American Express Cobalt® Card vs MBNA Rewards World Elite® Mastercard®: Which one is better?
American Express Cobalt® Card
5
MBNA Rewards World Elite® Mastercard®
5
Finly Rebate
N/A
Finly Rebate
Rewards Breakdown
Annual Rewards
$1,096.08
American Express Membership Rewards
First Year Bonus Value
$315
American Express Membership Rewards
Annual Fee
$155.88
First Year Value
$1,255.2
$940.2 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$657.62
MBNA Rewards
First Year Bonus Value
$300
MBNA Rewards
Annual Fee
$120
Finly Rebate
$120Exclusive Offer
First Year Value
$957.62
$537.62 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
Car Rental Damage & Theft
yes
Travel Accident
$250,000
Mobile Device Insurance
$1,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Emergency Out of province Medical
15 daysFlight Delay
$500
Hotel Burglary Insurance
$500
Insurance Included*
Lost or Stolen Baggage
$1000/personBaggage Delay
$1000/personCar Rental Damage & Theft
31 daysTravel Accident
$1,000,000Mobile Device Insurance
$1000Extended Warranty
Up to a yearPurchase Protection
Up to 90 daysEmergency Out of province Medical
$2M for 21 daysFlight Delay
$500/person after 4 hours
Extra Benefits*
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Travel Credit
Book two or more consecutive nights at participating properties through The Hotel Collection with American Express Travel to receive a $100 credit for amenities or a complimentary room upgrade, if available.
Amex Experiences™
Access Front Of The Line® Amex Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with Amex Experiences™
Extra Benefits*
Price Protection
$500/item, $1000/account per year
Car Rental Discount
10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally
Trip and legal Assistance
Annual Birthday Bonus
10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 15,000 bonus points per year).svg)
Concierge Services
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
19.99%
Cash Advance:
24.99%
Balance Transfer:
22.99%
Annual Fee*
$155.88
Annual Fee*
$120
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*
20,000 bonus points†† (approximately $165 in cash back value) after you make $2,000 or more in eligible purchases within the first 90 days of your account opening. 10,000 bonus points††(approximately $80 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening. This offer is not available for residents of Quebec.
Rewards Rate*
- 5x points per $1 spent on eligible eats and drinks in Canada, including groceries and food delivery (up to 12,500 points per month)
- 3x points per $1 spent on eligible streaming subscriptions in Canada
- 2x points per $1 spent on eligible gas, transit & ride share in Canada
- 1x point per $1 spent on all other purchases
Rewards Rate*
- Earn 5 points‡ for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $50,000 is spent annually in the applicable category.
- 1 point‡ for every $1 on all other eligible purchases.
- Each year, you will receive Birthday Bonus Points‡ equal to 10% of the total number of Points the Account earned in the 12 months before the month of the primary cardholder's birthday, to a maximum Birthday Bonus each year of 15,000 Points.
Loyalty Program*
Loyalty Program*
Point Redemption Options*
Gift Cards
0.91¢ / point
Merchandise
0.63¢ / pointMost Optimal
Transfer to Airline Partners
2.1¢ / point
Fixed Point Travel Program
1.66¢ / point
Transfer to Hotel Partners
1.66¢ / point
Statement Credits (Cash)
1¢ / point
Amazon.ca
0.7¢ / point
Point Redemption Options*
Gift Cards
0.85¢ / pointMerchandise
0.8¢ / pointMost Optimal
Travel
1¢ / pointStatement Credits (Cash) - World Elite
0.83¢ / pointStatement Credits (Cash) - Platinum
0.5¢ / 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, this card has a good benefits coverage, a flexible points redemption program (1:1 transfer to Aeroplan® or Avios), making it the best candidate to become the main credit card for the majority of people.
Is this card worth it?
The MBNA Rewards World Elite® Mastercard® is one of the best reward credit cards in Canada, offering high rewards on frequently spent categories such as groceries and restaurant purchases. The annual birthday bonus, unique to this card, also provides a significant boost to your yearly earnings. Additionally, the card features a comprehensive list of benefits, including price protection—a rare and valuable perk not found with many other cards in Canada. These factors make this card one of the best to have in Canada.
Pros
- Points can be transferred to Air Canada Aeroplan® at a 1:1 ratio, making this card a solid Aeroplan® points earner as an alternative to Aeroplan® branded credit cards
- 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
- Both restaurants and groceries, two of the most commonly spent categories, earn the most rewards.
- Great annual birthday bonus with up to $150 in value.
- A solid list of travel insurance and benefits.
- Price protection, a rare feature not offered by many other cards.
- Good value for many of the card's redemption options.
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
- Trip cancellation and interruption insurance, two great benefits are missing from this card.
- Not the best card for gas purchases.
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American Express Cobalt® Card vs MBNA Rewards World Elite® Mastercard®: When to go for one over the other
Annual Fees and Requirements
The American Express Cobalt Card and the MBNA Rewards World Elite Mastercard both have comparable annual fees. However, while the Amex Cobalt Card does not have any specific income requirements, the MBNA Rewards World Elite Mastercard requires a minimum personal income or a minimum household income. This makes the MBNA card less accessible for some individuals, but it may appeal to those who meet the income criteria and are looking for a high-earning rewards card.
Rewards Comparison
The American Express Cobalt Card offers a strong rewards program, particularly for spending in categories like restaurants, grocery stores, and streaming services. The MBNA Rewards World Elite Mastercard also offers high rewards on groceries and dining, with a unique annual birthday bonus that boosts your yearly earnings. However, the overall yearly rewards potential with the Cobalt Card is generally higher, especially if your spending aligns with its top-earning categories. The reason Cobalt earns more is the higher value of American Express points and the coverage of gas and streaming service subscription categories by Cobalt.
Reward Redemption Options
When it comes to redeeming rewards, the American Express Cobalt Card offers more flexible and valuable options, particularly through point transfers to airline partners and other travel-related redemptions. Cashback options are available but offer lower value. The MBNA Rewards World Elite Mastercard also provides various redemption options, including travel and statement credits, but the overall value per point is generally lower compared to the Cobalt Card. For those seeking flexibility and higher value in their redemptions, the Cobalt Card is the better choice.
Benefits and Insurance
Both cards come with a robust set of benefits and insurance options, including travel-related protections and purchase insurance. However, the MBNA Rewards World Elite Mastercard offers a unique price protection feature that is not available with the Amex Cobalt Card. This can be a valuable perk for cardholders who frequently make large purchases and want added financial security.
Acceptance and Network
The American Express Cobalt Card, being an Amex product, is less widely accepted compared to the MBNA Rewards World Elite Mastercard, which is part of the Mastercard network. Mastercard is accepted at more locations across Canada, including Costco, and also treats Walmart as a grocery store, which is not the case with Amex. This makes the MBNA card more versatile for everyday spending in a wider range of locations.
Conclusion
For most users, the American Express Cobalt Card is likely the better choice due to its higher rewards potential, especially for those who spend significantly in its top-earning categories. However, the MBNA Rewards World Elite Mastercard is better suited for individuals who value broader acceptance, the unique price protection feature, and can meet the income requirements. Additionally, the MBNA card's annual birthday bonus may appeal to those looking for an extra boost to their rewards.
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