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 according to promotions. However, there are differences to be aware of between the two credit cards.
When you apply for the American Express Cobalt® Card, you can earn up to 30,000 points:
With the Scotiabank Gold American Express® Card, you can earn up to 45,000 Scene+ points:
This has a $450 value. What’s more, the first year is free, which is rare for this credit card!
To earn the full American Express Cobalt® Card welcome bonus, you need to spend $9,000 in the first year ($750 per month spread over 12 months) to earn the 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 American Express Cobalt® Card welcome bonus requires spending $750 each 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!
The American Express Cobalt® Card requires no minimum income.
The Scotiabank Gold American Express® Card requires a minimum income of $12,000.
The American Express Cobalt® Card requires no minimum income, unlike the Scotiabank Gold American Express® Card (although the $12,000 a year requirement remains attainable for many).
The American Express Cobalt® 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!
The Scotiabank Gold American Express® Card annual fee is lower than the American Express CobaltMD Card. And even better: for a limited time, the first year is free!
The American Express Cobalt® Card and Scotiabank Gold American Express® Card each offer 3 levels of point accumulation.
With the American Express Cobalt® Card, you can earn 5 points per dollar of purchases for:
With the Scotiabank Gold American Express® Card, you can earn 5 Scene+ points per dollar spent:
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® Card, entertainment venues for the Scotiabank Gold American Express® Card.
Don’t forget the possibility of buying 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.
With the American Express Cobalt® Cardandthe Scotiabank Gold American Express® Card, you can earn between 2 and 3 points per dollar of purchases in various categories of stores.
With the American Express Cobalt® Card, you can earn 2 points per dollar spent at :
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:
With the Scotiabank Gold American Express® Card, you earn 1 more point per dollar of purchase than with the American Express Cobalt® Card, especially in recurring purchase categories such as gas stations and transportation.
The Scotiabank Gold American Express® Card innovates by offering a category linked to streaming services (Netflix, Spotify, Apple Music, etc.).
On the other hand, if you make frequent travel purchases, you should instead subscribe to the American Express Cobalt® Card.
Outside these accelerated purchase categories, you earn 1 point per dollar of purchase 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 conversion fees for purchases made in foreign currencies.
This is a saving of 2.5% on each transaction made.
However, with the American Express Cobalt® Card, you earn more points thanks to the 2 and 5 point categories that 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.
If, on paper, the absence of conversion fees for foreign currency purchases would allow Scotiabank Gold American Express® Card to be declared the winner, the fact that the latter only allows 1 point to be earned per dollar abroad brings American Express Cobalt® Card back into the race!
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.
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 Scotiabank Gold American Express® Card, you can redeem your points for travel purchased on the card:
With the American Express Cobalt® Card, 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.
The American Express Cobalt® Card wins this duel, as it allows points to be used towards a travel purchase with a $10 minimum, compared with $50 for the Scotiabank Gold American Express® Card.
This allows for more flexibility.
With the American Express Cobalt® Card, you can apply Membership Rewards points to everyday purchases charged to the card.
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.
For both the American Express Cobalt® Card and the Scotiabank Gold American Express® Card, the use of points for everyday purchases is identical.
With the American Express Cobalt® Card you can use its points:
With the Scotiabank Gold American Express® Card, Scene+ points remain in the program. Therefore, they cannot be transferred.
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.
With the American Express Cobalt® Card you can benefit from these insurances:
With the Scotiabank Gold American Express® Card, you can benefit from these insurances:
With the Scotiabank Gold American Express® Card, you benefit from additional or more generous coverages than with the American Express Cobalt® Card.
What’s more, it requires 75% of travel purchases to be charged to the card, whereas the American Express Cobalt® 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. While the Scotiabank Gold American Express® Card is excellent for travel.
The Scotiabank Gold American Express® Card stands out from the crowd:
But the American Express Cobalt® Card stands out on:
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:
Savings are here:
