American Express Cobalt® Card

MBNA Rewards World Elite® Mastercard®

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American Express Cobalt® Card vs MBNA Rewards 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

Our review Rewards calculator

3.9

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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.

20,000 bonus points^†† (approximately $165 in cash back value) after you make $2,000 or more in eligible purchases within the first 90 days of your account opening.
10,000 bonus points^††(approximately $80 in cash back value) once enrolled for paperless e-statements within the first 90 days of account opening
This offer is not available for residents of Quebec. For residents of Quebec, please click here.

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

$772

$787

Every year after

$472

Amex Cobalt is worth $375 more to you in year one.

It stays ahead after that, by $315 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

$592.44

59,244 points a year

Welcome bonus

+ $300

first year only

Annual fee

− $120

First-year value

$772.44

1¢ a pointMBNA Rewards, redeemed for Travel

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

5xAll categories with 5x multipliers

44,076 pts

$440.76

1xAll other purchases

15,168 pts

$151.68

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

$120

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:

22.99%

Balance Transfer:

22.99%

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

Earn 5 points^‡ for every $1 spent on eligible restaurant, grocery, digital media, membership, and household utility purchases until $50,000 is spent annually in the applicable category.
1 point^‡ for every $1 on all other eligible purchases.
Each year, you will receive Birthday Bonus Points^‡ equal to 10% of the total number of Points the Account earned in the 12 months before the month of the primary cardholder's birthday, to a maximum Birthday Bonus each year of 15,000 Points.

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.

MBNA Rewards

We count each point at 1¢ a point, what it's worth redeemed for Travel, its best value. Every dollar figure above uses that value.

Point redemption options

Gift Cards

0.91¢ / point

Merchandise

0.63¢ / point

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

Amazon.ca

0.7¢ / point

Gift Cards

0.98¢ / point

Merchandise

0.8¢ / point

Most Optimal

Travel

1¢ / point

Statement Credits (Cash) - World Elite

0.82¢ / point

Statement Credits (Cash) - Platinum

0.5¢ / point

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

Travel Medical Insurance (64 & under)

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

Flight Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$1,000/person

Baggage Delay

$1,000/person

Car Rental Damage & Theft

31 days

Common Carrier Travel Accident Insurance

$1,000,000

Mobile Device Insurance

$1,000

Extended Warranty

1 year

Purchase Protection

90 days

Travel Medical Insurance (64 & under)

$2M for 21 days

Flight Delay

$500/person after 4 hours

Price Protection

$500/item, $1,000/account per year

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

10% off base rate of Avis Rent A Car and Budget Rent A Car in Canada and US and 5% internationally

Trip and legal Assistance

Annual Birthday Bonus

10% of the Points earned the 12 months prior to the primary cardholder's birthday month (up to a max 15,000 bonus points per year)

Concierge Services

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 MBNA Rewards World Elite® Mastercard® is one of the best reward credit cards in Canada, offering high rewards on frequently spent categories such as groceries and restaurant purchases. The annual birthday bonus, unique to this card, also provides a significant boost to your yearly earnings. Additionally, the card features a comprehensive list of benefits, including price protection—a rare and valuable perk not found with many other cards in Canada. These factors make this card one of the best to have in Canada.

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 grocery optimization
High dining optimization
Annual birthday bonus
Solid travel insurance
Rare price protection
Good redemption values

Cons

Limited acceptance
Lacks valuable coverage categories

Missing key insurance categories
Low gas optimization
Annual fee
High income requirements

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.

This offer is not available for residents of Quebec. For residents of Quebec, please click here.

Standard Annual Interest Rates of 21.99% on eligible purchases, 22.99% on balance transfers✪, and 22.99% on cash advances

Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.

The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.