Two of Canada’s top credit cards with enticing welcome bonuses and a wide range of benefits.
Key Comparisons
| American Express Cobalt® Card | MBNA True Line® Mastercard® | |
| Estimated Credit Score | 660 | 660 |
| Annual Fees | $155.88 | N/A |
| Interest Rate | 20.99% | 12.99% |
| Insurance Coverage | Yes | No |
| Pros | 1. Welcome bonus of up to 30,000 MR points, a 5X earn rate on eligible eats & drinks (including spending on groceries, food delivery, cafes, bars, and more). 2. You can request up to 9 additional Cobalt Cards for supplementary cardholders free of charge, Supplementary cardholders must be at least 13 years of age. 3. Earn easy bonus cash back when you make purchases through select merchants. | 1. Solid welcome offer: 12 months of 0% APR on balance transfers made within the first 90 days (3% transfer fee applies). 2. Save a minimum 10% off base rental car rates in Canada and the U.S., and a minimum of 5% off base rental rates internationally on eligible car rentals at participating Avis and Budget locations. 3. Low standard interest rate of 12.99% for all new purchases charged to the card. |
| Cons | 1. $30,000 cap on the 5X earn rate (equivalent to 150,000 MR). 2. Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad). 3. Slightly higher than the average annual fee. 4. Amex has a more limited merchant acceptance rate than Visa and Mastercard. | 1. The 3% balance transfer fee is comparatively high. 2. Interest rate on transferred balances increases to 12.99% if you’re late on a payment. 3. The interest rate on cash advances is a whopping 24.99%. 4. Can’t transfer a balance owed to either MBNA or TD. |
Key Benefits of American Express Cobalt® Card
Welcome Bonus
Earn up to 30,000 Membership Rewards points throughout your first year of membership. These really important points are absolutely worth the wait, and it’s a fairly straightforward aim to hit, especially if you’re basing all of your travel and food purchases on it. For each monthly billing cycle in which you make net purchases of $500 using your card, you will receive 2,500 Membership Rewards points (up to 30,000 points). For a weekend getaway or concert tickets, you can use up to $300. The Fixed Points Travel Program allows you to exchange 30,000 points for two short-haul flights, or if you require more freedom, a $300 statement credit for travel charges made with your credit card.
Membership Rewards Program
Earn 5x the points on eligible purchases of food and beverages in Canada, including groceries and food delivery, 3x the points on Canadian streaming subscriptions, 2x the points for every dollar spent on Canadian eligible travel and transit purchases, and 1 point for every $1 spent on Card purchases everywhere else. That’s a lot of points for fairly typical expenditures, especially the most fundamental essential of all—food. With a normal monthly spending pattern, you may anticipate earning 54,000 points annually, which, when redeemed through the Fixed Points Travel Program, would be equivalent to around $1,080. You’ll have 104,000 points in year one, which equates to a stunning total of up to $2,080, when you combine them with the welcome bonus.
Extensive Travel Insurance
Many different types of travel insurance are included with the AMEX Cobalt Card. Get emergency medical insurance up to $5,000,000, accidental death and dismemberment insurance up to $250 000, lost and stolen baggage insurance, flight and baggage delay insurance, car rental theft and damage insurance, and hotel/motel burglary insurance. When you book your flight and accommodation using your Cobalt card, you can relax knowing that you are covered for all kinds of scenarios.
Key Benefits of MBNA True Line® Mastercard®
Annual Fee, Interest Rates and Balance Transfer Promotion
For individuals looking for a credit card with no annual fee and attractive interest rates, the MBNA True Line® Mastercard® is the perfect option. On balance transfers completed within 90 days of account creation, you can be eligible for a promotional 12-month annual interest rate (“AIR”) of 0%. If you happen to occasionally carry a balance from month to month, you’ll at least be able to keep interest rates at a modest level thanks to its normal purchase interest rate of 12.99%, which is nearly half of what most credit cards charge. For individuals wishing to pay off their credit card debt, the MBNA True Line® Mastercard’s balance transfer promotion will probably be its best selling feature.
Payment Plan
Managing your budget and paying for significant purchases might be easier with the MBNA Payment Plan. Make recurring monthly payments for qualified credit card purchases totaling $100 or more. Choose from the 6, 12, or 18-month Payment Plan terms. All terms will be disclosed to you, and your payment schedule will be accepted. For payment plans, only the plan fee is charged; there is no yearly interest rate. These payment plans can be an excellent approach to assist you avoid paying the normal 20% interest rate on credit card purchases if you won’t be able to pay your account in full.
Perks and Benefits
Other benefits and features of the MBNA True Line® Mastercard® include the addition of up to 9 authorized users without an additional annual fee, savings of at least 10% off base rental car rates in Canada and the United States and at least 5% off base rental rates internationally on eligible car rentals at participating Avis and Budget locations, and the ability to transfer funds using available credit on their credit card.