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

American Express Cobalt® Card

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Scotiabank Gold American Express® Card

4.9

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Finly Rebate

N/A

Finly Rebate

+$75 +$200 Cash Rebate from FinlyWealth

Expires Oct 31, 2024

Rewards Breakdown

Annual Rewards

$1,041.82

American Express Membership Rewards

Welcome Bonus

$315

American Express Membership Rewards

Annual Fee

$155.8

First Year Value

$1,201.02

$886.02 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$613.54

Scene+

Welcome Bonus

$450

Scene+

Annual Fee

$120

First Year Value

$1,063.54

$493.54 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included*

Emergency Out of province Medical

15 days

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Car Rental Damage & Theft

Up to 48 days and $85k car MSRP

Mobile Device Insurance

$1000

Purchase Protection

90 days

Extended Warranty

1 year

Insurance Included

Emergency Out of province Medical

15 days

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Car Rental Damage & Theft

Up to 48 days and $85k car MSRP

Mobile Device Insurance

$1000

Purchase Protection

90 days

Extended Warranty

1 year

Emergency Medical Over 65

$1M, Up to 3 days

Trip Cancellation

$1500/person, $10000/trip

Trip Interruption

$1500/person, $10,000/trip

Extra Benefits*

American Express Experiences

Travel Credit

Book two or more consecutive nights at participating properties through The Hotel Collection with American Express Travel to receive a $100 credit for amenities or a complimentary room upgrade, if available.

Extra Benefits

American Express Experiences

No Foreign Transaction Fees

Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD

Concierge Services

Discount

Discount on PriorityPass Membership

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates

Purchase:

20.99%

Cash Advance:

22.99%

Balance Transfer:

22.99%

Annual Fee*

$155.8

Annual Fee

$120

First Year Waived

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required

Min Personal Income:

$12,000

Min Household Income:

N/A

Welcome Bonus*

Earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in purchases on your Card in the first Year

Welcome Bonus

Earn 25,000 bonus Scene+ points by making at least $1,000 in everyday eligible purchases in your first 3 months. Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $7,500 in everyday eligible purchases in your first year.

Rewards Rate*

5x points per $1 spent in Restaurants, Fast Foods, Coffee Shops, Food delivery and Groceries up to 12,500 points monthly
3x points per $1 spent on eligible streaming subscriptions in Canada
2x points per $1 spent in standalone gasoline stations, Amex Travel online, travel services or local commuter transportation in Canada including ride share services
1x point per $1 spent on all other purchases

Rewards Rate

6 Points on on every $1 you spend at Sobeys, Safeway, IGA, Foodland & Participating Co-ops
5 Points dining and at other eligible grocery stores, entertainment purchases which includes movies, theatre, and ticket agencies
3 Point on Rides which includes rideshare, buses, taxis, subways and more
3 Points on eligible streaming services (Netflix, Spotify, Disney+, Crave and more)
1 Point on everything else

Loyalty Program*

American Express Membership Rewards

Loyalty Program

Scene+

Point Redemption Options*

Statement Credits

1¢ / point

Gift Cards

0.765¢ / point

Merchandise

0.63¢ / point

Most Optimal

Transfer to Airline Partners

2.1¢ / point

Fixed Point Travel Program

1.66¢ / point

Transfer to Hotel Partners

1.66¢ / point

Amazon.ca

0.7¢ / point

Point Redemption Options

Statement Credits

1¢ / point

Gift Cards

0.765¢ / point

Merchandise

0.63¢ / point

Entertainment

1¢ / point

Travel

1¢ / point

Groceries (Sobeys)

1¢ / point

Restaurants

1¢ / point

Is this card worth it?

This card was voted the Best Credit Card in Canada by FinlyWealth. The rewards earned on this card for a person with average spending exceed those of other credit cards in Canada by a huge margin! In addition, the card has good benefit coverage, making it the best candidate to become the main credit card for the majority of people.

Is this card worth it?

The Scotiabank Gold American Express® Card is one of our favorite cards. It has a very solid rewards program, earning one of the highest rewards among all credit cards in Canada. In addition, it offers comprehensive travel benefits, including the rare and valuable no foreign transaction fee benefit, making it a great and balanced credit card in terms of both rewards and benefits. The first-year annual fee waiver is the cherry on top, providing even greater value to cardholders.

Pros

Generous welcome bonus of up to 15,000 points
4+ different ways of redeeming your points for great value
10 different types of insurance, including travel
Often referred to as the Best Credit Card in Canada

Pros

No foreign transaction fee saves you 2.5% on all non-CAD purchases.
Rewards cover all high-spending categories, including food, groceries, entertainment, and gas.
Comprehensive coverage of all travel insurance.

Cons

Less acceptance of American Express at different merchants across Canada
Not all types of travel insurance are covered, especially trip cancellation and interruption insurance

Cons

The card network is American Express, which might not be widely accepted in some countries, making it a bit harder to use the no foreign transaction fee benefit.
Having a lounge pass would have made this card even more perfect, but there is access to a discount code for lounge access pass purchases.

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American Express Cobalt® Card vs Scotiabank Gold American Express® Card: When to go for one over the other

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.

Annual Fees and Requirements
Rewards
Reward Redemption Options
Benefits and Insurance
Conclusion

Legal

^*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. 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. Check for full details and current product information.

¹ If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 28.99%.