Although they aren’t accepted at every cash register in the country, American Express credit cards remain popular thanks to their high earn rates, premium perks, and flexible rewards. Between the top 2 Amexes in Canada – the American Express Cobalt Card and American Express Gold Rewards Card – we prefer the Cobalt’s low fees and insanely high rewards.
Key Takeaways
- The American Express Cobalt Card rewards general spenders with plenty of points in multiple categories.
- The American Express Gold Rewards Card pampers frequent travellers with points for travel expenses and premium perks.
- The Amex Cobalt Card’s flexible rewards, high returns, and low fees make it the best choice for most Canadians.
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American Express Cobalt Card vs. American Express Gold Rewards Card overview
The meat of the Amex Cobalt vs. Gold Rewards debate is in the details. There are several differences between the two that appeal to different Canadians, but they aren’t so dissimilar that you need both products in your wallet.
To help you spot the card for you, let’s start by examining the differences between the Amex Cobalt and Amex Gold Rewards.
| Feature | American Express Cobalt Card | American Express Gold Rewards Card |
|---|---|---|
| Type | Credit card | Charge card |
| Annual fee | $155.88, charged as $12.99 per month | $250 |
| Welcome bonus | Up to 15,000 bonus points (terms) |  $125 GeniusCash + Up to 60,000 bonus points (terms) |
| Maximum rewards | Up to 5 points per $1 spent | Up to 3 points per $1 spent |
| Highest earning categories | Groceries and restaurants | Travel |
| Metal card | ❌ | ✅ |
| Insurance | 10 types included | 11 types included |
| Special feature | Mobile device insurance | $100 annual travel credit |
| Best for | General spenders | Frequent travellers |
| Get started | Apply now | Apply now |
We’ll dive deeper into the differences later – for now, let’s look at the similarities between the two cards.
Regardless of which credit card you choose, you’ll enjoy the following.
American Express benefits
Amex benefits cover just as wide a range of entertainment and travel experiences as the World Elite Mastercard or Visa Infinite Privilege programs. The Amex Cobalt and Gold Rewards Cards both include:
- Access to special dining, rewards, and shopping offers through Amex Offers
- Early access to in-demand event tickets and reserved seating with Front Of The Line
- Exclusive access to curated dining, entertainment, shopping, and wellness benefits and events through American Express Experiences
- Exclusive deals on accommodations and car rentals through American Express Travel Online
Less exciting (but still appreciated) is the ability to pay your bills and monitor your balance from your smartphone with the 4.7-star Amex Canada app on Google Play. Amex cardholders can also request an emergency card replacement anywhere in the world through 24/7 customer service.
American Express Membership Rewards
Although their earning rates and categories differ, both the Amex Cobalt and Gold Rewards Card earn Amex Membership Rewards points with every purchase. There are 8 redemption options, but they aren’t all worth the same number of cents per point (CPP).
For example, converting your points to Aeroplan Rewards at a 1:1 ratio gives you about 2 CPP, while the Marriott Bonvoy or Hilton Honors programs are worth up to 1.16 CPP. Sticking with the Amex Fixed Points Travel program (which lets you cover up to $4,500 worth of airfare with a fixed number of points) gives you 1.75 CPP or more.
Or, for even more flexibility, you can charge any purchase to your card and redeem 1,000 points for a $10 statement credit, giving you 1 CPP. Whatever you do, skip the gift cards and merch, both of which yield less than 1 CPP.
American Express travel insurance
We’ve characterized the Amex Gold Rewards Card as the better travel card but the Cobalt doesn’t lack decent travel insurance. Both cards can save you hundreds per year with:
- Baggage delay insurance
- Theft and damage rental car insurance
- Emergency medical coverage
- Flight delay insurance
- Hotel burglary insurance
- Lost or stolen baggage insurance
- Travel accident coverage
Plus, you can use the extended warranty and purchase protection insurance to safeguard your stuff.
No income requirements
Although it doesn’t eliminate the need for a good credit score, you won’t lose out on American Express’s benefits, rewards, or insurance if you don’t meet a certain annual income threshold.
Now that you don’t have to worry so much about approval, let’s dive into what makes each credit card special.
What we love about the American Express Cobalt Card
×8 Award winner Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
8x Award winner Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
Pros:
- 7 ways to earn rewards
- Flexible rewards
- Higher earning rates
- Lower annual fee
Cons:
- Fewer types of insurance
- Fewer travel perks
We crowned the American Express Cobalt Card the best overall credit card in Canada and the winner of multiple categories, including:
- Best American Express card
- Best flexible rewards credit card
- Best grocery credit card
- Best restaurant credit card
- Best rewards credit card
- Best travel credit card
The Cobalt’s secret to success is that it earns points in 7 different spending categories:
- 5 points per $1 spent on eligible groceries and restaurants
- 3 points per $1 spent on eligible streaming services
- 2 points per $1 spent on eligible gas, transit, and ride share purchases
- 1 point per $1 spent on foreign currency purchases
- 1 point per $1 spent on all other purchases
Plus, it’s got 2 big advantages over the Amex Gold: better earn rates and better purchase insurance.
