American Express Cobalt® Card vs Amazon.ca Rewards 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

Amazon.ca Rewards Mastercard®

3.1

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

$251.84

Welcome Bonus

$150

Annual Fee

First Year Value

$401.84

$251.84 in years after

Based on $2,000/mo average spending and assuming you are an Amazon Prime member as the primary account holder. Calculate your rewards.

Insurance Included*

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

Travel Accident

$250,000

Car Rental Damage & Theft

$85K up to 48 days

Mobile Device Insurance

$1000

Insurance Included

Purchase Protection

90 days

Extended Warranty

1 year

Extra Benefits*

American Express Experiences

Extra Benefits

Car Rental Discount

10% off base rate of Avis Rent A Car and Budget Rent A Car

Trip and legal Assistance

Yes

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates

Purchase:

19.99%

Cash Advance:

22.99%

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

Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants for up to 6 months. Up to $150 cashback on top of the normal cashback earned.

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

2.5% cashback on Amazon.ca, Whole Foods and foreign currency transactions IF a prime member
Only 1.5% on Amazon.ca and Whole foods and 1% on foreign currency transactions IF not a prime member
1% cashback on everything else

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 are a Prime member and want to maximize your cashback on your Amazon purchases, then this card is the best option for that specific purchase category. However, for other purchases, many other cards offer better benefits and rewards.

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

If you are a Prime member, the 2.5% cashback offered on Amazon purchases is unbeatable in terms of rewards compared to other credit cards.
The 2.5% cashback on all foreign currency transactions helps to offset the extra 2.5% fee.

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

It offers very little on non-Amazon and non-Whole Foods purchases, with many other well-rounded credit cards out there that offer much more.
Very limited benefits.

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American Express Cobalt® Card vs Amazon.ca Rewards Mastercard®: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card has an annual fee, while the Amazon.ca Rewards Mastercard does not. This difference makes the Amazon.ca card a more attractive option for those looking to avoid annual fees. However, the American Express Cobalt Card might justify its fee with higher rewards and benefits, making it suitable for those who can maximize these perks. Neither card has a specified income requirement, making them accessible to a broad range of applicants.

Rewards Comparison

The American Express Cobalt Card offers significantly higher rewards, especially in specific categories like dining and groceries, compared to the Amazon.ca Rewards Mastercard. The welcome bonus on the Cobalt Card is also higher, making it potentially more lucrative in the first year. In contrast, the Amazon.ca card offers decent cashback, particularly for Amazon Prime members, but falls short in overall rewards compared to the Cobalt Card.

Reward Redemption Options

The American Express Cobalt Card provides various redemption options, including transfers to airline and hotel partners, which can offer excellent value. It also allows for statement credits and gift cards, though at a lower value per point. The Amazon.ca Rewards Mastercard is straightforward, offering cashback that can be easily used for any purchase, making it more flexible but potentially less rewarding than the points system of the Cobalt Card.

Benefits and Insurance

The American Express Cobalt Card comes with extensive benefits and insurance, including travel insurance, purchase protection, and exclusive access to events through American Express Experiences. In contrast, the Amazon.ca Rewards Mastercard offers more basic benefits, with fewer insurance options and no unique perks beyond cashback. This makes the Cobalt Card a better choice for those who value comprehensive coverage and additional benefits.

Conclusion

The American Express Cobalt Card is generally better for users who can take advantage of its higher rewards, extensive benefits, and flexible redemption options. It is especially suited for those who spend significantly in its high-reward categories. On the other hand, the Amazon.ca Rewards Mastercard is a solid option for Amazon Prime members or those who prefer a no-fee card with simple cashback, particularly if they frequently shop on Amazon.ca.

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 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%.