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

Annual Fees and Requirements

The American Express Cobalt® Card has a higher annual fee compared to the PC World Elite Mastercard, which has no annual fee. Additionally, the PC World Elite Mastercard has specific income requirements, whereas the Cobalt® Card does not have such income thresholds. These differences make the Cobalt® Card accessible to a broader audience, while the PC World Elite Mastercard targets higher-income individuals.

Rewards Comparison

The American Express Cobalt® Card offers significantly higher rewards potential, especially in categories like dining, groceries, and travel, making it a great option for users with varied spending habits. The Cobalt® Card also provides a more substantial welcome bonus. On the other hand, the PC World Elite Mastercard is more focused, offering excellent rewards at Shoppers Drug Mart and other Loblaw-affiliated stores, making it ideal for frequent shoppers at these locations. However, outside these specific categories, its rewards are less competitive.

Reward Redemption Options

The American Express Cobalt Card provides a wide range of redemption options, offering flexibility and higher value, especially when points are transferred to airline and hotel partners. These transfers can yield significant value for frequent travelers. Additionally, the Cobalt Card allows for redemptions through statement credits, gift cards, and merchandise, though these options offer lower value compared to travel redemptions.

In contrast, the PC World Elite Mastercard is more limited in its redemption options, focusing primarily on redeeming points for groceries and gas at Loblaw-affiliated stores and Esso stations. While this is convenient for regular shoppers at these locations, the redemption value per point is generally lower than the potential value of the Cobalt Card's travel redemptions. Overall, the Cobalt Card offers more versatile and potentially more valuable redemption opportunities.

Benefits and Insurance Comparison

Both cards come with a variety of benefits and insurance coverages. The Cobalt® Card offers extensive coverage, including travel accident insurance and mobile device insurance, along with unique perks like American Express Experiences. The PC World Elite Mastercard, despite having no annual fee, includes valuable benefits such as out-of-province medical insurance and concierge service. However, the Cobalt® Card’s broader and more comprehensive coverage makes it more attractive for frequent travelers and those who value extensive protection.

Network Acceptance

The American Express Cobalt® Card is less widely accepted compared to the PC World Elite Mastercard. Mastercard is accepted at more locations, including Costco and Walmart, which also considers Walmart a grocery store for rewards purposes—a category where American Express does not award bonus points. For users who prioritize broad acceptance and specific retailer rewards, the PC World Elite Mastercard may be more practical. Also, the American Express Cobalt is not accepted at Loblaw-affiliated stores, so another card needs to be used for purchases at these locations.

Conclusion

For most users, the American Express Cobalt® Card offers superior rewards and benefits, making it the better choice for those who spend significantly on dining, groceries, and travel. However, the PC World Elite Mastercard is ideal for individuals who frequently shop at Shoppers Drug Mart and other Loblaw-owned stores or who need a no-fee card with strong benefits in specific categories. High-income earners who meet the requirements and prioritize broad acceptance may also find the PC World Elite Mastercard appealing.