American Express Cobalt® Card

Simplii Financial™ Cash Back Visa* Card

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American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* Card

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

$50

4.3

Apply now Get $50 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.

Earn 20% cashback† for your first 3 months on up to $500 spend on eligible gas, groceries, drugstore purchases and pre-authorized payments.

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

$488

$787

Every year after

$346

Amex Cobalt is worth $659 more to you in year one.

It stays ahead after that, by $441 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

$345.68

cash back a year

Welcome bonus

+ $92.5

first year only

Annual fee

− $0

no annual fee

Finly rebate

+ $50

paid by FinlyWealth

First-year value

$488.18

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%Food and drinks

$168

1.5%Gas, Pharmacy, Groceries, Recurring Transactions

$123.18

0.5%All other purchases

$54.5

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:

20.99%²

Cash Advance:

22.99%²

Balance Transfer:

22.99%²

² “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

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:

N/A

Min Household Income:

$15,000

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

4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
0.5% cashback on all other 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

Extended Warranty

1 year

Purchase Protection

90 days

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

Hotel Burglary Insurance

$500

Travel Medical Insurance (64 & under)

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

Flight Delay

$500

Extended Warranty

Up to 1 year

Purchase Protection

Up to 90 days

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™

No extra perks.

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 dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.

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 restaurant optimization
Decent cashback rates
No annual fee

Cons

Limited acceptance
Lacks valuable coverage categories

Basic insurance
No benefits
Capped rewards

American Express Cobalt® Card vs Simplii Financial™ Cash Back Visa* Card: When to go for one over the other

Annual Fees and Requirements

The American Express Cobalt® Card charges an annual fee, making it more suitable for those who can maximize its robust rewards program. Conversely, the Simplii Financial™ Cash Back Visa* Card has no annual fee, which is attractive for those seeking a cost-free option. Neither card has a minimum income requirement, making them accessible to a wide audience.

Rewards Comparison

The American Express Cobalt® Card offers higher rewards, especially for spending on dining and groceries, with a significant welcome bonus for new cardholders. The Simplii Financial™ Cash Back Visa* Card provides a solid cashback rate on dining, but this category has a yearly cap that many people quickly reach. Beyond dining, the other cashback categories, such as gas and groceries, are average in terms of rewards compared to the Cobalt card.

Redemption Options

The American Express Cobalt Card offers versatile redemption options, including travel bookings, merchandise, gift cards, and statement credits, allowing cardholders to tailor rewards to their preferences. These varied options provide flexibility but may come with different redemption values depending on the choice. In contrast, the Simplii Financial Cash Back Visa Card provides straightforward cashback rewards that are easily accessible and can be used for any expense. Cashback is inherently flexible and convenient, making it appealing to those who prefer simple and immediate reward utilization. Ultimately, the choice between diverse redemption possibilities and uncomplicated cashback depends on individual spending habits and reward preferences.

Benefits and Insurance Comparison

The American Express Cobalt® Card provides extensive insurance coverage, including travel insurance, and offers additional perks like access to exclusive events. The Simplii Financial™ Cash Back Visa* Card has more basic coverage, including purchase protection and an extended warranty, but lacks the comprehensive benefits of the Cobalt® Card. Those who value travel benefits and additional perks may find the Cobalt® Card more appealing.

Network Comparison

The American Express Cobalt® Card and the Simplii Financial™ Cash Back Visa* Card operate on different payment networks. Visa is widely accepted globally and in Canada. American Express, while accepted at many locations, has more limited acceptance, particularly at smaller retailers.

Conclusion

The American Express Cobalt® Card is ideal for individuals who prioritize high rewards and extensive benefits, particularly those who dine out frequently or travel often. In contrast, the Simplii Financial™ Cash Back Visa* Card is better suited for those who want a no-fee card with straightforward cashback on dining, though they should be aware of the spending limit on dining rewards and the average rewards in other categories. Additionally, those who need a card that’s widely accepted may find the Visa network more reliable.

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.

^†This offer applies to the Simplii Financial Cash Back Visa* Card. You can qualify for this offer if you apply and are approved for a new eligible card beginning February 2, 2026.

This 20% cash back offer (applies an incremental 18.5% cashback to the 1.5% cash back already awarded) on eligible gas, groceries, drugstore purchases and pre-authorized payments and is available to new cardholders who apply and are approved for the Simplii Financial Cash Back Visa* Card beginning February 2, 2026. The 18.5% incremental cash back applies on eligible gas, groceries, drugstore purchases and pre-authorized payments made during your first 3 monthly statement periods beginning from your account open date or $500 in total gas, groceries, drugstore purchases and recurring transactions (up to $92.50 bonus cash back), whichever comes first. This offer will not result in any changes to the 1.5% cash back already earned on eligible gas, groceries, drugstore purchases and pre-authorized payments and those purchases will be included within the $15,000 annual spend limit that earns 1.5% cash back.

This offer may be withdrawn or changed without prior notice at any time. Simplii Financial may, in its sole discretion, disqualify, limit or revoke this offer if you are believed to be abusing or manipulating it, or engaging in any suspicious or fraudulent activity. Simplii Financial may approve your application, but you are not eligible to receive this offer if you have opened or cancelled a Simplii Financial Cash Back Visa Card within the last 12 months.

^*“Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

Simplii Financial is not responsible for maintaining the accuracy of content of this website. Please refer to Simplii Financial's official page for the latest information.