American Express Cobalt® Card vs SimplyCash® Card from American Express: Which one is better?
American Express Cobalt® Card
5
SimplyCash® Card from American Express
3.8
Rewards Breakdown
Annual Rewards
$1,096
American Express Membership Rewards
First Year Bonus
$315
American Express Membership Rewards
Annual Fee
$155.8
First Year Value
$1,255.2
$940.2 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$311.78
First Year Bonus
$100
Annual Fee
$0
First Year Value
$411.78
$311.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Travel Accident
$250,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Lost or Stolen Baggage
$500
Baggage Delay
$500
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Car Rental Damage & Theft
yes
Mobile Device Insurance
$1,000
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 days
Flight Delay
$500
Insurance Included*
Travel Accident
Up to $100,000
Extended Warranty
1 year
Purchase Protection
90 days or theft up to $1,000 per occurrence
Extra Benefits*
Amex Experiences™
Access Front Of The Line® Amex Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with Amex Experiences™
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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*
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
21.992
Cash Advance:
21.992
Annual Fee*
$155.8
Annual Fee*
$0
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*
In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.
Rewards Rate*
- 5x points per $1 spent on eligible eats and drinks in Canada, including groceries and food delivery (up to 12,500 points per month)
- 3x points per $1 spent on eligible streaming subscriptions in Canada
- 2x points per $1 spent on eligible gas, transit & ride share in Canada
- 1x point per $1 spent on all other purchases
Rewards Rate*
- 2% cash back on eligible gas and grocery purchases in Canada (up to $300 cash back annually)
- 1.25% cash back on all other eligible purchases
Loyalty Program*
Loyalty Program*
N/A
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 (Cash)
1¢ / point
Gift Cards
0.765¢ / point
Amazon.ca
0.7¢ / point
Merchandise
0.63¢ / point
Point Redemption Options*
Not Applicable
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, this card has a good benefits coverage, a flexible points redemption program (1:1 transfer to Aeroplan® or Avios), making it the best candidate to become the main credit card for the majority of people.
Is this card worth it?
The SimplyCash® Card from American Express stands out for its no annual fee and strong cash-back earning potential, offering up to $100 in statement credits within the first 10 months. What makes it even more appealing are the unique perks, such as early access to concert tickets and extra layers of security for online shopping. These extra benefits, along with the affordability, make it a strong contender for those looking for a reliable cash-back card with no annual fee. It's an excellent choice for everyday spending while still enjoying exclusive Amex advantages.
Pros
- Points can be transferred to Air Canada Aeroplan® at a 1:1 ratio, making this card a solid Aeroplan® points earner as an alternative to Aeroplan® branded credit cards
- 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
- No annual fee: The card does not charge an annual fee, making it accessible and cost-effective.
- Attractive cash-back rates: Offers a solid structure for earning cash-back on eligible purchases.
- Exclusive Amex perks: Provides benefits such as access to concert tickets and enhanced security for online shopping.
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
- Annual cash-back cap: Limits the total amount of cash-back you can earn within a year.
- Limited travel and shopping insurance: The card lacks comprehensive travel and shopping coverage compared to other premium cards.
- American Express acceptance: Amex is not accepted as widely as Visa or Mastercard.
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American Express Cobalt® Card vs SimplyCash® Card from American Express: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt Card carries an annual fee, while the SimplyCash Card has no annual fee. Neither card has specific income requirements, which makes both accessible to a wide range of applicants. However, the Cobalt Card’s fee may be justified for individuals who can maximize its rewards and benefits.
Rewards Comparison
The American Express Cobalt Card offers higher rewards on categories like dining, groceries, and streaming services, making it ideal for those with significant spending in these areas. In contrast, the SimplyCash Card provides straightforward cash-back rewards, with a higher rate on gas and groceries, but lower overall returns. The welcome bonuses also differ, with the Cobalt Card providing more long-term value for higher spenders, while the SimplyCash Card offers a modest bonus tied to lower spending.
Reward Redemption Options
The Cobalt Card offers flexible redemption through American Express Membership Rewards, which can be transferred to airline and hotel partners for enhanced value. Other redemption options include travel, merchandise, and statement credits. SimplyCash Cardholders, on the other hand, benefit from the simplicity of cash-back rewards, which are more versatile and can be used for anything, but lack the added value seen in point transfers for travel.
Benefits and Insurance
The Cobalt Card includes a wide range of insurance coverages, such as travel medical, flight delay, and mobile device insurance, which are more comprehensive than the SimplyCash Card's limited options. The Cobalt Card’s unique benefits, such as more robust travel insurance, make it a better option for frequent travelers. SimplyCash Cardholders still get perks like purchase protection and extended warranty but lack extensive travel benefits.
Conclusion
The American Express Cobalt Card is ideal for people who spend heavily in categories like dining and travel, and those who want to take advantage of premium benefits. On the other hand, the SimplyCash Card is a great choice for low spenders, individuals who don’t dine out often, and those who prefer a no-fee card with straightforward cash-back rewards on everyday purchases.
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