American Express Cobalt® Card vs Scotiabank Gold American Express® Card: Which one is better?
American Express Cobalt® Card
5
Scotiabank Gold American Express® Card
4.9
Welcome Bonus*
Earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in purchases on your Card in the first Year
Welcome Bonus*
Earn up to 50,000 bonus Scene+TM points†◊ and pay no annual fee in your first year.◊ Earn 30,000 bonus Scene+TM points by making at least $2,000 in everyday eligible purchases in your first 3 months. You are eligible to earn an additional 20,000 Scene+TM point bonus when you spend at least $7,500 in everyday eligible purchases in your first year.
Our Cash Offer
N/A
Our Cash Offer
$100 $150 Cash Rebate offer from FinlyWealth
Promotional rebate expires on Jul 31, 2025
Rewards Breakdown
Annual Rewards
$1,096.08
American Express Membership Rewards
First Year Bonus Value
+
$315
American Express Membership Rewards
Annual Fee
-
$155.88
First Year Value
$1,255.2
$940.2 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$644.5
Scene+
First Year Bonus Value
+
$500
Scene+
Annual Fee
-
$120
$0
First Year Waived
Finly Rebate
Exclusive Offer
First Year Value
$1,294.5
$524.5 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
How to Earn Rewards*
- 5x points per $1 spent on eligible eats and drinks in Canada, including groceries and food delivery (up to 12,500 points per month)
- 3x points per $1 spent on eligible streaming subscriptions in Canada
- 2x points per $1 spent on eligible gas, transit & ride share in Canada
- 1x point per $1 spent on all other purchases
- Read more here
How to Earn Rewards*
- Earn 6x Scene+ points on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more*
- Earn 5x Scene+ points for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.*
- Earn 5x Scene+ points for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agencies stores.*
- Earn 3x Scene+ points for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more*
- Earn 3x Scene+ points for every $1 CAD you spend in Canada on eligible select streaming services*
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- Earn additional benefits + up to 4x Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
Car Rental Damage & Theft
yes
Travel Accident
$250,000
Mobile Device Insurance
$1,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 daysFlight Delay
$500
Insurance Included*
Lost or Stolen Baggage
$500/person, $1000/tripBaggage Delay
$500/person, $1,000/trip After 4 hoursCar Rental Damage & Theft
$65K up to 48 daysTravel Accident
$500K/person, $1M/occurrenceMobile Device Insurance
$1,000Extended Warranty
Up to 1 yearPurchase Protection
90 daysHotel Burglary Insurance
$1000/occurrenceEmergency Out of province Medical
$1M, Up to 25 daysFlight Delay
$500/personEmergency Medical Over 65
$1M, Up to 3 days
Trip Cancellation
$1500/person, $10000/trip
Trip Interruption
$1500/person, $10,000/trip
Extra Benefits*
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Travel Credit
Book two or more consecutive nights at participating properties through The Hotel Collection with American Express Travel to receive a $100 credit for amenities or a complimentary room upgrade, if available.
Amex Experiences™
Access Front Of The Line® Amex Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with Amex Experiences™
Extra Benefits*
No Foreign Transaction Fees
Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD.svg)
Concierge Services
Discount
Discount on PriorityPass MembershipAmerican Express® Experiences
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
20.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Annual Fee*
$155.88
Annual Fee*
$120
$0$
First Year Waived
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
$12,000
Min Household Income:
$12,000
Loyalty Program*
Loyalty Program*
Point Redemption Options*
Statement Credits (Cash)
1¢ / point
Gift Cards
0.91¢ / point
Merchandise
0.63¢ / pointMost Optimal
Transfer to Airline Partners
2.1¢ / point
Fixed Point Travel Program
1.66¢ / point
Transfer to Hotel Partners
1.66¢ / point
Amazon.ca
0.7¢ / point
Point Redemption Options*
Merchandise
0.76¢ / pointGift Cards
0.74¢ / pointStatement Credits (Cash)
0.7¢ / point
Entertainment
1¢ / pointTravel
1¢ / point
Groceries (Sobeys)
1¢ / point
Restaurants
1¢ / point
Is this card worth it?
