American Express Cobalt® Card vs American Express® Aeroplan®* Reserve Card: Which one is better?

American Express Cobalt® Card

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

American Express® Aeroplan®* Reserve Card

3.9

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

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

$646.25

Air Canada Aeroplan

Welcome Bonus

Air Canada Aeroplan

Annual Fee

$599

First Year Value

$47.25

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included*

Emergency Out of province Medical

$5M/insured Person Up to 15 days

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Car Rental Damage & Theft

$85K up to 48 days

Purchase Protection

90 days

Extended Warranty

1 year

Mobile Device Insurance

$1000

Insurance Included*

Emergency Out of province Medical

$5M/insured Person Up to 15 days

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$250,000

Car Rental Damage & Theft

$85K up to 48 days

Purchase Protection

90 days

Extended Warranty

1 year

Trip Cancellation

$1.5K/person, $3K/trip

Trip Interruption

$1.5K/person, $6K/trip

Extra Benefits*

American Express Experiences

Extra Benefits*

American Express Experiences

Free first checked bag

First checked bag is free for primary cardholder on WestJet flight and up to 8 guests

Nexus Application

$100 every 4 years

Extra points

Earn points twice at over 150 Aeroplan partner brands and over 170 online retailers through the Aeroplan eStore

Status lift

Reach Aeroplan Elite™ Status sooner by earning 1,000 Status Qualifying Miles and one (1) Status Qualifying Segment for every $5,000 of net purchases

Status lift

Complimentary upgrade to Avis® President's Club

Status lift

Primary Cardholders who also hold Aeroplan Elite Status can roll over up to 200,000 Status Qualifying Miles (SQM) beyond the status level for which they’ve qualified, from the prior qualification year to qualify for status the next year.

Status lift

Primary Cardholders who also hold Aeroplan Elite Status will benefit from an extra 12 months to use eUpgrade credits, for a total of 24 months from issuance.

Airport Benefits

At Toronto Pearson airport get benefits such as Priority Security lane, Complimentary valet, premium parking spots, priorioty taxi and limo lane and discount for parking and car care.

Airport Benefits

Get Priority Check-in, Priority Boarding and Priority Baggage Handling, Priority Airport Standby & Priority Airport Upgrades for you, your authorized users and up to 8 companions on the same flight (Only AirCanada)

Airport Lounge - Priority Pass

Pass only. No Complimentary visits!

Airport Lounge - Maple Leaf and AirCanada Cafes

Unlimited Access for you and one guest

Companion Voucher

Annual Worldwide Companion Pass from $99 to a max of $599 After spending $25,000 on your card

Free Extra Night at Hotels

Cardmembers can now get an extra night free for every 3 hotel nights redeemed with Aeroplan points.

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates*

Purchase:

21.99%²

Cash Advance:

21.99%²

Annual Fee*

$155.8

Annual Fee*

$599

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*

60,000 Aeroplan® points after spending over $7,500 on your Card within the first 3 months as a new American Express® Aeroplan® Reserve Cardmember, plus 25,000 Aeroplan® points when you spend $2,500 in month 13. Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.

Rewards Rate*

5x points per $1 spent in Restaurants, Fast Foods, Coffee Shops, Food delivery and Groceries up to 12500 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*

3x Aeroplan points per $1 spent on eligible Air Canada® and Air Canada Vacations® purchases
2x Aeroplan points per $1 spent on eligible dining & food delivery purchases
1.25x Aeroplan points per $1 spent on all other purchases

Loyalty Program*

American Express Membership Rewards

Loyalty Program*

Air Canada Aeroplan

Point Redemption Options*

Most Optimal

Transfer to Airline Partners

2.1¢ / point

Gift Cards

0.765¢ / point

Fixed Point Travel Program

1.66¢ / point

Transfer to Hotel Partners

1.66¢ / point

Statement Credits

1¢ / point

Amazon.ca

0.7¢ / point

Merchandise

0.63¢ / point

Point Redemption Options*

Most Optimal

Transfer to Airline Partners

2.1¢ / point

Gift Cards

0.765¢ / point

Travel

0.825¢ / point

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 are a frequent Air Canada traveler, having an Aeroplan card for perks like free checked bags and priority service can be very beneficial. Many financial institutions offer Aeroplan cards, but I don't believe the American Express version is the best one. Opting for another option might be better. However, the Amex card does have a very large sign-up bonus, making it a great choice for those specifically seeking that.

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

Generous rewards rate with up to 3 Aeroplan points per $1 spent on purchases, particularly beneficial for frequent flyers.
Enjoy free checked bags when flying with Air Canada, reducing travel costs.
Access to preferred pricing on Aeroplan flight awards, maximizing the value of your points.
Unlimited access to Maple Leaf lounges when flying with Air Canada, providing a more comfortable travel experience.
Extensive insurance coverage, including 11 types of insurance, offering peace of mind during your travels.

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

As an American Express card, it may have limited acceptance compared to other credit cards, potentially limiting its use in some places.
The most valuable rewards are generally tied to Air Canada flights, which may not appeal to travelers who fly with other airlines.
The card comes with a high annual fee of $599, which may be a consideration for budget-conscious users.
The unlimited lounge access is limited to Maple Leaf Lounges and Air Canada Cafe lounges which don't have a great worldwide coverage.

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American Express Cobalt® Card vs American Express® Aeroplan®* Reserve Card: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card has a significantly lower annual fee compared to the American Express Aeroplan Reserve Card. The Aeroplan Reserve Card also has higher income requirements, making it less accessible for average users. For those who meet the income criteria, the higher fee of the Reserve Card may be justified by its premium travel perks, but for many, the Cobalt Card offers better value at a lower cost.

Rewards Comparison

The Cobalt Card offers superior rewards for everyday spending, especially in dining and groceries, which makes it attractive for non-travel users. The Aeroplan Reserve Card, however, focuses on Air Canada purchases and dining, with rewards tailored for frequent flyers. While both cards offer substantial welcome bonuses, the Cobalt Card is more valuable for consistent, non-travel spenders, whereas the Reserve Card is ideal for those who frequently fly with Air Canada.

Reward Redemption Options

One of the biggest advantages of the Cobalt Card is the ability to transfer points to various airline partners, including Aeroplan. This makes it more versatile than the Aeroplan Reserve Card, which primarily restricts rewards to Aeroplan redemptions. The Cobalt’s flexibility, especially the ability to redeem for cashback or transfer to multiple partners, makes it a better option for those seeking diverse redemption opportunities.

Benefits and Insurance

Both cards offer strong insurance coverage, but the Aeroplan Reserve Card excels with premium travel benefits, such as unlimited access to Maple Leaf lounges, free checked bags, and priority airport services for Air Canada flights. In contrast, the Cobalt Card is more focused on everyday perks, without the high-end travel-specific benefits. The Reserve Card’s extensive travel perks cater specifically to frequent flyers, especially those who prefer flying with Air Canada.

Conclusion

For most users, the American Express Cobalt Card is a better choice due to its lower annual fee, excellent rewards on daily spending, and versatile redemption options, including the ability to transfer points to Aeroplan and other airline partners. However, frequent Air Canada travelers who can take advantage of the Aeroplan Reserve Card’s travel perks, like lounge access and priority services, may find the higher fee worth it.

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

^1,2 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%.