Head-to-Head: American Express Cobalt® Card vs Scotiabank Gold American Express® Card

To the point Here's our detailed comparison of the American Express Cobalt® Card and the Scotiabank Gold American Express® Card.

Welcome bonus Minimum Income Annual Fees

Earning Points Maximum earning level Intermediate earning level Basic earning level Foreign currency purchases

Redeeming Points For Travel For Everyday Shopping Transfers to Other Programs

Insurance Bottom Line

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:

Welcome bonus
Minimum income
Earning points
Using points
using the card abroad
Annual fee
Travel Insurance

Welcome bonus

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.

By subscribing to the American Express Cobalt^® Cardyou can earn up to 30,000 points:

1,250 points per month for the first 12 months (monthly expenses of $750 or more)

With the Scotiabank Gold American Express^® Card, you can earn up to 45,000 Scene+ points:

25,000 points after $1,000 in purchases in the first three months
20,000 points after $7,500 in purchases within the first year

This has a $450 value. What’s more, the first year is free, which is rare for this credit card!

Advantage: Scotiabank Gold American Express

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!

Minimum Income

The American Express Cobalt^® Card requires no minimum income.

The Scotiabank Gold American Express^® Card requires a minimum income of $12,000.

Advantage: American Express Cobalt Card

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).

Annual Fees

The American Express Cobalt^MD 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 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!

Advantage: Scotiabank Gold American Express

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!

Earning Points

The American Express Cobalt^® Card and Scotiabank Gold American Express^® Cards each offer 3 levels of point accumulation.

Maximum earning level

With the American Express Cobalt^MD Card, you can earn 5 points per dollar in purchases for:

Groceries
Food delivery
Dining
Convenience stores

With the Scotiabank Gold American Express^® Card, you can earn 5 Scene+ points per dollar spent:

Groceries
Food delivery
Dining
Entertainment venues

Draw

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.

Intermediate earning level

With the American Express Cobalt^® Cardand Scotiabank Gold American Express^® Card, you can earn between 2 and 3 points per dollar spent in various categories of stores.

With the American Express Cobalt^® Cardyou can earn 2 points for every dollar you spend at :

Transit
Gas stations

And 3 points per dollar on streaming services purchases.

With the Scotiabank Gold American Express^® Card, you can earn 3 points for every $1 in purchases at:

Transit
Gas stations
Streaming services

Advantage: Scotiabank Gold American Express

With the Scotiabank Gold American Express^® Card, you earn 1 point more per dollar spent than with the Scotiabank Gold American Express^® Card. American Express Cobalt^® CardThis is especially true in recurring categories such as gas stations and transportation.

Basic earning level

Outside these accelerated purchase categories, you earn 1 point per dollar spent on both the American Express Cobalt^® Card Scotiabank Gold American Express^® Card.

Foreign currency purchases

Unlike the American Express Cobalt^® Card Scotiabank Gold American Express^® Card, there are no conversion fees for foreign currency purchases.

This is a saving of 2.5% on each transaction made.

However, with the American Express Cobalt^® Cardyou earn more points thanks to the 2 and 5 point categories, which also apply to foreign currency purchases.

On the Scotiabank Gold American Express^® Card, you’ll earn 1 point per dollar on all foreign currency purchases.

Draw

If, on paper, the absence of conversion fees for purchases in foreign currencies would allow the Scotiabank Gold American Express^® Card to be declared the winner, the fact that the latter earns only 1 point per dollar abroad means that the Scotiabank Gold American Express^® Card is back in the running. American Express Cobalt^® Card back in the running!

Indeed, frequent purchases made abroad are often for restaurants (or groceries for snowbirds).

In these categories, the American Express Cobalt^® Card will offer 5 points per dollar. Even with a 2.5% conversion fee, you still come out ahead compared to the Scotiabank Gold American Express^® Card.

Redeeming Points

Both cards offer travel points.

However, their loyalty programs are completely different:

This means that the ways you can redeem your points are different.

For Travel

With the American Express Cobalt^® Card and Scotiabank Gold American Express^® Card, you can redeem your points for travel purchased on the card:

Flights
Hotels
Airbnb rentals
Cruises
And more!

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.

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.

Advantage: American Express Cobalt Card

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.

For Everyday Shopping

With the American Express Cobalt^MD Card, you can apply Membership Rewards points to everyday purchases charged to the card.

The redeeming rate is 1,000 points = $10.

You need to redeem a minimum of 1,000 points (i.e., a minimum of $10).

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.

It's a tie !

For both the American Express Cobalt^® Card Scotiabank Gold American Express^® Card, the use of points for everyday purchases is identical.

Transfers to Other Programs

With the American Express Cobalt^® Card you can use its points:

to save on flights via the American Express fixed price schedule
for points transfers to partners: Aeroplan, British Airways Executive Club, Air France KLM Flying Blue, Delta SkyMiles, Etihad Guest, Asia Miles, Marriott Bonvoy and Hilton Honors

With the Scotiabank Gold American Express^® Card, Scene+ points remain in the program. Therefore, they cannot be transferred.

Advantage: American Express Cobalt Card

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.

Insurance

With the American Express Cobalt^® Card you can benefit from these insurances:

Travel Accident Insurance
Flight Delay Insurance
Delayed Baggage Insurance
Loss / theft of luggage insurance
Medical insurance up to the age of 64
Car Rental Theft and Damage Insurance
Hotel/Motel Burglary Insurance
Purchase warranty: 90 days
Extended warranty: 1 year

With the Scotiabank Gold American Express^® Card, you can benefit from these insurances:

Travel Accident Insurance
Flight Delay Insurance
Delayed Baggage Insurance
Loss / theft of luggage insurance
Trip Cancellation Insurance
Trip Interruption Insurance
Medical insurance up to the age of 64
Medical insurance over 65
Car Rental Theft and Damage Insurance
Hotel/Motel Burglary Insurance
Purchase warranty: 90 days
Extended warranty: 1 year

Advantage: Scotiabank Gold American Express

With the Scotiabank Gold American Express^® Card, you benefit from additional or more generous coverage than with the Scotiabank Gold American Express^® Card. American Express Cobalt^® Card.

What’s more, it requires 75% of travel purchases to be charged to the card, whereas the American Express Cobalt^MD 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.

Bottom Line

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:

robust travel insurance
absence of foreign currency conversion charges

But the American Express Cobalt^® Card stands out on:

the very flexible use of its points
its accelerated earning rate, even abroad

In France, American Express cards are somewhat different.

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: