Amex Cobalt Card vs Amex Gold Rewards Card
Two cards, one Standard Score rubric. The Amex Cobalt Card scores higher overall at 7.7/10, but the right pick depends on which components match your spending.
The verdict
ExcellentThe Gold Rewards wins the first year on bonus size; the Cobalt wins every year after on its 5x food earn, the strongest earn rate in Canadian cards. If you're opening one card this year, take the Gold's bonus; if you're holding long term, the Cobalt out-earns it decisively. The hobbyist answer is both: they pool a single Membership Rewards balance.
See offer · current Amex Cobalt Card offer, direct from the issuer
Rewards math assumes you pay your balance in full every month — interest charges quickly exceed any rewards value.
| Amex Cobalt Card | Amex Gold Rewards Card | |
|---|---|---|
| Standard Score | 7.7/10 · Excellent | 7.5/10 · Excellent |
| Annual fee | $191.88 ($15.99 charged monthly (increased from $12.99/mo effective November 5, 2025)) | $250 |
| Welcome bonus | Up to 15,000 MR points (1,250/month for 12 months of qualifying spend) | Up to 60,000 MR points (5,000/month on $1K monthly spend for 12 months); the widely promoted 90,000 is a referral-only offer |
| Est. bonus value | ≈ $285 | ≈ $1,140 |
| First-year net value | ≈ $699 | ≈ $1,040 |
| Earn rates |
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|
| Points currency | Amex Membership Rewards | Amex Membership Rewards |
| No FX fees | No | No |
| Lounge access | No | Yes |
Every year after the bonus
Put $1,000 a month on groceries and restaurants and the Cobalt's 5x earns 60,000 Membership Rewards points a year from food alone. The Gold Rewards earns 2x on groceries but not restaurants, so the same spend earns it 24,000 points at most. That 36,000-point annual gap (worth roughly $680 a year at our MR valuation) is why the Cobalt wins every year after the first. Once the Gold's welcome bonus is banked, its case rests on its travel earn and travel perks covering the fee difference.
Both are Amex
Costco and some independent grocers don't take American Express, so either card needs a Visa or Mastercard beside it. That's a wallet-design problem, not a tiebreaker; see our two-card wallet guide.
Or hold both
They earn the same currency and pool into one Membership Rewards balance: open the Gold for its welcome bonus, keep the Cobalt for the earning, and move points to Aeroplan 1:1 when you have a trip; our Amex transfer partners guide has every ratio.
Where the Amex Cobalt Card wins
- Ongoing value: scores 8.5/10 on this component
- Low friction: scores 6.5/10 on this component
- Strategic fit: scores 8.5/10 on this component
Where the Amex Gold Rewards Card wins
- First-year value: scores 7.5/10 on this component
- Perk usability: scores 7.5/10 on this component
Read the full reviews: Amex Cobalt Card and Amex Gold Rewards Card, or see how both rank in Best Rewards Credit Cards in Canada.
What the points are worth in dollars: Amex Membership Rewards Value. Each has a calculator for your balance.