If you are looking for a credit card that rewards you for your everyday spending and gives you flexible travel options, comparing the Amex Cobalt vs. Gold Rewards is a logical course of action. Both cards offer generous welcome bonuses, high earning rates, and various benefits. However, they also have some differences that might sway your decision.
The Amex Cobalt Card offers some of the best earn rates on everyday purchases in Canada, it has a lower and more flexible annual fee of $12.99/mo, a welcome bonus of 15,000 MR points, and it offers great travel and purchase coverage. The Amex Gold Rewards Card has a higher annual fee, but it comes with much better coverage, $100 in travel credit, a much better welcome bonus of 60,000 (plus 10,000) MR points, and a sleek metal design, but it has much lower earning potential.
The Amex Cobalt Card is ideal for you if you want a lower and more flexible annual fee, you spend a lot on groceries, restaurants, streaming services, gas, travel, and public transit, and you want to maximize your returns on everyday purchases while spending less than $1,000 every month.
The Amex Gold Rewards Card is ideal for you if you’re looking for a metal card, you want a higher welcome bonus, and you’re a frequent traveller who is likely to use the $100 travel credit and who values trip interruption and cancellation insurance.
If you are looking for a credit card that rewards you for your everyday spending and gives you flexible travel options, you might be considering the American Express Cobalt Card or the American Express Gold Rewards Card. These two cards are among the most popular and rewarding in the Canadian market, but they also have some key differences that you should be aware of.
In this post, we will compare and contrast the Amex Cobalt and the Amex Gold in terms of their welcome bonuses, points currency, earning rates, annual fees, benefits, and drawbacks. We will also show you how to sign up for each card and answer some frequently asked questions. By the end of this post, you will have a clear idea of which card is right for you and how to make the most of it.
Amex Cobalt Vs. Gold Rewards Card
We will now compare these two cards head-on in terms of their welcome bonuses, types of points, earn rates, features, and benefits.
Welcome Bonus
One of the first things that might attract you to either card is the welcome bonus. Both cards offer generous incentives for new cardholders, but they also have different requirements and structures.
The Amex Cobalt Card currently offers 15,000 Membership Rewards (MR) points over the course of the first year of card membership:
- Earn 1,250 MR points for each of the first 12 months that you spend $750 (requiring $9,000 of total spend).
The Amex Gold Rewards Card currently offers a whopping 60,000 (plus 10,000) MR points welcome bonus. You'll earn 5,000 MR points for each of the first 12 months that you spend $1,000 (requiring $12,000 of total spending), totaling 60,000 (plus 10,000) MR points.
This is summarized in the following table.
| Amex Cobalt Card | Amex Gold Rewards Card |
| 1,250 MR points every month you spend $750 during the first year. | 5,000 MR points every month you spend $1,000 during the first year. |
| Earn a total welcome bonus of 15,000 MR points worth at least $150 | Earn a total welcome bonus of 60,000 (plus 10,000) MR points worth at least $300 |
Verdict: The Amex Gold Rewards Card offers double the welcome bonus as the Amex Cobalt Card, but it also requires twice the amount of spending with your card. If you can meet the spending requirements to get the Gold Rewards bonus, it may be a better option for you.
Points Currency
Both cards earn MR points, among Canada's most valuable and versatile loyalty rewards points. You can use your MR points for various redemption options, including:
- Statement credits toward travel purchases.
- Flights through the Fixed Points Travel Program.
- Transfers to airline partners like Aeroplan and British Airways Avios.
- Transfers to hotel partners like Marriott Bonvoy.
- Merchandise, gift cards, and charitable donations.
When it was first launched, the Amex Cobalt Card earned MR Select points, while the Amex Gold Rewards Card earned regular MR points. MR Select points were just like the other regular points except that they couldn’t be transferred to other partner loyalty programs (except Marriott Bonvoy). This made MR Select points less valuable than normal MR points since most of the value you can get out of them come from transferring them to other programs at beneficial rates.
However, Amex changed that, and now both cards earn exactly the same type of points. So, we can now easily compare them head to head in terms of points.
Verdict: Both the Amex Gold Rewards Card and the Amex Cobalt Card earn the same type of points, so there’s no benefit in the flexibility or value of choosing one or the other.
