American Express Cobalt® Card vs Scotiabank Gold American Express® Card: Which one is better?

Annual Fees and Requirements

The American Express Cobalt® Card and the Scotiabank Gold American Express® Card have similar annual fees, though the Cobalt Card's fee is slightly higher. Notably, the Scotiabank Gold American Express® Card requires a minimum personal income of $12,000, which is a consideration for eligibility. In contrast, the Cobalt Card has no specified income requirement, making it more accessible to a broader range of users. Additionally, the Scotiabank Gold American Express® Card offers a first-year annual fee waiver, providing an initial cost-saving benefit.

Rewards

Both cards provide robust rewards, particularly for spending on dining, groceries, and travel. The American Express Cobalt® Card offers higher points on dining and groceries, making it ideal for food enthusiasts. Its rewards are part of the versatile Membership Rewards program. Meanwhile, the Scotiabank Gold American Express® Card offers strong rewards across a wider range of categories, including groceries, entertainment, and transit, and it uses the Scene+ program for redemptions. The welcome bonuses for both cards are attractive, but Scotiabank's offer may be easier to obtain for some users.

Reward Redemption Options

The American Express Cobalt Card provides versatile redemption options, including transfers to airline and hotel partners, and the ability to use points as statement credits, offering flexibility.

On the other hand, the Scotiabank Gold American Express Card excels in grocery and entertainment redemptions within the Scene+ program, making it a great choice for those who frequently spend in these categories. However, the inability to redeem points for statement credits may be a drawback for those seeking more direct financial flexibility.

Benefits and Insurance

The insurance coverage offered by both cards is comprehensive, including important protections like travel medical, flight delay, and baggage insurance. However, the Scotiabank Gold American Express® Card stands out with its no foreign transaction fee, which can result in significant savings for frequent international travelers. The American Express Cobalt® Card, while not offering this feature, provides access to exclusive experiences and events, which could be appealing to certain users.

Conclusion

The American Express Cobalt® Card is a strong option for those who prioritize high rewards on dining and groceries and enjoy exclusive experiences. Conversely, the Scotiabank Gold American Express® Card is well-suited for frequent travelers who benefit from no foreign transaction fees and a broader range of reward categories. Your choice should depend on your specific spending patterns and financial situation, including the $12,000 income requirement for the Scotiabank card.