Choosing between the overall best credit card in Canada, the American Express Cobalt® Card, and the best cash back card in Canada, the MBNA Rewards World Elite® Mastercard®, is difficult. These cards have similarly fantastic benefits and rewards, and the most significant difference is that they have different issuers.
Below, you'll find an in-depth comparison of both of these excellent card options, including earn rates, reward programs, fees, and much more.
Key Takeaways
- The American Express Cobalt® Card is the best credit card in Canada.
- The MBNA Rewards World Elite® Mastercard® is also a top credit card in Canada.
- When it comes to rewards, no one can touch the potential of what the Cobalt offers.
- For insurance and acceptance, the MBNA card is the better choice.
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Amex Cobalt vs. MBNA Rewards World Elite Mastercard at a glance
Weeding out low-value credit cards is easy, but trying to choose from the top credit cards is a bit more challenging. To help you decide which of these great options is best for you, comb through their differences.
Here's a general overview of the American Express Cobalt Card and MBNA Rewards World Elite Mastercard:
| Feature | American Express Cobalt Card | MBNA Rewards World Elite Mastercard |
|---|---|---|
| Annual fee | $191.88 | $120 |
| Welcome bonus |  $100 GeniusCash + Up to 15,000 bonus points (terms) | $100 GeniusCash + 30,000 bonus points (terms) |
| Maximum rewards | Up to 5 points per $1 spent | Up to 5 points per $1 spent |
| Highest earning categories | * Groceries * Restaurants | * Groceries * Restaurants * Select recurring bills |
| Insurance | 10 types | 12 types |
| Special features | * Amex Offers * Front Of The Line * Amex Luxury Hotel Collection | * World Elite Mastercard benefits |
| Best for | People who want a high reward rate for general spending | People with high incomes who want the best insurance coverage |
| Get started | Learn More | Learn More |
What we love about the American Express Cobalt Card
×8 Award winner 
GC: $100
8x Award winner Pros:
- 7 ways to earn rewards
- Flexible rewards
- Higher earning rates
- Lower annual fee
Cons:
- Lower acceptance as an American Express
Let's start with our major award winner in 2025. Winning eight awards in 2025, the American Express Cobalt Card offers top-notch rewards, making it the best option for someone who wants fantastic earn rates across many categories.
Here's what it earns for rewards on purchases:
- 5 points per $1 spent on eligible groceries and restaurants (up to $2,500 spent per month)
- 3 points per $1 spent on eligible streaming services
- 2 points per $1 spent on eligible gas, transit, and ride share purchases
- 1 point per $1 spent on foreign currency purchases
- 1 point per $1 spent on all other purchases
To top it off, it has 10 types of insurance coverage for an annual fee of $191.88 that gets charged out as $15.99 monthly.
As an Amex card, the Cobalt also gives you these unique features:
Amex Membership Rewards
With the Amex Membership Rewards program, you get eight redemption options for your hard-earned points. Since each option has a different value, your points value (cents per point - CPP) varies. For the highest value, you can transfer points to partner rewards programs or book flights using the fixed-point travel program.
Other redemption options include cash back, gift cards, and merchandise.
Amex Benefits
As an Amex card, your Cobalt comes with valuable benefits, including exclusive Amex Offers. These opportunities provide access to special dining, rewards, and shopping offers. You’ll also get early access to popular event tickets and reserved seating with Front Of The Line.
Cardholders seeking premium travel experiences will also appreciate the Amex Luxury Hotel Collection and Amex Experiences, which offer curated benefits in dining, entertainment, shopping, and wellness.
What we love about the MBNA Rewards World Elite Mastercard
×4 Award winner GC: $100
4x Award winner Pros:
- Up to 30,000 bonus points
- Up to 5 points per $1 spent on purchases
- 10% bonus points every year on your birthday
- Includes 12 types of insurance
Cons:
- High income requirements of either $80,000 personal or $150,000 household
In the other corner, we have the MBNA Rewards World Elite Mastercard. A winner of four different awards, it also comes with numerous rewards and perks.
Here's what it earns on purchases:
- 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category)
- 1 point per $1 spent on all other purchases
On top of that, you also earn 10% bonus points based on what you earned every year on your birthday, up to a maximum bonus of 15,000 points.
The insurance is also quite good – it includes 12 types. One of these is rare price protection insurance, which allows you to receive a refund if something you've bought goes on sale for a lower price later on.
MBNA Rewards
You’ll only get five redemption options via the MBNA Rewards program, and, unfortunately, they aren’t worth as much as Amex points. That said, some redemption options are better than others.
Your best bet is to redeem points for MBNA travel rewards (like flights, hotels, car rentals, cruises, and vacation packages). For a slight drop in value, you can redeem your points for gift cards, merchandise, statement credits, or donate them to charity.
World Elite Mastercard benefits
If it sounds like Amex cards get all the fun perks and benefits, take a look at the World Elite Mastercard benefits. First up, you’ll get World Experiences, which are personalized offers and luxurious upgrades, and Priceless Cities, which lets you book once-in-a-lifetime inspiration experiences.
Frequent travellers will also appreciate the concierge service that can come in handy when booking reservations, ordering gifts, or needing assistance while travelling. Speaking of travelling, you’ll also get Mastercard Travel Pass membership (but no free passes) so you can pay to get into global airport lounges operated by DragonPass.
How do the Amex Cobalt and MBNA Rewards Cards compare?
Let's stack up these cards in four key areas and see who wins in which areas:
Best benefits: Tie
When it comes to perks, these cards primarily offer standard benefits from their respective networks – they're mainly focused on providing top-notch rewards.
In the case of the American Express Cobalt Card, you'll get Amex Offers, Front Of The Line, and the Luxury Hotel Collection.
As for the MBNA Rewards World Elite Mastercard, you’ll get World Elite Benefits that include World Experiences, Priceless Cities, Concierge services, Travel Pass, and Everyday Offers.
Since they’re very similar in terms of benefits, the card with the best benefits is subjective, really coming down to user preference.
Best for low fees: MBNA Rewards World Elite Mastercard
Comparing annual fees easily shows a winner: the MBNA Rewards World Elite Mastercard has a lower annual fee at $120, while the Cobalt’s is $191.88. The Cobalt fee is charged out in monthly installments, though.
The MBNA card also has the advantage of a lower purchase interest rate, although it’s higher for cash advances.
However, you should also consider income requirements. While the American Express Cobalt Card has no income requirements, the MBNA Rewards card asks for a hefty $80,000 personal or $150,000 annual household income.
Best insurance: MBNA Rewards World Elite Mastercard
Insurance isn’t usually at the top of your mind when picking a new credit card, but a good insurance package can add a lot of value to a card.
Although both cards have generous coverage, these are the reasons the MBNA card stands out:
- You’ll get $1 million in travel accident coverage
- You’ll get $200,000 in rental car accident coverage
- You’ll get $1,000 for rental car personal effects
MBNA Rewards World Elite® Mastercard®
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Price Protection | Yes |
| Mobile Device | $1,000 |
| Travel Accident | $1,000,000 |
| Trip Interruption | $2,000 |
| Flight Delay | $500 |
| Baggage Delay | $500 |
| Lost or Stolen Baggage | $500 |
| Rental Car Theft & Damage | Yes |
| Rental Car Accident | $200,000 |
| Rental Car Personal Effects | $1,000 |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
Best rewards: American Express Cobalt Card
Based on the earn rates listed above, and spending $2,000 per month in various popular credit card categories, this is what you can expect to earn for points in one year:
- American Express Cobalt Card – 54,000 points
- MBNA Rewards World Elite Mastercard – 68,640 points
The MBNA Rewards World Elite Mastercard earns more points, but, really, it's what your points are worth that matters. Not only do you have more redemption options with the Cobalt, but they’re also worth more.
After one year, our hypothetical Amex Cobalt cardholder earned about 54,000 points (or $1,080 worth of rewards) for a return rate of 4.50%.
An MBNA cardholder earning 68,640 points (approximately $686) receives a return rate of 2.86%.
The winner: American Express Cobalt Card
Overall, we have to give the trophy in this showdown to the American Express Cobalt Card. And it's really because of the rewards – no other credit card beats them.
But the MBNA Rewards World Elite Mastercard has its strengths. For the frequent Loblaws shopper, an American Express card is of little use. And in terms of guaranteed rewards, the MBNA card still offers more than the Cobalt does.
We should point out that the biggest flaw with the Amex Cobalt is that it’s an Amex card, which may have some acceptance issues. If your biggest shopping hauls are at places that don’t take Amex (like Costco), you may seriously consider the MBNA as a better alternative.
FAQ
What are the drawbacks of the American Express Cobalt Card?
This card's main limitation is its limited acceptance, a characteristic shared by all Amex cards. It has a higher annual fee than the MBNA Rewards World Elite Mastercard and the MBNA card has a more generous insurance package.
What is the best Amex card for Canadians?
The American Express Cobalt Card is the best card in Canada, with little to no contest. For a modest annual fee (charged in monthly installments), you get top-notch rewards, great Amex benefits, and fantastic insurance coverage.
Is MBNA a good credit card?
Yes! For those looking for a non-Amex card, the MBNA Rewards World Elite Mastercard ticks similar boxes. You’ll earn plenty of points in several categories and can redeem them for travel, gift cards, cash back, and more.
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