American Express Cobalt® Card vs SimplyCash™ Preferred 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™ Preferred Card from American Express

4.5

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

$513.59

Welcome Bonus

$400

Annual Fee

$119.88

First Year Value

$793.71

$393.71 in years after

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

Mobile Device Insurance

$1000

Purchase Protection

90 days

Extended Warranty

1 year

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

Mobile Device Insurance

$1000

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:

21.99%²

Cash Advance:

21.99%²

Annual Fee*

$155.8

Annual Fee*

$119.88

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*

You can earn a $40 statement credit for each monthly billing period in which you spend $750 on purchases with your card during the first 10 months.

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*

4% cash back on gas
4% cash back on groceries (maximum $1,200 annually)
2% cash back on all other credit card 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 Simply Cash Preferred is one of the best cashback credit cards in Canada. The base cashback rate of 2% is great for all purchases, but the 4% on groceries and gas, which are two of the highest expenses for most people is the cherry on top of their great cashback program.

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 groceries and gas in Canada
Great base cashback rate for all purchases

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

For a card with an annual fee, the insurance coverage could have been higher
American Express has a lower merchant acceptance compared to Visa or Mastercard

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

Annual Fees and Requirements

The American Express Cobalt Card has a higher annual fee compared to the SimplyCash Preferred Card from American Express. Both cards have no specific income requirements, making them accessible to a wide range of applicants. The difference in fees may influence your choice depending on the value you place on the rewards and categories each card offers.

Rewards Comparison

The Cobalt Card excels in offering points-based rewards, particularly in categories like dining, groceries, and streaming services, making it more suitable for those who frequently spend in these areas. The SimplyCash Preferred Card, on the other hand, offers a straightforward cashback structure with high rewards on groceries and gas, which are common expenses for most people. While the Cobalt Card typically delivers higher annual rewards, the SimplyCash card’s simplicity and competitive cashback rates make it an attractive option for those who prefer a no-fuss rewards system.

Reward Redemption Options

With the Cobalt Card, you can redeem points for travel, gift cards, statement credits, and more. The value of points can vary depending on the redemption method, with travel generally offering the best return. The SimplyCash Preferred Card simplifies this by providing cashback, which can be used for any purchase, offering more flexibility and ease of use for those who prefer cash rewards over points.

Benefits and Insurance

Both the Cobalt Card and SimplyCash Preferred Card offer identical benefits and insurance coverage, including access to the American Express Experiences program, which provides exclusive events and perks. Since the benefits and insurance are the same, they do not play a deciding role in choosing between these two cards.

Conclusion

The American Express Cobalt Card is ideal for those who spend significantly on dining, groceries, and streaming services and who are looking for flexible point redemption options. On the other hand, the SimplyCash Preferred Card is better suited for individuals who prefer a straightforward cashback system with excellent rewards on everyday purchases like groceries and gas. Your choice should depend on your spending habits and whether you prefer managing points or receiving cash back directly.

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%.