maple Leaf Lounge when you travel on an Aeroplan reward flight operated by Air Canada.

– Access to Visa Infinite 24/7 concierge service.

– Emergency Medical Insurance (15 days<65, 4 days>65 or older, Amount: 1 M/per person).

– Travel Accident Insurance (Up to $500,000 CAD).

– Auto Rental Theft and Collision/Loss Damage Insurance (Amount not provided by TD)

– Trip Cancellation Insurance ($1,000 each, maximum $5,000).

– Trip Interruption Insurance ($5,000 each, maximum $25,000).

– Flight Delay Insurance (After 4 hours, maximum $500 per occurrence).

– Lost and Delayed Luggage (maximum $1,000).

– Extended Warranty Insurance (1 additional year).

– Purchase Security (90 days).

What’s Missing

– Hotel/Motel Burglary Insurance

– Price Protection Insurance

My Take

Although on the surface it looks like the TD Aeroplan Visa Infinite is showering you with many Air Canada benefits such as lounge access, priority boarding, free checked baggage, etc., you will not be able to use any of them. Let’s put is this way: You don’t want to use them, as the condition is you have to fly Air Canada and you should avoid Air Canada at any cost when you are flying on Aeroplan miles.

This is because Air Canada charges hefty fuel surcharges on Aeroplan flights and if you are an Aeroplan member your objective should be to not fly Air Canada, as there are other Star Alliance airlines that will not charge you fuel surcharges.

For example, let’s take Turkish Airlines, which is one of the Star Alliance members that does not impose fuel surcharges. If you book a one-way flight from Toronto to Istanbul, your total fees would be about $54. However, if you book the same trip using Air Canada, you will be paying $536 because Air Canada is charging you fuel surcharges.

So what does this mean at the end of the day? The TD Aeroplan Visa Infinite card basically provides no benefits, except insurance benefits and a Visa Concierge benefit. And even the insurance benefits are flawed, as the Trip Cancellation Insurance is only $1,000, whereas many other travel rewards cards provide $2,000 to $2,500.

Another point worth mentioning is that TD Aeroplan Visa Infinite card only provides 1 mile on travel purchases, although it is a travel rewards credit card.

As of this writing, I hold this card. I picked up the TD offer to receive 25,000 bonus Aeroplan miles and the waiving of the first year annual fee. In the future, I am planning to discontinue this card unless I can make TD continually waive the annual fee.

Disclosure: Information provided here may not be accurate and no longer valid. The mentioned card provider is not related to A Dawn Journal and neither monitor this site nor responsible for any inaccurate information. Contact the card company directly for accurate and updated information. A Dawn Journal or my YouTube Channel are not compensated by or affiliated with any credit card companies. All credit card articles are 100% unbiased and honest.

Meet Canada's New 1.5% Foreign Transaction Fee Credit Card

Tangerine Launches New Money Back Credit Card

First Published Date : October 21, 2015

Tangerine (owned by Scotiabank) has recently announced launching its new no fee cash back credit card for the Canadian market. The new credit card will be available for everyone starting next year, but it’s immediately available to selected Tangerine customers.

This new credit card offers 2 percent cash back on 2 selected categories and 1 percent cash on all other transactions. Tangerine’s new cash back MasterCard is unique in the sense that it gives you the flexibility to pick any two categories out of 10 categories such as grocery, furniture, eating places, hotel-motel, gas, recurring bills, drug store, home improvement, entertainment, and public transportation & parking.

Cash back rewards can be applied towards your credit card balance or deposited into a Tangerine savings account. There is no limit on how much cash back you can earn and the 2 percent categories can be changed every 90 days if you need to.

The Tangerine Money Back Credit Card has 2 other features that make it a good credit card to travel with outside Canada. The foreign transaction fee is only 1.5 percent, while most other Canadian credit card charges 2.5 percent (except the Rogers Bank, Chase Marriott Visa, and Chase Amazon Visa that do not charge any foreign currency fee). Also, the foreign cash advance fee is only a flat $5. Most other banks charge a lot more on foreign cash advances. So while you are travelling, The Tangerine Money Back Credit Card can save you money.

For those who want plain vanilla cash back rewards paying no fee, the Tangerine Money Back Credit Card is something you can look at. The card also offers Purchase Assurance and Extended Warranty insurance with a lifetime maximum of $60,000.

How to Pick the Best Rewards Credit Cards in Canada

Understand Different Kinds of Credit Card Rewards

First Published Date: October 29, 2015

Long gone are those days when credit cards were a luxury, not a necessity. We live in a time now where credit cards are intertwined from waking up to going to sleep at night – at every stage of modern lives. And why not? The protection, benefits, and rewards credit cards offer you are hard to ignore. If we are to use credit cards on a daily basis anyway, why not take advantage of it by maximizing our credit card rewards?

To get the most out of your credit cards, you need to understand how different kinds of rewards work. Today, I will go over the rewards basics you need to know before making your rewards selections. One important note I would like to point out is that this article is not about How to Pick Travel Rewards Credit Cards. I will write a separate article on travel rewards cards, as you need to understand first how different kinds of rewards work before moving to picking a travel rewards credit card.

