American Express Cobalt® Card vs American Express Platinum Card®: Which one is better?

American Express Cobalt® Card

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

American Express Platinum Card®

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Rewards Breakdown

Annual Rewards

$1,041.82

American Express Membership Rewards

Welcome Bonus

$315

American Express Membership Rewards

Annual Fee

$155.8

First Year Value

$1,201.02

$886.02 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$570.43

American Express Membership Rewards

Welcome Bonus

American Express Membership Rewards

Annual Fee

$799

First Year Value

-$228.57

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included*

Emergency Out of province Medical

15 days

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Car Rental Damage & Theft

Up to 48 days and $85k car MSRP

Purchase Protection

90 days

Extended Warranty

1 year

Mobile Device Insurance

$1000

Insurance Included*

Emergency Out of province Medical

15 days

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Car Rental Damage & Theft

Up to 48 days and $85k car MSRP

Purchase Protection

90 days

Extended Warranty

1 year

Trip Cancellation

$2500 per person, $5000 combined

Trip Interruption

$2500 per person, $6000 combined

Extra Benefits*

American Express Experiences

Travel Credit

Book two or more consecutive nights at participating properties through The Hotel Collection with American Express Travel to receive a $100 credit for amenities or a complimentary room upgrade, if available.

Extra Benefits*

American Express Experiences

Travel Credit

Dining Credit

$200 at Select Restaurants

Nexus Application

$100 statement credit every 4 years

Airport Lounge - American Express Global Lounge

Unlimited Access for you and a Guest!

Complimentary Hotel Benefits

Hotels booked American Express Travel

Status lift

Upgrade to Hilton Honors Gold Status

Status lift

Upgrade to Marriott BonvoyTM Gold Elite status

Airport Benefits

At Toronto Pearson Airport get Priority Security lane, Complimentary valet and 15% discount at the Express Park and daily park

Concierge Services

Trip and legal Assistance

Extra points

Earn 2 points on Amex Travel Online purchases and extra points on American Express offers

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates*

Purchase:

21.99% - 30%²

Cash Advance:

21.99% - 30%²

Annual Fee*

$155.8

Annual Fee*

$799

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Welcome Bonus*

Earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in purchases on your Card in the first Year

Welcome Bonus*

Earn 70,000 points after spending $10,000 on your Card within the first 3 months as a new Platinum® Cardmember. Earn an additional 30,000 points when you make a purchase between 14 and 17 months of Cardmembership. Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.

Rewards Rate*

5x points per $1 spent in Restaurants, Fast Foods, Coffee Shops, Food delivery and Groceries up to 12,500 points monthly
3x points per $1 spent on eligible streaming subscriptions in Canada
2x points per $1 spent in standalone gasoline stations, Amex Travel online, travel services or local commuter transportation in Canada including ride share services
1x point per $1 spent on all other purchases

Rewards Rate*

2x points per $1 spent on eligible dining & food delivery purchases (restaurant, fast food, coffee shop, food delivery)
2x points per $1 spent on eligible travel purchases (flights, hotels, tours and more)
1x point per $1 spent for all other purchases

Loyalty Program*

American Express Membership Rewards

Loyalty Program*

American Express Membership Rewards

Point Redemption Options*

Most Optimal

Transfer to Airline Partners

2.1¢ / point

Fixed Point Travel Program

1.66¢ / point

Transfer to Hotel Partners

1.66¢ / point

Statement Credits

1¢ / point

Gift Cards

0.765¢ / point

Amazon.ca

0.7¢ / point

Merchandise

0.63¢ / point

Point Redemption Options*

Most Optimal

Transfer to Airline Partners

2.1¢ / point

Fixed Point Travel Program

1.66¢ / point

Transfer to Hotel Partners

1.66¢ / point

Statement Credits

1¢ / point

Gift Cards

0.765¢ / point

Amazon.ca

0.7¢ / point

Merchandise

0.63¢ / point

Is this card worth it?

This card was voted the Best Credit Card in Canada by FinlyWealth. The rewards earned on this card for a person with average spending exceed those of other credit cards in Canada by a huge margin! In addition, the card has good benefit coverage, making it the best candidate to become the main credit card for the majority of people.

Is this card worth it?

