The American Express Cobalt Card and Scotiabank Gold American Express Card are two of the best American Express credit cards available. Both have their strengths and weaknesses, making it hard to choose the better option unless you study each feature side by side.
To help you decide which card is right for you, we explore their pros and cons. While the American Express Cobalt Card comes out on top, it's a close race, and the best card for you depends on your needs and priorities.
Key Takeaways
- The American Express Cobalt Card rewards general spenders with plenty of points in multiple categories.
- The Scotiabank Gold American Express Card pairs airport lounge access and comprehensive travel insurance with Scene+ points.
- The Amex Cobalt Card’s flexible rewards and high returns make it the best choice for most Canadians.
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Overview: American Express Cobalt Card vs. Scotiabank Gold American Express Card
We’ve already reviewed the American Express Cobalt Card and Scotiabank Gold American Express Card, the first as the best American Express credit card in Canada and the second as a highly versatile Scene+ credit card. In summary, both cards cost offer above-average returns, perks, and insurance in exchange for a premium penny:
| Feature | American Express Cobalt Card | Scotiabank Gold American Express Card |
|---|---|---|
| Annual fee | $191.88, charged as $15.99 per month | $120 |
| Welcome bonus |  $100 GeniusCash + Up to 15,000 bonus points (terms) | $100 GeniusCash + Up to 50,000 bonus points, first year free (terms) |
| Rewards program | American Express Membership Rewards | Scene+ Rewards |
| Maximum earning rate | Up to 5 points per $1 spent | Up to 6 points per $1 spent |
| Highest earning categories | Groceries and restaurants | Scene+ partner grocery stores |
| Insurance | 10 types included | 12 types included |
| Special feature | Fixed Points Travel Program | No foreign exchange fees |
| 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.
Basic 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 Scotiabank Gold Amex 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
In short, while neither card gives you the VIP treatment, the Cobalt and Gold can help you indulge in the occasional special purchase or experience.
Flexible rewards
American Express Membership Rewards and Scene+ are two of the most flexible rewards programs in Canada. They offer a combined total of 10 ways to redeem your points, including:
- Travel
- Gift cards
- Merchandise
- Statement credits
Amex Membership Rewards also gives you the option to transfer points to other rewards programs, while Scene+ lets you redeem points for discounts at the register. Whichever card you choose, we suggest saving your points for something other than statement credits, which cost 30 – 50% more points per dollar.
Shopping and travel insurance
The Cobalt and Scotia Gold have the potential to save you hundreds or thousands of dollars with a single annual fee. Their shopping and travel insurance packages include:
- 1 year of extended warranty coverage
- 90 days of purchase protection
- $1,000 of mobile device coverage
- $500 of flight delay insurance
- Theft and damage rental car insurance
- Baggage delay insurance
Of the two, the Scotia Gold Amex offers the most coverage – learn more about it below.
Low income requirements
Although it doesn’t eliminate the need for a good credit score, the barrier to applying for either credit card is very low. The Amex Cobalt has no income requirements and you only need $12,000 of personal income to qualify for the Scotia Gold.
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 
GC: $100
8x Award winner Pros:
- 7 ways to earn rewards
- Flexible rewards
- Higher earning rates
- More valuable rewards
- No income requirements
Cons:
- 2.5% foreign transaction fee
- Fewer types of insurance
- Fewer travel perks
- Higher annual fee of $191.88 (charged as $15.99 per month)
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 has 3 big advantages over the Scotiabank Gold Amex: higher value points, better travel rewards, and The Hotel Collection.
Higher value points
The biggest challenge to earning rewards with either the Amex Cobalt or Scotia Gold Amex is the more limited acceptance for American Express. Unlike Visa and Mastercard, Amex has yet to be accepted everywhere in Canada – or the world, for that matter.