Three Types of Rewards Cards

There might be 100s of different rewards credit cards, but if you break them down into categories, all of them will fall within these three categories:

Cash-Back Rewards Credit Cards

Travel Rewards Credit Cards

Other Rewards Credit Cards

Let’s decipher these three one by one.

Cash-Back Rewards Credit Cards

As simple as it sounds, you will receive cash back for each dollar you spend on your credit card. Credit card companies will give you direct cash amount or points (that represents cash amount) for your spending. The rate of return is usually 1 to 2 percent. However, there are credit cards that offer 3 to 4 percent cash back on selected categories such as grocery, drug store purchases, etc. Example: Scotia Momentum Visa Infinite card.

Cash-Back rewards are easy to understand and unlike travel rewards cards, you don’t need to master the ins and outs of various airline or hotel loyalty programs. Pick Cash-Back rewards if you don’t travel or don’t want to deal with travel rewards. However, keep in mind that Cash-Back rewards do not offer the most value you can get out of your credit cards like travel rewards credit cards do and one type of travel rewards card does offer simple rewards that are easy to understand (and can still provide more value than cash rewards) – which I will discuss below.

Travel Rewards Credit Cards

The travel rewards category is where you can get maximum return for your dollars that you spend on credit cards, but it can be quite complicated based on what kind of travel rewards you are dealing with. Let’s talk about the simplest travel rewards cards first.

Proprietary Rewards Points – These cards offer points (that offer fixed value, usually 1 cent =1 point) which can be redeemed through the credit card company for any flights, hotels, or travel-related matters. The beauty of proprietary rewards points is that you don’t need to spend time mastering various loyalty programs. However, your returns are usually the lowest among other types of travel rewards because you are always getting a fixed value for each point. Still, proprietary rewards points are a good option for those who want to avoid cash-back rewards cards and want a simple travel rewards credit card. Example: BMO World Elite MasterCard.

Cobranded or Loyalty Program Rewards Points – Credit cards that offer these kinds of rewards points are hotel travel credit cards, airline travel credit cards, etc. These types of cards can be cobranded with specific hotels, airlines, or their loyalty or frequent-flier programs. As these cards offer a variety of programs you can pick from, this is where you can make the most money. If you are knowledgeable about the loyalty program rewards credit cards offering, your return can be easily 2-4 percent. If you are extremely knowledgeable about the loyalty program rewards points, you can make lucrative returns such 4 to 8 percent return on your credit card spending. Example: TD Aeroplan Visa Infinite Card, Starwood Preferred Guest Card.

Hybrid Rewards Points – This is a combination of the two types of travel rewards discussed above. Credit cards offering hybrid points offer tremendous flexibility because you can use these rewards points to offset your travel costs through credit card company or you can transfer your points to various other hotel or flight points if you require. So these types of credit cards can work for both novice and expert users. Keep in mind that you will get more value for your dollar when you transfer to loyalty programs, rather than using points to offset travel expenses through a credit card company. Example: American Express Gold Rewards Card.

Other Rewards Credit Cards

Coffee shop and supermarket cards, gas station and automaker cards, and any other bizarre credit cards you can possibly think of that do not fall under cash and travel category fall under the other rewards category. These credit cards are only good when you want to shop and use your rewards at specific stores or for specific reasons. The rewards are not that great and options and features are limited for these types of cards. Example: Tim Hortons Double Double Visa Card.

Conclusions

So now you know the basics of different types of rewards credit cards. I will summarize everything in brief.

Cash-Back Rewards: Easy and simple to understand, but returns may not be that great. Go with this if you don’t travel and want hassle-free rewards from credit cards.

Travel Rewards: Can be complicated, but offers excellent returns. Go with this if you travel and want to get maximum rewards out of your credit cards.

Other Rewards: If you want to stick to specific stores or products and don’t mind whatever returns you get, this is for you.

What’s Next

After reading this article, if you would like to know more on Travel Rewards Credit Cards, you can read my next article How to Pick a Travel Rewards Credit Card. I will elaborate further on how to pick travel credit cards. I am still working on this article and will provide a link once completed.

How to Pick the Best Travel Rewards Credit Cards in Canada

Choosing the Best Canadian Travel Rewards Credit Cards

First Published Date : November 5, 2015

Last week I talked about How to Pick Rewards Credit Cards. Today, I will go into further detail for those who are interested in picking travel credit cards.

Before I start, I would like to clarify that this is NOT an article about any particular travel credit cards to pick. I cannot tell you what frequent-flier credit cards, hotel credit cards, proprietary credit cards, or hybrid rewards credit cards you should be using. It’s up to you to decide what cards suit your needs and lifestyle. However, I do have resources in the A Dawn Journal credit card section that you can use to come up with the best options. And don’t just use one site or one top credit card rating article to research. Spend a good amount of time and use various sites before making your decisions.

What I am going to discuss today is what features and options you need to be aware of before committing to any travel rewards cards. It might look simple on the surface, but there many things you need to be aware of and credit card companies will not provide you this information in black and white, unless you know what to look for and how to look for it.

Travel Rewards Credit Cards for Initial Sign-Up Bonuses

When you want travel credit cards solely for the hefty initial sign-up bonuses for free flights, free hotel nights, and so on, you don’t need to worry about what features the cards are missing because it’s likely you will cancel these cards in a year before the annual fee kicks in. Don’t forget to meet all the requirements for free flights or nights; usually certain amounts have to be spent in 3 months.

Travel Rewards Credit Cards for Ongoing Benefits

If you are holding on to travel credit cards for the benefits they are providing year after year and not using them for daily transactions, you don’t need to worry about missing any features because you use these cards for only one benefit.

Example: I don’t mind keeping the Marriott Rewards Visa Card and paying the $120 annual fee (although I don’t charge anything on this) because this card gives me a free night at Marriott every year, which I value more than $120. Another example: I don’t use my WestJet World Elite MasterCard, but I don’t mind paying the $99 annual fee because it gives me a companion flight (and free checked baggage) anywhere in Canada and the US for $100 every year, which I value at about $500 to $700.

Travel Rewards Credit Cards for Daily Transactions

Regardless of what kinds of travel cards you use, make sure you are getting maximum returns on each dollar and never settle for any credit cards that only give you 1 point (1% return) per dollar. For example, some credit cards will give you 4 points (or 4% return) on grocery, gas, and pharmacy purchases, but will only give you 1 point on all other purchases, including travel. Example: Scotiabank Gold American Express Card.

So what you can do is use one credit card for grocery shopping and another credit card (that gives you more than 1 point) on everything else. Example: BMO World Elite MasterCard gives 2 points on everything. If you do not want more than one card for daily transactions, pick one card that provides 2 (or more) points for everything. So avoid any cards that offer only one point for daily uses.

Also, make sure the cards you are picking for day-to-day needs give you a hefty sign-up bonus as well.

Travel Rewards Credit Cards for Travel Purchases

You have to be extra careful when you are using credit cards to buy plane tickets or hotels, as your trip should have full insurance coverage. Here is my list of coverage that I must have for my trip and I will only use a credit card that provides all these.

– Emergency Medical Insurance

– Travel Accident Insurance

– Trip Cancellation Insurance

– Trip Interruption Insurance

– Flight Delay Insurance

– Lost Luggage

– Hotel/Motel Burglary

– Auto Rental Theft and Collision/Loss Damage Insurance

I don’t mind if I don’t have Lost Luggage and Hotel/Motel Burglary insurance, but everything else is a must for my trip.

Another thing you need to be aware of is your card’s insurance provider. Stick to a credit card where the insurance provider is a reputable one and there are not many complaints when it comes to obtaining insurance benefits. Lots of credit cards offer a full suite of insurances, but the providers make it very difficult to claim and collect benefits when the time comes to do so. I discussed more on this here.

Travel Rewards Cards that Come With Personal Assistant

Do not settle for a travel credit card that does not provide you concierge service. Visa Infinite cards come with Visa’s own concierge service. Other cards usually provide concierge service through a third party or the card company’s own concierge service team.

Concierge service is a free service that is like having your own personal assistant at your disposal 24/7. Concierge service can do basically anything you can think of that you might need help with. Some of them are:

– finding and booking air, hotel, cruise, and restaurant reservations

– finding that hard-to-find concert ticket

– research for you something you need to find out

– help you when you are lost or in trouble in a foreign country

– sending flowers to someone on your behalf

– and much more

I use concierge service vigorously. In the last 6 months I used them to make me a list of all hotels with rates facing ocean in Myrtle Beach, providing me with a report on Las Vegas (what to see + do), and I even called them when I was in Niagara Falls to find me the closest movie theatre. The point is that this is a unique feature your credit card offers and you should take advantage of it.

Currently 3 of my credit cards offer concierge services from 3 different providers. However, Visa’s concierge is very reputable and possibly the best on earth. This is simply their wide coverage across the globe and they know how to deal with a situation in any country. I would not mind paying a $120 annual fee on one credit card just to have Visa concierge, if I don’t use that card for anything else.

How About Annual Fees

If you are looking for all the benefits and features a credit card offers, the fees are indispensable. A no-fee card is not going to offer you anything we talked about so far. So the way you approach fees is that you need to make sure your benefits surpass the total of all the fees you are paying.

My total spending on fees from all credit cards comes to about $700 – $800 annually. However, my benefits exceed well beyond $800. So this $800 is not actually a spending, but it’s an investment that provides me more returns.

Last Word

Before making your selections on your travel credit cards, spend time researching all the features and benefits. It’s likely you will not find everything you need in one card. But the good thing is you can have as many cards as you like. And there is nothing wrong with paying fees on premium credit cards as long as you can justify the fees for the features, services, and benefits you are receiving from your cards.

Bonus Tip – Same banks have several travel rewards credit cards providing different types of rewards. If you are on good terms with your banks, they will gladly transfer your account from one type to another type without hesitation. This serves you both ways because you don’t need to apply for the other credit card you want from your bank (which saves you one hard credit check) and still can get the sign-up bonus. I always have had success doing this with my banks. You have a better chance if you ask your bank after 2-3 years of using one card. If you ask them every year, there is a good chance they will decline