American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* Card: Which one is better?
American Express Cobalt® Card
Simplii Financial™ Cash Back Visa* Card
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
Earn 8% cash back† for your first 3 months up to $1,000 eligible spend.
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
$337.19
First Year Bonus Value
+
$7.29
Annual Fee
-
$0
Finly Rebate
+
$50Exclusive Offer
First Year Value
$394.48
$337.19 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
- 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†
Insurance Included
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
Mobile Device Insurance
$1,000
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 daysFlight Delay
$500
Insurance Included
Extended Warranty
Up to 1 yearPurchase Protection
Up to 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
N/A
Interest Rates
Purchase:
21.99%1
Cash Advance:
21.99%1
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 29.99%.
Interest Rates
Purchase:
20.99%2
Cash Advance:
22.99%2
Balance Transfer:
22.99%2
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.
Annual Fee
$155.88 (paid monthly)⁕
⁕ For Quebec residents, $150/year.
⁕ IMPORTANT NOTICE: Effective November 5, 2025, the monthly fee for non-Quebec residents will increase to $15.99 per month ($191.88 annually), and the annual fee for Quebec residents will increase to $191.88 per year.
Annual Fee
$0
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
$15,000
Min Household Income:
$15,000
Loyalty Program
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 (Cash)
1¢ / point
Gift Cards
0.91¢ / 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, 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?
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
- 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
- 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.
vs Marriott Bonvoy® American Express®* Card
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vs CIBC Aeroplan® Visa Infinite* Card
vs BMO CashBack® World Elite® Mastercard®
vs Tangerine Money-Back Credit Card
vs Amazon.ca Rewards Mastercard®
vs SimplyCash™ Preferred Card from American Express
vs TD First Class Travel® Visa Infinite* Card
vs TD® Aeroplan® Visa Infinite Privilege*
vs Scotia Momentum® Visa Infinite* Card
vs MBNA Rewards World Elite® Mastercard®
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vs Neo Mastercard®
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vs Walmart Rewards™ World Mastercard®
vs Walmart Rewards™ Mastercard®
vs Rogers World Elite® Mastercard®
vs Scotiabank Passport® Visa Infinite* Card
vs RBC ION Visa
vs Scotiabank Gold American Express® Card
vs Rogers Red Mastercard®
vs TD Aeroplan® Visa Infinite* Card
vs SimplyCash® Card from American Express
vs Scotia Momentum® Visa* Card
vs CIBC Costco Mastercard
vs CIBC Aeroplan® Visa Infinite* Card
vs BMO CashBack® World Elite® Mastercard®
vs Tangerine Money-Back Credit Card
vs Amazon.ca Rewards Mastercard®
vs SimplyCash™ Preferred Card from American Express
vs Scotia Momentum® Visa Infinite* Card
vs MBNA Rewards World Elite® Mastercard®
vs PC World Elite Mastercard
vs American Express® Green Card
vs RBC ION+ Visa
vs Rogers World Elite® Mastercard®
vs Rogers Red Mastercard®
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.
Legal
*Terms and conditions apply.
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 29.99%.
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.
†Terms and conditions apply. Click ‘Apply Now’ for complete details. Banking services are not available in Quebec.
This offer applies to the Simplii Financial Cash Back Visa Card. You can qualify for this offer if you apply and are approved for a new eligible card beginning May 14, 2025.
This 8% cash back offer (applies an incremental 4% cash back to the 4% cash back already awarded) on eligible restaurant, bar and coffee shop purchases and is available to new cardholders who apply and are approved for the Simplii Financial Cash Back Visa Card beginning May 14, 2025. The 4% incremental cash back applies on eligible restaurant, bar and coffee shop purchases made during your first 3 monthly statement periods beginning from your account open date or $1,000 in total restaurant, bar and coffee shop purchases (equal to $40 bonus cash back), whichever comes first. This offer will not result in any changes to the 4% cash back already earned on restaurant, bar and coffee shop purchases, and those purchases will be included within the $5,000 annual spend limit that earns 4% cash back.
This offer may be withdrawn or changed without prior notice at any time. Simplii Financial may, in its sole discretion, disqualify, limit or revoke this offer if you are believed to be abusing or manipulating it, or engaging in any suspicious or fraudulent activity. Simplii Financial may approve your application, but you are not eligible to receive this offer if you have opened or cancelled a Simplii Financial Cash Back Visa Card within the last 12 months.
*“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.