Scotiabank and American Express are launching a new partnership today which will see Scotiabank issue American Express branded credit cards. This is one of the cards I have been hinting at that has the launch party tonight in Toronto. The suite of three cards are primarily travel focused but will offer other rewards outside of travel. This is American Express' first foray in partnering with a Canadian bank since their short lived partnership with CIBC back in 2002.
Depending on which card you get, the cardmember will be able to earn up to 4 points per dollar spent in certain categories (gas stations, grocery stores, on dining and entertainment). Which from their press release, Scotiabank believes will lead all other travel rewards cards in the market and for those categories it does to the set spending limit. The Scotia Rewards Points are the same as the Scotia Gold Passport Visa, 10,000 points = $100, so for those categories where the cards earn 4 points per dollar you will be getting a 4% return! This sort of return has not been seen for cards that do not have redemption options for frequent flyer or guest programs. The only catch is that the 4 Points per dollar are capped on the first $50,000 spent in those categories after which it drops down to 1 point per dollar.
The annual fees are lower than most of the cards they compete with the Gold version at $99 Primary ($29 Supp.), the basic version at $39 ($15 Supp.) and the Platinum at $399 ($99 Supp.)
From today's press release
“This announcement launches a new collaboration between Scotiabank, Canada’s most international bank, and American Express, a leading global brand renowned in the payments sector for excellence in travel, rewards and service,” said Anatol von Hahn, Scotiabank Group Head of Canadian Banking. “Starting today, we are able to offer Canadians a new suite of travel cards which we believe lead all others in this market for travel rewards – which we know are particularly important to Canadians. In launching this card, Scotiabank is the only major Canadian bank able to offer customers the benefits of an American Express-branded card.”
It appears the card will function like the American Express cards with TripFlex, TD Travel Visa's, Diners Club MasterCard and Capital One Aspire Travel MasterCards in that you can redeem points after you have booked and paid for it. Even when you go to redeem your points like those other cards save the Capital One Aspire Travel MasterCards, you don't need the full amount of points as you have the option of paying part points, part cash for your travel.
The Gold and Platinum versions of the cards also come with the full suite of benefits we now expect with cards like these including trip cancellation and interruption insurance, out-of-province medical insurance (up to 25 days for those under 65, 10 for those over) and of course baggage delay/lost, flight delay and car rental insurance. The card also matches the Capital One cards in offering Price Protection from lower prices on something you buy for up to 60 days after you purchase it.
Sign up bonuses are 20,000 for the Gold Version, 8,000 for the basic version and 40,000 for the high end Platinum version.
The Gold version offers a discounted Priority Pass annual membership of $65 ($99 regular) with lounge visits being the standard $27. The Platinum Version offers the Priority Pass membership for free plus 10 free lounge visits for the Primary cardmember and 4 free lounge visits for the Supplementary cardmember, after which the $27 fee comes into place.
I think I would consider this card for the higher earning of 4x points on Dining and Entertainment and the other categories plus the extensive insurance when compared to my Amex Gold Rewards card however it doesn't appear to offer some of my favourite features of American Express like Front of the Line and the Membership Rewards conversion options to Aeroplan and British Airways. I'm going to have to do some serious thinking and calculating of my expenses (to see where I sit with that $50K limit on 4x points) over the next few days to see which way I go with this one! I've got lounge access covered with my Diners Club card so that portion won't sway me. In some ways I'm surprised Amex let Scotia make such a rich offering as I believe it will move some people over from their own product, namely the Gold Rewards Card, as this is a credit card not a charge card and in terms of Travel Points, is more rewarding up to that $50K limit. But then again, Amex is getting the business either way even if they have to share it with Scotiabank! And for Scotiabank, its about time they released something new in the travel realm as their ScotiaGold Passport Visa is relatively weak especially when compared to many of the cards that have come onto the market in the past few years.
You can find complete details on the cards at
scotiabank.com/4xfaster
Here are some quick details on the cards:
Scotiabank American Express Card
2 points for every dollar spent on the card at gas stations, grocery stores and on dining and entertainment, 1 point for all other purchases with the card
No blackouts, no points expiry, no seat restrictions and no booking fees
Full-service travel agency and online booking tool to book flights, hotels, rentals cars, cruises and vacation packages
Ability to redeem points at or after booking for travel including airfare, hotel, car rental, cruise and vacation packages. Points can also be redeemed for merchandise, and credits to Scotiabank investment / and credit products
Highly competitive insurance benefits, such as Travel Emergency Medical (including travelers age 65+) and Rental Car Collision insurance
$39 annual fee. Additional card annual fee is $15 and the interest rates are 19.99% on purchases and 21.99% on cash advances, balance transfers and Scotia Credit Card cheques
Scotiabank Gold American Express Card
4 points for every dollar spent on the card at gas stations, grocery stores and on dining and entertainment, 1 point for all other purchases with the card
No blackouts, no points expiry, no seat restrictions and no booking fees
Travel service with access to global concierge specialists
Ability to redeem points at or after booking for travel including airfare, hotel, car rental, cruise and vacation packages. Points can also be redeemed for merchandise and credits to Scotiabank investment and credit products
Highly competitive insurance benefits, such as Travel Emergency Medical (including travelers age 65+) and Rental Car Collision insurance
$99 annual fee (among the most competitive fee for a premium travel reward card currently on the market). Additional card annual fee is $29 and the interest rates are 19.99% on purchases and 21.99% on cash advances, balance transfers and Scotia Credit Card cheques
Scotiabank Platinum American Express Card
4 points for every dollar spent on the card at gas stations, grocery stores and on dining and entertainment, 1 point for all other purchases with the card
No blackouts, no points expiry, no seat restrictions and no booking fees
Travel service with integrated travel and lifestyle booking concierge
Ability to redeem points at or after booking for travel including airfare, hotel, car rental, cruise and vacation packages. Points can also be redeemed for merchandise and credits to Scotiabank investment and credit products
VIP Pass, airport lounge access, car rental benefit
Highly competitive insurance benefits, including Travel Emergency Medical and Rental Car Collision insurance
$399 annual fee. Additional card annual fee is $99 and the interest rates are 19.99% on purchases and 21.99% on cash advances, balance transfers and Scotia Credit Card cheques
for a 2 night stay at the Leipzig Marriott Hotel in Germany. When I searched a
2 night stay, Oct 17-19 using the promo code M11 which is for the 15,000 points
the rate came up at EUR109 per night. The next closest rate was the AAA rate at
EUR132 and the standard rate was EUR139. So not only are you saving at least EUR23
per night you are also gaining the 15K points! I also tried November 14 -16 and
once again it was cheaper than all standard rares although the non-cancelable,
non-refundable, payment up front, book 21 days in advance rate was cheaper by
EUR 5 per night. In that case, I would still take the bonus points rate as the
return on 15,000 points is way better than the EUR10 savings and you don't have all the conditions
attached to it.
