Head-to-Head: American Express Cobalt Card vs. Scotiabank Gold American Express Card

In this edition of Head-to-Head, we’ll take a look at two credit cards in the Canadian marketplace that are known for their very strong earning rates: the American Express Cobalt Card and the Scotiabank Gold American Express Card.

While these cards are overall quite similar, there are several notable differences that may sway your decision either way, or might even compel you to give both of them a place in your wallet. Let’s compare the two cards in all the ways that matter.

Card Basics

When deciding between two credit cards, the most important comparisons will always be made on a few key factors.

1. Welcome Bonuses

The Amex Cobalt Card currently offers up to 15,000 Membership Rewards (MR) points over the course of the first year of card membership, structured as follows:

• 1,250 MR points upon spending $750 (all figures in CAD) in each of the first 12 months

On the other hand, the Scotiabank Gold American Express Card currently offers up to 40,000 Scene+ points,† available until July 1, 2024, distributed as follows:

• 20,000 Scene+ points upon spending $1,000 in the first three months†
• 20,000 Scene+ points upon spending $7,500 in the first year†

Verdict: As you can see, both cards’ current welcome bonuses are structured quite differently.

The Cobalt Card requires a higher total spend of $9,000 over the first year to unlock the full bonus, and you’ll have to keep track of the monthly spending requirement to boot.

The current offer on the Scotiabank Gold American Express Card has a more traditional structure, with half of the welcome bonus awarded upon spending $1,000 in the first three months, and then the other swath upon spending a total of $7,500 in the first year.

Putting aside the differences between Membership Rewards points and Scene+ points for now (which we’ll address later), the edge shifts in the Scotiabank Gold American Express Card’s favour due to a lower total minimum spending requirement and a higher total welcome bonus.

2. Referral Bonuses

Like other American Express products, the American Express Cobalt Card offers a referral bonus of 5,000 MR points for each friend or family member you refer to a card of their own, up to a maximum of 75,000 MR points in a…