Canadian credit cards with insurance coverage, cashback options, and awesome perks.
Key Comparisons
| American Express Cobalt® Card | Scotiabank Gold American Express® Card | |
| Estimated Credit Score | 660 | 660 |
| Annual Fees | 155.88 | 120 |
| Interest Rate | 20.99% | 19.99% |
| Insurance Coverage | Yes | Yes |
| Pros | 1. Up to 30,000 MR welcome bonus points for using your card every month. 2. Exclusive access to ticket sales to the hottest concerts through Ticketmaster. 3. Rewards points can be redeemed for virtually anything you want to spend them on. 4. Get a free room upgrade and a hotel credit of up to USD$100 for amenities like a spa visit, room service, or golf at over 600 participating hotels and resorts in over 30 countries worldwide. | 1. $400 in sign-up bonus points, and comprehensive travel insurance. 2. Earn 20,000 bonus points ($200 value) when you spend up to $1,000 in your first three months. 3. The annual fee of $120 is waived in the first year. 4. Waives the 2.5% foreign transaction fee when you make purchases in foreign currency online or abroad. |
| Cons | 1. The bonus points are spread out over 12 months at 2,500 points per month. 2. There is a maximum spending cap of $30,000 in purchases eligible for the 5% earn rate on food and drinks. 3. Lacks trip cancellation/interruption insurance. 4. Comes with a $155.88 annual fee that is paid at $12.99 per month. | 1. Your card won’t work if you frequently shop at places like Costco and Loblaws. 2. Not be accepted in as many locations as Visa and Mastercard branded cards. 3. Less enticing for those who do not travel internationally often. |
Key Benefits of American Express Cobalt® Card
Welcome Bonus and Rewards
Every $500 you spend in the first month will earn you 2,500 points, up to a maximum of 30,000 points. This is a perfect way to start your next rewards vacation, especially considering it may be redeemed for up to $600 in total. Amex Invites and Front of the Line come first. Amex cards have special access to Ticketmaster’s sales of tickets to the top concerts. When you make purchases from particular merchants, you can also easily earn bonus cash back.
Flexible Redemption
You may use your American Express Membership Rewards points to buy almost anything you choose. They go toward shopping, restaurant expenditures, entertainment, or bills when you use them as credit against your card. You may get closer to your holiday by booking flights through the Fixed Points Travel Program or through American Express Travel Online. Alternatively, you can exchange them for goods or gift cards at Membershiprewards.ca. If you still feel like you need more options, you may even use them to make purchases on Amazon.ca.
Travel and Mobile Device Insurance
Travel insurance up to $5 million, accident insurance up to $250,000, flight and baggage delay insurance up to $500, lost or stolen luggage protection up to $85,000, and flight and baggage delay insurance up to $500 are all included with the American Express Cobalt® Card. It also offers insurance on eligible device purchases up to $1,000.
Key Benefits of Scotiabank Gold American Express® Card
Value of Scene+
When it comes to using your Scene+ points, you have choices. The best way to use your points is to exchange them for movie tickets, which have an average worth of 1.05 cents per point, however the value varies greatly depending on the kind of movie you’re buying. Travel is the next best use of your points after merchandise. Either use the Scene+ Expedia interface or make a reservation with any provider. The value of each option is the same, at $1 per point.
Foreign Exchange Fees and Other Rewards
Foreign transaction fees are not charged. When making a transaction in a foreign currency, avoid paying the standard 2.5% fee that other cards levy and keep that money for yourself instead. In fact, it’s among the best Canadian credit cards we offer without a foreign currency fee. In addition to that For every $1 CAD spent at eligible supermarkets, restaurants, fast food outlets, and bars, you get 5X Scene+ points. This includes well-known food subscriptions and delivery services. For every $1 CAD spent on qualified petrol and daily transit, users receive three Scene+ points. includes ridesharing, buses, taxis, the subway, and more. 1X Scene+ points for every $1 spent on any other purchases.
Annual Fee and Welcome Bonus
Given that the yearly price is $120, especially for regular travelers who collect rewards points and save money on international transaction fees, the cost should be readily recouped. The fact that you may now get 20,000 points after spending $1,000 in the first three months and 7,500 in the first year makes this offer much more alluring. The first year’s annual fee is waived in addition to the 40,000 bonus Scene+TM points (up to $400 in travel credit).