American Express Cobalt vs. Scotiabank Gold American Express Card

When comparing the American Express Cobalt® Card with the Scotiabank Gold American Express® Card, it’s important to keep in mind that each card has its own unique features that cater to different spending habits and reward preferences.

The American Express Cobalt® Card stands out for its flexible reward structure, offering up to 5 points per dollar on eats and drinks and a range of point redemption options, including travel and retail. The card’s monthly fee, when annualized, is slightly higher but justified by a rich earn rate in everyday categories.

Conversely, the Scotiabank Gold American Express® Card offers a competitive 6 Scene+ points per dollar on eligible grocery, dining and entertainment purchases in Canada. It also is one of the few credit cards in Canada with no foreign transaction fees, making it ideal for travelers and international spenders.

In essence, if your spending leans heavily towards dining and entertainment, the American Express Cobalt® Card may offer more value, despite its fee. However, for cardholders who travel or make foreign transactions frequently, the Scotiabank Gold American Express® Card could be a superior choice, especially with its foreign transaction fee waiver and higher point earning potential in multiple categories.

Ultimately, the better card hinges on your spending behaviour and reward preferences. The American Express Cobalt® Card is tailored for maximized rewards on daily expenses, whereas the Scotiabank Gold American Express® Card appeals to users seeking diverse point-earning opportunities and savings on foreign transactions.

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Best Overall Credit Card in Canada

American Express Cobalt® Card

4.5

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Welcome Bonus

Up to 15,000 Membership Rewards points

Annual Fee

$155.88 ($12.99 per month)

Regular APR

21.99%

Credit Score: 700 to 900 – Good to Excellent

A credit score isn’t a static number and there are several factors that go into calculating it. The credit bureaus use their own proprietary algorithms and calculate their own credit scores. Equifax uses the Equifax Risk Score, while TransUnion uses the CreditVision Scoring Model. They are provided as guidelines to the issuer, which may take different factors into account, and approval is not guaranteed.

Apply Now

On American Express's Secure Website

Welcome Bonus

Up to 15,000 Membership Rewards points

Annual Fee

$155.88 ($12.99 per month)

Regular APR

21.99%

Credit Score: 700 to 900 – Good to Excellent

A credit score isn’t a static number and there are several factors that go into calculating it. The credit bureaus use their own proprietary algorithms and calculate their own credit scores. Equifax uses the Equifax Risk Score, while TransUnion uses the CreditVision Scoring Model. They are provided as guidelines to the issuer, which may take different factors into account, and approval is not guaranteed.

Why We Picked It

The American Express Cobalt will not only earn you 2 American Express Membership Rewards per dollar spent on travel or gas purchases (make that 3 points per dollar if you make travel bookings online through the Amex Travel Portal), but it also comes with many valuable travel insurance coverages and a $100 USD hotel credit. Plus, Membership Rewards points are super flexible, with four ways to redeem them for travel purchases, including transferring them at a 1:1 rate to a myriad of other travel partners.

Pros & Cons

• 2 points per dollar on gas, transit and travel purchases and 3 points per dollar when you book online through the Amex Travel Portal.
• Amex Membership Rewards can be redeemed multiple ways.
• $100 USD hotel credit when you book at select hotels.
• 10 types of insurance, including $5 million in emergency travel medical coverage.

• Relatively high annual fee.
• Amex is still not accepted everywhere, including Loblaws stores and Costco.

Card Details

• In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
• Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
• Earn 3X the points on eligible streaming subscriptions in Canada
• Earn 2X the points on eligible ride shares, transit & gas in Canada
• Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
• Earn 1X point for every $1 in Card purchases everywhere else
• Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
• Transfer points 1:1 to several frequent flyer and other loyalty programs
• Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
• 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 ExperiencesTM
• 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. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment

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Scotiabank Gold American Express® Card

3.8

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Welcome Bonus

Up to 40,000 Scene+ points

Annual Fee

$120

Regular APR (Purchases) / Regular APR (Cash Advances)

20.99% / 22.99%

Credit Score:: 700+ Good to Excellent

A credit score isn’t a static number and there are several factors that go into calculating it. The credit bureaus use their own proprietary algorithms and calculate their own credit scores. Equifax uses the Equifax Risk Score, while TransUnion uses the CreditVision Scoring Model. They are provided as guidelines to the issuer, which may take different factors into account, and approval is not guaranteed.

Apply Now

On Scotiabank's Secure Website

Welcome Bonus

Up to 40,000 Scene+ points

Annual Fee

$120

Regular APR (Purchases) / Regular APR (Cash Advances)

20.99% / 22.99%

Credit Score:: 700+ Good to Excellent

A credit score isn’t a static number and there are several factors that go into calculating it. The credit bureaus use their own proprietary algorithms and calculate their own credit scores. Equifax uses the Equifax Risk Score, while TransUnion uses the CreditVision Scoring Model. They are provided as guidelines to the issuer, which may take different factors into account, and approval is not guaranteed.

