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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 depending on the promotions. However, there are differences to be aware of between the two credit cards.
By applying for the Scotiabank Gold American Express® Card, you can earn up to 45,000 Scene+ points :
This has a $450 value.
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 receive the first part of the welcome bonus of 25,000 points after just $2,000 in purchases within 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. Whereas with the Scotiabank Gold American Express® Card, you get more value more easily.
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 has no minimum income requirement, unlike the Scotiabank Gold American Express® Card (even if the $12,000 per year requirement remains achievable 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.
For residents outside Quebec, the American Express Cobalt® Card has a monthly fee of $15.99 per month (for a total of $191.88). For residents in Quebec, it is $191.88 per year.
The annual fee for the Scotiabank Gold American Express® Card is lower than that of the American Express Cobalt® Card.
The American Express Cobalt® Card and the Scotiabank Gold American Express® Card each offer 3 point-earning tiers.
With the Scotiabank Gold American Express® Card, you can earn 5 Scene+ points per dollar spent on:
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 merchant type differs: convenience stores for the American Express Cobalt® Card, and 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, note that you will earn 6 points per dollar spent at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà par IGA, Voilà by Safeway, Chalo! grocery stores. 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 the Scotiabank Gold American Express® Card, you can earn between 2 and 3 points per dollar spent in various merchant categories.
With the Scotiabank Gold American Express® Card, you can earn 3 points per dollar spent on:
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 Gold American Express® Card, you earn 1 more point per dollar spent compared to the American Express Cobalt® Card, notably in recurring spending categories such as gas stations and transit.
Outside these accelerated-earning categories, you earn 1 point per dollar spent with both the American Express Cobalt® Card and the Scotiabank Gold American Express® Card.
Unlike the American Express Cobalt® Card, the Scotiabank Gold American Express® Card has no foreign transaction fees on purchases made in foreign currencies.
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 foreign transaction fees on purchases in foreign currencies makes the Scotiabank Gold American Express® Card the clear 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 the Scotiabank Gold American Express® Card, you can redeem your points against travel purchases charged to the card:
With the Scotiabank Gold American Express® Card, you can redeem its Scene+ points for travel purchases.
The usage rate is 1,000 points = $10.
A minimum of 5,000 points (i.e. a minimum of $50) is required, thereafter 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.
A minimum of 1,000 points (i.e. a minimum of $10) is required, and thereafter in increments of 1 cent / 1 point.
The American Express Cobalt® Card wins this matchup because it allows you to use points toward a travel purchase with a minimum of $10, versus $50 for the Scotiabank Gold American Express® Card.
This allows for more flexibility.
With the Scotiabank Gold American Express® Card, you can redeem its Scene+ points for 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. Alternatively, you can obtain a Statement credit by using 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.
A minimum of 1,000 points (minimum $10) must be applied.
For both the American Express Cobalt® Card and the Scotiabank Gold American Express® Card, using points for everyday purchases is identical.
With the Scotiabank Gold American Express® Card, Scene+ points remain within 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 points against certain flights can double their value, and what about transferring points to hotel programs such as Marriott Bonvoy, which allows you to accumulate more points for free hotel nights! Or to airline partners such as 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 the following insurance coverages:
With the American Express Cobalt® Card you can benefit from these insurances:
With the Scotiabank Gold American Express® Card, you benefit from additional or more generous coverage compared to the 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. Whereas the Scotiabank Gold American Express® Card is excellent for travel.
The Scotiabank Gold American Express® Card stands out thanks to:
But the American Express Cobalt® Card stands out on:
If you’ve already got one of these cards, you could 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:
Here are frequently asked questions in the milesopedia community about this card.
Savings this way:
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