American Express Cobalt® Card

BMO CashBack® World Elite®* Mastercard®*

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American Express Cobalt® Card vs BMO CashBack® World Elite®* Mastercard®*

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

Apply now Get $75 Finly rebate

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Finly rebate

$120

4.1

Apply now Get $120 Finly rebate

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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.

Get up to $650 in value and the annual fees waived in the first year. Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*

$650 in value is made up of:

Up to $480 Welcome Offer Cash Back: Receive $40 Bonus Cash Back when you spend a minimum of $2,000 on net card purchases per billing cycle in the first twelve (12) billing cycles after the account open date.*
$139: Annual Fee Waiver: The primary cardholder annual fee of $139 will be rebated in the first year and will appear as a fee and a credit on the primary cardholder’s first statement.*
$75 market value: Roadside Assistance: You will receive a complimentary membership in the Dominion Automobile Association (DAA) and the benefits of their BMO Roadside Assistance Program (Basic Coverage). Membership terms and plan features are described here: bmo.com/roadsideassistancebasic.*

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

$1,125

$787

Every year after

$386

Amex Cobalt is worth $22 more to you in year one.

It stays ahead after that, by $401 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

$525.28

cash back a year

Welcome bonus

+ $480

first year only

Annual fee

$139− $0

$139 from year two

Finly rebate

+ $120

paid by FinlyWealth

First-year value

$1,125.28

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

5%Groceries

$212.85

3%Gas

$64.8

2%Recurring Transactions

$48

4%Rental Car & Taxi, Public Transportation

$38.4

1%All other purchases

$142.23

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

$139

$0 the first year

Additional cards

$50

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%

Cash Advance:

23.99%

Balance Transfer:

23.99%

Recommended credit score

300

Poor

693

Fair

743⁎

Good

790⁎

Very Good

833⁎

Excellent

⁎Estimates based on TransUnion scoring

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Income required

Min Personal Income:

N/A

Min Household Income:

N/A

Min Personal Income:

$80,000

Min Household Income:

$150,000

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

5% cash back on groceries (capped at $500 spending per statement, maximum of $25 in cashback per statement cycle)*
4% cash back on daily transit (capped at $300 spending per statement, maximum of $12 in cashback per statement cycle)*
3% cash back on gas (capped at $300 spending per statement, maximum of $9 in cashback per statement cycle)*
2% cash back on recurring payments (capped at $500 spending per statement, maximum of $10 in cashback per statement cycle)*
1% 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

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

Mobile Device Insurance

$1,000

Lost or Stolen Baggage

$500/person, $1,000 maximum*

Baggage Delay

$500/person, $1,000 maximum After 6 hours*

Car Rental Damage & Theft

$65K MSRP up to 48 days*

Common Carrier Travel Accident Insurance

$500,000

Extended Warranty

1 year

Purchase Protection

90 days

Hotel Burglary Insurance

$1,000

Travel Medical Insurance (64 & under)

$5M up to 8 days per covered person*

Flight Delay

$500 After 4 hours delay*

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™

Car Rental Discount

Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool.*

Airport Lounge - Dragon Pass

Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit.*

Roadside Assistance

Complimentary Roadside Assistance Program*; Including battery boosts, flat-tire change, lockout service and towing – a $75/year value.*

Discount

Enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*

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.

If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.

Pros

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

Impressive cashback rates
Rare roadside assistance
Comprehensive insurance and benefits
High first-year value

Cons

Limited acceptance
Lacks valuable coverage categories

Lacks restaurant optimization
Low monthly cashback caps

American Express Cobalt® Card vs BMO CashBack® World Elite®* Mastercard®*: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt Card and the BMO CashBack World Elite Mastercard have different annual fees, with the Amex card being higher. The Cobalt Card has no specific income requirement, making it more accessible. In contrast, the BMO CashBack World Elite Mastercard requires a higher personal or household income, which may restrict eligibility to higher earners.

Rewards Comparison

The American Express Cobalt Card is ideal for those who frequently spend on dining and groceries, offering accelerated rewards in these categories. The BMO CashBack World Elite Mastercard focuses on everyday spending, especially on groceries and gas, providing straightforward cashback rewards. While the Cobalt Card can generate higher rewards, particularly in its first year, the BMO card’s cashback structure offers simplicity and reliability.

Reward Redemption Options

The Cobalt Card provides flexible redemption options, including transferring points to airline and hotel partners, making it a great choice for frequent travelers. It also allows redemption for statement credits and gift cards. On the other hand, the BMO CashBack World Elite Mastercard offers cashback, which is more versatile since it can be used for any expense, catering to those who prefer flexibility and ease of use.

Benefits and Insurance

The BMO CashBack World Elite Mastercard excels in benefits and insurance, offering unique perks like roadside assistance, which is rare among credit cards. Additionally, it includes a lounge pass, Wi-Fi access, gas and hotel booking discounts, which collectively outweigh the American Express Cobalt Card’s experience benefits. These features make the BMO card particularly attractive to travelers and drivers who value comprehensive support and discounts.

Network Acceptance

The American Express Cobalt Card, part of the Amex network, is less widely accepted compared to Mastercard, which powers the BMO CashBack World Elite. This broader acceptance includes major retailers like Costco, where Amex is not accepted. The Mastercard network also treats Walmart as a grocery store for rewards, which is another advantage over Amex.

Conclusion

The BMO CashBack World Elite Mastercard is better suited for individuals who prioritize robust benefits and insurance, especially those who value roadside assistance and travel perks like lounge access and hotel discounts. Its cashback rewards system, combined with the wider acceptance of Mastercard, makes it ideal for those who frequently shop at places like Costco.

Meanwhile, the American Express Cobalt Card remains a strong choice for those who spend heavily on dining and travel, particularly if they value point flexibility and maximizing rewards.

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

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.