Why We Picked It

With over $800 worth of rewards potential per year—and that’s with the annual fee factored in—this is the highest earning card on our list. It also gives you some of the highest earn rates at select grocery stores, on dining and movie theatre purchases—and its flexibility for redemption is excellent. Plus, it’s one of the few cards in Canada that doesn’t charge foreign exchange fees and it includes 13 types of insurance. In fact, the only reason it didn’t rank higher up on this list is because of that pesky annual fee and a few minor drawbacks.

Learn more: Read our Scotiabank Gold American Express Card Review

Pros & Cons

• Earns Scene+ rewards on every purchase
• No foreign transaction fees
• Built-in travel insurance
• American Express perks like Amex Front Of The Line

• $120 annual fee
• Amex is not accepted at all locations

Card Details

• Earn up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
• 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
• No Foreign Transaction Fee
• Comprehensive Travel Insurance coverage
• AMEX Offers®
• AMEX Front of the Line®
• American Express Invites®
• Complimentary Concierge Services
• Rates, fees and other information are effective as of January 3, 2025. Subject to change.

The American Express Cobalt® Card comes with a welcome bonus that can reach up to 15,000 Membership Rewards points, equalling a maximum of $300 if leveraged optimally through specific travel partner points transfers. This flexibility in redemption, particularly for travel, where points can be worth up to $0.02 each, offers significant value for cardholders seeking diverse redemption avenues, from airfare to hotel partners.

In contrast, the Scotiabank Gold American Express® Card’s welcome bonus of up to 40,000 Scene+ points translates up to $750 in value if redeemed for travel or other eligible expenses, offering straightforward value for most cardholders (must open your account by July 1, 2025). While this card’s dollar value is higher, Scene+ points maintain a consistent value of $0.01 across every category, lacking the higher potential value in travel redemption that the American Express Cobalt® Card offers.

Bottom line: While the Scotiabank Gold American Express® Card’s bonus initially appears more lucrative, the American Express Cobalt® Card’s points provide a more flexible and potentially more valuable redemption choice for savvy users, especially when it comes to travel.

We break down average Canadian spending and how it would translate to rewards. We used the average redemption value of $0.01 for each Scene+ and Membership Reward point, though keep in mind, points for these cards in particular can have higher or lower value depending on how they are redeemed.

Both cards offer diverse redemption options, but the American Express Cobalt® Card provides a potentially higher value for travel redemptions, especially when transferring points to airline and hotel partners. In contrast, the Scotiabank Gold American Express® Card offers solid and straightforward value across a variety of redemption options, like entertainment, travel, gift cards, donations and merchandise making it versatile for different types of spenders.

American Express Cobalt® Card Point Value

With the American Express Cobalt® Card, the value of Membership Rewards points varies by redemption option:

• Travel: Redeeming points for travel through American Express Travel offers $10 per 1,000 points (or one cent per point). Transferring points to airline partners could raise a point’s value up to $0.02 each, while hotel partners could value them at $0.10 each. Based on the total annual points of 62,538.4, travel redemptions could yield between $625.38 and $1,251.92 annually if transferred to airlines, or up to $6,253.84 annually with hotel partners.
• Statement Credits: Points redeemed for statement credits offer a consistent value of $10 per 1,000 points, equating to an annual value of $625.38.
• Merchandise: Points used for merchandise in Amex’s online portal maintain a value of $10 per 1,000 points, translating to $625.38 annually.
• Gift Cards and Certificates: Redeeming points for gift cards or certificates provides a flexible spending option, also valued at $10 per 1,000 points, or $625.38 annually.
• Experiences: Using points for unique experiences through the American Express Experiences program maintains the $10 per 1,000 points value, totaling $625.38 annually.
• Online Purchases: Points spent on Amazon.ca purchases are slightly less valuable at $7 per 1,000 points, resulting in an annual value of $437.69.

Scotiabank Gold American Express Point Value

Scene+ points from the Scotiabank Gold American Express® Card also offer diverse redemption values:

• Travel: Points are worth one cent each when booking travel through Scene+ Travel or when applied to travel purchases, giving an annual value of $892.39 based on 89,239.1 points.
• Merchandise: Points redeemed for merchandise on the Scene+ portal are valued at one cent each, equating to $892.39 annually.
• Gift Cards: Exchanging points for gift cards or eCertificates maintains the typical one cent per point value, translating to an annual value of $892.39.
• Statement Credits: Using points for statement credits varies in value; the highest redemption rate is $0.71 per 100 points for a $100 to $150 credit, potentially offering up to $634.09 annually.
• Dining and Entertainment: Redeeming points in these categories maintains the one cent per point value, amounting to $892.39 annually.
• Special Experiences: Scene+ special experiences adhere to the standard point value, representing $892.39 in annual value.

Related: The Scotiabank Gold American Express Card Is Highly Underrated. Here’s Why I Think More People Should Get It.

