American Express Cobalt® Card vs SimplyCash® Card from American Express: Which one is better?

American Express Cobalt® Card

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

SimplyCash® Card from American Express

3.5

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

$301.46

Welcome Bonus

$100

Annual Fee

First Year Value

$401.46

$301.46 in years after

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

Insurance Included*

Travel Accident

$250,000

Purchase Protection

90 days

Extended Warranty

1 year

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

Car Rental Damage & Theft

$85K up to 48 days

Mobile Device Insurance

$1000

Insurance Included*

Travel Accident

$250,000

Purchase Protection

90 days

Extended Warranty

1 year

Extra Benefits*

American Express Experiences

Extra Benefits*

American Express Experiences

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates*

Purchase:

21.99²

Cash Advance:

21.99²

Annual Fee*

$155.8

Annual Fee*

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*

Earn a $10 statement credit for each monthly billing period in which you spend $300 on your SimplyCash® Card from American Express during your first 10 months as a new Cardmember. This can total up to $100 in statement credits within the first 10 months. This offer is not available to current or former Cardmembers of this Card. Additional 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*

2% cash back on gas and groceries (up to $15,000 in purchases combined)
1.25% cash back on all other purchases

Loyalty Program*

American Express Membership Rewards

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

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?

The SimplyCash® Card from American Express stands out for its no annual fee and strong cash-back earning potential, offering up to $100 in statement credits within the first 10 months. What makes it even more appealing are the unique perks, such as early access to concert tickets and extra layers of security for online shopping. These extra benefits, along with the affordability, make it a strong contender for those looking for a reliable cash-back card with no annual fee. It's an excellent choice for everyday spending while still enjoying exclusive Amex advantages.

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

No annual fee: The card does not charge an annual fee, making it accessible and cost-effective.

Attractive cash-back rates: Offers a solid structure for earning cash-back on eligible purchases.

Exclusive Amex perks: Provides benefits such as access to concert tickets and enhanced security for online shopping.

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

High-interest rates: Carries higher interest rates on purchases and cash advances.

Annual cash-back cap: Limits the total amount of cash-back you can earn within a year.

Limited travel and shopping insurance: The card lacks comprehensive travel and shopping coverage compared to other premium cards.

American Express acceptance: Amex is not accepted as widely as Visa or Mastercard.

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American Express Cobalt® Card vs SimplyCash® Card from American Express: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card carries an annual fee, while the SimplyCash Card has no annual fee. Neither card has specific income requirements, which makes both accessible to a wide range of applicants. However, the Cobalt Card’s fee may be justified for individuals who can maximize its rewards and benefits.

Rewards Comparison

The American Express Cobalt Card offers higher rewards on categories like dining, groceries, and streaming services, making it ideal for those with significant spending in these areas. In contrast, the SimplyCash Card provides straightforward cash-back rewards, with a higher rate on gas and groceries, but lower overall returns. The welcome bonuses also differ, with the Cobalt Card providing more long-term value for higher spenders, while the SimplyCash Card offers a modest bonus tied to lower spending.

Reward Redemption Options

The Cobalt Card offers flexible redemption through American Express Membership Rewards, which can be transferred to airline and hotel partners for enhanced value. Other redemption options include travel, merchandise, and statement credits. SimplyCash Cardholders, on the other hand, benefit from the simplicity of cash-back rewards, which are more versatile and can be used for anything, but lack the added value seen in point transfers for travel.

Benefits and Insurance

The Cobalt Card includes a wide range of insurance coverages, such as travel medical, flight delay, and mobile device insurance, which are more comprehensive than the SimplyCash Card's limited options. The Cobalt Card’s unique benefits, such as more robust travel insurance, make it a better option for frequent travelers. SimplyCash Cardholders still get perks like purchase protection and extended warranty but lack extensive travel benefits.

Conclusion

The American Express Cobalt Card is ideal for people who spend heavily in categories like dining and travel, and those who want to take advantage of premium benefits. On the other hand, the SimplyCash Card is a great choice for low spenders, individuals who don’t dine out often, and those who prefer a no-fee card with straightforward cash-back rewards on everyday purchases.

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