The Scotiabank Gold American Express Card also limits its best earn rates to purchases from Scene+ partners such as Sobeys, FreshCo, and Cineplex. Throw in the fact that each Amex Membership Rewards point is worth 2 Scene+ points, and there’s no way the Scotia Gold can outearn the Cobalt:
| Feature | American Express Cobalt Card | Scotiabank Gold American Express Card |
|---|---|---|
| Maximum rewards | Up to 5 points per $1 spent | Up to 6 points per $1 spent |
| Top spending category | Groceries and restaurants | Scene+ partner grocery stores |
| Est. annual rewards value | $1,080 | $588 |
| Average return rate | 4.5% | 2.45% |
The higher a card’s return rate, the more rewards you earn for using it. For example, the Amex Cobalt nearly doubles the returns of the Scotia Gold Amex, earning an average of $4.50 in rewards for every $100 spent.
Better travel rewards
The Scotiabank Gold American Express Card may have slightly more earning power, but the American Express Cobalt Card’s rewards are simply more valuable. American Express Membership Rewards are worth up to 2 cents per point (CPP), while Scene+ only yields 1 CPP.
Value of reward in $CAD / value of reward in points = value of redemption option in cents per point (CPP)
To get the max value, you can either transfer your Amex Rewards points to Aeroplan and redeem them on flights or use the Fixed Points Travel Program. Find a flight you like on American Express Travel Online, add it to your cart, and you can trade a fixed number of points for a travel credit – like 15,000 points for $300 off a short-haul route within Canada.
Although Scene+ points are worth less, they hold more consistent value. You can trade 100 points for $1 toward travel, in-store discounts, and gift cards, making the Scotiabank Gold American Express Card a better choice for infrequent travellers.
The Hotel Collection
The Hotel Collection is an American Express exclusive only included with the Cobalt Card. Stay 2 or more consecutive nights at certain properties and you’ll receive:
- A $100 USD hotel credit to use on in-hotel dining, spa, or other leisure facilities
- A one-category room upgrade at check-in
- Complimentary early check-ins and late check-outs
These 3 perks can make your vacation special – but they depend heavily on availability. You may have to do some research and/or travel during the off-peak season to take full advantage of the Cobalt Card’s benefits.
What we love about the Scotiabank Gold American Express Card
×1 Award winner GC: $100
1x Award winner Pros:
- 9 ways to earn rewards
- No foreign transaction fee
- Flexible rewards
- Lower annual fee
- More types of insurance included
- More travel benefits
- Only $12,000 of personal income required
Cons:
- Less valuable rewards
The Scotiabank Gold American Express Card is the #1 credit card with no foreign transaction fees in the country. It’ll save you 2.5% in currency exchange rate fees whenever you make a purchase outside of Canada, and earn the following rewards:
- 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 5 Scene+ points per $1 spent on groceries, dining, and entertainment
- 3 Scene+ points per $1 spent on gas, select streaming services, and transit
- 1 Scene+ point per $1 spent on foreign currency purchases
- 1 Scene+ point per $1 spent on all other purchases
The Scotiabank Gold American Express Card earns fewer returns than the Cobalt but it has 3 special features: airport lounge access, better travel insurance, and a bigger welcome bonus.
Airport lounge access
While the American Express Cobalt Card has The Hotel Collection and access to Amex Travel Online, the Scotiabank Gold American Express Card features 24/7 complimentary concierge services, the Scene+ Travel agency, and a discounted Priority Pass. For that reason alone, we’re giving the Scotia Gold Amex the edge when it comes to travel perks.
To get 35% off a $99 USD annual membership, visit the Priority Pass website. After signing up, you can access airport lounges and complimentary food, drink, and even a shower at 1,500 locations worldwide for just $35 USD per visitor.
Better travel insurance
The Scotiabank Gold American Express Card offers more types of insurance coverage than the Cobalt, including notable upgrades such as:
- 2x the travel accident insurance. Should you suffer dismemberment or loss of life while travelling, you or your family could receive up to $500,000 in a lump sum payment.
- 10 more days of emergency medical coverage. The Scotia Gold Amex covers up to 25 days of in-hospital illness or injury-related medical bills.
