American Express Cobalt® Card vs RBC ION+ Visa: Which one is better?

Annual Fees and Requirements

The American Express Cobalt® Card has a higher annual fee compared to the RBC ION+ Visa. Both cards do not have a minimum income requirement, making them accessible to a wide range of applicants. However, the difference in annual fees should be considered based on how much you value the rewards and benefits offered by each card.

Rewards Comparison

The American Express Cobalt® Card offers significantly higher rewards, especially in categories like dining, groceries, and travel. It also has a more substantial welcome bonus. In contrast, the RBC ION+ Visa offers fewer rewards overall, though it does provide points for everyday purchases like groceries and gas. The Cobalt® Card is more suitable for those who spend heavily in its bonus categories, while the ION+ Visa is better for moderate spenders looking for a low-cost option.

Reward Redemption Options

When it comes to redeeming rewards, the American Express Cobalt Card offers more flexibility and potentially higher value. It allows you to redeem points for statement credits, travel, gift cards, merchandise, and even transfer to airline and hotel partners, providing multiple ways to maximize the value of your points. On the other hand, while the RBC ION+ Visa also offers various redemption options, including travel, financial products, and gift cards, its point value is generally lower, and the redemption flexibility is not as robust as the Cobalt Card. For users who prefer straightforward and high-value redemptions, the Cobalt Card's options are superior, especially since statement credits offer greater flexibility compared to other forms of redemption.

Benefits and Insurance

The American Express Cobalt® Card offers more extensive benefits, including a wider range of travel insurance options and additional perks like exclusive experiences. The RBC ION+ Visa includes some basic insurance and a modest gas discount, but its benefits are limited in comparison. For those who prioritize insurance coverage and unique perks, the Cobalt® Card is the better choice.

Network Differences

The Cobalt® Card, being an American Express, is not as widely accepted as the RBC ION+ Visa, which is a Visa card. Visa is generally accepted almost everywhere, whereas American Express is not. If acceptance and flexibility in spending locations are crucial to you, the RBC ION+ Visa may be more convenient.

Conclusion

For most users, the American Express Cobalt® Card is the better option due to its superior rewards, benefits, and insurance coverage, despite the higher annual fee. However, those who prefer a lower-cost card with broader acceptance might find the RBC ION+ Visa to be a better fit.