American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* Card: Which one is better?
American Express Cobalt® Card
5
Simplii Financial™ Cash Back Visa* Card
4.4
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
$346.79
First Year Bonus
$84.95
Annual Fee
$0
First Year Value
$431.74
$346.79 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
Car Rental Damage & Theft
yes
Travel Accident
$250,000
Mobile Device Insurance
$1,000
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 daysFlight Delay
$500
Insurance Included*
Extended Warranty
Up to 1 yearPurchase Protection
Up to 90 days
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*
N/A
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
20.99%2
Cash Advance:
22.99%2
Balance Transfer:
22.99%2
Annual Fee*
$155.8
Annual Fee*
$0
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
$15,000
Min Household Income:
$15,000
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 up to 10% cash back† for your first 3 months up to $1,000 eligible spend.
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% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
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?
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
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 rate on restaurant purchases in Canada!
- Decent cashback rate on high spent categories such as groceries and gas.
- No annual fee for a card with great rewards.
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
- No insurance and benefits other than the standard purchase protection and extended warranty.
- Cap on the rewards that can be earned on each category.
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Other Comparisons
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vs RBC ION+ Visa
vs American Express® Green Card
vs PC World Elite Mastercard
vs MBNA Rewards World Elite® Mastercard®
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vs Amazon.ca Rewards Mastercard®
vs Tangerine Money-Back Credit Card
vs BMO CashBack® World Elite® Mastercard®
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American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* Card: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt® Card charges an annual fee, making it more suitable for those who can maximize its robust rewards program. Conversely, the Simplii Financial™ Cash Back Visa* Card has no annual fee, which is attractive for those seeking a cost-free option. Neither card has a minimum income requirement, making them accessible to a wide audience.
Rewards Comparison
The American Express Cobalt® Card offers higher rewards, especially for spending on dining and groceries, with a significant welcome bonus for new cardholders. The Simplii Financial™ Cash Back Visa* Card provides a solid cashback rate on dining, but this category has a yearly cap that many people quickly reach. Beyond dining, the other cashback categories, such as gas and groceries, are average in terms of rewards compared to the Cobalt card.
Redemption Options
The American Express Cobalt Card offers versatile redemption options, including travel bookings, merchandise, gift cards, and statement credits, allowing cardholders to tailor rewards to their preferences. These varied options provide flexibility but may come with different redemption values depending on the choice. In contrast, the Simplii Financial Cash Back Visa Card provides straightforward cashback rewards that are easily accessible and can be used for any expense. Cashback is inherently flexible and convenient, making it appealing to those who prefer simple and immediate reward utilization. Ultimately, the choice between diverse redemption possibilities and uncomplicated cashback depends on individual spending habits and reward preferences.
Benefits and Insurance Comparison
The American Express Cobalt® Card provides extensive insurance coverage, including travel insurance, and offers additional perks like access to exclusive events. The Simplii Financial™ Cash Back Visa* Card has more basic coverage, including purchase protection and an extended warranty, but lacks the comprehensive benefits of the Cobalt® Card. Those who value travel benefits and additional perks may find the Cobalt® Card more appealing.
Network Comparison
The American Express Cobalt® Card and the Simplii Financial™ Cash Back Visa* Card operate on different payment networks. Visa is widely accepted globally and in Canada. American Express, while accepted at many locations, has more limited acceptance, particularly at smaller retailers.
Conclusion
The American Express Cobalt® Card is ideal for individuals who prioritize high rewards and extensive benefits, particularly those who dine out frequently or travel often. In contrast, the Simplii Financial™ Cash Back Visa* Card is better suited for those who want a no-fee card with straightforward cashback on dining, though they should be aware of the spending limit on dining rewards and the average rewards in other categories. Additionally, those who need a card that’s widely accepted may find the Visa network more reliable.
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