 Hello everyone, this is Amit Dhan and on this channel you will find financial travel and more videos. If you like what you see, please do the thumbs up and consider subscribing. Thank you. Hello everyone, this is Amit Dhan of AmitDhan.com. Today I'll have another episode of credit card videos and I'll talk about the leaked news about Scotia Bank Gold American Express credit card. If this is your first time on this channel, I do travel videos, credit card videos and videos and points and viewers and some other videos and all my videos are non-affiliated, unbiased and honest. In case you haven't noticed already, the videos or reviews you're watching online, 99% of them are affiliated and they're working for the credit card companies. So the articles or credit card reviews you're reading actually are affiliated and you're not going to get honest and unbiased opinion on those sites. So for that reason my reviews and my credit card videos are totally honest and what I can tell you, no one will be able to tell you because they're working for those credit card companies. So if you like to show your appreciation, you can like this video or if you don't like the video, you can dislike the video or you can subscribe to my channel and that would be highly appreciated. There were rumors or leaked news which you'll be able to find if you search on Google Scotia Bank by putting Scotia Bank Gold MX upcoming changes and sites like Red Flag Deals or Reddit. So they have posted some of the leaked news. So from this point what I'm going to talk about the Scotia Bank Gold American Express, I picked up the information from these sites. And this is not certain yet that whether these changes are really taking place or this is just like, you know, not true. So assuming that these changes are taking place, I'm going to give my opinion and do a brief review on the Scotia Bank Gold American Express credit card. If you have been watching my channel, you know that I published a video about TD Banks are not being innovative on their travel credit cards, which I published about a week or two ago. I'll provide a link to that video in the description box below. So if these leaked news are true, then the screenshot you're looking at is these are the changes that are coming to the Scotia Bank Gold American Express card. And this is another example how Scotia Bank is being innovative or how Scotia Bank is trying to capture a significant portion of the credit card market by being innovative and giving us more and added new benefits to their credit cards. We have seen the Scotia Visa Passport Infinite credit card, which had no foreign transaction, foreign currency transaction fee, had lounge access, had Visa Infinite concierge. So now the Scotia Bank is going through some changes and this card is going to be in direct competition with American Express Cobalt credit card. So let's look at these changes, what are these changes and how it's going to affect us. So according to the leaked news, the changes are going to be effective August 1st, 2019. So the annual fee is going to be $120 from $99. And the additional fee is $29, which is not going to change. So the most significant change is going to be the reward structure. For example, right now you earn four times on gas, grocery, dining and entertainment and this is going to be five times. And right now everything else is 1% and starting after the change is going to be three times on gas, daily transit and some streaming services, which could be Netflix or other streaming services and everything else is 1%. So this 5% category is in direct competition with American Express Cobalt credit card and many of the Cobalt card holders might like Scotia Bank Gold American Express more than Cobalt card and they might be changing to this card. Due to the fact that this card is eliminating foreign currency conversion fee, which is 2.5%. So if you have the Cobalt credit card, whenever you're making a transaction in foreign countries or any other currency than Canadian, then you're going to be paying 2.5% foreign currency conversion fee. And this American Express Gold credit card is going to be eliminating the foreign transaction fee. So for lots of Cobalt card holders, that's an added benefit to switch into the Scotia Bank Gold American Express credit card because it's giving you the same five times returns on these categories grocery, dining and entertainment. But it's also giving zero foreign currency transaction fee after August 1st, which the American Express Cobalt credit card doesn't offer. And also, this credit card has concierge services. American Express Cobalt credit card does not provide any concierge services and this card has lots of insurance benefit, which American Express Cobalt card does not have either. But some of the changes are coming to the insurance benefits as well. So it looks like they're changing the age 65 or over from 10 days to 3 days and they're not changing anything for under 65 years of age, which is staying at 25 days. And there are some reduced amount for trip cancellation and trip interruption, and then other travel insurance, for example, flight delay, delayed baggage, lost baggage and travel accident, there are no changes, including hotel motel boundary. And purchase security or purchase or extended warranty is not changing, but other change I can see that the price protection, what basically means that if you find something at a lower price within the first 60 days, then if you claim this insurance, if you used your card, if you used your card, it's crucial to buy that merchant, that product. And if you use this insurance, then you're going to get a difference up to $100 per item and up to a maximum of $500. So for this card, that insurance is being eliminated and it will no longer be available after the change. The price protection may not be a big deal for lots of customers, but what I can tell you is that the 0% foreign currency transaction fee and the five times multiplier on these categories, grocery, dining and entertainment, definitely is a game changer for the Canadian credit card market. And then also it's giving 3% three times points on gas, daily transit and other and select streaming service. The one thing you cannot do with Scotia Rewards points is that you cannot convert it to any other points like American Express Cobalt, which allows you to convert to Bon Voy or Marriott points and then you can eventually change it to other airline points. For example, AeroPlan, British Airways or other airline partners, which are partnered with Bon Voy or Marriott chain, but for Scotia Rewards points, it's just like works like cash back. So offset travel purchases using your points or you can use your points directly to purchase travel items. So that's the difference. The changes are mostly positive. I don't, I wouldn't say that these changes are negative, although some of the benefits and some of the categories are decreasing and then it's going up. But even with that, the most important things that no foreign currency transaction fee and then you're going to get five times and three times on those specific categories. So until now, Cobalt American Express was the only trade card which was giving five times return on grocery eat categories. Now we have another trade card. So this is going to be in direct competition with American Express Cobalt Trade Card. And if you look at some of the features, it's actually giving you more than American Express Cobalt Trade Card. So the Cobalt Trade Card owners will have to make a decision eventually whether, you know, you'd like to stick to Cobalt or you'd like to switch to Scotia Van Gold American Express. I do have the Cobalt Trade Card and I haven't made any decision yet. And if the rumor or leaked news are certainly true, then I'm going to have to, you know, make a decision after August 1st whether to stick to Cobalt Card for those five times categories or should I be switching to Scotia Van Gold American Express trade card. Another advantage American Express Cobalt Trade Card has is that it doesn't charge anything for additional trade card holder. But Scotia Van Gold American Express charges $29 for additional trade card holder. So that's something to look at. So that's all I wanted to talk about. If you like what you see, please give it a thumbs up and subscribe because there will be a lot more trade card and travel videos coming up. So I'll see you shortly. Thank you.