American Express Cobalt® Card vs MBNA Rewards World Elite® Mastercard®: Which one is better?

American Express Cobalt® Card

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

MBNA Rewards World Elite® Mastercard®

4.7

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

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

$587.52

MBNA Rewards

Welcome Bonus

$300

MBNA Rewards

Annual Fee

$120

First Year Value

$767.52

$467.52 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included*

Emergency Out of province Medical

15 days

Flight Delay

$500

Baggage Delay

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Car Rental Damage & Theft

Up to 48 days and $85k car MSRP

Mobile Device Insurance

$1000

Purchase Protection

90 days

Extended Warranty

1 year

Hotel Burglary Insurance

$500

Insurance Included

Emergency Out of province Medical

15 days

Flight Delay

$500

Baggage Delay

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Car Rental Damage & Theft

Up to 48 days and $85k car MSRP

Mobile Device Insurance

$1000

Purchase Protection

90 days

Extended Warranty

1 year

Extra Benefits*

American Express Experiences

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

Annual Birthday Bonus

10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 15,000 bonus points per year)

Car Rental Discount

10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally

Trip and legal Assistance

Concierge Services

Price Protection

$500/item, $1000/account per year

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates

Purchase:

19.99%

Cash Advance:

24.99%

Annual Fee*

$155.8

Annual Fee

$120

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

10,000 points for going Paperless. 20,000 points after spending $2,000 after 90 days of account opening

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

5 points on restaurant, grocery, digital media, membership, and household utility purchases (maximum $50,000 spend annually per category)
1 point for everything else

Loyalty Program*

American Express Membership Rewards

Loyalty Program

MBNA Rewards

Point Redemption Options*

Gift Cards

0.765¢ / point

Merchandise

0.63¢ / point

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

1¢ / point

Amazon.ca

0.7¢ / point

Point Redemption Options

Gift Cards

0.765¢ / point

Merchandise

0.63¢ / point

Most Optimal

Travel

1¢ / point

Statement Credits - World Elite

0.83¢ / point

Statement Credits - Platinum

0.5¢ / point

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?

The MBNA Rewards World Elite® Mastercard® is one of the best reward credit cards in Canada, offering high rewards on frequently spent categories such as groceries and restaurant purchases. The annual birthday bonus, unique to this card, also provides a significant boost to your yearly earnings. Additionally, the card features a comprehensive list of benefits, including price protection—a rare and valuable perk not found with many other cards in Canada. These factors make this card one of the best to have in Canada.

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

Both restaurants and groceries, two of the most commonly spent categories, earn decent rewards.
Great annual birthday bonus with up to $150 in value.
A solid list of travel insurance and benefits.
Price protection, a rare feature not offered by many other cards.
Good value for many of the card's redemption options.

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

Trip cancellation and interruption insurance, two great benefits are missing from this card.
Not the best card for gas purchases.

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American Express Cobalt® Card vs MBNA Rewards World Elite® Mastercard®: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card and the MBNA Rewards World Elite Mastercard both have comparable annual fees. However, while the Amex Cobalt Card does not have any specific income requirements, the MBNA Rewards World Elite Mastercard requires a minimum personal income or a minimum household income. This makes the MBNA card less accessible for some individuals, but it may appeal to those who meet the income criteria and are looking for a high-earning rewards card.

Rewards Comparison

The American Express Cobalt Card offers a strong rewards program, particularly for spending in categories like restaurants, grocery stores, and streaming services. The MBNA Rewards World Elite Mastercard also offers high rewards on groceries and dining, with a unique annual birthday bonus that boosts your yearly earnings. However, the overall yearly rewards potential with the Cobalt Card is generally higher, especially if your spending aligns with its top-earning categories. The reason Cobalt earns more is the higher value of American Express points and the coverage of gas and streaming service subscription categories by Cobalt.

Reward Redemption Options

When it comes to redeeming rewards, the American Express Cobalt Card offers more flexible and valuable options, particularly through point transfers to airline partners and other travel-related redemptions. Cashback options are available but offer lower value. The MBNA Rewards World Elite Mastercard also provides various redemption options, including travel and statement credits, but the overall value per point is generally lower compared to the Cobalt Card. For those seeking flexibility and higher value in their redemptions, the Cobalt Card is the better choice.

Benefits and Insurance

Both cards come with a robust set of benefits and insurance options, including travel-related protections and purchase insurance. However, the MBNA Rewards World Elite Mastercard offers a unique price protection feature that is not available with the Amex Cobalt Card. This can be a valuable perk for cardholders who frequently make large purchases and want added financial security.

Acceptance and Network

The American Express Cobalt Card, being an Amex product, is less widely accepted compared to the MBNA Rewards World Elite Mastercard, which is part of the Mastercard network. Mastercard is accepted at more locations across Canada, including Costco, and also treats Walmart as a grocery store, which is not the case with Amex. This makes the MBNA card more versatile for everyday spending in a wider range of locations.

Conclusion

For most users, the American Express Cobalt Card is likely the better choice due to its higher rewards potential, especially for those who spend significantly in its top-earning categories. However, the MBNA Rewards World Elite Mastercard is better suited for individuals who value broader acceptance, the unique price protection feature, and can meet the income requirements. Additionally, the MBNA card's annual birthday bonus may appeal to those looking for an extra boost to their rewards.

Annual Fees and Requirements
Rewards Comparison
Reward Redemption Options
Benefits and Insurance
Acceptance and Network
Conclusion

Legal

^*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check for full details and current product information.

¹ If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 28.99%.