American Express Cobalt® Card vs Tangerine Money-Back Credit 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

Tangerine Money-Back Credit Card

3.6

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

$274.73

Welcome Bonus

$100

Annual Fee

First Year Value

$374.73

$274.73 in years after

Based on $2,000/mo average spending and assuming you have a Tangerine Savings account. 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:

19.95%

Cash Advance:

19.95%

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

In the first 2 months, get a bonus 10% cash back up to $100

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

2% on the choice of two categories chosen from the 10 offered by Tangerine
0.5% cashback on all other credit card 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?

While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.

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

Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
Easy credit score requirements needed for this card.
Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.

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

Insurance coverage is the most basic.
Very low cashback rate on the other categories not selected.

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American Express Cobalt® Card vs Tangerine Money-Back Credit Card: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card comes with an annual fee, while the Tangerine Money-Back Credit Card does not charge one. This significant difference makes the Tangerine card an attractive option for those seeking a no-fee credit card. Both cards do not have specific income requirements, making them accessible to a broad audience.

Rewards Comparison

The American Express Cobalt Card offers higher rewards potential, especially for those who spend heavily in dining, groceries, and streaming services, thanks to its tiered points system. In contrast, the Tangerine Money-Back Credit Card provides straightforward cashback with the flexibility to choose categories, but its overall rewards potential is lower compared to the Cobalt Card. For those seeking maximum rewards, the American Express Cobalt Card stands out.

Reward Redemption Options

The American Express Cobalt Card provides a variety of redemption options, including travel, statement credits, and gift cards, with the potential for higher value when transferring points to airline or hotel partners. The Tangerine Money-Back Credit Card, on the other hand, offers cashback, which is more flexible and can be used on anything. If you prioritize ease of use and flexibility, the Tangerine card’s cashback is a clear winner.

Benefits and Insurance

The American Express Cobalt Card includes a comprehensive suite of benefits and insurance, such as travel insurance, purchase protection, and extended warranty, which far exceed the basic coverage offered by the Tangerine Money-Back Credit Card. For those who travel frequently or seek extensive insurance coverage, the Cobalt Card is the better choice.

Network Acceptance

The American Express Cobalt Card operates on the American Express network, which is not as widely accepted as Mastercard, the network for the Tangerine Money-Back Credit Card. Additionally, Mastercard is accepted at Costco and considers Walmart as a grocery store for rewards, unlike American Express. This makes the Tangerine card a card which can be relied on for all purchases, but for Cobalt it's always a good idea to carry a secondary card for merchants that don't accept it.

Conclusion

The American Express Cobalt Card is ideal for those who want to maximize rewards and benefit from extensive insurance coverage, particularly if they spend significantly on dining and travel. However, the Tangerine Money-Back Credit Card is better suited for those looking for a no-fee card with flexible cashback options and wider acceptance. Choose the card that aligns with your spending habits and preferred perks.

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