American Express Cobalt® Card vs BMO CashBack® World Elite® Mastercard®: Which one is better?

American Express Cobalt® Card

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

BMO CashBack® World Elite® Mastercard®

4.2

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

$490.46

Welcome Bonus

$190

Annual Fee

$120

First Year Value

$680.46

$370.46 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

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

Extra Benefits*

American Express Experiences

Extra Benefits

Airport Lounge - Dragon Pass

Pass only, complimentary visits not included

Roadside Assistance

Includes free battery boosts, flat-tire change, lockout service and towing

Car Rental Discount

25% off base rate of participating National Car Rental and Alamo Rent a Car

Gas Discount

Get up to seven cents off per litre on Shell® fuel

Hotel Booking Discount

Save up to 7% on your Booking.com prepaid hotel or property rental bookings

Boingo Wi-Fi hotspot

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates

Purchase:

20.99%

Cash Advance:

23.99%

Annual Fee*

$155.8

Annual Fee

$120

First Year Waived

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required

Min Personal Income:

$80,000

Min Household Income:

$150,000

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

Get up to 10% cash back in your first 3 months with an incremental cashback value of $200

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

5% cashback on groceries (maximum $25 per statement)
4% cashback on daily transit (maximum $12 per statement)
3% cashback on gas (maximum $9 per statement)
2% cashback on recurring payments (maximum $10 per statement)
1% cashback 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?

If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.

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

Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
Includes roadside assistance, a rare but valuable benefit for people on the road.
Provides a comprehensive list of insurance coverage and benefits.
High first-year value.

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

Does not include restaurant purchases as a reward category, which is one of the most important spending categories.

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American Express Cobalt® Card vs BMO CashBack® World Elite® Mastercard®: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card and the BMO CashBack World Elite Mastercard have different annual fees, with the Amex card being higher. The Cobalt Card has no specific income requirement, making it more accessible. In contrast, the BMO CashBack World Elite Mastercard requires a higher personal or household income, which may restrict eligibility to higher earners.

Rewards Comparison

The American Express Cobalt Card is ideal for those who frequently spend on dining and groceries, offering accelerated rewards in these categories. The BMO CashBack World Elite Mastercard focuses on everyday spending, especially on groceries and gas, providing straightforward cashback rewards. While the Cobalt Card can generate higher rewards, particularly in its first year, the BMO card’s cashback structure offers simplicity and reliability.

Reward Redemption Options

The Cobalt Card provides flexible redemption options, including transferring points to airline and hotel partners, making it a great choice for frequent travelers. It also allows redemption for statement credits and gift cards. On the other hand, the BMO CashBack World Elite Mastercard offers cashback, which is more versatile since it can be used for any expense, catering to those who prefer flexibility and ease of use.

Benefits and Insurance

The BMO CashBack World Elite Mastercard excels in benefits and insurance, offering unique perks like roadside assistance, which is rare among credit cards. Additionally, it includes a lounge pass, Wi-Fi access, gas and hotel booking discounts, which collectively outweigh the American Express Cobalt Card’s experience benefits. These features make the BMO card particularly attractive to travelers and drivers who value comprehensive support and discounts.

Network Acceptance

The American Express Cobalt Card, part of the Amex network, is less widely accepted compared to Mastercard, which powers the BMO CashBack World Elite. This broader acceptance includes major retailers like Costco, where Amex is not accepted. The Mastercard network also treats Walmart as a grocery store for rewards, which is another advantage over Amex.

Conclusion

The BMO CashBack World Elite Mastercard is better suited for individuals who prioritize robust benefits and insurance, especially those who value roadside assistance and travel perks like lounge access and hotel discounts. Its cashback rewards system, combined with the wider acceptance of Mastercard, makes it ideal for those who frequently shop at places like Costco.

Meanwhile, the American Express Cobalt Card remains a strong choice for those who spend heavily on dining and travel, particularly if they value point flexibility and maximizing rewards.

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