American Express Cobalt® Card vs Amazon.ca Rewards Mastercard®: Which one is better?
American Express Cobalt® Card
5
Amazon.ca Rewards Mastercard®
3.1
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
$251.84
First Year Bonus
$150
Annual Fee
$0
First Year Value
$401.84
$251.84 in years after
Based on $2,000/mo average spending and assuming you are an Amazon Prime member as the primary account holder. Calculate your rewards.
Insurance Included*
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
Car Rental Damage & Theft
yes
Travel Accident
$250,000
Mobile Device Insurance
$1,000
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 daysFlight Delay
$500
Insurance Included
Extended Warranty
Up to a yearPurchase Protection
90 days
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
10% off base rate of Avis Rent A Car and Budget Rent A Car
Trip and legal Assistance
Yes
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates
Purchase:
19.99%
Cash Advance:
22.99%
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
Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants for up to 6 months. Up to $150 cashback on top of the normal cashback earned.
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
- 2.5% cashback on Amazon.ca, Whole Foods and foreign currency transactions IF a prime member
- Only 1.5% on Amazon.ca and Whole foods and 1% on foreign currency transactions IF not a prime member
- 1% cashback on everything else
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 are a Prime member and want to maximize your cashback on your Amazon purchases, then this card is the best option for that specific purchase category. However, for other purchases, many other cards offer better benefits and rewards.
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
- If you are a Prime member, the 2.5% cashback offered on Amazon purchases is unbeatable in terms of rewards compared to other credit cards.
- The 2.5% cashback on all foreign currency transactions helps to offset the extra 2.5% fee.
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
- It offers very little on non-Amazon and non-Whole Foods purchases, with many other well-rounded credit cards out there that offer much more.
- Very limited benefits.
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Other Comparisons
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American Express Cobalt® Card vs Amazon.ca Rewards Mastercard®: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt Card has an annual fee, while the Amazon.ca Rewards Mastercard does not. This difference makes the Amazon.ca card a more attractive option for those looking to avoid annual fees. However, the American Express Cobalt Card might justify its fee with higher rewards and benefits, making it suitable for those who can maximize these perks. Neither card has a specified income requirement, making them accessible to a broad range of applicants.
Rewards Comparison
The American Express Cobalt Card offers significantly higher rewards, especially in specific categories like dining and groceries, compared to the Amazon.ca Rewards Mastercard. The welcome bonus on the Cobalt Card is also higher, making it potentially more lucrative in the first year. In contrast, the Amazon.ca card offers decent cashback, particularly for Amazon Prime members, but falls short in overall rewards compared to the Cobalt Card.
Reward Redemption Options
The American Express Cobalt Card provides various redemption options, including transfers to airline and hotel partners, which can offer excellent value. It also allows for statement credits and gift cards, though at a lower value per point. The Amazon.ca Rewards Mastercard is straightforward, offering cashback that can be easily used for any purchase, making it more flexible but potentially less rewarding than the points system of the Cobalt Card.
Benefits and Insurance
The American Express Cobalt Card comes with extensive benefits and insurance, including travel insurance, purchase protection, and exclusive access to events through American Express Experiences. In contrast, the Amazon.ca Rewards Mastercard offers more basic benefits, with fewer insurance options and no unique perks beyond cashback. This makes the Cobalt Card a better choice for those who value comprehensive coverage and additional benefits.
Conclusion
The American Express Cobalt Card is generally better for users who can take advantage of its higher rewards, extensive benefits, and flexible redemption options. It is especially suited for those who spend significantly in its high-reward categories. On the other hand, the Amazon.ca Rewards Mastercard is a solid option for Amazon Prime members or those who prefer a no-fee card with simple cashback, particularly if they frequently shop on Amazon.ca.
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