American Express Cobalt® Card vs Scotia Momentum® Visa Infinite* Card: Which one is better?

American Express Cobalt® Card

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Scotia Momentum® Visa Infinite* Card

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Finly Rebate

N/A

Finly Rebate

+$100 +$150 Cash Rebate from FinlyWealth

Expires Oct 31, 2024

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

$396.83

Welcome Bonus

$200

Annual Fee

$120

First Year Value

$596.83

$276.83 in years after

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

Insurance Included*

Emergency Out of province Medical

$5M/insured Person Up to 15 days

Flight Delay

$500

Baggage Delay

$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

Hotel Burglary Insurance

$500

Insurance Included

Emergency Out of province Medical

$5M/insured Person Up to 15 days

Flight Delay

$500

Baggage Delay

$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

Trip Interruption

$2,000

Trip Cancellation

$1,500

Extra Benefits*

American Express Experiences

Extra Benefits

Car Rental Discount

25% off base rate of Avis Rent A Car and Budget Rent A Car

Visa Infinite Exclusive Benefits

Yes

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

$120

First Year Waived

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required

Min Personal Income:

$60,000

Min Household Income:

$100,000

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

Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year, including on additional cards.

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

4% cashback on groceries, recurring payments (maximum $1000 cashback per year)
2% cashback on gas, daily transit (maximum $500 cashback per year)
1% cashback on all other credit card purchases (unlimited).

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?

The 4% cashback offered on groceries and recurring purchases is the highest among all other credit cards. With the first year's annual fee waived, and with the right transactions used on this credit card, a high amount of cashback could be earned.

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

Highest Cashback rates on Groceries and Recurring purchases compared to other cashback credit cards.
High insurance coverage.
First year annual fee waived.

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 base cashback rate (1%) is low for most high spent categories, especially after the first year when the card's annual fee kicks in.

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American Express Cobalt® Card vs Scotia Momentum® Visa Infinite* Card: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card and the Scotia Momentum Visa Infinite* Card have annual fees that are comparable, though slightly different. The Cobalt card has a marginally higher annual fee but does not have explicit income requirements, making it accessible to a broader range of applicants. On the other hand, the Scotia Momentum Visa Infinite* Card has a slightly lower annual fee, but it does require a minimum personal or household income, which may limit eligibility for some potential users.

Rewards Comparison

The rewards structure of the American Express Cobalt Card is highly attractive, particularly for those who spend heavily on dining, groceries, and streaming services, offering significant points multipliers in these categories. The Scotia Momentum Visa Infinite* Card, while also competitive, primarily excels in offering high cashback rates on groceries and recurring payments. The American Express Cobalt Card generally provides greater overall rewards value for most users, especially for those who can maximize spending in its top categories.

Reward Redemption Options

American Express Membership Rewards points can be redeemed in various ways, including transferring to airline or hotel partners, using them for travel through Amex, or for statement credits. This flexibility often provides higher value compared to the cashback model of the Scotia Momentum card, which, while straightforward and usable on any purchase, lacks the potential for higher-value redemptions found in the Cobalt card's point system.

Benefits and Insurance

Both cards offer comprehensive insurance packages, including emergency medical, travel accident, and car rental insurance. However, the Scotia Momentum® Visa Infinite* Card stands out by also including trip cancellation and interruption insurance, which the American Express Cobalt Card lacks. Additionally, American Express offers exclusive perks through its Amex Experiences, which might appeal to those who frequently attend events or seek unique experiences.

Acceptance and Network

The American Express Cobalt® Card is part of the American Express network, which, while offering excellent perks, is less widely accepted compared to Visa. The Scotia Momentum® Visa Infinite* Card benefits from the broader acceptance of the Visa network, making it a more practical choice for those who prioritize widespread usability.

Conclusion

For most users, the American Express Cobalt® Card is likely the better option due to its superior rewards structure, especially for those who spend significantly on dining and entertainment. However, those who prioritize cashback on groceries and recurring payments or need broader card acceptance should consider the Scotia Momentum® Visa Infinite* Card. Additionally, if trip cancellation and interruption insurance are important, the Scotia card provides an extra layer of coverage that the Amex card does not.

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