Comparison

Scotiabank Gold American Express® vs American Express Cobalt®: card comparison

Scotiabank Gold American Express® or American Express Cobalt®? Both credit cards offer you plenty of rewards. But, only one of them fits perfectly in your wallet. Check out the card comparison and choose the best for you!

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by Aline Augusto

Published on 01/02/2022

Scotiabank Gold American Express® or American Express Cobalt®: which one is the best?

Decide now which card fits better in your wallet! Source: Scotiabank/American Express.
Decide now which card fits better in your wallet! Source: Scotiabank/American Express.

Do you wonder which card is best: Scotiabank Gold American Express® or American Express Cobalt®? So, in today’s post, you’ll learn all about them!

Nowadays, credit cards need to fulfill all needs of their cardholders. And it is not only about providing agility and convenience. The extra is almost as important as the basics.

That’s why we have brought to you today two cards that give that extra, including welcome bonuses, rewards, and more. 

But, before applying for one of them, you should learn how they work and what they offer you to make a wise decision.

Then, keep reading this post!

Scotiabank Gold American Express credit card fundo branco

How to get a Scotiabank Gold American Express®?

Scotiabank Gold American Express® is a credit card full of rewards and bonuses. Learn how to apply for it today and enjoy its benefits!

How to apply for an American Express Cobalt®?

American Express Cobalt® credit card is one of the best rewarding cards in Canada. Learn how to apply for it now!

Scotiabank Gold American Express®American Express Cobalt®
Sign-up bonusUp to 40,000 bonus Scene plus points in the first year;
No annual fee charged in the first year, and an intro APR of 0% for the first 6 months
20,000 points after spending $3,000 on purchases in the first 3 months;
2,500 points after spending $500 on every month in the first year
Annual fee$120$155.88 annually or $12.99 monthly
RewardsUp to 5 points on every $1 CAD spent on eligible purchasesUp to 5 points on every dollar spent on eligible purchases
Other perksSpecial access to events, lounges, and offers through Amex Offers, Amex Front of the Line and American Express Invites programs;
Concierge services;
Travel and emergencies insurance, purchase security, and extended warranty
Special access to events, lounges, experiences, privileges, and more with Cobalt Perks program;
Mobile, shopping, and travel coverage;
Amex benefits such as American Express Travel Online and Amex Offers
APRFrom 19.99% to 22.99%From 20.99% to 21.99%

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Scotiabank Gold American Express®

 Scotiabank Gold American Express® card offers rewards, welcome bonuses, and more. Source: Youtube Scotiabank.
 Scotiabank Gold American Express® card offers rewards, welcome bonuses, and more. Source: Youtube Scotiabank.

Scotiabank features the Gold American Express®, an award-winning credit card in the years 2020 and 2021.

If you think the best this card offers are the rewards, you have not seen anything yet. 

The sign-up bonus is one of the best in the class, with an intro APR offer and no annual fee in the first year.

After one year, it charges 19.99% on purchases, 22.99% on cash advances, and $120 as an annual fee. In addition to that, there is an annual fee of $29 for each supplementary card.

Plus, it doesn’t charge any foreign transaction fees, so you can purchase all around the world without worrying about foreign currency expenses.

American Express Cobalt®

American Express Cobalt® card rewards you on every purchase and gives you perks and more. Source: American Express.
American Express Cobalt® card rewards you on every purchase and gives you perks and more. Source: American Express.

American Express features the Cobalt®, a rewarding and award-winning credit card full of benefits.

As a new cardmember, you can earn up to 50,000 points in the first year of purchasing at your favorite stores in Canada.

Moreover, it charges a $12.99 monthly fee, 20.99% APR on purchases, and 21.99% APR on funds advances.

Note that it charges 2.50% as a foreign transaction fee, as well. 

On the other hand, it offers a package of coverage and some travel privileges.

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Benefits of Scotiabank Gold American Express® credit card

This card is all about bonuses, rewards, and more. Check out all you can earn for every $1 CAD spent by being its cardholder:

  • 5 points on eligible purchases at restaurants, grocery stores, and food delivery;
  • 5 points on eligible purchases at entertainment category;
  • 3 points on eligible streaming subscriptions;
  • 3 points on daily transit;
  • 1 point on everything else.

Those points can be redeemed for statement credits or travel.

Also, you can access exclusive experiences, lounges, and events through the Amex Offers, Amex Front of the Line, and American Express Invites programs.

Furthermore, the credit card provides you with concierge service and eleven types of coverage, including travel and emergency insurance.

Benefits of American Express Cobalt® credit card

The Amex Cobalt® is award-winning for a reason. With this card, you can earn points while living your lifestyle in Canada, as follows:

  • 5 points on eligible purchases at restaurants and food delivery;
  • 3 points on eligible streaming subscriptions;
  • 2 points on travel and transit in Canada;
  • 1 point on everything else;
  • An extra point on the Amex Travel Online program.

Those points can be redeemed for statement credits or travel.

Plus, you get Amex benefits, such as American Express Travel Online, Amex Offers, 24/7 concierge service, some priorities in line, and privileges in events.

Finally, it provides you with nine types of coverage, including mobile, shopping, and travel insurance.

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Disadvantages of Scotiabank Gold American Express® card

The Gold American Express® card requires at least a good credit score, which is more than 660 punctuation. And, it requires a minimum personal income of $12,000 for the application, too.

Disadvantages of American Express Cobalt® card

Although it offers good rates in rewards and perks, this credit card charges a monthly fee, as well as a foreign transaction fee. 

Also, the Membership Rewards program is quite limited, available only in Canada.

Scotiabank Gold American Express® or American Express Cobalt® card: which one should you choose?

Both cards feature good reward programs through their membership points that can be redeemed for travel and statement credits.

Particularly, I prefer the Scotiabank Gold American Express®, which delivers more benefits than the American Express Cobalt®. Such as a better welcome bonus and a lower annual fee.

Plus, it doesn’t charge foreign transaction fees, so you can enjoy redeeming your points earned on travels.

If you meet the requirements for the application, you should put a star right next to the Scotiabank Gold one.

However, if you don’t meet the requirements, the Amex Cobalt® might be a good choice for you.

But if you are still not sure about the best card for you and are looking for another option, read our post below and learn more about another great financial product available on the market, the PC Financial® World Elite Mastercard®.

PC Financial® World Elite Mastercard® full review

PC Financial® features a credit card with rewards and no annual fee. Check out our PC Financial® World Elite Mastercard® review!

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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