American Express Cobalt® Card vs BMO CashBack® World Elite® Mastercard®: Which one is better?
American Express Cobalt® Card
5
BMO CashBack® World Elite® Mastercard®
4
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
$500.78
First Year Bonus
$190
Annual Fee
$120
First Year Value
$690.78
$380.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500
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Car Rental Damage & Theft
yes
Travel Accident
$250,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 days
Flight Delay
$500
Mobile Device Insurance
$1,000
Insurance Included
Lost or Stolen Baggage
$500/person, $1,000 maximum
Baggage Delay
$500/person, $1,000 maximum After 6 hours
Car Rental Damage & Theft
yes
Travel Accident
$500,000
Extended Warranty
1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
$5M up to 8 days per covered person
Flight Delay
$500 After 4 hours delay
Car Rental Accident
$200,000
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Car Rental Personal Effects
$1,000
Personal Effects
$750
Trip Interruption
$500
Extra Benefits*
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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.
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™
Extra Benefits
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool
Airport Lounge - Dragon Pass
Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit.
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Gas Discount
Get up to 7 cents off per litre on Shell® fuel, only for BMO cardholders.
Roadside Assistance
Including battery boosts, flat-tire change, lockout service and towing – a $69/year value.
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
Global Data Roaming plan
With FlexiRoam, stay connected around the world without a SIM card and get up to 15% off a Global Data Roaming plan plus up to 3GB of data, without any additional charges, if apply.
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates
Purchase:
20.99%
Cash Advance:
23.99% (for Quebec 21.99%)
Balance Transfer:
22.99%
Annual Fee*
$155.8
Annual Fee
$120
$0
First Year Waived
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
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
Get up to 10% cash back in your first 3 months with an incremental cashback value of $200
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
- 5% cashback on groceries (maximum $25 per statement)
- 4% cashback on daily transit (maximum $12 per statement)
- 3% cashback on gas (maximum $9 per statement)
- 2% cashback on recurring payments (maximum $10 per statement)
- 1% cashback on all other credit card 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?
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
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
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
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
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
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American Express Cobalt® Card vs BMO CashBack® World Elite® Mastercard®: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt Card and the BMO CashBack World Elite Mastercard have different annual fees, with the Amex card being higher. The Cobalt Card has no specific income requirement, making it more accessible. In contrast, the BMO CashBack World Elite Mastercard requires a higher personal or household income, which may restrict eligibility to higher earners.
Rewards Comparison
The American Express Cobalt Card is ideal for those who frequently spend on dining and groceries, offering accelerated rewards in these categories. The BMO CashBack World Elite Mastercard focuses on everyday spending, especially on groceries and gas, providing straightforward cashback rewards. While the Cobalt Card can generate higher rewards, particularly in its first year, the BMO card’s cashback structure offers simplicity and reliability.
Reward Redemption Options
The Cobalt Card provides flexible redemption options, including transferring points to airline and hotel partners, making it a great choice for frequent travelers. It also allows redemption for statement credits and gift cards. On the other hand, the BMO CashBack World Elite Mastercard offers cashback, which is more versatile since it can be used for any expense, catering to those who prefer flexibility and ease of use.
Benefits and Insurance
The BMO CashBack World Elite Mastercard excels in benefits and insurance, offering unique perks like roadside assistance, which is rare among credit cards. Additionally, it includes a lounge pass, Wi-Fi access, gas and hotel booking discounts, which collectively outweigh the American Express Cobalt Card’s experience benefits. These features make the BMO card particularly attractive to travelers and drivers who value comprehensive support and discounts.
Network Acceptance
The American Express Cobalt Card, part of the Amex network, is less widely accepted compared to Mastercard, which powers the BMO CashBack World Elite. This broader acceptance includes major retailers like Costco, where Amex is not accepted. The Mastercard network also treats Walmart as a grocery store for rewards, which is another advantage over Amex.
Conclusion
The BMO CashBack World Elite Mastercard is better suited for individuals who prioritize robust benefits and insurance, especially those who value roadside assistance and travel perks like lounge access and hotel discounts. Its cashback rewards system, combined with the wider acceptance of Mastercard, makes it ideal for those who frequently shop at places like Costco.
Meanwhile, the American Express Cobalt Card remains a strong choice for those who spend heavily on dining and travel, particularly if they value point flexibility and maximizing rewards.
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