American Express Cobalt® Card vs Rogers Red 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

Rogers Red Mastercard®

4.5

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Finly Rebate

N/A

Finly Rebate

+$60 Cash Rebate from FinlyWealth

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

$720

Welcome Bonus

$90

Annual Fee

First Year Value

$810

$720 in years after

Based on $2,000/mo average spending and assuming you have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user. 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

Mobile Device Insurance

$1000

Purchase Protection

90 days

Extended Warranty

1 year

Insurance Included

Balance Protection

Minimum payments

Extra Benefits*

American Express Experiences

Extra Benefits

No Cost roaming

5 days

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

$60 cash back when you make a mobile wallet purchase within the first 90 days and 6 automatic payments within the first 8 months for your Rogers, Fido or Shaw postpaid service ($90 if redeemed for Rogers, Fido or Shaw purchases).

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

2% cashback on all purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
2% cashback on all U.S dollar purchases and 1% on all other eligible purchases if you do not have a qualifying Rogers, Fido or Shaw service
1.5x redemption bonus on your earned cash back value when used on Rogers, Fido and Shaw purchases – that’s a 3% cash back value

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?

This card is one of our top-ranked options in terms of rewards, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is a higher rate than almost any other card offers, even those with annual fees! If you have a high income of $80K or a household income of $150K, you can apply for the World Elite version of this card, which comes with additional insurance and benefits like a lounge pass.

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

Voted as the Best Cash Back Card in Canada for Rogers, Fido and Shaw Customers by FinlyWealth.
There is no annual fee, a notable perk for a card with such high reward multipliers. Most cards with slightly lower reward rates typically have annual fees.
Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing the value of your earned rewards.
The roam-like benefit is a benefit unique only to this card.
It is accepted at nearly all locations as it's a Mastercard.

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

No real insurance coverage (only balance protection), not even purchase protection or extended warranty which are pretty standard benefits for almost all credit cards.
Low rewards multiplier if you don't have an eligible Rogers, Shaw, or Fido service.

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American Express Cobalt® Card vs Rogers Red Mastercard®: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt® Card carries an annual fee, while the Rogers Red Mastercard® does not, making the latter an attractive option for those looking to avoid an extra yearly expense. Neither card has a specified minimum income requirement, making them accessible to a wide range of applicants. The Cobalt® Card’s fee might be justified for users who can fully leverage its robust rewards and benefits.

Rewards

In terms of rewards, the American Express Cobalt® Card significantly outperforms the Rogers Red Mastercard® for most spending categories, particularly in areas like dining and groceries. It also offers a substantial welcome bonus that could enhance the card's value in the first year. The Rogers Red Mastercard®, however, offers a straightforward cash-back program with a higher multiplier if you are a Rogers, Fido, or Shaw customer, making it a compelling choice for those who already use these services.

Reward Redemption Options

The American Express Cobalt Card offers a variety of redemption options, including transfers to airline and hotel partners, which can yield significant value for those who travel frequently. Additionally, points can be used for statement credits, gift cards, and merchandise, though the value may vary. The Rogers Red Mastercard does not offer a point redemption system but instead provides flexible cashback that can be used on anything, making it more straightforward and versatile for everyday expenses.

Benefits and Insurance

The American Express Cobalt® Card stands out with its comprehensive insurance coverage, including travel, purchase protection, and mobile device insurance, which the Rogers Red Mastercard® lacks. The Rogers Red Mastercard® does offer a unique roam-like-home benefit that is not available with the Cobalt® Card, but its overall insurance offering is minimal, limited to balance protection.

Conclusion

For users who prioritize high rewards in specific categories and comprehensive insurance coverage, the American Express Cobalt® Card is the better choice, despite its annual fee. It’s ideal for frequent travelers, diners, and those who value extensive insurance. However, the Rogers Red Mastercard® is better suited for individuals who prefer a no-fee card with simple, effective cashback rewards, especially if they are Rogers, Fido, or Shaw customers.

Annual Fees and Requirements
Rewards
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%.