American Express Canada and Scotiabank each offer an American Express credit card that earns up to 5 points per dollar on specific purchase categories:
Let’s look at the big differences between these credit cards in regards to:
The welcome bonus offered by each of these credit cards varies according to promotions. However, there are differences to be aware of between the two credit cards.
With the Scotiabank Gold American Express® Card, you can earn up to 45,000 Scene+ points:
This has a $450 value. What’s more, the first year is free, which is rare for this credit card!
When you subscribe to the American Express Cobalt® Card, you can earn up to 15,000 points:
To obtain the full welcome bonus from the American Express Cobalt® Cardwelcome bonus, you need to spend $9,000 in the first year ($750 per month over 12 months) to earn 15,000 points. This has a $150 value.
With the Scotiabank Gold American Express® Card, you earn 25,000 points – the first part of the welcome bonus – after just $1,000 in purchases in three months. This is a $250 value.
Then, however, you’ll also need to spend $7,500 within the year to earn an additional 20,000 points.
The welcome bonus from American Express Cobalt® Card welcome bonus requires spending $750 every month for 12 months. With the Scotiabank Gold American Express® Card, you get more value, more easily.
And don’t forget that the first year is exceptionally free with the current welcome offer for the Scotiabank Gold American Express® Card!
The Scotiabank Gold American Express® Card requires a minimum income of $12,000.
The American Express Cobalt® Card requires no minimum income.
The American Express Cobalt® Card requires no minimum income, unlike the Scotiabank Gold American Express® Card (although the $12,000 per annum requirement is still attainable for many).
The Scotiabank Gold American Express® Card has an annual fee of $120. It’s charged on the first statement, and at the time of renewal.
However, for a limited time, the first year is free!
The American Express CobaltMD Card has a monthly fee of $12.99, charged on each monthly statement. At the end of 12 months, you will have paid $155.88.
The Scotiabank Gold American Express® Card annual fee is lower than the Scotiabank Gold American Express® Card annual fee. American Express Cobalt® Card. And even better: for a limited time, the first year is free!
The American Express Cobalt® Card and Scotiabank Gold American Express® Cards each offer 3 levels of point accumulation.
With the Scotiabank Gold American Express® Card, you can earn 5 Scene+ points per dollar spent:
With the American Express CobaltMD Card, you can earn 5 points per dollar in purchases for:
It’s hard to tell the difference between the two cards in the 5 points per dollar category. Only one type of business is different: convenience stores for the American Express Cobalt® Cardand entertainment venues for the Scotiabank Gold American Express® Card.
Don’t forget the possibility of purchasing gift cards at Couche-Tard convenience stores with the American Express Cobalt® Card You could earn 5 points per dollar, even on Walmart gift cards!
If you choose the Scotiabank Gold American Express® Card, you’ll earn 6 points per dollar spent at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.
Some will spend more in one category than another. It’s up to you to choose the most appropriate one, especially for your foreign currency purchases, as you’ll see below.
With the American Express Cobalt® Card and Scotiabank American Express® Card Gold, you can earn between 2 and 3 points per dollar spent in specific merchant categories.
With the Scotiabank Gold American Express® Card, you can earn 3 points for every $1 in purchases at:
With the American Express Cobalt® Cardyou can earn 2 points for every dollar you spend at :
And 3 points per dollar on streaming services purchases.
With the Scotiabank American Express® Gold Card, you earn 1 point more per dollar spent than the American Express Cobalt® Card. This is especially true in recurring categories such as gas stations and transportation.
Outside these accelerated purchase categories, you earn 1 point per dollar spent on both the American Express Cobalt® CardScotiabank Gold American Express® Card.
Unlike the American Express Cobalt® CardScotiabank Gold American Express® Card, there are no conversion fees for foreign currency purchases.
This is a saving of 2.5% on each transaction made.
Each of these two cards offers only 1 point per dollar on purchases made in foreign currencies.
However, the absence of conversion fees for foreign currency purchases makes the Scotiabank Gold American Express® Card the winner.
Both cards offer travel points.
However, their loyalty programs are completely different:
This means that the ways you can redeem your points are different.
With the American Express Cobalt® Card and Scotiabank Gold American Express® Card, you can redeem your points for travel purchased on the card:
With the Scotiabank Gold American Express® Card, you can apply Scene+ points to travel purchases.
The reddeming rate is 1,000 points = $10.
You must apply at least 5,000 points (i.e. minimum $50), thereafter it will be in increments of 1 cent = 1 point.
With the American Express Cobalt® CardÀ la carte Travel, you can apply Membership Rewards points to travel purchases charged to the card.
The redeeming rate is 1,000 points = $10.
You must apply at least 1,000 points (i.e. minimum $10), thereafter it will be in increments of 1 cent / 1 point.
The American Express Cobalt® Card wins this duel because it allows points to be used for travel purchases with a minimum of $10, compared with $50 for the Scotiabank Gold American Express® Card.
This allows for more flexibility.
With the Scotiabank Gold American Express® Card, you can apply Scene+ points to everyday purchases.
Redeem your points in 1,000-point increments for $10 off your next hotel night or car rental when you book with Scene+ Travel. Or you can also get a credit to the account with the “Redeem Points for Credit” option.
With the American Express CobaltMD Card, you can apply Membership Rewards points to everyday purchases charged to the card.
You need to redeem a minimum of 1,000 points (i.e., a minimum of $10).
For both the American Express Cobalt® CardScotiabank Gold American Express® Card, the use of points for everyday purchases is identical.
With the Scotiabank Gold American Express® Card, Scene+ points remain in the program. Therefore, they cannot be transferred.
With the American Express Cobalt® Card you can use its points:
The American Express Cobalt® Card wins this duel.
Using Membership Rewards for some flights can double their value, and what about transferring points to hotel programs such as Marriott Bonvoy, which allows you to earn more points for free hotel nights! Or to airline partners like Aeroplan or Flying Blue.
Whereas with the Scotiabank Gold American Express® Card, you cannot transfer your points.
With the Scotiabank Gold American Express® Card, you can benefit from these insurances:
With the American Express Cobalt® Card you can benefit from these insurances:
With the Scotiabank American Express® Card Gold, you benefit from additional or more generous coverage than with the Scotiabank American Express® Card Gold. American Express Cobalt® Card.
What’s more, it requires 75% of travel purchases to be charged to the card, whereas the American Express CobaltMD Card requires the entire trip to have been charged to it.
If you want a card that covers your travels, even when a tiny fraction of them have been charged to it, you should read this article: The Best Credit Cards for Travel Insurance with Rewards Points.
So? Which Card is the winner?
It’s hard to declare an official winner. In short, the American Express Cobalt® Card is excellent for everyday purchases. While the Scotiabank Gold American Express® Card is excellent for travel.
The Scotiabank Gold American Express® Card stands out from the crowd:
But the American Express Cobalt® Card stands out on:
If you’ve already had one of these cards, you might want to try the other! And even if you currently own one of them, getting the other will allow you to diversify your points portfolio!
These are 2 cards that we recommend in many of our rankings:
Savings are here:
