American Express Cobalt® Card vs Rogers Red Mastercard®: Which one is better?

Annual Fees and Requirements

The American Express Cobalt® Card carries an annual fee, while the Rogers Red Mastercard® does not, making the latter an attractive option for those looking to avoid an extra yearly expense. Neither card has a specified minimum income requirement, making them accessible to a wide range of applicants. The Cobalt® Card’s fee might be justified for users who can fully leverage its robust rewards and benefits.

Rewards

In terms of rewards, the American Express Cobalt® Card significantly outperforms the Rogers Red Mastercard® for most spending categories, particularly in areas like dining and groceries. It also offers a substantial welcome bonus that could enhance the card's value in the first year. The Rogers Red Mastercard®, however, offers a straightforward cash-back program with a higher multiplier if you are a Rogers, Fido, or Shaw customer, making it a compelling choice for those who already use these services.

Reward Redemption Options

The American Express Cobalt Card offers a variety of redemption options, including transfers to airline and hotel partners, which can yield significant value for those who travel frequently. Additionally, points can be used for statement credits, gift cards, and merchandise, though the value may vary. The Rogers Red Mastercard does not offer a point redemption system but instead provides flexible cashback that can be used on anything, making it more straightforward and versatile for everyday expenses.

Benefits and Insurance

The American Express Cobalt® Card stands out with its comprehensive insurance coverage, including travel, purchase protection, and mobile device insurance, which the Rogers Red Mastercard® lacks. The Rogers Red Mastercard® does offer a unique roam-like-home benefit that is not available with the Cobalt® Card, but its overall insurance offering is minimal, limited to balance protection.

Conclusion

For users who prioritize high rewards in specific categories and comprehensive insurance coverage, the American Express Cobalt® Card is the better choice, despite its annual fee. It’s ideal for frequent travelers, diners, and those who value extensive insurance. However, the Rogers Red Mastercard® is better suited for individuals who prefer a no-fee card with simple, effective cashback rewards, especially if they are Rogers, Fido, or Shaw customers.