To the point
Here's our detailed comparison of the American Express Cobalt® Card and the National Bank World Elite Mastercard® Credit Card.
American Express Canada and National Bank each offer a credit card that earns 5 points per dollar spent at grocery stores and restaurants:
These are two basic cards that we often recommend when someone wants to get points quickly and easily.
So, we will analyze what are the main differences between these credit cards on:
Welcome bonus
The welcome bonus offered by each of these credit cards varies according to promotions. However, there are differences to be aware of between the two credit cards.
When you subscribe to the American Express Cobalt® Card, you can earn up to 15,000 points:
- 1,250 points per month for the first 12 months (monthly expenses of $750 or more)
Right now, there’s an extremely attractive welcome offer for National Bank World Elite Mastercard®.
Until June 15, 2024, with this exclusive promotion for Milesopedia readers, you can earn up to 35,000 welcome bonus points (worth up to $350)!
In addition, the first year’s annual fee is refunded ($150 value).
Here is the requirements of this National Bank welcome bonus:
- 10,000 points after $5,000 in purchases in the first 3 months
- 10,000 points after $10,000 in purchases in the first 6 months
- 15,000 points after $20,000 in purchases in the first 14 months
What’s more, when you sign up for the National Bank World Mastercard® via this exclusive link you won’t find anywhere else, you’ll automatically be entered in the Transat contest: there are 5 Transat travel credits worth $2,000 to be won!
Advantage: National Bank World Elite® Mastercard®.
With extra points and the chance to earn up to $2,000 in Transat travel credit, the National Bank World Elite Mastercard® is the best!
Minimum income
The American Express Cobalt® Card requires no minimum income.
The National Bank World Elite Mastercard requires :
- $80,000 individual income
- $150,000 household income
- or assets under management of $400,000 or more
Advantage: American Express Cobalt Card
The American Express Cobalt® Card does not require a minimum income, unlike the National Bank World Elite Mastercard®.
Annual fee
The American Express Cobalt® Card has a monthly fee of $12.99, charged on each monthly statement. At the end of 12 months, the total is $155.88.
The National Bank World Elite Mastercard® has an annual fee of $150.
Advantage: National Bank World Elite® Mastercard®.
The annual fee for the National Bank World Elite Mastercard® is lower than for the American Express Cobalt® Card.
What’s more, the National Bank World Elite Mastercard® has a special advantage: it gives you a $150 travel credit every year!
As a result, cardholders have a total of $150 to apply to certain travel expenses. Used to its full potential, the card costs nothing each year.
Earning points
The American Express Cobalt® Card and the National Bank World Elite Mastercard® each offer similar levels of point accumulation.
Earning
With the American Express Cobalt® Card, you can earn up to 5 points per dollar:
| Category | Points |
| Grocery, Restaurant, Home food delivery, Bars, Convenience stores | 5* |
| Streaming services (Apple TV+, Apple Music, Crave, Disney+, Netflix, RDS, TSN, etc.) | 3 |
| Local transport, gas stations, travel purchases | 2 |
| Other purchases | 1 |
For the 5X points category, you can earn 5 points per dollar up to $2,500 in monthly purchases in this category, charged to the card. Starting at $2,501, points are accumulated at a rate of 1 point per dollar for the 5 X points category.
With the National Bank World Elite Mastercard®, you can also earn up to 5 points per dollar:
| Category | Points |
| Grocery and Restaurant | 5* |
| Gas, Electric charge, Recurring bill, À la carte travel | 2 |
| Other purchases | 1 |
For the Grocery and Restaurant category, you can earn 5 points for every dollar spent within the first $2,500 of monthly purchases (all categories combined) charged to the card. Starting at $2,501, points are accumulated at a rate of 2 points per dollar for the 5 X points category.
Equality
Depending on your needs and the majority of your expenses, you may choose one or the other. Since groceries are a major budget item, getting 5 points per dollar on one of these 2 credit cards for this expense is excellent.
Don’t forget the possibility of buying gift cards at the grocery store to maximize your points: you earn 5 points per dollar, even on Walmart, Amazon, Sports Experts, Canadian Tire gift cards, and so on.
Redeeming points
Both cards are part of different loyalty programs:
- NBC points from NBC Plan À la carte Rewards for the National Bank World Elite Mastercard®.
- American Express Membership Rewards for American Express Cobalt® Card
Thus, the ways of using the points are different.
Redeeming points
The American Express Cobalt® Card is highly versatile and flexible. You can redeem Membership Rewards points for a statement credit on:
- Travel purchases (car rental, hotels, flights, etc.);
- Everyday purchases (groceries, gas, bill payments, etc.).
The redeeming rate is 1,000 points = $10.
So take your Membership Rewards points to simply pay off your American Express Cobalt® Card balance.
A minimum of 1,000 points (minimum $10) is required, thereafter in increments of one cent per point.
