Head to Head: TD First Class Travel Visa Infinite vs American Express Cobalt

We base our analysis on the major differences between these two credit cards:

The comparison table

Here are both cards side by side, as of October 20, 2026. We then break down each line.

Welcome offer

The two offers have almost nothing in common. TD pays a large bonus after a six month spending threshold; American Express spreads its bonus over twelve monthly statements.

The TD First Class Travel^® Visa Infinite* Card offers up to 160,000 TD Rewards points, plus a first year annual fee rebate:

• 20,000 points on your first purchase;
• 140,000 points after $7,500 in purchases within 180 days of account opening.

At the Milesopedia valuation of 0.5 cents per point, those 160,000 points are worth about $800. The $139 fee rebate comes on top, provided you activate the card and make a first purchase within 3 months of account opening.

The American Express Cobalt^® Card, meanwhile, offers up to 15,000 Membership Rewards points over one year:

• 1,250 points for each monthly billing period in which you charge $750 in net purchases;
• 12 periods at most, or $9,000 in purchases spread over the year.

At 1.7 cents per point, the full bonus is worth about $255. The Cobalt's monthly fee is not waived.

Earning points

This is where the matchup is decided. Both cards boost groceries and dining, but their points are worth very different amounts.

The earn rates

The TD First Class Travel^® Visa Infinite* Card earns TD Rewards points:

• 8 points per dollar on travel booked through Expedia^® For TD;
• 6 points per dollar on groceries, dining and public transit;
• 4 points per dollar on recurring bill payments, streaming, digital gaming and media;
• 2 points per dollar on everything else.

The American Express Cobalt^® Card earns Membership Rewards points:

• 5 points per dollar on groceries, restaurants and bars, food delivery and convenience stores in Canada;
• 3 points per dollar on eligible streaming subscriptions;
• 2 points per dollar on gas, public transit and ride sharing;
• 1 point per dollar on everything else, plus 1 extra point on hotels and car rentals booked through American Express Travel Online.

Each card's caps

Both cards cap their bonus rates, but on different schedules. With TD, each bonus category is limited to $25,000 in purchases per year. Past that, the rate drops to 2 points per dollar.

With American Express, the 5 point rate applies to the first $2,500 in purchases each month, across all eats and drinks categories combined. Past that, you earn 1 point per dollar. Our list of eligible 5X merchants covers the grey areas.

In practice, a household that spends less than $2,083 a month on groceries and dining reaches neither cap.

The real return per dollar

An earn rate means nothing without the point value. Here is the return in cents per dollar, at Milesopedia valuations: 0.5 cents per TD Rewards point and 1.7 cents per Membership Rewards point.

The Cobalt wins almost every category, often by a wide margin. Only travel booked through Expedia For TD and recurring bills lean the TD card's way.

Value of the points

These gaps come mostly from the value of the two currencies. And that value depends on how you redeem.

TD Rewards: a fixed, predictable value

TD Rewards points get their best value on the Expedia For TD portal: 200 points are worth $1 on a flight, hotel or package, with no blackout dates. That is the basis of our 0.5 cent valuation. Elsewhere, the value drops:

• Travel statement credit, for a trip booked elsewhere: 0.4 cents per point;
• Statement credit, gift cards or merchandise: about 0.25 cents per point.

Our Expedia For TD guide explains how to book at the best rate. The TD Rewards program page covers the other options.

Membership Rewards: two ways to count

Membership Rewards points have two main uses. As a statement credit, 1,000 points are worth $10, or 1 cent per point, on eligible purchases charged to the card. As a transfer, they move 1:1 to Aeroplan, Avios or Flying Blue, and that is where our 1.7 cent valuation comes from.

Even at the 1 cent floor, the Cobalt returns 5 cents per dollar on groceries and dining, against 3 cents for the TD card. The result does not flip; only the gap narrows. The American Express Membership Rewards program page lists every transfer partner.

A one year example

Take a household that puts $24,000 a year on a single card:

• Groceries and dining: $12,000, or $1,000 a month;
• Gas: $2,400;
• Everything else: $9,600.

From year two, the Cobalt returns more than twice as much for this profile. Even as a statement credit at 1 cent, its 74,400 points are worth $744, or $552.12 after the fee: still more than the TD card.

