American Express Cobalt® Card vs PC 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

PC World Elite Mastercard

3.1

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

$271.16

PC Financial

Welcome Bonus

$100

PC Financial

Annual Fee

First Year Value

$371.16

$271.16 in years after

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

Insurance Included*

Emergency Out of province Medical

15 days

Car Rental Damage & Theft

Up to 48 days and $85k car MSRP

Purchase Protection

90 days

Extended Warranty

1 year

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Mobile Device Insurance

$1000

Insurance Included

Emergency Out of province Medical

15 days

Car Rental Damage & Theft

Up to 48 days and $85k car MSRP

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

Concierge Services

Identity Theft Assistance

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates

Purchase:

21.99%

Cash Advance:

22.97%

Annual Fee*

$155.8

Annual Fee

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

100,000 PC after approval of the application

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

45 points per $1 dollar spent at Shoppers Drug Mart® stores

30 points per $1 dollar spent at Atlantic Superstore, Extra Foods, Fortinos, Loblaws, Maxi, Maxi & cie, no frills, Provigo, Real Canadian Superstore, SaveEasy, SuperValu, valu-mart, Your Independent Grocer, Zehrs

20 points per $1 spent in PC travel

19 points per $1 dollar spent at ESSO and Mobil (it's 30 points per liter and the assumption of average gas price of $1.6 was made)

10 points per $1 dollar spent for everything else

Loyalty Program*

American Express Membership Rewards

Loyalty Program

PC Financial

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

1¢ / point

Gift Cards

0.765¢ / point

Amazon.ca

0.7¢ / point

Merchandise

0.63¢ / point

Point Redemption Options

Groceries

0.1¢ / point

Gas (Esso)

0.1¢ / 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?

This is a great card to have in your arsenal if you frequently shop at Shoppers Drug Mart®, Loblaw's owned chains, and ESSO and Mobil gas stations, as you will earn significant rewards in these categories. The additional benefits, such as out-of-province medical insurance, car rental damage insurance, and concierge service, are impressive and typically only come with cards that have annual fees; however, you can access these benefits for free with this card. We do not recommend using this as your primary credit card but as a supplement to another primary card, especially because there are no fees. This is because the rewards on purchases outside the mentioned shops are very average, and many other cards offer much more substantial rewards for general use.

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

Out-of-province medical insurance, concierge service, and car rental damage insurance—benefits that are usually included with cards that have fees—are included with this card.
Decent rewards on purchases at Shoppers Drug Mart®, Loblaw's owned chains, and ESSO and Mobil gas stations.

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

Many other high-spend categories don't earn as many rewards. Shopping at any other grocery chains, gas stations, or pharmacies will only give the base reward rate, and restaurant purchases and purchases in other categories don't earn much either.

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

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.

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