American Express Cobalt® Card vs RBC ION+ Visa: Which one is better?
American Express Cobalt® Card
5
RBC ION+ Visa
4.2
Welcome Bonus*
Earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in purchases on your amex cobalt credit card in the first Year. That's up to 15,000 Membership Rewards® points.
Welcome Bonus*
Get up to $125 in groceries(1). Apply by September 9, 2025. Get 14,000 Avion points upon approval – that’s up to $100 of value in gift cards(1). Get 3,125 Moi points upon linking to your Moi Rewards card – a value of $25(1)
Our Cash Offer
N/A
Our Cash Offer
$50 Cash Rebate offer from FinlyWealth
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 a hypothetical $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$425.98
RBC Avion Premium
First Year Bonus Value
+
$140
RBC Avion Premium
Annual Fee
-
$48
Finly Rebate
+
$50Exclusive Offer
First Year Value
$567.98
$377.98 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
How to Earn Rewards*
- 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
How to Earn Rewards*
- Earn 3X Avion points for every $1 spent on groceries, dining, gas, food delivery, rideshare, streaming services and more2
- Earn 1X Avion point for every $1 spent on all other qualifying purchases2
Insurance Included*
Mobile Device Insurance
$1,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
Car Rental Damage & Theft
yes
Travel Accident
$250,000
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 daysFlight Delay
$500
Insurance Included*
Mobile Device Insurance
$1,000Extended Warranty
Up to a yearPurchase Protection
90 days
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*
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Gas Discount
Save 3¢/L instantly at the pump and get 20% more Petro-Points and 20% more Avion points
Extra points
Earn 1 extra Moi point for every $2 spent at participating Moi Rewards stores (minimum purchase required)Extra points
50 Be Well points for every $1 spent on eligible products at Rexall
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
20.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Annual Fee*
$155.88
Annual Fee*
$48
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Loyalty Program*
Loyalty Program*
Point Redemption Options*
Statement Credits (Cash)
1¢ / point
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
Amazon.ca
0.7¢ / point
Point Redemption Options*
Gift Cards
0.72¢ / pointMerchandise
0.7¢ / pointStatement Credits (Cash)
0.58¢ / pointMost Optimal
Transfer to WestJet
1¢ / point
Financial Products
0.83¢ / pointTravel
0.58¢ / 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 amex cobalt bonus 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?
This card is not by any means one of our favorite cards. For an annual fee it offers almost no notable benefits, with many no annual fee credit cards offering much more. The points earned are fine, but given the inflexibility of ION Avion points, it's very hard to get good value for the points earned, and it's much easier to earn more and do the same with some other credit card reward programs.
Pros
- Amex cobalt credit card 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 amex cobalt bonus points of up to 15,000
- 4+ different ways of redeeming your points for great value
- 10 different types of insurance, including travel
- Excellent Amex cobalt bonus offers
- Often referred to as the Best Credit Card in Canada
Pros
- Save on fuel at Petro-Canada locations, with an overall 7 cents per litre value
- Great welcome bonus offer
- 3x points per $1 spent on high spend categories
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
- The ION Avion membership isn't quite as flexible as regular Avion
- Insurance coverage is very limited
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American Express Cobalt® Card vs RBC ION+ Visa: 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 RBC ION+ Visa. Both cards do not have a minimum income requirement, making them accessible to a wide range of applicants. However, the difference in annual fees should be considered based on how much you value the rewards and benefits offered by each card.
Rewards Comparison
The American Express Cobalt® Card offers significantly higher rewards, especially in categories like dining, groceries, and travel. It also has a more substantial welcome bonus. In contrast, the RBC ION+ Visa offers fewer rewards overall, though it does provide points for everyday purchases like groceries and gas. The Cobalt® Card is more suitable for those who spend heavily in its bonus categories, while the ION+ Visa is better for moderate spenders looking for a low-cost option.
Reward Redemption Options
When it comes to redeeming rewards, the American Express Cobalt Card offers more flexibility and potentially higher value. It allows you to redeem points for statement credits, travel, gift cards, merchandise, and even transfer to airline and hotel partners, providing multiple ways to maximize the value of your points. On the other hand, while the RBC ION+ Visa also offers various redemption options, including travel, financial products, and gift cards, its point value is generally lower, and the redemption flexibility is not as robust as the Cobalt Card. For users who prefer straightforward and high-value redemptions, the Cobalt Card's options are superior, especially since statement credits offer greater flexibility compared to other forms of redemption.
Benefits and Insurance
The American Express Cobalt® Card offers more extensive benefits, including a wider range of travel insurance options and additional perks like exclusive experiences. The RBC ION+ Visa includes some basic insurance and a modest gas discount, but its benefits are limited in comparison. For those who prioritize insurance coverage and unique perks, the Cobalt® Card is the better choice.
Network Differences
The Cobalt® Card, being an American Express, is not as widely accepted as the RBC ION+ Visa, which is a Visa card. Visa is generally accepted almost everywhere, whereas American Express is not. If acceptance and flexibility in spending locations are crucial to you, the RBC ION+ Visa may be more convenient.
Conclusion
For most users, the American Express Cobalt® Card is the better option due to its superior rewards, benefits, and insurance coverage, despite the higher annual fee. However, those who prefer a lower-cost card with broader acceptance might find the RBC ION+ Visa to be a better fit.
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