American Express Cobalt® Card

SimplyCash™ Preferred Card from American Express

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American Express Cobalt® Card vs SimplyCash™ Preferred 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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Our review Rewards calculator

4.6

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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.

Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.

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

$609

$787

Every year after

$409

Amex Cobalt is worth $538 more to you in year one.

It stays ahead after that, by $378 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

$529.07

cash back a year

Welcome bonus

+ $200

first year only

Annual fee

− $119.88

First-year value

$609.19

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

4%Groceries

$92.88

4%Gas

$79.49

2%All other purchases

$356.82

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

$119.88

billed monthly, $119 in Quebec

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

4% cash back on eligible gas station purchases in Canada
4% cash back on eligible grocery purchases in Canada (up to $1,200 cash back annually)
2% 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

Lost or Stolen Baggage

$500

Baggage Delay

$500

Car Rental Damage & Theft

yes

Common Carrier Travel Accident Insurance

$250,000

Mobile Device Insurance

$1,000

Extended Warranty

1 year

Purchase Protection

90 days

Hotel Burglary Insurance

$500

Travel Medical Insurance (64 & under)

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

Flight Delay

$500

Lost or Stolen Baggage

$500

Baggage Delay

$500

Car Rental Damage & Theft

$85K up to 48 days

Common Carrier Travel Accident Insurance

$100,000

Mobile Device Insurance

$1,000

Extended Warranty

1 year

Purchase Protection

90 days

Hotel Burglary Insurance

$500

Travel Medical Insurance (64 & under)

$5M/insured Person

Flight Delay

$500

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 Simply Cash Preferred is one of the best cashback credit cards in Canada. The base cashback rate of 2% is great for all purchases, but the 4% on groceries and gas, which are two of the highest expenses for most people is the cherry on top of their great cashback program.

Pros

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

High cashback rates
Solid base rate
Comprehensive insurance
Instant decision. No credit impact.

Cons

Limited acceptance
Lacks valuable coverage categories

Annual cashback redemptions
Lower acceptance
Annual fee

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

Annual Fees and Requirements

The American Express Cobalt Card has a higher annual fee compared to the SimplyCash Preferred Card from American Express. Both cards have no specific income requirements, making them accessible to a wide range of applicants. The difference in fees may influence your choice depending on the value you place on the rewards and categories each card offers.

Rewards Comparison

The Cobalt Card excels in offering points-based rewards, particularly in categories like dining, groceries, and streaming services, making it more suitable for those who frequently spend in these areas. The SimplyCash Preferred Card, on the other hand, offers a straightforward cashback structure with high rewards on groceries and gas, which are common expenses for most people. While the Cobalt Card typically delivers higher annual rewards, the SimplyCash card’s simplicity and competitive cashback rates make it an attractive option for those who prefer a no-fuss rewards system.

Reward Redemption Options

With the Cobalt Card, you can redeem points for travel, gift cards, statement credits, and more. The value of points can vary depending on the redemption method, with travel generally offering the best return. The SimplyCash Preferred Card simplifies this by providing cashback, which can be used for any purchase, offering more flexibility and ease of use for those who prefer cash rewards over points.

Benefits and Insurance

Both the Cobalt Card and SimplyCash Preferred Card offer identical benefits and insurance coverage, including access to the American Express Experiences program, which provides exclusive events and perks. Since the benefits and insurance are the same, they do not play a deciding role in choosing between these two cards.

Conclusion

The American Express Cobalt Card is ideal for those who spend significantly on dining, groceries, and streaming services and who are looking for flexible point redemption options. On the other hand, the SimplyCash Preferred Card is better suited for individuals who prefer a straightforward cashback system with excellent rewards on everyday purchases like groceries and gas. Your choice should depend on your spending habits and whether you prefer managing points or receiving cash back directly.

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%.