If you're a frequent traveler, the Platinum card is an excellent choice. It's highly recommended for its extensive travel benefits, including unlimited lounge access for you and a guest at the American Express Lounge collection, making it the best card for lounge access in Canada. The card also offers unique perks not commonly found with other Canadian cards, such as status upgrades at Marriott Bonvoy and Hilton, dining and travel credits, concierge service, airport benefits, Nexus application reimbursement, and more. These benefits can more than offset the annual fee. However, if you don't travel often or are mainly looking for a card that maximizes rewards, this card may not be the best option for you.

Pros

Generous welcome bonus of up to 15,000 points
4+ different ways of redeeming your points for great value
10 different types of insurance, including travel
Often referred to as the Best Credit Card in Canada

Pros

Offers more perks than any other credit card in Canada, catering to premium users who value extensive benefits.
Enjoy $400 in annual travel and dining credits, which can offset some of the card's cost.
Gain unlimited access to over 1,300 airport lounges worldwide, enhancing your travel experience.
Multiple options for redeeming points for high value, giving you flexibility in how you use your rewards.
Includes 11 types of insurance coverage, offering comprehensive protection for cardholders.

Cons

Less acceptance of American Express at different merchants across Canada
Not all types of travel insurance are covered, especially trip cancellation and interruption insurance

Cons

As with other American Express cards, it may have lower acceptance in some locations compared to other networks.
The high annual fee of $799 may be a barrier for some users, especially those who do not fully utilize the card's benefits.
Some benefits are limited to specific airports and hotels.

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American Express Cobalt® Card vs American Express Platinum Card®: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card has a significantly lower annual fee compared to the American Express Platinum Card. This makes the Cobalt Card more accessible to users who may not want to pay a premium for their credit card but still seek a valuable rewards program. In contrast, the Platinum Card’s much higher annual fee is justified by the extensive travel perks and luxury benefits it offers. Neither card has a strict minimum income requirement, which makes them both accessible based on creditworthiness rather than income levels.

Rewards Comparison

When it comes to rewards, the American Express Cobalt Card excels in everyday spending categories such as groceries, dining, and streaming services. This card is ideal for users looking to maximize their points through common, recurring purchases. The Platinum Card also earns points on purchases, but its rewards rate is less focused on everyday spending and more geared towards travel and dining. Although both cards offer a valuable signup bonus, the Platinum Card requires higher spending to unlock its larger bonus. The Cobalt Card delivers better long-term value for individuals who prioritize earning rewards on daily expenses.

Benefits and Insurance Comparison

The American Express Cobalt Card and Platinum Card offer distinctly different benefits, tailored to two types of users. The Cobalt Card shines in its rewards-earning capabilities, especially for everyday spending on dining, groceries, and subscriptions. It also offers essential insurance coverage like purchase protection, extended warranty, and basic travel accident insurance. However, its travel-related perks are not as comprehensive, and it lacks benefits like trip cancellation or interruption insurance.

The Platinum Card, on the other hand, is designed for luxury travelers who value perks over rewards. It provides unlimited access to over 1,300 airport lounges globally, automatic hotel status upgrades, annual travel and dining credits, and Nexus application fee reimbursement. The Platinum Card also includes a concierge service and priority airport services. Additionally, it has a wide range of insurance offerings, including emergency medical, trip cancellation, and trip interruption coverage. This makes it the clear choice for frequent travelers who prefer high-end perks and comprehensive protection.

Conclusion

The decision between the American Express Cobalt Card and the Platinum Card ultimately depends on your personal priorities. If you value maximizing rewards from everyday spending on groceries, dining, and entertainment, the Cobalt Card is a better fit. It offers strong rewards rates and a lower annual fee, making it ideal for people who spend primarily on routine purchases.

Conversely, if you’re a frequent traveler looking for luxurious perks, extensive travel benefits, and comprehensive insurance coverage, the Platinum Card is the superior option. Although it has a much higher annual fee, the access to premium lounges, travel credits, and hotel status upgrades make it worthwhile for those who travel often and prefer a first-class experience. In short, Cobalt is for rewards-focused individuals, while Platinum is for those who prioritize luxury travel and premium benefits.

Annual Fees and Requirements
Rewards Comparison
Benefits and Insurance Comparison
Conclusion

Legal

^*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check for full details and current product information.

¹ If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 28.99%.

² This Charge Card requires full payment of the Due in Full balance each month, with a 30% interest rate on late payments. The Flexible Payment Option balance has a 21.99% interest rate, which increases to 25.99% after two missed payments and 28.99% after three or more within 12 months. A 21-day interest-free grace period applies to new transactions if the full balance is paid by the due date.