American Express Cobalt® Card vs Rogers Red 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

Rogers Red World Elite® Mastercard®

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Finly Rebate

N/A

Finly Rebate

+$60 Cash Rebate from FinlyWealth

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

$720

Welcome Bonus

Annual Fee

First Year Value

$720

Based on $2,000/mo average spending and assuming you have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user. 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

Emergency Medical Over 65

$1M, Up to 3 days

Trip Cancellation

$1,000/person, $5,000 maximum

Trip Interruption

$1,000/person, $5,000 maximum

Trip delay

$150 day, up to 3 days

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

Airport Lounge - Dragon Pass

Pass only, complimentary visits not included

No Cost roaming

5 days

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates

Purchase:

19.99%

Cash Advance:

22.99%

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

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

3% cash back on all U.S dollar purchases
2% cash back on all regular purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
1.5% cash back on all purchases if you do not have 1 qualifying service

Loyalty Program*

American Express Membership Rewards

Loyalty Program

N/A

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

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?

This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!

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

Voted the Best Cash Back Card in Canada for Rogers, Fido and Shaw customers by FinlyWealth.
Voted the Best No Annual Fee Credit Card in Canada by FinlyWealth.
There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
Many favorable benefits for travelers.
Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing your rewards.
The roam-like benefit is a benefit unique only to this card.
It is accepted at nearly all locations as it's a Mastercard.

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

Harder to qualify due to the high credit score and income requirements.
Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.

Other Comparisons

vs TD Aeroplan® Visa Infinite* Card

vs Rogers Red Mastercard®

vs Scotiabank Gold American Express® Card

vs RBC ION Visa

vs Scotiabank Passport® Visa Infinite* Card

vs Walmart Rewards™ Mastercard®

vs Walmart Rewards™ World Mastercard®

vs American Express Gold Rewards Card®

vs Neo Credit Card

vs RBC ION+ Visa

vs Simplii Financial™ Cash Back Visa* Card

vs American Express® Green Card

vs PC World Elite Mastercard

vs MBNA Rewards World Elite® Mastercard®

vs Scotia Momentum® Visa Infinite* Card

TD® Aeroplan® Visa Infinite Privilege* Credit Card

vs TD® Aeroplan® Visa Infinite Privilege*

vs TD First Class Travel® Visa Infinite* Card

vs Amazon.ca Rewards Mastercard®

vs Tangerine Money-Back Credit Card

vs BMO CashBack® World Elite® Mastercard®

vs CIBC Aeroplan® Visa Infinite* Card

vs CIBC Costco Mastercard

vs Scotia Momentum® Visa* Card

vs American Express® Aeroplan®* Card

vs American Express® Aeroplan®* Reserve Card

vs American Express Platinum Card®

Other Comparisons

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

Annual Fees and Requirements

The American Express Cobalt® Card has a notable annual fee, while the Rogers Red World Elite® Mastercard® comes with no annual fee. In terms of requirements, the Rogers Red card has higher income thresholds, making it harder for some users to qualify. However, the Cobalt card does not specify a minimum income, making it potentially more accessible for those with lower incomes or varying credit scores.

Rewards Comparison

The American Express Cobalt® Card excels in offering high rewards rates, especially for dining and groceries. It also comes with a generous welcome bonus, which can significantly boost its first-year value. On the other hand, the Rogers Red World Elite® Mastercard® provides solid cashback rewards, particularly for those who frequently spend in U.S. dollars or have Rogers, Fido, or Shaw services. While the Cobalt card generally offers higher rewards overall, the Rogers Red card stands out for its strong cashback rates with no annual fee.

Reward Redemption Options

The American Express Cobalt Card provides multiple redemption options, including travel, statement credits, and transferring points to airline and hotel partners, giving users flexibility in maximizing their rewards. Cashback, available through the Rogers Red World Elite Mastercard, is straightforward and can be applied directly to your bill, making it more versatile and convenient for most users. Therefore, for those who prioritize flexibility, cashback redemption is more advantageous.

Benefits and Insurance

Both cards offer a wide range of insurance coverage, but the American Express Cobalt® Card is more comprehensive, including various travel insurances and purchase protections. The Rogers Red World Elite® Mastercard® also offers valuable benefits like trip cancellation insurance, which is uncommon for no-fee cards. However, the Cobalt card includes unique perks like access to American Express Experiences, which might appeal to those seeking exclusive events and services.

Card Networks

The American Express Cobalt® Card operates on the Amex network, which has limited acceptance compared to Mastercard. The Rogers Red World Elite® Mastercard® benefits from wider acceptance, including at places like Costco, which do not accept Amex.

Conclusion

For users seeking maximum rewards, particularly in dining, groceries, and travel, the American Express Cobalt® Card is likely the better choice despite its annual fee. It suits those who want extensive benefits and are comfortable with the Amex network's limitations. Conversely, the Rogers Red World Elite® Mastercard® is ideal for those prioritizing no annual fee and strong cashback, especially for U.S. dollar spending and for Rogers, Fido, or Shaw customers. This card is also better for users needing a widely accepted card with robust travel insurance without the cost.

Annual Fees and Requirements
Rewards Comparison
Reward Redemption Options
Benefits and Insurance
Card Networks
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%.