American Express Cobalt® Card vs Neo Credit Card: Which one is better?
American Express Cobalt® Card
5
RECOMMENDED CREDIT SCORE*
Finly Rebate
N/A
Finly Rebate
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
$288
Welcome Bonus
$0
Annual Fee
$0
First Year Value
$288
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
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
Purchase Protection
90 days
Extended Warranty
1 year
Insurance Included
N/A
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
Neo Premium ($4.99/month)
Neo Travel Benefits ($4.99/month)
Neo Food Cashback boost ($1.99/month)
Neo Mind and Body Perks ($9.99/month)
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates
Purchase:
19.99% - 29.99%
Cash Advance:
22.99% - 31.99%
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
N/A
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
- Average of 5% cashback at Neo Partners
- Up to 15% cashback on first purchases at Neo partners
- 1% cashback on gas and grocery
- 0% at Neo non-partners but with a 0.5% cashback guarantee on overall purchases
- With all these condition, the average estimated cashback on all purchases came to 1.2% by FinlyWealth
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?
The Neo Credit Card is special because it earns rewards based on whether the merchant is a partner or not. Most of the time, the cashback earned at these partners is the highest possible compared to all other credit cards. However, we don't recommend using this card as your main credit card and suggest using it only at partner merchants. This is because the rewards at non-partner merchants are very small, and most merchants are not partnered with Neo.
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
- Unique cashback program which earns cashback based on partner instead of purchase category.
- Massive cashback at some partners that any other credit card couldn't beat.
- Unique benefit system where perks could be bought with a monthly fee and cancelled after use.
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
- Almost no cashback or very little cashback is available at non-Neo partners, which comprise most merchants.
- No built-in purchase protection and extended warranty benefit.
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American Express Cobalt® Card vs Neo Credit Card: When to go for one over the other
Annual Fees and Requirements
Rewards Comparison
Reward Redemption Options
Benefits and Insurance
Conclusion
Legal