If you’ve narrowed down potential credit cards to the American Express Cobalt Card vs. American Express Gold Rewards Card, you should know that the American Express Cobalt Card consistently wins our award for the best credit card in Canada. It’s hard to beat the Cobalt’s steep earn rates, premium perks, and flexible rewards.
That said, the Amex Gold is a solid Amex option, especially for frequent travellers who enjoy perks like an annual travel credit and NEXUS credit.
This article explores all the differences between the cards so you can be confident in choosing the best Amex for your needs.
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
First off, let’s see how these cards stack up when it comes to the basics.
| Feature | American Express Cobalt Card | American Express Gold Rewards Card |
|---|---|---|
| Annual fee | $191.88, charged as $15.99 per month | $250 |
| Welcome bonus |  $100 GeniusCash + Up to 15,000 bonus points (terms) | Up to 60,000 bonus points (terms) |
| Maximum rewards | Up to 5 points per $1 spent | Up to 2 points per $1 spent |
| Highest earning categories | Groceries and restaurants | Gas, groceries, drugstores, 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, but for now, take a look at the features included with both cards.
American Express benefits
Looking for unique experiences or ticket access? Both cards include Amex benefits like:
- 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
We also love the fact that you can check your balance and pay your bills on the go with your phone. Plus, cardholders can get emergency help or card access anywhere in the world through 24/7 Amex customer service.
American Express Membership Rewards
While the earn rates differ, both cards earn Amex Membership Rewards points with every purchase. You get eight redemption options, but the value (cents per point) changes depending on your choice.
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, which both yield less than 1 CPP.
American Express travel insurance
We’ve already mentioned that Amex Gold is essentially a travel credit card, but that doesn’t mean you should overlook the Amex Cobalt for your next trip. Both cards include decent travel insurance, like:
- 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
Amex cards can be easier to qualify for since you typically don’t have income requirements, although you’ll still want a good credit score to improve your approval odds.
Now that you know what the cards have in common, let’s dive into what makes each credit card special.
What we love about the American Express Cobalt Card
×8 Award winner 
GC: $100
8x Award winner Pros:
- Seven 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 seven different spending categories, making it a great all-around credit card:
- 5 points per $1 spent on eligible groceries and restaurants (up to $2,500 spent per month)
- 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 two big advantages over the Amex Gold: better earn rates and better purchase insurance. See how they compare:
| Earn rates | American Express Cobalt Card | American Express Gold Rewards Card |
|---|---|---|
| Maximum rewards | Up to 5 points per $1 spent | Up to 2 points per $1 spent |
| Top spending category | Groceries and restaurants | Gas, groceries, drugstores, travel |
| Est. net annual rewards | $924 | $458 |
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.
| Purchase insurance coverage | 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 $63 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 |
| Emergency Medical Maximum Coverage | $5,000,000 |
| 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
Pros:
- One 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
Who doesn’t love a metal credit card? The Amex Gold comes in your choice of rose gold or yellow steel, which 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 two special features: better travel benefits and better travel insurance.
| Travel insurance coverage | American Express Cobalt Card | American Express Gold Rewards Card |
|---|---|---|
| $100 annual travel credit | ❌ | ✅ |
| $50 annual NEXUS credit | ❌ | ✅ |
| Complimentary Plaza Premium Lounge visits | ❌ | ✅Four lounge passes |
| 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 four visits per year to any of the 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.
| Travel insurance coverage | 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 |
| Emergency Medical Maximum Coverage | $5,000,000 |
| 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?
Both cards come with some great earn rates and benefits, but you have to ask yourself what you value most in a credit card. Are you looking for the highest earn rates in a specific category? An affordable credit card? Specific insurance coverage? Or maybe airport lounge access?
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, welcome bonus, and travel credits, and you get $1,670 of added value – more than five times the Cobalt’s lacklustre $300 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 two missed payments
- 28.99% purchase interest after three 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 $15.99 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 on 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 offers higher coverage limits and trip cancellation and interruption insurance, it’s not particularly valuable. The final tally was $515 for Gold and $509 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 for both credit cards based on an average monthly spend of $2,000. 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 one year, our hypothetical Amex Cobalt cardholder 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 beats 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
Amex cards tend to have more rewards than cards from other issuers. To pay for these perks, Amex charges slightly higher merchant fees, which is why some retailers don’t accept them.
If you’re worried about credit card acceptance or you want to shop somewhere that doesn’t accept Amex (like Costco, Loblaws, or Real Canadian Superstore), check out the best alternative from Visa.
The BMO eclipse Visa Infinite Card earns BMO Rewards points, and while they’re 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. This averages around 3.35% in returns, a respectable middle ground between the two Amex cards.
It also offers a $50 annual lifestyle credit, 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 qualify.
GC: $150
FAQ
What is the difference between Amex Cobalt and Gold?
The Amex Cobalt earns rewards at a faster rate, while the Gold card has a steeper annual fee, but comes with travel perks, like a NEXUS credit, which can offset the fee. Cobalt is best for everyday use.
Is the American Express Gold Rewards card a charge card?
No, the American Express Gold Rewards card is a standard unsecured credit card. If you’re looking for a charge card, check out our list of top charge card options. Note that only Amex issues them.
Is Amex Gold better than Cobalt according to Reddit?
Most Redditors suggest using the Cobalt for everyday purchases since the rewards on everyday categories are high. However, some Redditors recommend getting the Gold for its welcome bonus.
Can you downgrade Amex Gold to Cobalt?
You can downgrade cards, but you will not be eligible for the 14-month welcome bonus if you downgrade within 14 months of opening the credit card account.
How do the Cobalt vs Gold Amex features compare?
Amex Gold has more travel-centric features, like an annual travel credit, NEXUS credit, and slightly better travel insurance, while the Cobalt gives better rates of return on groceries, gas, restaurants, and streaming services.
Which Amex is the best in Canada?
This probably won’t shock you, but the Amex Cobalt is the best credit card in Canada. It’s been our favourite credit card for eight years in a row! We love the high earn rates, great insurance, and wonderful rewards.
What are the disadvantages of Amex Cobalt?
The main disadvantages come down to acceptance and the annual fee. Some merchants may not take Amex, and the annual fee is relatively high, even though it is charged out monthly instead of annually.
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