American Express Cobalt® Card

• Annual Fee: $155.88 (charged as $12.99 per month)
• Foreign Transaction Fee: 2.5%

Scotiabank Gold American Express® Card

• Annual Fee: $120
• Foreign Transaction Fee: 0%

Comparison and Outcome:

• Annual Fees: The Scotiabank Gold American Express® Card’s annual fee is $35.88 cheaper than the American Express Cobalt® Card.
• Foreign Transaction Fees: The American Express Cobalt® Card has a standard 2.5% foreign transaction fee, whereas the Scotiabank Gold American Express® Card has no foreign transaction fees.

Bottom line: In terms of fees, the Scotiabank Gold American Express® Card comes out on top, with a lower annual fee and no foreign transaction fees, offering better value for travelers and cardholders who frequently make purchases in foreign currencies. The American Express Cobalt® Card, while offering robust rewards, has a higher annual cost when its monthly fees are calculated over the course of a year, plus the additional cost of foreign transactions.

American Express Cobalt® Card

• Out of Province/Country Emergency Medical Insurance: Up to $5 million dollars in coverage for those under 65 for up to 15 consecutive days of travel
• Travel Accident Insurance: Up to a maximum of $250,000
• Flight Delay Insurance: Up to $500
• Baggage Delay Insurance/Loss or Stolen Baggage Insurance: Up to $500 (Amex counts these as two seperate coverages)
• Hotel Burglary Insurance: Up to $500
• Rental Car Loss/Damage Insurance: Up to 48 days
• Mobile Device Insurance: Up to $1,000
• Purchase Security: 90 days
• Extended Warranty: Up to one additional year
• Total Coverages: 9 insurance benefits.

Scotiabank Gold American Express® Card

• Travel Emergency Medical Insurance: Up to $1 million dollars in coverage for those under 65 for up to 25 consecutive days of travel (up to 3 consecutive days for people 65 and older)
• Travel Accident Insurance: Up to a maximum of $500,000 (to a maximum of $1,000,000 per occurrence)
• Trip Cancellation/Interruption Insurance: Up to $1,500 per person for travel expenses (maximum $10,000 per trip)
• Flight Delay Insurance: Up to $500 per person
• Delayed and Lost Baggage Insurance: $1,000 per person
• Hotel Burglary Insurance: Up to a maximum of $1,000
• Rental Car Loss/Damage Insurance: Up to 48 days
• Mobile Device Insurance: Up to $1,000
• Purchase Security: 90 days
• Extended Warranty: Up to one additional year
• Total Coverages: 10 insurance benefits.

Comparison and Outcome:

While both cards offer a range of travel and purchase protection insurances, the Scotiabank Gold American Express® Card provides one additional key insurance benefit compared to the American Express Cobalt® Card. The inclusion of Trip Cancellation/Interruption Insurance is a significant advantage for travelers, offering an extra layer of protection.

Bottom line: Considering the breadth and variety of insurance coverage that come with both cards, the Scotiabank Gold American Express® Card edges out the American Express Cobalt® Card in this category with its additional trip cancellation/interruption insurance.

The Scotiabank Gold American Express® Card and American Express Cobalt® Card have many differences, but both credit cards are meant to appeal to different segments of the market.

The American Express Cobalt® Card attracts everyday spenders and those travel-savvy cardholders looking to transfer points between loyalty programs for the most value.

Meanwhile, the Scotiabank Gold American Express® Card appeals to travellers when they reach their destination and are looking for strong earn rates and savings on foreign transactions.

The American Express Cobalt® Card stands out for its strong rewards program, particularly in categories like dining and travel. Its flexible redemption options, especially the transfer to travel partners, are seen as a significant advantage. However, some cardholders might consider its monthly fee structure annoyingly unconventional compared to the typical annual fee model because of the frequency of the charge.

The Scotiabank Gold American Express® Card is viewed favourably for its no foreign transaction fee feature, which is a standout in the Canadian credit card market. Additionally, its generous earn rates in popular spending categories like groceries, dining and entertainment make it competitive. However, some financial experts see its rewards as less flexible compared to the American Express Cobalt® Card, especially for cardholders who value travel perks and transfer options.

Determining a clear winner between the American Express Cobalt® Card and the Scotiabank Gold American Express® Card depends on your priorities and spending habits.

Related: Best Rewards Credit Cards

The American Express Cobalt® Card stands out for its robust rewards program, especially when it comes to earning on dining and entertainment. It scores big on flexibility when redeeming points, since you can transfer your Membership Rewards points 1:1 to other loyalty programs, like Aeroplan. Plus, the card’s array of insurance coverage is comprehensive, although slightly less extensive than the Scotiabank Gold American Express® Card. However, its foreign transaction fees and monthly fee structure might be downsides for frequent travellers.

If you’re a frequent traveler or spend a significant amount in foreign currencies, the Scotiabank Gold American Express® Card likely offers better overall value with its no foreign transaction fees and strong insurance package. However, if your spending is heavily skewed towards dining and entertainment, and you value flexible travel rewards, the American Express Cobalt® Card could be the better choice despite its higher fee structure and foreign transaction fees. Ultimately, the choice depends on your spending habits and priorities when it comes to card benefits and rewards.