Earn Rates
Another factor that might influence your decision is how fast you can earn points with each card. Both cards offer impressive earning rates on various categories of spending, but they also have some differences.
| Amex Cobalt Card | Amex Gold Rewards Card |
| 5X MR points per $1 spent on dining, coffee shops, and grocery stores* | 2X MR points on travel |
| 3X MR points on streaming subscriptions | 2X MR points on gas, grocery & drugstore purchases |
| 2X MR points on gas, travel, and public transit | 1X MR point on everything else |
| 1X MR point on everything else** |
** +1 additional point for purchases made through Amex Travel online.
As you can see, the Cobalt Card is a clear winner when it comes to earn rates. Even though the maximum earn rate is capped at $30,000 per year, this represents an average spend of $2,500 every month on everyday purchases, not including gas, travel, and public transit. It’s very easy to see that you’ll easily be able stay within that limit and maximize your returns with the Cobalt Card.
The 3X MR points earn rate on streaming services is also a nice perk for entertainment lovers, especially considering that the Gold Card doesn’t even offers a special earn rate in that category.
Verdict: The Cobalt card is the clear winner when it comes to earn rates. In fact, the Cobalt’s high earn rates make it one of the best credit cards for everyday use for Canadians. No other card offers better long-term value on the things you’re sure to spend most of your money on.
Annual Fee
The annual fee is another important consideration when choosing a credit card. You want to ensure that the card's benefits and rewards outweigh the cost of keeping it.
| Amex Cobalt Card | Amex Gold Rewards Card |
| $12.99 monthly (equivalent to $155.88)Additional cards are free. | $250 annually + $50 per additional card (you get 1 free additional Gold Rewards Card) |
The Amex Cobalt Card charges a monthly fee of $12.99, which adds up to $155.88 over the course of a year. This monthly fee structure in itself is a great perk, especially for most millennials and the new Gen Zs who are accustomed to monthly subscription services. The advantage of this fee structure is that you can spread out the cost over 12 months and cancel the card at any time without paying the full annual fee.
The Amex Gold Rewards Card has an annual fee of $250, which is charged entirely upfront. The downside of this fee structure is that you have to pay a large amount at once, and you cannot get a refund if you cancel the card mid-year.
Furthermore, while you get one free additional Gold Rewards Card, subsequent cards cost $50 per year to maintain. On the other hand, all additional Cobalt cards are free.
Verdict: The Amex Cobalt Card has a lower and more flexible annual fee than the Amex Gold Rewards Card, making it more affordable and convenient.
Benefits And Perks
Both cards offer some additional benefits that can enhance your experience as a cardholder. These include:
Travel Insurance
Both cards offer comprehensive travel insurance coverage for things like emergency medical, flight delay, baggage loss and delay, car rental theft and damage, hotel burglary, and travel accidents. The Amex Cobalt Card also offers $1,000 in mobile device insurance. However, the Amex Gold Rewards Card throws in trip cancellation and interruption insurance, doubles the travel accident insurance of the Cobalt card, and also offers travel emergency assistance.
Purchase Protection
Both cards offer purchase protection and extended warranty on eligible purchases made with the card. This is common for most Amex cards.
Amex Invites
Both cards give you access to exclusive events, presale tickets, and special offers through Amex Invites.
Front Of The Line
Both cards allow you to skip the line at select venues and events through Front Of The Line.
Gold Rewards’ Extra Perks
The Amex Gold Rewards Card offers two unique benefits that the Amex Cobalt Card doesn’t:
- Travel Credit: You can receive $100 in travel credit for travel purchases made through American Express Travel Online.
- A metal card: The Amex Gold Rewards Card has a sleek metal finish that gives it a premium look and feel. You can also choose between two colours: gold or rose gold.
Verdict: The Amex Gold Rewards Card offers much better benefits than the Amex Cobalt Card, especially if you travel frequently. Considering the $100 travel credit that slashes your annual fee to $150, you’re getting much more travel coverage with the Gold Rewards Card than with the Cobalt.
Related: Neither cards are premium travel cards and so they don’t come with special VIP perks like lounge access or concierge services. If that’s what you’re after, I recommend the Amex Platinum card instead.
Drawbacks
No credit card is perfect, and both cards have some drawbacks that you should be aware of before applying. These include:
- Foreign transaction fees: Both cards charge a 2.5% fee on foreign currency transactions, which can add up if you travel or shop online frequently. You might want to pair these cards with another card that has no foreign transaction fees for those purchases.
- Acceptance: American Express cards are not as widely accepted as Visa or Mastercard cards in Canada and abroad. You might encounter some merchants that do not accept Amex or charge a higher fee for it. You might want to have a backup card in case this happens.
