American Express Cobalt® Card vs Amazon.ca Rewards Mastercard®: Which one is better?
American Express Cobalt® Card
5
RECOMMENDED CREDIT SCORE*
Amazon.ca Rewards Mastercard®
3.1
RECOMMENDED CREDIT SCORE
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
$251.84
Welcome 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*
Purchase Protection
90 days
Extended Warranty
1 year
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.svg)
Car Rental Damage & Theft
Up to 48 days and $85k car MSRP
Mobile Device Insurance
$1000
Insurance Included
Purchase Protection
90 daysExtended Warranty
1 year
Extra Benefits*
American Express 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
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 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
- 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¢ / pointFixed 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
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, 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 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
- 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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American Express Cobalt® Card vs Amazon.ca Rewards Mastercard®: When to go for one over the other
Annual Fees and Requirements
Rewards Comparison
Reward Redemption Options
Benefits and Insurance
Conclusion
Legal