This card was voted the Best Credit Card in Canada by FinlyWealth. The rewards earned on this card for a person with average spending exceed those of other credit cards in Canada by a huge margin! In addition, this card has a good benefits coverage, a flexible amex cobalt bonus points redemption program (1:1 transfer to Aeroplan® or Avios), making it the best candidate to become the main credit card for the majority of people.
Is this card worth it?
The Scotiabank Gold American Express® Card is one of our favorite cards. It has a very solid rewards program, earning one of the highest rewards among all credit cards in Canada. In addition, it offers comprehensive travel benefits, including the rare and valuable no foreign transaction fee benefit, making it a great and balanced credit card in terms of both rewards and benefits. The first-year annual fee waiver is the cherry on top, providing even greater value to cardholders.
Pros
- Amex cobalt credit card Points can be transferred to Air Canada Aeroplan® at a 1:1 ratio, making this card a solid Aeroplan® points earner as an alternative to Aeroplan® branded credit cards
- Generous welcome amex cobalt bonus points of up to 15,000
- 4+ different ways of redeeming your points for great value
- 10 different types of insurance, including travel
- Excellent Amex cobalt bonus offers
- Often referred to as the Best Credit Card in Canada
Pros
- No foreign transaction fee saves you 2.5% on all non-CAD purchases.
- Rewards cover all high-spending categories, including food, groceries, entertainment, and gas.
- Comprehensive coverage of all travel insurance.
Cons
- Less acceptance of American Express at different merchants across Canada
- Not all types of travel insurance are covered, especially trip cancellation and interruption insurance
Cons
- The card network is American Express, which might not be widely accepted in some countries, making it a bit harder to use the no foreign transaction fee benefit.
- Having a lounge pass would have made this card even more perfect, but there is access to a discount code for lounge access pass purchases.
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American Express Cobalt® Card vs Scotiabank Gold American Express® Card: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt® Card and the Scotiabank Gold American Express® Card have similar annual fees, though the Cobalt Card's fee is slightly higher. Notably, the Scotiabank Gold American Express® Card requires a minimum personal income of $12,000, which is a consideration for eligibility. In contrast, the Cobalt Card has no specified income requirement, making it more accessible to a broader range of users. Additionally, the Scotiabank Gold American Express® Card offers a first-year annual fee waiver, providing an initial cost-saving benefit.
Rewards
Both cards provide robust rewards, particularly for spending on dining, groceries, and travel. The American Express Cobalt® Card offers higher points on dining and groceries, making it ideal for food enthusiasts. Its rewards are part of the versatile Membership Rewards program. Meanwhile, the Scotiabank Gold American Express® Card offers strong rewards across a wider range of categories, including groceries, entertainment, and transit, and it uses the Scene+ program for redemptions. The welcome bonuses for both cards are attractive, but Scotiabank's offer may be easier to obtain for some users.
Reward Redemption Options
The American Express Cobalt Card provides versatile redemption options, including transfers to airline and hotel partners, and the ability to use points as statement credits, offering flexibility.
On the other hand, the Scotiabank Gold American Express Card excels in grocery and entertainment redemptions within the Scene+ program, making it a great choice for those who frequently spend in these categories. However, the inability to redeem points for statement credits may be a drawback for those seeking more direct financial flexibility.
Benefits and Insurance
The insurance coverage offered by both cards is comprehensive, including important protections like travel medical, flight delay, and baggage insurance. However, the Scotiabank Gold American Express® Card stands out with its no foreign transaction fee, which can result in significant savings for frequent international travelers. The American Express Cobalt® Card, while not offering this feature, provides access to exclusive experiences and events, which could be appealing to certain users.
Conclusion
The American Express Cobalt® Card is a strong option for those who prioritize high rewards on dining and groceries and enjoy exclusive experiences. Conversely, the Scotiabank Gold American Express® Card is well-suited for frequent travelers who benefit from no foreign transaction fees and a broader range of reward categories. Your choice should depend on your specific spending patterns and financial situation, including the $12,000 income requirement for the Scotiabank card.
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