American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* 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

Simplii Financial™ Cash Back Visa* Card

4.2

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

$342.92

Welcome Bonus

$30

Annual Fee

First Year Value

$372.92

$342.92 in years after

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

Insurance Included*

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

Mobile Device Insurance

$1000

Insurance Included*

Purchase Protection

90 days

Extended Warranty

1 year

Extra Benefits*

American Express Experiences

Extra Benefits*

N/A

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates*

Purchase:

20.99%²

Cash Advance:

22.99%²

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:

$15,000

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*

10% cash back on eligible restaurants, food delivery and bar purchases for the first 4 months, up to $500†.

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*

4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
0.5% cashback on all other purchases†

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?

If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.

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 rate on restaurant purchases in Canada!
Decent cashback rate on high spent categories such as groceries and gas.
No annual fee for a card with great rewards.

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 insurance and benefits other than the standard purchase protection and extended warranty.
Cap on the rewards that can be earned on each category.

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American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* Card: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt® Card charges an annual fee, making it more suitable for those who can maximize its robust rewards program. Conversely, the Simplii Financial™ Cash Back Visa* Card has no annual fee, which is attractive for those seeking a cost-free option. Neither card has a minimum income requirement, making them accessible to a wide audience.

Rewards Comparison

The American Express Cobalt® Card offers higher rewards, especially for spending on dining and groceries, with a significant welcome bonus for new cardholders. The Simplii Financial™ Cash Back Visa* Card provides a solid cashback rate on dining, but this category has a yearly cap that many people quickly reach. Beyond dining, the other cashback categories, such as gas and groceries, are average in terms of rewards compared to the Cobalt card.

Redemption Options

The American Express Cobalt Card offers versatile redemption options, including travel bookings, merchandise, gift cards, and statement credits, allowing cardholders to tailor rewards to their preferences. These varied options provide flexibility but may come with different redemption values depending on the choice. In contrast, the Simplii Financial Cash Back Visa Card provides straightforward cashback rewards that are easily accessible and can be used for any expense. Cashback is inherently flexible and convenient, making it appealing to those who prefer simple and immediate reward utilization. Ultimately, the choice between diverse redemption possibilities and uncomplicated cashback depends on individual spending habits and reward preferences.

Benefits and Insurance Comparison

The American Express Cobalt® Card provides extensive insurance coverage, including travel insurance, and offers additional perks like access to exclusive events. The Simplii Financial™ Cash Back Visa* Card has more basic coverage, including purchase protection and an extended warranty, but lacks the comprehensive benefits of the Cobalt® Card. Those who value travel benefits and additional perks may find the Cobalt® Card more appealing.

Network Comparison

The American Express Cobalt® Card and the Simplii Financial™ Cash Back Visa* Card operate on different payment networks. Visa is widely accepted globally and in Canada. American Express, while accepted at many locations, has more limited acceptance, particularly at smaller retailers.

Conclusion

The American Express Cobalt® Card is ideal for individuals who prioritize high rewards and extensive benefits, particularly those who dine out frequently or travel often. In contrast, the Simplii Financial™ Cash Back Visa* Card is better suited for those who want a no-fee card with straightforward cashback on dining, though they should be aware of the spending limit on dining rewards and the average rewards in other categories. Additionally, those who need a card that’s widely accepted may find the Visa network more reliable.

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

^*This offer is not available for residents of Quebec. 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%.

² “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.