Amex Gold Card Canada Review 2025: Is It Worth It or Just Hype?

The Harsh Truth About the Amex Gold Card in Canada

Let’s get real — the American Express Gold Card in Canada is, for most people, a waste of money. While American Express markets this as a premium card for savvy travelers and big spenders, the truth is that it doesn’t hold up against competitors in 2025. In fact, for most Canadians, the Scotiabank Passport Visa Infinite or Scotiabank Gold Amex are objectively better in every meaningful way.

The only legitimate reason to get the Amex Gold in Canada is for the welcome bonus, which can be generous if you’re referred — often 60,000 + 10,000 Membership Rewards points. But beyond that, there’s little value left to justify the steep $250 annual fee.

Annual Fee: $250 But Feels Like More

The Amex Gold Card Canada comes with a $250 annual fee, not monthly — though some users joke it feels that way considering what you get. While the card includes a $100 annual travel credit, it’s only usable through Amex Travel, which limits flexibility. That means your real out-of-pocket fee is $150… and for what? Very little, unless you’re a heavy traveler or really want to show off the gold card status.

Airport Lounge Access: Mostly Useless

Amex Gold offers 4 complimentary lounge passes, but here’s the catch — they only work in Canada. Compare that to the Scotiabank Passport Visa Infinite, which gives you 6 global lounge visits and another 6 if you add a free supplementary card, and the difference is night and day. Plus, the Scotia card comes with no foreign exchange fees, making it far more travel-friendly.

Point Earning Rates: Weak Compared to the Competition

Here’s where the Amex Gold really fails to impress. The points multipliers are average at best, and completely outclassed by cards like the Amex Cobalt and Scotiabank Gold Amex.

Let’s break it down:

Why Scotia Gold Amex Might Be the Best “Cashback” Card in Canada (with a trick)

If you use the refundable hotel trick, you can convert Scene+ points into actual cashback at 1 cent per point. Here’s how it works:

• Book a refundable hotel via a travel platform like Expedia

• Use your Scene+ points to pay

• Cancel the hotel and get your full cash refund

• Result: you’ve effectively cashed out your points at 1 cpp

With that hack, the Scotiabank Gold Amex becomes a top-tier cashback card, especially with its incredible earn rates:

• 6% back at Sobeys, Safeway, FreshCo, etc.

• 5% on other groceries, dining, and entertainment

• 3% on gas, streaming, and transit

• 1% base, even on foreign transactions (with no FX fees)

• $120 annual fee, plus $400+ in welcome bonuses

Cobalt vs. Gold: What About the Cobalt Card?

If you don’t care about Scene+ or cashback, and you’re a heavy spender on food and drinks, then the Amex Cobalt beats Gold outright.

Why?

• It earns 5x MR Points on all food & drink, including delivery and groceries

• MR points are transferable 1:1 to Aeroplan, Avios, and other travel programs

• With Aeroplan valued at ~1.5 cents per point, you’re effectively earning:

  • 7.5% back on food

  • 4.5% on streaming

  • 3% on transit, gas, travel

  • 1.5% base rate

• $155 annual fee, plus a $100 rebate + 15,000 MR points

So Why Would Anyone Get the Amex Gold?

Here’s the honest answer: Sign-up bonus stacking.

If you’re playing the rewards game, the 60k + 10k MR points (from a referral) can be worth $700 or more, especially if combined with the $100 travel credit and Great Canadian Rebates ($125 cash rebate). Throw in a refundable hotel trick, and your first-year cost might be as low as $25.

But beyond that? Cancel the card. Most of its perks are duplicated elsewhere, and the earning multipliers are weak.

Drawbacks & Final Thoughts

• Poor international value: No global lounge access, and FX fees apply

• Weak multipliers compared to both Cobalt and Scotia Amex Gold

• Limited travel perks that only benefit frequent flyers

• $250 annual fee is only palatable with sign-up tricks

Conclusion: Avoid Amex Gold Canada in 2025 (Unless You’re Gaming the Bonuses)

The Canadian Amex Gold Card is simply not competitive in 2025. Unless you’re after the welcome bonus or enjoy flexing with a metal card, it’s hard to recommend it over the Amex Cobalt or Scotiabank’s Gold Amex.

If you travel often and want global perks with no foreign exchange fees? Get the Scotia Passport Visa Infinite.

If you eat out a lot and love Aeroplan? Go with the Amex Cobalt.

If you want cashback from your Scene+ points with a hack? The Scotia Gold Amex is a sleeper powerhouse.

But Amex Gold? Only good for bonus hunting — and that’s about it.