Better earn rates
The Amex Cobalt Card doesn’t just reward more types of purchases than the Gold Rewards Card – it also hands out more points:
| Feature | American Express Cobalt Card | American Express Gold Rewards Card |
|---|---|---|
| Maximum rewards | Up to 5 points per $1 spent | Up to 3 points per $1 spent |
| Top spending category | Groceries and restaurants | Travel |
| Est. annual rewards | $540 | $330 |
According to our calculations, the average Canadian can earn about 54,000 Amex Membership Rewards points per year by spending an average $2,000 per month with the Cobalt Card. If you transfer all those points to Aeroplan, you’ll out-earn even the co-branded Aeroplan credit cards.
Better purchase insurance
There are only a handful of credit cards offering cellphone insurance in Canada and the Amex Cobalt is one of them:
| Feature | American Express Cobalt Card | American Express Gold Rewards Card |
|---|---|---|
| Included insurance | 10 types | 11 types |
| Extended warranty | ✅ | ✅ |
| Mobile device insurance | ✅ | ❌ |
| Purchase protection | ✅ | ✅ |
With the Cobalt Card’s mobile device insurance, you can claim up to $1,000 if your phone is accidentally damaged, lost, or stolen – minus a deductible and depreciation. This coverage alone adds about $53 to the Cobalt’s estimated credit card insurance value, which also includes:
American Express Cobalt® Card
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Mobile Device | $1,000 |
| Travel Accident | $250,000 |
| Emergency Medical Term | 15 days |
| Flight Delay | $500 |
| Baggage Delay | $500 |
| Lost or Stolen Baggage | $500 |
| Hotel Burglary | $500 |
| Rental Car Theft & Damage | Yes |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
What we love about the American Express Gold Rewards Card
GC: $125
Pros:
- 1 free additional card
- Flexible rewards
- Higher insurance coverage limits
- More travel perks
- More types of insurance
- Premium metal credit card
Cons:
- Higher annual fee
- Low returns on fewer spending categories
The American Express Gold Rewards Card is a charge card, meaning it has no spending limits as long as you pay it off entirely each and every month. If you can accept this quirk, you’ll be well-rewarded with a metal credit card in either rose gold or yellow steel that earns:
- 2 points for every $1 spent on gas, groceries, drugstores, and travel
- 1 point for every $1 spent on all other purchases
The Gold Rewards Card earns fewer points than the Cobalt Card, but it has 2 special features: better travel benefits and better travel insurance.
Better travel benefits
The Amex Cobalt and Gold Rewards Card both enjoy a complimentary room upgrade (when available) and a $100 USD credit at any property in The Hotel Collection, but the latter has a few extra special perks:
| Feature | American Express Cobalt Card | American Express Gold Rewards Card |
|---|---|---|
| $100 annual travel credit | ❌ | ✅ |
| $50 annual NEXUS credit | ❌ | ✅ |
| Complimentary Plaza Premium Lounge visits | 0 | 4 |
| Complimentary Priority Pass membership | ❌ | ✅ |
| Early check-ins and late check-outs (when available) at The Hotel Collection | ❌ | ✅ |
| Hertz rental car benefits | ❌ | ✅ |
Yep, that’s $100 per year for you to spend on any travel expense you like. Why not book with Hertz, where you can get a complimentary extra driver and a car class upgrade on any bookings for 5+ days (when available)?
Or, if you’d rather fly, start your journey with free drinks, food, and showers with 4 visits per year to any of the 14 Plaza Premium Lounge locations in Canada. And although you can’t visit Priority Pass airport lounges for free, the complimentary membership included in your card means you’ll only pay $35 USD per visit.
Better travel insurance
The American Express Gold Rewards Card was designed with travel in mind. It includes access to Amex’s 24/7/365 emergency travel assistance line and 11 of the 17 types of credit card insurance available in Canada:
| Feature | American Express Cobalt Card | American Express Gold Rewards Card |
|---|---|---|
| Included insurance | 10 types | 11 types |
| Travel accident insurance coverage | $250,000 | $500,000 |
| Trip cancellation insurance | ❌ | ✅ |
| Trip interruption insurance | ❌ | ✅ |
And although both cards share much of the same insurance coverage, the Gold Rewards Card’s coverage limits are higher:
American Express® Gold Rewards Card
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Travel Accident | $500,000 |
| Emergency Medical Term | 15 days |
| Trip Cancellation | $1,500 |
| Trip Interruption | $1,500 |
| Flight Delay | $500 |
| Baggage Delay | $500 |
| Lost or Stolen Baggage | $500 |
| Hotel Burglary | $500 |
| Rental Car Theft & Damage | Yes |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
How do the Amex Cobalt and Amex Gold Rewards Cards compare?
