If you’re searching for a top-tier rewards credit card in Canada, you’ve likely come across two popular options: the American Express Cobalt Card and the Scotiabank Gold American Express Card. Both cards offer excellent rewards, travel perks, and strong earning potential, but which one is the better fit for your lifestyle? In this in-depth comparison, we’ll analyze their key features, including rewards programs, benefits, fees, and overall value.
Overview of Both Cards
American Express Cobalt Card
The Amex Cobalt has built a strong reputation as one of the best rewards credit cards in Canada, particularly for people who spend heavily on dining, groceries, and travel. It operates on a monthly fee model, which makes it slightly different from traditional annual fee cards. The biggest selling point? A high earn rate on food and travel purchases, making it ideal for those who enjoy dining out and traveling frequently.
Scotiabank Gold American Express Card
The Scotiabank Gold American Express Card is another strong contender, particularly for those who want a solid travel rewards card with no foreign transaction fees. It’s known for its flexible points program, broad acceptance, and good earning potential in categories like groceries, dining, and entertainment. Unlike Amex Cobalt, it charges a traditional annual fee but makes up for it with strong travel perks.
Earning Points: Which Card Wins?
One of the most critical factors in choosing a rewards card is how many points you can earn on your everyday spending. Let’s break it down.
Amex Cobalt Rewards Structure
- 5x points on dining, groceries, and food delivery (up to $30,000 annually)
- 3x points on streaming subscriptions
- 2x points on travel and transit (including gas, Uber, taxis, and flights)
- 1x points on everything else
Scotiabank Gold Rewards Structure
- 6x points on groceries, dining, and entertainment (up to $50,000 annually)
- 5x points on transit and streaming services
- 3x points on gas, daily transportation, and select recurring bills
- 1x points on everything else
Which Card Offers More Value?
While Scotiabank Gold offers higher multipliers in some categories, Amex Cobalt provides strong earning power across a broader range of categories, particularly with travel and transit purchases. If you frequently dine out, travel, and use rideshares, the Amex Cobalt might offer more overall value.
Redeeming Points: Flexibility and Best Uses
Amex Cobalt Redemption Options
American Express Membership Rewards points are among the most valuable points in Canada. With Cobalt, you can:
- Transfer points to Aeroplan, Marriott Bonvoy, and other loyalty programs
- Use Fixed Points Travel Rewards for flights
- Redeem points for statement credits or merchandise
- Book travel through the Amex Travel Portal
Scotiabank Gold Redemption Options
Scotiabank’s Scene+ Rewards program offers solid redemption options, including:
- Travel purchases with any airline (no blackout dates)
- Statement credits for everyday purchases
- Merchandise and gift cards
Which One is More Flexible?
If you prefer luxury travel redemptions and airline point transfers, Amex Cobalt has the edge. However, if you want a simpler, no-hassle approach where you can book any travel and redeem points at a fixed rate, Scotiabank Gold is the better choice.
Foreign Transaction Fees: A Key Differentiator
One significant advantage of the Scotiabank Gold American Express is its no foreign transaction fees policy. This means you can shop in USD or other currencies without paying the typical 2.5% fee. The Amex Cobalt does charge foreign transaction fees, which can add up if you frequently travel abroad or shop internationally online.
Annual Fees and Costs
- Amex Cobalt: $12.99/month ($155.88 per year)
- Scotiabank Gold: $120 per year (waived in the first year for new applicants)
Though Amex Cobalt’s monthly fee structure makes it feel more flexible, it does end up costing slightly more than Scotiabank Gold in the long run. However, the additional rewards and transfer options could make up for the difference in cost.
Other Benefits and Perks
Amex Cobalt Perks
- Comprehensive travel insurance (but excludes flight delay coverage)
- Purchase protection and extended warranty
- Access to American Express Front of the Line for entertainment
- Ability to use the American Express Cobalt Card Points Calculator to estimate rewards earnings
Scotiabank Gold Perks
- No foreign transaction fees
- Strong travel insurance coverage, including trip cancellation and flight delay insurance
- Scene+ Rewards program access
- American Express offers and Front of the Line access
Which Card Should You Choose?
The decision between Amex Cobalt and Scotiabank Gold comes down to your spending habits and travel preferences:
- Choose Amex Cobalt if you want high rewards on dining and travel, flexible point transfers, and strong redemption options for luxury travel.
- Choose Scotiabank Gold if you want a card with no foreign transaction fees, strong travel insurance, and easy redemption for everyday purchases.
Ultimately, if you prioritize maximizing rewards and transferring points to travel programs, Amex Cobalt is the winner. But if you travel frequently and want to save on foreign exchange fees, Scotiabank Gold is the better option.
Final Thoughts
Both credit cards offer incredible value, and the right choice depends on how you spend and travel. If you want to take full advantage of travel points and maximize rewards earnings, consider using both cards strategically—earning high points on dining with Amex Cobalt while avoiding foreign transaction fees with Scotiabank Gold when traveling.
Which card do you prefer? Let us know in the comments!
