American Express Cobalt® Card

SimplyCash® Card from American Express

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American Express Cobalt® Card vs SimplyCash® Card from American Express

Which one is better? Both cards worked out on the same spending: rewards, welcome bonus, fees and perks, line by line.

Finly rebate

$75

4.9

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3.8

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Our review Rewards calculator

Welcome bonus

Each offer as the issuer words it. The numbers below show whether your spending reaches it.

The offer

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.

In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.

What each card is worth

Rewards, the welcome bonus and any Finly rebate in, the annual fee and FX fees out, all on your spending.

Worked out on a typical $2,000 a month of spending. Enter yours to see your own numbers.

$1,147

First-year value

$409

$787

Every year after

$309

Amex Cobalt is worth $738 more to you in year one.

It stays ahead after that, by $478 a year.

How the first year adds up

Annual rewards

$979.03

51,528 points a year

Welcome bonus

+ $285

first year only

Annual fee

− $191.88

Finly rebate

+ $75

paid by FinlyWealth

First-year value

$1,147.15

1.9¢ a pointAmerican Express Membership Rewards, redeemed for Transfer to Airline Partners

Annual rewards

$309.2

cash back a year

Welcome bonus

+ $100

first year only

Annual fee

− $0

no annual fee

First-year value

$409.2

Where each card earns

A year of your spending at each card's own reward rates, most first.

5xFood, drinks and groceries in Canada

32,604 pts

$619.48

2xGas, transit & ride share in Canada

4,692 pts

$89.15

3xStreaming subscriptions in Canada

1,440 pts

$27.36

1xAll other purchases

12,792 pts

$243.05

2%Groceries

$46.44

2%Gas

$39.74

1.25%All other purchases

$223.01

Fees, rates and eligibility

What each card costs to hold and to use abroad, and who it's for.

$191.88

billed monthly

Annual fee

Additional cards

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%.

Purchase:

21.99%²

Cash Advance:

21.99%²

² 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%.

Recommended credit score

300

Poor

693

Fair

743⁎

Good

790⁎

Very Good

833⁎

Excellent

⁎Estimates based on TransUnion scoring

300

Poor

693

Fair

743⁎

Good

790⁎

Very Good

833⁎

Excellent

⁎Estimates based on TransUnion scoring

Income required

Min Personal Income:

N/A

Min Household Income:

N/A

Min Personal Income:

N/A

Min Household Income:

N/A

How each card earns

The earn rates and caps, as each issuer sets them.

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

2% cash back on eligible gas and grocery purchases in Canada (up to $300 cash back annually)
1.25% cash back on all other eligible purchases

Points and how we value them

Points become dollars at each card's best redemption. Here's the value we used, and every other way to spend them.

Loyalty program

American Express Membership Rewards

We count each point at 1.9¢ a point, what it's worth redeemed for Transfer to Airline Partners, its best value. Every dollar figure above uses that value.

Cash back: every dollar it earns counts as a dollar, so there's nothing to convert.

Point redemption options

Most Optimal

Transfer to Airline Partners

1.9¢ / point

Fixed Point Travel Program

1.16¢ / point

Transfer to Hotel Partners

1.08¢ / point

Flexible Points Travel Program

1¢ / point

Statement Credits (Cash)

1¢ / point

Gift Cards

0.91¢ / point

Amazon.ca

0.7¢ / point

Merchandise

0.63¢ / point

Nothing to redeem: it pays cash back.

Insurance and perks

What both cards include comes first in each list.

Insurance

Common Carrier Travel Accident Insurance

$250,000

Extended Warranty

1 year

Purchase Protection

90 days

Lost or Stolen Baggage

$500

Baggage Delay

$500

Car Rental Damage & Theft

yes

Mobile Device Insurance

$1,000

Hotel Burglary Insurance

$500

Travel Medical Insurance (64 & under)

15 days, up to $5M (if under age 65)

Flight Delay

$500

Common Carrier Travel Accident Insurance

Up to $100,000

Extended Warranty

1 year

Purchase Protection

90 days or theft up to $1,000 per occurrence

Perks

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™

Amex Experiences™

Access events and special offers curated for Cardmembers with Amex Experiences™

Our take

Why we like it

This card was voted one of 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.

The SimplyCash® Card from American Express stands out for its no annual fee and strong cash-back earning potential, offering up to $100 in statement credits within the first 10 months. What makes it even more appealing are the unique perks, such as early access to concert tickets and extra layers of security for online shopping. These extra benefits, along with the affordability, make it a strong contender for those looking for a reliable cash-back card with no annual fee. It's an excellent choice for everyday spending while still enjoying exclusive Amex advantages.

Pros

Impressive optimization
1:1 Aeroplan point transfer
Generous welcome bonus
Flexible high value redemptions
Comprehensive coverage
Highly ranked
Instant decision. No credit impact.

No annual fee
Attractive cashback rates
Exclusive Amex perks
Instant decision. No credit impact.

Cons

Limited acceptance
Lacks valuable coverage categories

Annual cashback cap
Limited insurance
Lower acceptance

American Express Cobalt® Card vs SimplyCash® Card from American Express: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card carries an annual fee, while the SimplyCash Card has no annual fee. Neither card has specific income requirements, which makes both accessible to a wide range of applicants. However, the Cobalt Card’s fee may be justified for individuals who can maximize its rewards and benefits.

Rewards Comparison

The American Express Cobalt Card offers higher rewards on categories like dining, groceries, and streaming services, making it ideal for those with significant spending in these areas. In contrast, the SimplyCash Card provides straightforward cash-back rewards, with a higher rate on gas and groceries, but lower overall returns. The welcome bonuses also differ, with the Cobalt Card providing more long-term value for higher spenders, while the SimplyCash Card offers a modest bonus tied to lower spending.

Reward Redemption Options

The Cobalt Card offers flexible redemption through American Express Membership Rewards, which can be transferred to airline and hotel partners for enhanced value. Other redemption options include travel, merchandise, and statement credits. SimplyCash Cardholders, on the other hand, benefit from the simplicity of cash-back rewards, which are more versatile and can be used for anything, but lack the added value seen in point transfers for travel.

Benefits and Insurance

The Cobalt Card includes a wide range of insurance coverages, such as travel medical, flight delay, and mobile device insurance, which are more comprehensive than the SimplyCash Card's limited options. The Cobalt Card’s unique benefits, such as more robust travel insurance, make it a better option for frequent travelers. SimplyCash Cardholders still get perks like purchase protection and extended warranty but lack extensive travel benefits.

Conclusion

The American Express Cobalt Card is ideal for people who spend heavily in categories like dining and travel, and those who want to take advantage of premium benefits. On the other hand, the SimplyCash Card is a great choice for low spenders, individuals who don’t dine out often, and those who prefer a no-fee card with straightforward cash-back rewards on everyday purchases.

More comparisons

Other cards we've put each of these up against.

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.

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%.