When are credit-card rewards worth paying an annual fee? + MORE Aug 1st

For several months now we have discussed the changes coming to the Scotiabank Gold American Express card and are happy to report that today they went live! Not only are the enhancements now live on the card but to celebrate the changes Scotiabank has brought out a limited time increased welcome bonus on the card! Normally the card comes with a 15,000 point welcome bonus but as of today that has been boosted to 25,000 points when you spend $1,000 on the card within three months. On top of that, Scotia will reward you with another 5,000 points if you hit $10,000 in spending in your first year of having the card. That additional bonus tier should be relatively easy for most to hit.Now let’s recap the changes that have come to the card:Item Changing Until July 31, 19 From August 1, 2019 Annual Fee for primary cardholder $99 $120 Foreign Transaction Fee 2.5% 0% Grocery Dining Entertainment earn rate per dollar 4 points 5 points Gas 4 points 3 points Daily Transit 1 point 3 Points Select Streaming Services 1 point 3 points All other purchases 1 point 1 points Price Protection Yes No Travel Medical Insurance for those 65 years or older 10 days 3 days Trip Cancellation / Trip Interruption $2,500 per person $1,500 per personThe biggies here are the no foreign transaction fee now being offered on the card along with the increased earn rates for Grocery, Dining, Entertainment to 5 points per dollar in Canada (up to $50,000 annually) and 3 points per dollar for Transit and Streaming Services…

For the last decade or so, Jim and Willina Collins have enjoyed a regular bonus by using their no-fee cash-back credit card to pay for many of their expenses, including holiday flight and accommodation bookings, gasoline, vehicle repairs, and insurance on their vehicles (the couple have a car and a truck for daily use, as well as a collection of vintage cars). Once a year, they enjoy a debit on their card statement, reflecting a small percentage of the total value of their purchases from the last 12 months.
The couple are extremely diligent with money. They pay off the $1,000 to $2,000 they put on their card each month in full, including holiday bookings, which are always paid off before they leave for the trip. Their philosophy, says Willina, is that if you’re going to put a purchase on your card, “you’ve got to have the bucks to pay it.”
Because they don’t allow a balance to accumulate, the debt-averse couple are able to take full advantage of the benefits of a cash-back reward card, without incurring interest charges…