Comparison: Scotiabank Gold American Express® Card vs. American Express Cobalt® Card
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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:
- Annual fee
- $191.88
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$255Total$255Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $255
- Welcome offerGet 1,250 points after $750 in purchases per month for 12 months
- Up to 15,000 points
Apply Now
on American Express's website
Apply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
- Annual fee
- $120
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$500Total$500Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $500
- Welcome offerAfter $7,500 in 12 months
- Up to 50,000 points
- Ends Nov 1, 2026
Apply Now
on Scotiabank's website
Let’s look at the big differences between these credit cards in regards to:
Welcome Bonus
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 50,000 Scene+ points:
- 30,000 points after $2,000 in purchases within the first three months
- 20,000 points after $7,500 in purchases in the first year
This has a $500 value.
When you subscribe to the American Express Cobalt® Card, you can earn up to 15,000 points:
- 1,250 points per month for the first 12 months (monthly expenses of $750 or more)
Advantage: Scotiabank Gold American Express® Card
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 the first part of the welcome bonus of 30,000 points after only $2,000 in purchases within three months. This is a $300 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. While with the Scotiabank Gold American Express® Card, you get more value, more easily.
Minimum Income
The Scotiabank Gold American Express® Card requires a minimum income of $12,000.
The American Express Cobalt® Card requires no minimum income.
Advantage: American Express Cobalt Card
The American Express Cobalt® Card does not require a minimum income, unlike the Scotiabank Gold American Express® Card (although the $12,000 annual requirement remains attainable for many).
Annual Fee
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.
Advantage: Scotiabank Gold American Express® Card
The annual fee for the Scotiabank Gold American Express® Card is lower than that of the American Express Cobalt® Card.
Earning Points
The American Express Cobalt® Card and the Scotiabank Gold American Express® Card each offer 3 levels of point accumulation.
Maximum Earning Level
With the Scotiabank Gold American Express® Card, you can earn 5 Scene+ points per dollar spent on:
- Groceries
- Food delivery
- restaurants, bars
- Entertainment venues
With the American Express CobaltMD Card, you can earn 5 points per dollar in purchases for:
- Groceries
- Food delivery
- restaurants, bars
Draw
It’s hard to tell the difference between the two cards in the 5 points per dollar category. Only one type of merchant differs: entertainment venues, which earn 5 points per dollar with the Scotiabank Gold American Express® Card but not with the American Express Cobalt® Card.
Keep in mind that convenience stores such as Couche-Tard are not part of the 5X tier of the American Express Cobalt® Card: purchases there earn 1 point per dollar.
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, and 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.
Intermediate Earning Level
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:
- local transport
- Gas stations
- Streaming services
With the American Express Cobalt® Cardyou can earn 2 points for every dollar you spend at :
- local transport
- Gas stations
And 3 points per dollar on streaming services purchases.
Advantage: Scotiabank Gold American Express® Card
With the Scotiabank Gold American Express® Card, you earn 1 more point per dollar spent compared to the American Express Cobalt® Card, particularly in recurring purchase categories such as gas stations and transit.
Basic Earning Level
Outside of these accelerated earn categories, you earn 1 point per dollar spent with both the American Express Cobalt® Card and the Scotiabank Gold American Express® Card.
Foreign currency purchases
Unlike the American Express Cobalt® Card, the Scotiabank Gold American Express® Card has no foreign transaction fees for purchases made in foreign currencies.
This is a saving of 2.5% on each transaction made.
Advantage: Scotiabank Gold American Express® Card
Each of these two cards offers only 1 point per dollar on purchases made in foreign currencies.
However, the absence of foreign transaction fees for purchases in foreign currencies makes the Scotiabank Gold American Express® Card the winner.
Redeeming Points
Both cards offer travel points.
However, their loyalty programs are completely different:
- Scene+ for the Scotiabank Gold American Express® Card
- American Express Membership Rewards for American Express Cobalt® Card
This means that the ways you can redeem your points are different.
For Travel
With the American Express Cobalt® Card and the Scotiabank Gold American Express® Card, you can apply your points to travel purchases made on the card:
- Flights
- Hotels
- Airbnb rentals
- Cruises
- And more!
With the Scotiabank Gold American Express® Card, you can apply your Scene+ points to 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.
The usage rate is 1,000 points = $10.
A minimum of 1,000 points (i.e. a minimum of $10) is required, and thereafter in increments of 1 cent / 1 point.
Advantage: American Express Cobalt Card
The American Express Cobalt® Card wins this round because it allows you to use points for a travel purchase with a minimum of $10, compared to $50 for the Scotiabank Gold American Express® Card.
This allows for more flexibility.
For Everyday Shopping
With the Scotiabank Gold American Express® Card, you can apply your 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. 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.
The usage rate is 1,000 points = $10.
A minimum of 1,000 points (minimum $10) must be applied.
It’s a tie !
For both the American Express Cobalt® Card and the Scotiabank Gold American Express® Card, the use of points for everyday purchases is identical.
Transfers to Other Programs
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:
- 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, Asia Miles, Marriott Bonvoy, Hilton Honors and ALL Accor
Advantage: American Express Cobalt Card
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.
While with the Scotiabank Gold American Express® Card, you cannot transfer your points.
Insurance
With the Scotiabank Gold American Express® Card, you can benefit from these insurance coverages:
- 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
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
Advantage: Scotiabank Gold American Express® Card
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.
Conclusion
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 to use for travel.
The Scotiabank Gold American Express® Card stands out thanks to:
- Robust travel insurance;
- A more generous welcome offer;
- No foreign currency conversion charges;
- Its unbeatable 6 points per dollar spent at IGA and other Sobeys-branded supermarkets;
- Its 5 points per dollar spent in other grocery stores and restaurants.
But the American Express Cobalt® Card stands out on:
- The flexible use of its points;
- The absence of a minimum income requirement;
- Its 5 points per dollar spent in grocery stores and restaurants.
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:
- Annual fee
- $191.88
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$255Total$255Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $255
- Welcome offerGet 1,250 points after $750 in purchases per month for 12 months
- Up to 15,000 points
Apply Now
on American Express's website
Apply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
- Annual fee
- $120
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$500Total$500Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $500
- Welcome offerAfter $7,500 in 12 months
- Up to 50,000 points
- Ends Nov 1, 2026
Apply Now
on Scotiabank's website
Frequently Asked Questions about Scotiabank Gold American Express® Card vs. American Express Cobalt® Card
Here are frequently asked questions in the milesopedia community about this card.
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.
For your next Hilton stay, see the Hilton Honors American Express® Card available in Canada and the terms of its current offer.