In addition, redeem your Membership Rewards points to:
- Save on flights with American Express’s flat-rate pricing;
- Transfer of points to travel partners : Aeroplan, British Airways Executive Club, Air France KLM Flying Blue, Delta SkyMiles, Etihad Guest, Asia Miles, Marriott Bonvoy and Hilton Honors.
It offers plenty of opportunities, depending on what you need and when you want it.
With the National Bank World Elite Mastercard®, it’s different. NBC points cannot be transferred to other rewards programs.
To redeem your National Bank World Elite Mastercard® rewards points, you’ll need to log in to your NBC Plan Rewards à la carte online account.
You can then use these NBC points in many ways:
| Rewards | Points for $100 |
| Exchange on the dedicated NBC À la Carte Rewards Plan portal | 10 000 |
| Flexible travel rebates (from 55,000 points redeemed) |
11 000 |
| Flexible travel rebate (on travel purchases you book yourself) | 12 000 |
| Extras À La Carte RRSP or TFSA contribution Reimbursement of your all-in-one line of credit or mortgage loan |
12 000 |
| Gift-card | 12,000 – 13,500 |
| Statement credit | 25 000 |
Advantage: American Express Cobalt Card
Thanks to the great flexibility of the American Express Cobalt® Card and Membership Rewards points, they can be used in many ways. Points can be used for travel purchased on the card:
- Flights
- Rental cars
- Hotel
- Airbnb rental
- Etc
Other benefits
With the American Express Cobalt® Card you can also enjoy :
- Various promotional offers (which can offset the monthly fee)
- Access to exclusive presale Front Of The Line® tickets to concerts and plays through American Express® Experiences
- Amazon’s Shop with Points program
- Hotel reservations at The Hotel Collection with specific perks
Each calendar year, National Bank World Elite Mastercard® cardholders have a $150 travel credit to reimburse certain travel expenses:
- Airport parking
- Baggage fees
- Seat selection
- Access to airport lounges
- Airline ticket upgrades
It also offers :
- Complimentary & unlimited access to the National Bank lounge at Montreal-Trudeau International Airport
- A subscription to the DragonPass program, which gives you access to over 1,300 airport lounges worldwide ($32 USD per person).
- Free Wi-Fi access when travelling anywhere in the world, thanks to Boingo
Advantage: National Bank's World Elite Mastercard®
With its wide range of travel benefits, the National Bank World Elite Mastercard® is unbeatable in this respect.
Whereas for the American Express Cobalt® Card, its benefits are more about everyday purchases.
Insurance
| Insurance |  |
 |
| Trip Cancellation Insurance | – | Up to $2,500 |
| Trip Interruption Insurance | – | Up to $5,000 |
| Out of Province/Country Emergency Medical Insurance | Up to $5,000,000 for 15 days | Up to $5,000,000 for up to 60 days |
| Flight delay insurance | Up to $500 after 4 hours |
Up to $500 after 4 hours |
| Delayed Baggage Insurance | Up to $500 after 6 hours |
Up to $500 after 6 hours |
| Lost or stolen luggage insurance | Up to $500 | Up to $1,000 |
| Hotel Burglary Insurance | Up to $500 | – |
| Car Rental Theft and Damage Insurance | Up to $85,000 | Up to $65,000 |
| Travel accident insurance | 250 000 $ | $500,000 |
| Buyer’s Assurance® Protection Plan | 1 additional year | 2 additional years |
| Purchase Protection® Plan | Up to $1,000 90 days |
Up to $1,000 180 days |
Advantage: National Bank's World Elite Mastercard®
The National Bank World Elite Mastercard® offers much more generous additional coverage than the American Express CobaltMD Card.
What’s more, it requires only a portion of travel purchases to be charged to the card. The American Express Cobalt® Card, on the other hand, requires that the entire trip be charged to the card.
Bottom Line
So? Which card is the winner?
In our opinion, these two credit cards complement each other. For everyday purchases, it’s the American Express Cobalt® Card. For travel purchases and insurance, it’s the National Bank World Elite Mastercard®.
The American Express Cobalt® Card is the perfect way to do whatever you want with your points without breaking the bank! In addition, it stands out with:
- An attractive welcome bonus;
- Its advantages for everyday purchases (credits for purchases in specific stores, access to show pre-sales, etc.);
- The absence of a minimum income requirement;
- Its points that can be used on anything;
- The possibility of transferring points to several other loyalty programs.
While the National Bank World Elite Mastercard® stands out thanks to..:
- Its exclusive offer for its welcome bonus of up to 35,000 points and the chance to win $2,000 in Transat travel credit;
- Its $150 travel credit;
- Its robust travel insurance package, one of the best of any credit card;
- The possibility of using it at Costco;
- The opportunity to invest your points in an RRSP, TFSA or to pay off your mortgage;
- Unlimited access to the National Bank Lounge at Montreal-Trudeau International Airport before your trip.
Come to discuss that topic in our Facebook Group!
