The credit card to consider getting right now – October 2022

We continue our monthly feature where we recommend a card to consider applying for this month.  How do we pick which card should be highlighted? We look at numerous factors however in most cases it will primarily be due to the limited time offer ending soon for that card. In some cases, it may be different factors or a combination of factors. This month it’s the former however, where it is simply an offer that will be ending.

Disclaimer: This post is guidance provided by us for our readers. You don’t have to go out and get this card if it doesn’t suit your needs!

The credit card to consider right now – October 2022

The card to consider getting right now in October 2022 is the Scotia Gold American Express Card which Rewards Canada ranks as the #1 travel points credit card with an annual fee in Canada.

Why is this is the card to consider right now?

  1. The limited welcome offer to earn up to 40,000 Scene+ points + no annual fee in the first year is set to end on October 31, 2022

The Welcome Bonus

You’ll receive 20,000 points when you spend $1,000 on the card in the first three months. That’s right only $333.34 a month, this is one of the lowest spend requirements for a card of this level. Then you can earn an additional 20,000 points if you spend at $7,500 on the card within the first year.

While it is a bit more spend than some other cards in the market what I like about this part of the bonus is that it does not have minimum monthly requirement or no requirement to wait the entire year to get the additional bonus points. If you can spend $7,500 in the first month of having the card you’ll have all 40,000 points shortly thereafter. Or you can take 5 months, 10 months, doesn’t matter. So long as you can spend $1,000 in that first three months and $7,500 overall in the first year – the bonus is yours.

Scotia will also waive the first year annual fee on the card with this current welcome bonus promotion.

Value in the bonus

Here are just a few examples of what those 40,000 points can get you in terms of rewards:

  • $400 worth of travel (redeem for any travel or via Scene+ Travel)
  • $400 worth of groceries at Sobeys, Safeway, FreshCo etc.
  • ~$280 worth of cash back value when you redeem for a statement credit
  • $400 worth of dining at Scene+ restaurant partners like Harvey’s, Swiss Chalet, Montana’s BBQ & Bar, and more
  • $400 worth of movie tickets and/or concessions with Cineplex

6x points earn rate reminder

Just a reminder that this card has that amazing new earn rate of 6 points per dollar spent at at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op. With a value of 1 cent per point that’s a 6% return which is the highest everyday return on any card for any spending in Canada outside of points that can be converted to airlines or hotels.

Wrapping it up

The current up to 40,000 bonus points and first year free offer on the Scotia Gold American Express is scheduled to end on October 31. What we don’t know is will the next offer on the card be better or worse?  If I was to guess it will either be extended or they will come out with a lower bonus. It’s really a toss up as to which way it goes since this current offer is one of the best seen on the card. Seeing something even better is not out of the question but highly unlikely based on the past promotions for this card.

Click here to learn more and to apply for the Scotiabank Gold American Express Card