Which card has the best welcome bonus, Scotiabank Gold Amex or Cobalt?

The Scotiabank Gold American Express® Card clearly outperforms the Cobalt with up to 50,000 Scene+ points (about $500), unlocked as 30,000 points after $2,000 in spending within 3 months, plus 20,000 additional points after $7,500 in annual spending. The American Express Cobalt® Card offers only up to 15,000 Membership Rewards points (about $150 to $300) spread over 12 months, requiring $750 per month. For the headline bonus and speed of unlocking, the Scotiabank Gold Amex clearly wins this category.

What are the annual fees for each card?

The Scotiabank Gold American Express® Card costs $120 per year, sometimes waived for the first year depending on the current offer, and $0 for additional cardholders. The American Express Cobalt® Card costs $191.88 per year, billed in 12 monthly installments of $15.99 (except in Quebec, where billing is annual). The difference of $71.88 per year favors the Scotiabank Gold Amex. For Scotiabank Ultimate Package holders, the fees for the Scotiabank Gold Amex can even be permanently waived, widening the gap further.

Which one offers the best earn rates on gas and transit?

The Scotiabank Gold American Express® Card wins on gas and transit: 3 Scene+ points per dollar compared to only 2 Membership Rewards points per dollar for the American Express Cobalt® Card. On $300 of monthly gas and transit spending, the Scotiabank card earns 900 points (approximately $9) compared to 600 Cobalt points (approximately $6 to $12 depending on redemption). For groceries and dining, both earn 5 points per dollar, but the Scotiabank card adds 6 points per dollar at Empire banners (IGA, Sobeys, Foodland), increasing the advantage.

Which one offers the best flexibility for international travel?

The Scotiabank Gold American Express® Card has no foreign currency conversion fees (a 2.5% savings on foreign currency purchases), making it the champion for international travelers. The American Express Cobalt® Card applies standard 2.5% conversion fees. However, Cobalt's Membership Rewards points can be transferred to Aeroplan, British Airways, and Marriott Bonvoy, unlocking high-value award tickets. For spending abroad, Scotiabank wins; for strategic award ticket redemptions, Cobalt takes the lead.