These two drawbacks are the same for both cards and won’t help you choose one or the other. Regardless, they’re not as bad as they sound, proof of which is the fact that the Cobalt Card is still the best card for everyday use you can get in Canada.
How To Sign Up For Amex Cobalt
Signing up for the Amex Cobalt Card is easy and fast. Here are the steps to follow:
- Go to the official Amex Cobalt Card page here and click on “Apply Now”.
- Fill out the online application form with your personal and financial information, such as your name, address, income, and employment status.
- Review the terms and conditions and submit your application.
- Wait for an instant decision from American Express. If you are approved, you will receive your card in the mail within a few days.
How To Sign Up For Amex Gold Rewards
Signing up for the Amex Gold Rewards Card is also simple and quick. Here are the steps to follow:
- Go to the official Amex Gold Rewards Card page here and click on “Apply Now”.
- Fill out the online application form with your personal and financial information, such as your name, address, income, and employment status.
- Review the terms and conditions and submit your application.
- Wait for an instant decision from American Express. If you are approved, you will receive your card in the mail within a few days.
The Bottom Line: Which Card Is Right For You?
As you can see, both the Amex Cobalt Card and the Amex Gold Rewards Card are excellent credit cards that offer generous rewards and benefits for your everyday spending and travel needs.
However, depending on your preferences and goals, one card might suit you better than the other.
The Amex Cobalt Card is ideal for you if:
- You want a lower and more flexible annual fee.
- You spend a lot on groceries, restaurants, streaming services, gas, travel, and public transit.
- You want to maximize your returns on everyday purchases while spending less than $1,000 every month.
The Amex Gold Rewards Card is ideal for you if:
- You’re looking for a metal card.
- You want a higher welcome bonus and referral bonus.
- You’re a frequent traveller who is likely to use the $100 travel credit and who values trip interruption and cancellation insurance.
The choice is yours. Whichever card you choose, you will be earning valuable MR points that can help you achieve your travel dreams.
Amex Cobalt Vs. Amex Gold FAQs
Here are some common questions and answers about these two cards.
How does the Amex Cobalt Card work?
The Amex Cobalt Card is a credit card that earns points for the Membership Rewards loyalty program on everyday purchases. You can redeem your points for statement credits towards travel purchases, flights through the Fixed Points Travel Program, transfer them to other airline or hotel loyalty programs, and trade them for gift cards, or charitable donations. The card has a monthly fee of $12.99 and offers various benefits such as travel insurance, purchase protection, Amex Invites, Front Of The Line, mobile device coverage, and lost or stolen baggage insurance.
How does the Amex Gold Rewards Card work?
The Amex Gold Rewards Card is a credit card that also earns regular MR points on every purchase. You can redeem your points for statement credits towards travel purchases, flights through the Fixed Points Travel Program, transfers to airline or hotel partners, merchandise, gift cards, or charitable donations. The card has an annual fee of $250 and offers various benefits such as travel insurance, purchase protection, Amex Invites, Front Of The Line, travel credit, and a sleek metal card design.
What are the benefits of credit cards like the Amex Cobalt or Gold Rewards?
Credit cards like the Amex Cobalt or Gold Rewards offer many benefits for credit card users. Some of these benefits are:
- Earning rewards on every purchase that can be used for travel or other redemption options.
- Enjoying perks such as travel insurance, purchase protection, concierge service, and more.
- Building credit history and improving credit score.
- Accessing exclusive events and offers through Amex Invites and Front Of The Line.
- Having flexibility and convenience in paying for purchases.
What are the drawbacks of using credit cards like the Amex Cobalt or Gold Rewards?
Credit cards like the Amex Cobalt or Gold Rewards also have some drawbacks that you should be aware of. Some of these drawbacks are:
- Paying annual or monthly fees that might not be worth it if you don’t use the card enough.
- Paying foreign transaction fees that can add up if you travel or shop online frequently.
- Facing limited acceptance of Amex cards in some places, especially abroad.
- Dealing with high-interest rates and fees if you don’t pay your balance in full every month.
- Risking overspending or getting into debt if you don’t manage your finances well.
Can I use the Amex Cobalt Card and the Amex Gold Rewards Card at the same time?
Yes, you can use both cards at the same time and enjoy the benefits of both. However, you should be aware that both cards are credit cards, and will thus count towards your limit of four American Express credit cards. Given that there are quite a few other Amex credit cards worth holding, this makes choosing one card between the Cobalt and the Gold all the more significant.
