Neo World Elite® Mastercard® vs American Express Cobalt® Card: Which one is better?
Neo World Elite® Mastercard®
4.6
American Express Cobalt® Card
5
Welcome Bonus
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
Our Cash Offer
$100 Cash Rebate offer from FinlyWealth
Our Cash Offer
N/A
Rewards Breakdown
Annual Rewards
$623.18
First Year Bonus Value
+
$0
Annual Fee
-
$125
Finly Rebate
+
$100Exclusive Offer
First Year Value
$598.18
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
While the first year bonus value here may show $0, the actual welcome bonus offer for this credit card is Up to 15,000 points, which we value at $315 when you meet the minimum spending or other listed requirements. The value of $0 here was derived based on numbers in the spending inputs and whether you meet the minimum listed requirements.
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.
How to Earn Rewards
- 5% cash back on grocery purchases up to $1,000 spending per month (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $500 spending per month (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on EV charging and gas purchases up to $1,000 spending per month (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases with no spending caps
- 5% average cash back at Neo Partners
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
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
- Read more here
Insurance Included
Lost or Stolen Baggage
$1,000
Baggage Delay
$1,000.svg)
Car Rental Damage & Theft
Yes
Extended Warranty
1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
Up to $1,000,000Flight Delay
$500
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child.svg)
Car Rental Personal Effects
$1,000
Trip Cancellation
$1,000
Trip Interruption
$1,000
Insurance Included*
Lost or Stolen Baggage
$500Baggage Delay
$500Car Rental Damage & Theft
yesExtended Warranty
Up to 1 yearPurchase Protection
90 daysHotel Burglary Insurance
$500Emergency Out of province Medical
15 daysFlight Delay
$500
Travel Accident
$250,000
Mobile Device Insurance
$1,000
Extra Benefits
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
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™
Interest Rates
Purchase:
19.99% - 26.99% (or 19.99% - 23.99% in Newfoundland and Quebec)
Cash Advance:
22.99% - 28.99%
Balance Transfer:
N/A
Interest Rates*
Purchase:
21.99%2
Cash Advance:
21.99%2
Annual Fee
$125
Annual Fee*
$155.88
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Loyalty Program
N/A
Loyalty Program*
Point Redemption Options
Not Applicable
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
Is this card worth it?
This card offers one of the highest cash back rates in Canada for gas (up to 4%), grocery (up to 7%) and recurring purchases (up to 5%) which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, for a typical person who's spending is generally below $12k per year in grocery, $6k per year in recurring bills and $12k per year in gas then you'll be doing pretty well, especially with the great insurance and benefit offers.
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.
Pros
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
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
Cons
- High income requirements of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
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
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