American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* Card: Which one is better?
American Express Cobalt® Card
5
RECOMMENDED CREDIT SCORE*
Simplii Financial™ Cash Back Visa* Card
4.2
RECOMMENDED CREDIT SCORE*
Finly Rebate
N/A
Finly Rebate
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
$342.92
Welcome Bonus
$30
Annual Fee
$0
First Year Value
$372.92
$342.92 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Purchase Protection
90 days
Extended Warranty
1 year
Emergency Out of province Medical
15 days
Flight Delay
$500
Baggage Delay
$500
Hotel Burglary Insurance
$500
Lost or Stolen Baggage
$500
Travel Accident
$250,000.svg)
Car Rental Damage & Theft
Up to 48 days and $85k car MSRP
Mobile Device Insurance
$1000
Insurance Included*
Purchase Protection
90 daysExtended Warranty
1 year
Extra Benefits*
American Express Experiences
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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.
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
Annual Fee*
$155.8
Annual Fee*
$0
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
N/A
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*
10% cash back on eligible restaurants, food delivery and bar purchases for the first 4 months, up to $500†.
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*
- 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¢ / pointFixed 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?
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
- 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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American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* Card: When to go for one over the other
Annual Fees and Requirements
Rewards Comparison
Redemption Options
Benefits and Insurance Comparison
Network Comparison
Conclusion
Legal