American Express Cobalt® card vs. Scotiabank Gold American Express® card
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The American Express Cobalt® Card and the Scotiabank Gold American Express® Card are two of the most popular rewards cards in Canada. Despite the fact that they are both Amex credit cards, they’ve got some big differences. To help you decide which plastic makes the better pick, we’ve carefully analyzed each card’s top features.
New American Express Cobalt® cardholders are offered a great intro offer.
Earn up to 15,000 Membership Rewards® points* by earning 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 on your Card in your first year as a new Cardmember. This could add up to 15,000 points in a year.*
That’s up to $150 towards your next weekend getaway.
*Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.
Then there’s the Scotiabank® Gold American Express® Card.
Earn up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points. To qualify for these offers make sure to open a new Scotiabank Gold American Express credit card account (“Account”) opened between January 3, 2025 and July 1, 2025 |
Bottom line: Both cards feature welcome bonuses with a first year spending minimum.
The American Express Cobalt® Card has an annual fee of $155.88 ($$12.99/month).
The Scotiabank Gold American Express® Card has an annual fee of $120 for the primary card and and $29 for each supplementary card..
Bottom line: Though the American Express Cobalt® Card fee is easier to manage because you can pay in monthly installments, its combined monthly fees add up to more in the course of a year than the annual fee charged by the Scotiabank Gold American Express® Card.
Big welcome bonuses are nice but the real long-term value of a rewards card comes down to its standard earn rates.
To give you a better idea of how many total points you can earn, here’s how the cards stack up with one another based on an average monthly spend of $1,725.
Expenditure | Monthly spending | Points with American Express Cobalt® Card | Points with Scotiabank® Gold American Express® Card |
---|---|---|---|
Groceries | $350 | 5 points per $1 = 1,750 | 4 points per $1 = 1,750 |
Restaurants | $200 | 5 points per $1 = 1,000 | 4 points per $1 = 1,000 |
Gas & Transport | $200 | 2 points per $1 = 400 | 3 points per $1 = 600 |
Travel | $150 | 2 points per $1 = 300 | 1 point per $1 = 150 |
Streaming | $150 | 3 points per $1 = 225 | 3 points per $1 = 225 |
Entertainment | $50 | 1 point per $1 = 50 | 5 points per $1 = 250 |
Everything else | $700 | 1 point per $1 = 700 | 1 point per $1 = 700 |
Total | $1,725 | 4,425 points/month | 4,675 points/month |
Bottom Line: The Scotiabank Gold American Express® Card just edges out the Cobalt in this spending simulation overall. But that could easily flip for someone who spends a bit more on flights, hotels and rental cars, where the American Express Cobalt® Card has the higher earn rate.
It’s all well and good to earn a bunch of points, but the points should then be easy to redeem, and they should have a high real-world value. The American Express Cobalt® Card earns Membership Rewards® points, which are prized for their flexibility. You can redeem points for a wide array of things like flights, merchandise, statement credits and more. You can even redeem your points on Amazon.ca. Points have a high value when redeemed for any eligible purchase on a card statement (where 1 point = $0.01). You can transfer points 1:1 to popular loyalty programs like Aeroplan and Avios, which is a major boon for those who fly frequently with Air Canada or British Airways.
The Scotiabank Gold American Express® Card earns Scene+ points, which are also quite flexible and can be redeemed for a host of items like travel, gift cards, merchandise, statement credits and more. But while Scene+ points have good value when redeemed against any travel purchase on your statement (1 point = $0.01), they are worth significantly less when you use them to cover any purchase outside travel (1 point = approx. $0.0067–$0.007). Furthermore, you can’t use points to shop directly on Amazon.ca.
Note: As of December 31, 2021, Scotiabank Rewards and SCENE have merged into Scene+.
Bottom line: Both cards have flexible points, but the Cobalt card offers far better value for its points, and its transfer options are much better as well.
For a premium card to be worth its annual fee it’s got to be loaded with lots of benefits. The American Express Cobalt® Card has an enticing array of extras. The most notable benefit is the suite of insurance, which includes:
Other nice benefits include entertainment access to special events and experiences, travel perks like access to the Hotel Collection from American Express. Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to USD$100 hotel credit to use on amenities when charged to the room for a stay of two or more consecutive nights through The Hotel Collection from American Express Travel.
The card also features a new and very worthwhile perk called Plan It™, which is the American Express® Installment Program. The program lets you pay a portion of your statement balance off in monthly installments for a fixed monthly fee (akin to what you would pay in interest). This feature can make paying off your balance much more manageable.
The Scotiabank Gold American Express® Card also has lots of juicy extras; one of the most exciting features is that the card doesn’t charge a foreign exchange fee on your non-Canadian purchases. This is a rare perk among Canadian credit cards and could save you 2.5% on all your foreign purchases online and in person. (Check out our review of the best credit cards with no foreign transaction fees if this is a key benefit you’re seeking.)
The card also includes a strong insurance package, featuring:
With either American Express card, cardholders can take advantage of AMEX special offers, Front of The Line/American Express Invites and exclusive access to events. However, the Scotiabank Gold American Express® Card also comes with 24/7 concierge service and a discount on Priority Pass membership.
Bottom line: Both cards feature similar insurance and entertainment offerings. The Scotiabank Gold American Express® Card comes out ahead, however, because it doesn’t charge a foreign exchange fee, offering a savings of 2.5% on all foreign purchases made at home and abroad.
The American Express Cobalt® Card has an annual interest rate of 21.99% on purchases and 21.99% on any cash advance. While there is no specified minimum income needed, you do have to be a Canadian resident with a Canadian credit file and have reached the age of majority in your province or territory to apply.
The Scotiabank Gold American Express® Card requires applicants to be the age of majority and a Canadian citizen or permanent resident of Canada. You must also have not declared bankruptcy in the past seven years. The card has an APR on purchases of 20.99% and 22.99% for cash advances.
Bottom line: The American Express Cobalt® Card is technically a bit easier to qualify for in our opinion.
Though the American Express Cobalt® Card offers some great perks including high value for your points and appealing transfer options to other travel rewards programs, my personal favourite of the two is the Scotiabank Gold American Express® Card for a number of reasons.
I’m all about spending less to earn more. With higher average monthly earned rewards points, and the waived forex fees (which has saved me a lot of money when travelling), the Scotiabank Gold American Express® Card comes out on top. Read our full Scotiabank Gold American Express® Card review to see if this card is right for you.
However, both cards are solid choices overall. If you fly a lot with Air Canada or British Airways, or if you like the flexibility of using your rewards points to pay off your card balance, then the American Express Cobalt® Card is a great pick and will give you a slightly higher return.
Disclosures:
Conditions Apply. Visit here for the Scotiabank Gold American Express® Card to learn more.
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, Forbes.com and the Toronto Star.
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