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American Express Cobalt® Card vs Tangerine Money-Back Credit Card: Which one is better?
American Express Cobalt® Card
5
Tangerine Money-Back Credit 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
$278.6
First Year Bonus
$100
Annual Fee
$0
First Year Value
$378.6
$278.6 in years after
Based on $2,000/mo average spending and assuming you have a Tangerine Savings account. 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 a yearPurchase Protection
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:
20.95%2
Cash Advance:
22.95%2
Balance Transfer:
22.95% (1.95% first 6 months)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:
N/A
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
In the first 2 months, get a bonus 10% cash back up to $100
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
- 2% on the choice of two categories chosen from the 10 offered by Tangerine
- 0.5% cashback on all other credit card 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?
While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.
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
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Easy credit score requirements needed for this card.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
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
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
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Other Comparisons
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vs SimplyCash™ Preferred Card from American Express
vs Amazon.ca Rewards Mastercard®
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vs CIBC Costco Mastercard
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American Express Cobalt® Card vs Tangerine Money-Back Credit Card: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt Card comes with an annual fee, while the Tangerine Money-Back Credit Card does not charge one. This significant difference makes the Tangerine card an attractive option for those seeking a no-fee credit card. Both cards do not have specific income requirements, making them accessible to a broad audience.
Rewards Comparison
The American Express Cobalt Card offers higher rewards potential, especially for those who spend heavily in dining, groceries, and streaming services, thanks to its tiered points system. In contrast, the Tangerine Money-Back Credit Card provides straightforward cashback with the flexibility to choose categories, but its overall rewards potential is lower compared to the Cobalt Card. For those seeking maximum rewards, the American Express Cobalt Card stands out.
Reward Redemption Options
The American Express Cobalt Card provides a variety of redemption options, including travel, statement credits, and gift cards, with the potential for higher value when transferring points to airline or hotel partners. The Tangerine Money-Back Credit Card, on the other hand, offers cashback, which is more flexible and can be used on anything. If you prioritize ease of use and flexibility, the Tangerine card’s cashback is a clear winner.
Benefits and Insurance
The American Express Cobalt Card includes a comprehensive suite of benefits and insurance, such as travel insurance, purchase protection, and extended warranty, which far exceed the basic coverage offered by the Tangerine Money-Back Credit Card. For those who travel frequently or seek extensive insurance coverage, the Cobalt Card is the better choice.
Network Acceptance
The American Express Cobalt Card operates on the American Express network, which is not as widely accepted as Mastercard, the network for the Tangerine Money-Back Credit Card. Additionally, Mastercard is accepted at Costco and considers Walmart as a grocery store for rewards, unlike American Express. This makes the Tangerine card a card which can be relied on for all purchases, but for Cobalt it's always a good idea to carry a secondary card for merchants that don't accept it.
Conclusion
The American Express Cobalt Card is ideal for those who want to maximize rewards and benefit from extensive insurance coverage, particularly if they spend significantly on dining and travel. However, the Tangerine Money-Back Credit Card is better suited for those looking for a no-fee card with flexible cashback options and wider acceptance. Choose the card that aligns with your spending habits and preferred perks.
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