Scotiabank Platinum AMEX Card
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The Scotiabank Platinum AMEX Card carries a high annual fee, but the range of benefits it offers makes it a compelling choice for many individuals. Notably, the card provides one of the most competitive interest rates available for purchases, cash advances, and balance transfers. It’s important to note, however, that this favorable rate is contingent upon making the minimum payment on time. Failure to do so will result in an increased interest rate of 19.99%. For individuals who frequently travel, this card proves to be particularly advantageous due to its comprehensive insurance coverage, access to airport lounges, and an array of additional travel benefits. Moreover, for those who may struggle to pay the full bill amount and often carry a balance, this card can serve as a means to save on interest while still enjoying the numerous travel perks it offers.
Welcome Bonus Offer: Get rewarded with 50,000 Scene points when you make $3,000 in eligible purchases in the first 3 months after opening an account. Additionally, if you spend $10,000 on eligible purchases within the first 14 months, you'll receive an extra 10,000 Scene Points. This means you can earn a total of 60,000 Scene points, valued at approximately $2,100.
Card Summary
The credit card has an annual fee of $399 and charges $99 for each supplementary card. The purchase rate, cash advance rate, and balance transfer rate are all 9.99%. However, these rates will increase to 19.99% if the minimum payment is not made by the due date. The minimum credit limit for this card is $10,000, and it is associated with the Scene Rewards program.
Rewards Summary
- As welcome bonus offer earn up to 60,000 Scene points.
- 2X the Scene points on every dollar spent on all eligible purchases.
Benefits Summary
10 Complimentary Airport Lounge Access. No foreign transaction fees. Enjoy premium concierge services. AMEX Offers. Platinum VIP Offers+. Hertz #1 Club Gold Member.
Insurance Summary
- Travel Emergency Medical Insurance
- Trip Cancellation / Trip Interruption Insurance
- Flight Delay Insurance
- Lost & Delayed Baggage
- Travel Accident
- Rental Car
- Hotel Burglary Insurance
- New Mobile Device Insurance
- Purchase Security
- Extended Warranty Protection
Editor’s Review: Scotiabank Platinum AMEX Card
Annual Fee and Cost Analysis
The Scotiabank Platinum AMEX Card comes with a hefty annual fee of $399, which may initially seem steep. Additionally, there is a $99 fee for each supplementary card. However, this card’s array of benefits can justify the cost for many users, particularly those who travel frequently or carry a balance.
Interest Rates
One of the standout features of this card is its competitive interest rate of 9.99% for purchases, cash advances, and balance transfers. This rate is among the lowest in the market, providing significant savings potential for cardholders who carry a balance. However, it’s crucial to make at least the minimum payment on time. Failing to do so will result in a much higher interest rate of 19.99%, which could negate the card’s cost-saving benefits.
Travel and Lifestyle Benefits
The Scotiabank Platinum AMEX Card is highly advantageous for avid travelers. It offers a comprehensive suite of travel insurance, including travel emergency medical insurance, trip cancellation/interruption insurance, flight delay insurance, and lost/delayed baggage insurance. Additionally, cardholders receive 10 complimentary airport lounge passes annually, providing comfort and convenience during travel.
The card also eliminates foreign transaction fees, which can save frequent international travelers considerable money. Other perks include premium concierge services and access to exclusive AMEX and Platinum VIP offers, which enhance the overall travel experience.
Rewards Program
The card is linked to the Scene Rewards program and provides a generous welcome bonus. New cardholders can earn up to 60,000 Scene points by meeting specific spending criteria: 50,000 points for spending $3,000 in the first three months, and an additional 10,000 points for spending $10,000 within the first 14 months. This bonus is valued at approximately $2,100, making it a lucrative offer for new users.
Furthermore, the card earns 2X Scene points on every dollar spent on eligible purchases, allowing users to accumulate rewards quickly. These points can be redeemed for travel, entertainment, and more, adding value to everyday spending.
Insurance and Protection
The Scotiabank Platinum AMEX Card includes extensive insurance coverage. In addition to travel-related insurance, it offers new mobile device insurance, purchase security, and extended warranty protection. These features provide peace of mind, knowing that significant purchases are protected.
Conclusion
The Scotiabank Platinum AMEX Card is a robust offering for those willing to pay a higher annual fee in exchange for extensive benefits. Its low interest rates on balances, if managed responsibly, combined with comprehensive travel perks and a strong rewards program, make it an attractive option for frequent travelers and those who often carry a balance. However, potential cardholders should carefully consider their ability to make timely payments to avoid the steep penalty interest rate and ensure they can fully utilize the card’s benefits to justify the annual fee.
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Disclaimer: Refer to the credit card official web page for the latest up to date rates, terms, and conditions. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute professional and/or financial advice.
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