Comparison: American Express Cobalt Card vs American Express Gold Rewards Card (2024)

American Express Canada offers several cards, but two stand out for their popularity:

• American Express Cobalt® Card
• American Express® Gold Rewards Card

The welcome bonus offered by each of these cards varies according to the promotions.

Here is how the current offer is structured:

Because it gives you more Membership Rewards points, the American Express® Gold Rewards Card is the winner.

The American Express Cobalt® Card gives fewer points, but also requires less monthly spending. However, our tip is to make the most of your 5X points accumulation at restaurants and grocery stores.

In fact, by combining the welcome bonus (15,000 Membership Rewards points) of the American Express Cobalt® Card with $750 worth of purchases at 5X points, another 45,000 Membership Rewards points are added (1,250 points X 12 months), for a total of 60,000 Membership Rewards points.

As a result, 60,000 Membership Rewards points will have been accumulated with $9,000 of spending on the American Express Cobalt® Card, compared with $12,000 on the American Express® Gold Rewards Card.

This one’s easy!

Like the vast majority of American Express credit cards, these two credit cards do not require a minimum personal income.

On paper, the American Express Cobalt® Card fee costs less than the American Express® Gold Rewards Card.

But, the American Express® Gold Rewards Card has an advantage that the American Express Cobalt® Card doesn’t: an annual $100 travel credit.

This brings the net annual fee for the American Express® Gold Rewards Card to $150, compared with the $155 fee for the American Express Cobalt® Card.

The American Express Cobalt® Card and the American Express Gold Rewards® Card each offer several levels of point accumulation.

For its 5 X points on everyday purchases at grocery stores, restaurants and food services, the American Express Cobalt® Card clearly wins this round. In fact, our favorite trick is to buy gift cards at the grocery store at 5X the points, to take advantage of this great accumulation.

Since August 2023, the accumulation of these 5X points has a maximum of $2,500 in purchases per month and a maximum of $30,000 per year. So, from a $2,501 purchase at 5X points, the accumulation decreases to 1 X.

On the other hand, if major purchases are to be made at the pharmacy, the American Express® Gold Rewards Card is the winner in its category.

Both American Express cards earn Membership Rewards points, and the redemption process is similar. On this point, the American Express Cobalt® Card and the American Express® Gold Rewards Card are no different, and both are winners!

This points program is the most flexible in Canada, allowing :

• Apply Membership Rewards points to any travel purchase on the card, as you wish (airline tickets, hotels, Airbnb, car rentals, etc.) 1,000 points are required to reduce the card balance by $10.
• To use the American Express Fixed Points Travel for certain airplane tickets. Redemption rate is 1,000 points = $20
• Use Membership Rewards points on everyday purchases charged to the card. The redemption rate is 1,000 points = $10.
• Transfer points to other rewards programs (Aeroplan, Air France KLM Flying Blue, British Airways Executive Club, Delta Skymiles, Asia Miles, Etihad Guest, Marriott Bonvoy and Hilton Honors).

The American Express® Gold Rewards Card is for people who travel.

The American Express Cobalt® Card is more of a card for everyday purchases, with no fla fla.

The American Express Cobalt® Card and the American Express® Gold Rewards Card both have promotional offers.

American Express regularly offers savings to its cardholders. They are given on the basis of purchases from targeted retailers and according to each person’s purchasing profile:

• a discount (“Spend $100 or more and get a $30 credit”)
• bonus points (“Spend $50 and earn 1,000 bonus points”)
• a higher accumulation rate (“Earn 4 points per dollar, up to 4,000 bonus points”)

There is no difference between the two cards. You may get certain offers on one card and not on the other, and vice versa.

For the traveler, the American Express® Gold Rewards Card is the best card for insurance. Unfortunately, the American Express Cobalt® Card does not offer trip cancellation and interruption insurance.

However, the American Express Cobalt® Card does offer an attractive mobile device insurance policy.

So? Which Card is the winner?

For people who travel from time to time: the American Express® Gold Rewards Card, thanks to its travel benefits and insurance!

For everyday purchases, the American Express Cobalt® Card is best.

There’s no reason why you can’t have both, for a good combination.