TD Travel First Class Visa vs. Scotia Gold AMEX
Hi Everyone,
I am a user of the TD Travel First Class Visa (not the Aeroplan one) and I was recently "pre-approved" for Scotia's Gold Amex card. I've been reading this forum about others who have received the offer as well and I ended up taking the Amex because of the sign-up bonuses. However, I'm thinking whether or not I should keep the card in the future because I cannot get the fees waived. Gas and groceries at 4% can easily match the $99 annual fee, but given that TD's fee can be waived, I'm having a hard time determining if it's worthwhile to keep both cards since I'm only a recent graduate from University.
I looked into the cards but I wanted some more opinions from others. Here is the summary of my findings so far:
Rewards
TD Visa Infinite:
- Normal Purchases - 3 TD points/$1 (1.5% return)
- TD Expedia - 9 TD points/$1 (4.5% return)
Scotia Gold Amex:
- 4 points/$1 at eligible gas stations, grocery stores, and dining/entertainment (4% return)
- 1 point/$1 elsewhere (1% return)
Option to transfer points to Avios or Aeroplan
I read that converting is the optimal way to get returns on your points, but I'm not too familiar with this loyalty programs to understand how this enhances the points.
Insurance
TD Visa Infinite:
- 15 days travel & medical
- Trip cancellation & trip interruption
- Common carrier travel accident insurance
- Delayed & lost baggage
- Auto rental collision/loss damage
Scotia Gold Amex:
- 25 days travel & medical over 15 days
- Otherwise, similar coverage unless I missed another major difference
Fees
TD Visa Infinite: $120 - waived with Select Services
Scotia Gold Amex: $99 - cannot waive fees
In summary, I do see the benefits of the Amex but I'm trying to balance whether or not a fee-card is justified as I could opt for the MBNA SmartCash with 2% cash back on gas/groceries (but that's only marginally better than TD's 1.5%). Furthermore, Capital One's Aspire card is comparable with the Gold Amex and the fees are effectively reduced to $20/year. I've read some people have all 3 cards but I want to hold off on having too many cards since I am still keeping my first credit card (I was advised to do so for credit history purposes as I have not obtained a mortgage or huge credit yet) and have a Scotia Scene card as well.
Note: I do not plan on churning cards (i.e. not going to be applying for more cards) as this isn't a good practice for me since I haven't obtained a mortgage yet so I will be needing a large loan in the future.
Thanks,
Prevalent
I am a user of the TD Travel First Class Visa (not the Aeroplan one) and I was recently "pre-approved" for Scotia's Gold Amex card. I've been reading this forum about others who have received the offer as well and I ended up taking the Amex because of the sign-up bonuses. However, I'm thinking whether or not I should keep the card in the future because I cannot get the fees waived. Gas and groceries at 4% can easily match the $99 annual fee, but given that TD's fee can be waived, I'm having a hard time determining if it's worthwhile to keep both cards since I'm only a recent graduate from University.
I looked into the cards but I wanted some more opinions from others. Here is the summary of my findings so far:
Rewards
TD Visa Infinite:
- Normal Purchases - 3 TD points/$1 (1.5% return)
- TD Expedia - 9 TD points/$1 (4.5% return)
Scotia Gold Amex:
- 4 points/$1 at eligible gas stations, grocery stores, and dining/entertainment (4% return)
- 1 point/$1 elsewhere (1% return)
Option to transfer points to Avios or Aeroplan
I read that converting is the optimal way to get returns on your points, but I'm not too familiar with this loyalty programs to understand how this enhances the points.
Insurance
TD Visa Infinite:
- 15 days travel & medical
- Trip cancellation & trip interruption
- Common carrier travel accident insurance
- Delayed & lost baggage
- Auto rental collision/loss damage
Scotia Gold Amex:
- 25 days travel & medical over 15 days
- Otherwise, similar coverage unless I missed another major difference
Fees
TD Visa Infinite: $120 - waived with Select Services
Scotia Gold Amex: $99 - cannot waive fees
In summary, I do see the benefits of the Amex but I'm trying to balance whether or not a fee-card is justified as I could opt for the MBNA SmartCash with 2% cash back on gas/groceries (but that's only marginally better than TD's 1.5%). Furthermore, Capital One's Aspire card is comparable with the Gold Amex and the fees are effectively reduced to $20/year. I've read some people have all 3 cards but I want to hold off on having too many cards since I am still keeping my first credit card (I was advised to do so for credit history purposes as I have not obtained a mortgage or huge credit yet) and have a Scotia Scene card as well.
Note: I do not plan on churning cards (i.e. not going to be applying for more cards) as this isn't a good practice for me since I haven't obtained a mortgage yet so I will be needing a large loan in the future.
Thanks,
Prevalent