It’s a close race – each card excels in 2 categories, making the winner a matter of taste and priorities. What matters most to you: benefits, fees, insurance, or rewards?
Best benefits: American Express Gold Rewards Card
The American Express Gold Rewards Card shines (pun intended) when it comes to estimated value of credit card benefits. Add up the airport lounge access, hotel perks, and travel credits, and you get $433 of added value – more than 4 times the Cobalt’s lacklustre $100 tally!
You’ll have to travel a lot to take full advantage of the Gold Rewards Card’s perks, but if you do, you’ll find this card is worth more than its weight in gold.
Best for low fees: American Express Cobalt Card
When it comes to fees and interest rates, the Amex Cobalt and Gold Rewards Cards are practically identical, offering:
- 2.5% foreign currency exchange rate fee
- 21.99% cash advance interest
- 21.99% purchase interest
- 25.99% purchase interest after 2 missed payments
- 28.99% purchase interest after 3 missed payments
The Cobalt Card breaks the tie with an annual fee that’s nearly $100 less than that of its rival. It also charges $12.99 per month instead of one lump sum per year, which makes the cost more palatable.
Best insurance: American Express Gold Rewards Card
We also did the math regarding the value of each credit card's insurance and (unsurprisingly) the Amex Gold Rewards came out ahead – though not as much as you might think.
While the Gold Rewards Card includes higher coverage limits and trip cancellation and interruption insurance, it’s not all that valuable. The final tally was $431 for Gold and $405 for Cobalt.
Best rewards: American Express Cobalt Card
The Amex Cobalt Card’s earning rates and rewards are simply unbeatable.
We calculated the return rates of both credit cards following an average spend of $2,000 per month. We also assumed the cardholders would transfer their Amex points to Aeroplan for a value of 2 CPP.
Value of credit card rewards / total money spent = return rate
After 1 year, our hypothetical Amex Cobalt card holder earned about 54,000 points (or $1,080 worth of rewards) for a return rate of 4.50%. The Gold Rewards card holder earned about 39% less, carrying away just 33,000 points (or $660 worth of rewards) for a 2.75% rate of return.
The winner: American Express Cobalt Card
There’s a reason the American Express Cobalt Card has supplanted the American Express Gold Rewards Card as the most popular Amex credit card in Canada. Its fantastic rewards and versatile spending categories outearn the Gold even after you add up the latter’s value in perks and insurance.
For most Canadians, the Cobalt is the perfect daily driver to help you save up for a vacation. That being said, money isn’t everything (even for credit cards) and the Gold Rewards Card should remain a favourite for premium travellers.
Top non-Amex alternative
The biggest disadvantage of American Express credit cards is their more limited acceptance. You can’t yet earn rewards at every cash register in Canada, including those at Costco, Loblaws, and the Real Canadian Superstore.
If you want a credit card you can use almost anywhere in the world, check out the BMO eclipse Visa Infinite Card.
GC: $150
While BMO Rewards points are only worth up to 0.67 cents each, you can earn 5 points per $1 spent on gas, groceries, restaurants, and transit, and 1 point per $1 spent on everything else. The BMO eclipse Visa Infinite Card averages about 3.35% in returns, a respectable middle ground between the two Amexes above.
It also offers a $50 lifestyle credit on your first annual purchase, 10% bonus points when you add an authorized user, and Visa Infinite perks and benefits. Think concierge services, complimentary hotel upgrades, and access to exclusive dining and sporting events – but because it’s not an Amex, you’ll need $60,000 of personal income or $100,000 of household income to apply.
FAQ
Is an Amex credit card worth it?
American Express credit cards have no income requirements and offer competitive perks and above-average earning rates – assuming the stores in your area accept Amex.
Does the Scotiabank Gold Amex have lounge access?
Scotiabank Gold American Express Card cardholders are eligible for 35% off the $99 USD annual fee for a Priority Pass membership, which provides access to 1,600+ airport lounges for $35 USD per visitor.What credit score do you need for Scotia Gold American Express?
To increase your chances of approval for a Scotiabank Gold American Express Card, you’ll need at least $12,000 of personal income and a credit score of approximately 660 to 724.
What is higher than Amex Gold?
American Express’s top credit card is the Amex Platinum, a coveted metal credit card with a $200 annual travel credit, unlimited airport lounge access, and a $799 annual fee.
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