- 3 days of emergency medical over 65. This rare coverage is a must-have form of travel insurance for seniors.
- $1,500 of trip cancellation coverage. If you have to cancel your travel plans for an emergency, you could receive compensation for non-refundable flights and other tickets.
- $1,500 of trip interruption insurance. If you need to cut your trip short and return home for an emergency, the Scotia Gold Amex could cover your ticket home.
- $500 more coverage for flight delays, baggage delays, lost or stolen baggage, and hotel burglaries.
The Scotiabank Gold American Express Card also has a lower annual fee than the Cobalt. Talk about an incredible deal!
Bigger welcome bonus
Welcome bonuses seldom last long but if you’re on the fence, the Scotia Gold Amex might just sway you to its side. Its bonus is (slightly) larger than the Cobalt’s and easier to earn.
| Feature | Scotiabank Gold American Express Card | American Express Cobalt Card |
|---|---|---|
| Welcome bonus | $100 GeniusCash + Up to 50,000 bonus points, first year free (terms) | $100 GeniusCash + Up to 15,000 bonus points (terms) |
| Welcome bonus value | $500 | $300 |
| Conditions | 50,000 points after spending $2,000 in the first 3 months and $7,500 in the first year | 15,000 points after spending $750 every month for the first year |
How do the Amex Cobalt and Scotia Gold Amex 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?
Benefits: American Express Cobalt Card
Neither the Cobalt nor the Scotia Gold Amex are what we’d call perks and benefits credit cards. The Hotel Collection and Amex Travel Online (or concierge services, access to Scene+ travel, and a discounted Priority Pass) support the occasional splurge, not life in the lap of luxury.
To get an objective answer, we added up the estimated value of the credit card benefits in question. Assuming you visit at least 3 airport lounges per year, you’ll get about $768 in value out of the Scotia Gold Amex and $700 from the Amex Cobalt.
That said, the Scotia Gold Amex’s calculations include a hefty welcome bonus and a fee waiver. Stick with either card for more than a year and those values drop to $400 for the Cobalt and just $198 for the Scotia Gold Amex.
Fees: Scotiabank Gold American Express Card
Although we appreciate how the American Express Cobalt Card splits its fee into 12 monthly installments, it still costs $35 more per year than the Scotiabank Gold American Express Card. And lest we forget, the Scotia Gold Amex has no foreign transaction fees.
Insurance: Scotiabank Gold American Express Card
Not much contest here: the Scotiabank Gold American Express Card handily beats the American Express Cobalt Card when it comes to the amount of coverage and limits.
Rewards: American Express Cobalt Card
The American Express Cobalt Card is the reigning champion of rewards credit cards for a reason. It offers high earn rates and points with twice the value of those awarded by the Scotiabank Gold American Express Card.
The winner: American Express Cobalt Card
Ultimately, the American Express Cobalt Card’s fantastic rewards and versatile spending categories outearn the Scotiabank Gold American Express Card, even after you add up the value of the latter’s perks and insurance.
Both products make fantastic travel credit cards, but the Cobalt falls short in one area: flexibility. Canadians who prefer to redeem their points on the occasional in-store discount or gift will get more mileage out of the Scotia Gold Amex and the Scene+ rewards program.
Top non-Amex alternative
The biggest disadvantage of American Express is its limited acceptance. You can’t earn rewards at every cash register in Canada, including Costco, Loblaws, and the Real Canadian Superstore.
If you want to earn rewards almost anywhere in the world, check out the MBNA Rewards World Elite Mastercard.
×4 Award winner GC: $100
4x Award winner The MBNA Rewards WE Mastercard earns MBNA Rewards points, which yield 1 CPP on travel and up to 1.81 CPP on merchandise (though this is very rare, it’s usually less). You’ll also receive all the perks of the World Elite Mastercard program, including 20% off Cirque du Soleil tickets and a complimentary DragonPass membership.
The downside? You need $80,000 of personal or $150,000 of household income to qualify.
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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