American Express Cobalt® Card vs Scotia Momentum® Visa Infinite* Card: Which one is better?
American Express Cobalt® Card
5
Scotia Momentum® Visa Infinite* Card
4
Finly Rebate
N/A
Finly Rebate
Rewards Breakdown
Annual Rewards
$1,096
American Express Membership Rewards
First Year Bonus
$315
American Express Membership Rewards
Annual Fee
$155.8
First Year Value
$1,255.2
$940.2 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$407.15
First Year Bonus
$200
Annual Fee
$120
First Year Value
$607.15
$287.15 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500
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Car Rental Damage & Theft
yes
Travel Accident
$250,000
Mobile Device Insurance
$1,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Emergency Out of province Medical
15 days
Flight Delay
$500
Hotel Burglary Insurance
$500
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500
Car Rental Damage & Theft
48 days
Travel Accident
$500,000
Mobile Device Insurance
$1,000
Extended Warranty
1 year
Purchase Protection
90 days
Emergency Out of province Medical
15 days
Flight Delay
$500
Trip Cancellation
$1,500
Trip Interruption
$2,000
Extra Benefits*
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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.
Amex Experiences™
Access Front Of The Line® Amex Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with Amex Experiences™
Extra Benefits*
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
Visa Infinite Exclusive Benefits
Yes
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
20.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Annual Fee*
$155.8
Annual Fee*
$120
$0
First Year Waived
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
$60,000
Min Household Income:
$100,000
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*
Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards.
Rewards Rate*
- 5x points per $1 spent on eligible eats and drinks in Canada, including groceries and food delivery (up to 12,500 points per month)
- 3x points per $1 spent on eligible streaming subscriptions in Canada
- 2x points per $1 spent on eligible gas, transit & ride share in Canada
- 1x point per $1 spent on all other purchases
Rewards Rate*
- 4% cashback on groceries, recurring payments (maximum $1000 cashback per year)
- 2% cashback on gas, daily transit (maximum $500 cashback per year)
- 1% cashback on all other credit card purchases (unlimited).
Loyalty Program*
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 (Cash)
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, this card has a good benefits coverage, a flexible points redemption program (1:1 transfer to Aeroplan® or Avios), making it the best candidate to become the main credit card for the majority of people.
Is this card worth it?
The 4% cashback offered on groceries and recurring purchases is the highest among all other credit cards. With the first year's annual fee waived, and with the right transactions used on this credit card, a high amount of cashback could be earned.
Pros
- Points can be transferred to Air Canada Aeroplan® at a 1:1 ratio, making this card a solid Aeroplan® points earner as an alternative to Aeroplan® branded credit cards
- 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
- Highest Cashback rates on Groceries and Recurring purchases compared to other cashback credit cards.
- High insurance coverage.
- First year annual fee waived.
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
- The base cashback rate (1%) is low for most high spent categories, especially after the first year when the card's annual fee kicks in.
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 Rogers Red World Elite® Mastercard®
vs Walmart Rewards™ Mastercard®
vs Walmart Rewards™ World Mastercard®
vs American Express Gold Rewards Card®
vs Neo Mastercard®
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 TD® Aeroplan® Visa Infinite Privilege*
vs TD First Class Travel® Visa Infinite* Card
vs SimplyCash™ Preferred Card from American Express
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 SimplyCash® Card from American Express
vs American Express Platinum Card®
vs Neo World Elite® Mastercard®
vs Rogers Red Mastercard®
vs Scotiabank Passport® Visa Infinite* Card
vs Rogers Red World Elite® Mastercard®
vs Simplii Financial™ Cash Back Visa* Card
vs PC World Elite Mastercard
vs MBNA Rewards World Elite® Mastercard®
vs TD® Aeroplan® Visa Infinite Privilege*
vs Tangerine Money-Back Credit Card
vs BMO CashBack® World Elite® Mastercard®
vs CIBC Costco Mastercard
vs Scotia Momentum® Visa* Card
vs Neo World Elite® Mastercard®
American Express Cobalt® Card vs Scotia Momentum® Visa Infinite* Card: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt Card and the Scotia Momentum Visa Infinite* Card have annual fees that are comparable, though slightly different. The Cobalt card has a marginally higher annual fee but does not have explicit income requirements, making it accessible to a broader range of applicants. On the other hand, the Scotia Momentum Visa Infinite* Card has a slightly lower annual fee, but it does require a minimum personal or household income, which may limit eligibility for some potential users.
Rewards Comparison
The rewards structure of the American Express Cobalt Card is highly attractive, particularly for those who spend heavily on dining, groceries, and streaming services, offering significant points multipliers in these categories. The Scotia Momentum Visa Infinite* Card, while also competitive, primarily excels in offering high cashback rates on groceries and recurring payments. The American Express Cobalt Card generally provides greater overall rewards value for most users, especially for those who can maximize spending in its top categories.
Reward Redemption Options
American Express Membership Rewards points can be redeemed in various ways, including transferring to airline or hotel partners, using them for travel through Amex, or for statement credits. This flexibility often provides higher value compared to the cashback model of the Scotia Momentum card, which, while straightforward and usable on any purchase, lacks the potential for higher-value redemptions found in the Cobalt card's point system.
Benefits and Insurance
Both cards offer comprehensive insurance packages, including emergency medical, travel accident, and car rental insurance. However, the Scotia Momentum® Visa Infinite* Card stands out by also including trip cancellation and interruption insurance, which the American Express Cobalt Card lacks. Additionally, American Express offers exclusive perks through its Amex Experiences, which might appeal to those who frequently attend events or seek unique experiences.
Acceptance and Network
The American Express Cobalt® Card is part of the American Express network, which, while offering excellent perks, is less widely accepted compared to Visa. The Scotia Momentum® Visa Infinite* Card benefits from the broader acceptance of the Visa network, making it a more practical choice for those who prioritize widespread usability.
Conclusion
For most users, the American Express Cobalt® Card is likely the better option due to its superior rewards structure, especially for those who spend significantly on dining and entertainment. However, those who prioritize cashback on groceries and recurring payments or need broader card acceptance should consider the Scotia Momentum® Visa Infinite* Card. Additionally, if trip cancellation and interruption insurance are important, the Scotia card provides an extra layer of coverage that the Amex card does not.
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