American Express Cobalt® Card vs RBC ION+ Visa: Which one is better?

American Express Cobalt® Card

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

RBC ION+ Visa

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

$418.24

RBC ION Avion

Welcome Bonus

$70

RBC ION Avion

Annual Fee

$48

First Year Value

$440.24

$370.24 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included*

Mobile Device Insurance

$1000

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

Insurance Included

Mobile Device Insurance

$1000

Purchase Protection

90 days

Extended Warranty

1 year

Extra Benefits*

American Express Experiences

Extra Benefits

Gas Discount

save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada

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%

Annual Fee*

$155.8

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

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 12,000 Avion points upon approval

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

3 points for every dollar in Grocery, Dining, Food Delivery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions Purchases
1 point for everything else

Loyalty Program*

American Express Membership Rewards

Loyalty Program

RBC ION Avion

Point Redemption Options*

Statement Credits

1¢ / point

Gift Cards

0.765¢ / point

Merchandise

0.63¢ / point

Most 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

Statement Credits

1¢ / point

Gift Cards

0.765¢ / point

Merchandise

0.63¢ / point

Most Optimal

Transfer to WestJet

1¢ / point

Travel

0.6¢ / point

Financial Products

0.83¢ / 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, 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?

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

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

Insurance coverage is very little for a card with annual fee. There are cards with no annual fee that offer even better benefits.
Avion reward points are generally not very flexible and not as valuable if not used for WestJet travel; therefore, if that's not your plan, there are many better cards that can be used.
The annual fee isn't justifiable based on the reward program this card offers.

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

Bonus saving of 3 cents per liter on gas at Petro-Canada stations.
12,000 avion points welcome bonus.

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TD® Aeroplan® Visa Infinite Privilege* Credit Card

vs TD® Aeroplan® Visa Infinite Privilege*

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vs BMO CashBack® World Elite® Mastercard®

vs CIBC Costco Mastercard

vs Scotia Momentum® Visa* Card

vs American Express® Aeroplan®* Card

vs American Express® Aeroplan®* Reserve Card

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Other Comparisons

vs RBC ION Visa

vs Simplii Financial™ Cash Back Visa* Card

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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.

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