American Express Cobalt® Card vs SimplyCash™ Preferred Card from American Express: Which one is better?
American Express Cobalt® Card
5
SimplyCash™ Preferred Card from American Express
4.6
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
$534.23
First Year Bonus
$200
Annual Fee
$119.88
First Year Value
$614.35
$414.35 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
Car Rental Damage & Theft
yes
Travel Accident
$250,000
Mobile Device Insurance
$1,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 daysFlight Delay
$500
Insurance Included*
Lost or Stolen Baggage
$500Baggage Delay
$500Car Rental Damage & Theft
$85K up to 48 daysTravel Accident
$100,000Mobile Device Insurance
$1,000Extended Warranty
1 yearPurchase Protection
90 daysHotel Burglary Insurance
$500Emergency Out of province Medical
$5M/insured PersonFlight Delay
$500
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™.svg)
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:
21.99%2
Cash Advance:
21.99%2
Annual Fee*
$155.8
Annual Fee*
$119.88
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 a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
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*
- 4% cash back on eligible gas station purchases in Canada
- 4% cash back on eligible grocery purchases in Canada (up to $1,200 cash back annually)
- 2% 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 Simply Cash Preferred is one of the best cashback credit cards in Canada. The base cashback rate of 2% is great for all purchases, but the 4% on groceries and gas, which are two of the highest expenses for most people is the cherry on top of their great cashback program.
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
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
- 10 different insurance types included
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
- Cash back is only paid out to you once a year
- American Express has a lower merchant acceptance compared to Visa or Mastercard
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American Express Cobalt® Card vs SimplyCash™ Preferred Card from American Express: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt Card has a higher annual fee compared to the SimplyCash Preferred Card from American Express. Both cards have no specific income requirements, making them accessible to a wide range of applicants. The difference in fees may influence your choice depending on the value you place on the rewards and categories each card offers.
Rewards Comparison
The Cobalt Card excels in offering points-based rewards, particularly in categories like dining, groceries, and streaming services, making it more suitable for those who frequently spend in these areas. The SimplyCash Preferred Card, on the other hand, offers a straightforward cashback structure with high rewards on groceries and gas, which are common expenses for most people. While the Cobalt Card typically delivers higher annual rewards, the SimplyCash card’s simplicity and competitive cashback rates make it an attractive option for those who prefer a no-fuss rewards system.
Reward Redemption Options
With the Cobalt Card, you can redeem points for travel, gift cards, statement credits, and more. The value of points can vary depending on the redemption method, with travel generally offering the best return. The SimplyCash Preferred Card simplifies this by providing cashback, which can be used for any purchase, offering more flexibility and ease of use for those who prefer cash rewards over points.
Benefits and Insurance
Both the Cobalt Card and SimplyCash Preferred Card offer identical benefits and insurance coverage, including access to the American Express Experiences program, which provides exclusive events and perks. Since the benefits and insurance are the same, they do not play a deciding role in choosing between these two cards.
Conclusion
The American Express Cobalt Card is ideal for those who spend significantly on dining, groceries, and streaming services and who are looking for flexible point redemption options. On the other hand, the SimplyCash Preferred Card is better suited for individuals who prefer a straightforward cashback system with excellent rewards on everyday purchases like groceries and gas. Your choice should depend on your spending habits and whether you prefer managing points or receiving cash back directly.
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