Year one tells a different story. The TD card adds its welcome bonus and waives its fee, while the Cobalt charges its fee from the first month. Counting both bonuses, the TD card comes out about $100 ahead over the first twelve months for this profile.

Annual fee

The TD First Class Travel^® Visa Infinite* Card costs $139 a year, rebated the first year for the primary cardholder. The first additional card costs $50, and the following ones are free.

The American Express Cobalt^® Card charges $15.99 a month outside Quebec, or $191.88 a year. Quebec residents pay the annual amount in one charge instead. Its additional cards cost nothing.

From year two, the annual TD Travel Credit brings the TD card's real cost down to $39. You still need to book an eligible trip of $500 or more through Expedia For TD in each calendar year.

Minimum income

Here the Cobalt has a clear edge: American Express sets no minimum income. The TD card asks for a personal income of $60,000 or a household income of $100,000.

Both cards carry the same 21.99% purchase interest rate. They also charge a 2.5% foreign currency conversion fee.

Insurance

This is where the TD card pulls ahead. It covers trip cancellation up to $1,500 and trip interruption up to $5,000, two protections the Cobalt does not include.

On emergency medical, the two take different approaches. The TD card covers up to $2,000,000 for 21 days, or 4 days from age 65. The Cobalt covers up to $5,000,000, but only for the first 15 days of a trip. For a two or three week stay, the TD card therefore protects you longer.

The Cobalt keeps one edge on car rentals: its coverage applies to vehicles with a manufacturer's suggested retail price of up to $85,000. Elsewhere, the TD card covers more. The exact terms are on the TD card page and the American Express Cobalt page.

Airport and perks

The TD card includes 4 complimentary visits a year to more than 1,200 airport lounges through the Visa Airport Companion Program. The Cobalt offers no lounge access.

The TD card also adds a Birthday Bonus equal to 10% of the points earned over the previous 12 months, up to 10,000 TD Rewards points. Its $100 travel credit applies to the first eligible booking of $500 or more made through Expedia For TD in a calendar year.

The Cobalt leans on everyday perks instead: presale tickets, Amex Offers and The Hotel Collection benefits, including a room upgrade when available on a stay of two nights or more booked through American Express Travel.

Card acceptance

Visa is accepted almost everywhere in Canada. American Express less so: some merchants, Costco among them, do not take it. If your usual grocery store refuses Amex, the 5 point rate loses much of its appeal.

The verdict by profile

One answer does not fit everyone. Here are four distinct profiles.

The big grocery and dining budget

You spend $1,000 or more a month on food. In that case, the American Express Cobalt^® Card wins over time. Its return of 8.5 cents per dollar on groceries and dining far exceeds the TD card's 3 cents, even after its monthly fee.

The traveller who wants full insurance

You travel several times a year and want one card to cover the trip. The TD First Class Travel^® Visa Infinite* Card serves you better: trip cancellation and interruption, 21 days of medical coverage, stronger baggage coverage and 4 lounge visits a year. Its welcome bonus also pays for a good chunk of your next trip.

The cardholder who wants acceptance everywhere

You do not want to wonder at every till whether your card will go through. The TD card, on the Visa network, settles the question. With the Cobalt, plan on a second card for merchants that refuse American Express.

The strategist who holds both

This is often the best answer. Put groceries, dining and gas on the Cobalt, then travel, recurring bills and Expedia For TD bookings on the TD card. You get the 5X rate day to day and the TD card's travel insurance, as long as you charge the trip to that card.

Conclusion

So which card wins? The TD First Class Travel^® Visa Infinite* Card takes year one thanks to its 160,000 point bonus, its fee rebate and its full insurance. It is also the pick if you want a single travel card that is accepted everywhere.

The American Express Cobalt^® Card, however, earns far more over time for a large food budget. Its points are worth more, and its 5 point rate applies where most households spend the most.

Finally, nothing forces you to choose: these two cards complement each other well. To compare with the rest of the market, see our best credit cards page, our best grocery credit cards or our full American Express Cobalt review.

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Frequently asked questions about TD First Class Travel vs Cobalt

Here are the questions we get most often about these two cards.