A closer look at international coverage in Canadian banks
Take a look at the global coverage of some of the biggest Canadian banks, and how Wise can help with its international coverage
Choosing between the BMO Eclipse Visa Infinite and the Amex Cobalt
How do you prepare for the best trip possible? Maybe you’ll learn a few integral words in the language spoken, research the must-visit museums, and reserve a few restaurants. One way to be the smartest traveler possible is by choosing the correct credit card that maximizes rewards and benefits.
Several travel-friendly credit cards are accessible for Canadian travelers, , including the BMO Eclipse Visa Infinite and the Amex Cobalt. Both feature travel rewards programs, interesting perks, and insurance coverage. The Wise card, a functional multi-currency option, is also available. With low-cost international transactions, it is a practical choice for frequent fliers.
Comparing The Rewards Offered On BMO Eclipse Visa Infinite And Amex Cobalt
Let's begin by accessing the various rewards that BMO and American Express (AMEX) offer!
BMO Eclipse Visa Infinite1
- 5x points for every $1 spent on dining, groceries, gas, and transit expenses.
- 1x point for every $1 spent on all other purchases.1
- 10% more points on all purchases when you add an authorized user to your account.
Amex Cobalt8
- 5x points for every $1 spent on food and beverages.
- 3x points for every $1 spent on streaming subscriptions.
- 2x points for every $1 spent on travel and transit.
- 1x point for every $1 spent on everything else.
The flexible BMO Rewards program allows cardholders to redeem points for flights, hotel stays, cruises, vacation packages, gift cards, merchandise, and more. .8
The American Express Membership Rewards program equally features diverse redemption options, including putting them towards gift cards, merchandise, travel, streaming services, movie tickets, and more.
What Are The Welcome Bonuses Offered On BMO Eclipse Visa Infinite And Amex Cobalt?
BMO Eclipse Visa Infinite Welcome Offer
-
Earn up to 60,000 welcome points.1
-
To obtain 30,000 Points: Spend a minimum of $3,000 within the first three months of opening your account. 1 Then, to grab those extra 30,000 points, get 2,500 points every month you spend $2,000, from month four through month fifteen! 1
-
Have the annual fee waived.1
You must apply for the BMO Eclipse Visa Infinite card, between January 6, 2022, and November 30, 2024, to enjoy this limited-time offer. 1
Amex Cobalt Welcome Offer
- Earn up to 15,000 Membership Rewards points.8 This is optional in the first year, and cardholders may earn 1,250 points monthly when they spend $750, equating up to 15,000 points in a year.8
BMO Eclipse Visa Infinite And Amex Cobalt: Annual fees and interest rates
| BMO Eclipse Visa Infinite4 | Amex Cobalt8 |
|---|---|
| $120 annual fee | $155.88 annual fee, billed monthly at $12.99 |
| 20.99% on purchases | 21.99% on purchases |
| 21.99 on cash advances |
Looking for a card without annual fees? Check out Wise - where you only pay for the services you use.
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
Foreign Transaction Fees On BMO Eclipse Visa Infinite And Amex Cobalt
Both BMO Eclipse Visa Infinite and the Amex Cobalt card charge a 2.5% foreign transaction fee on every purchase made in foreign currency, covering the conversion cost into Canadian dollars.
Now, if you're a regular international jet-setting, this fee can sting as it adds up over time.
For frequent international travelers, this 2.5% fee can significantly add up over time. For example, if you went to Japan and spent 4,000 CAD while there, you would have to pay 100 CAD in foreign transaction fees.
If you prefer to avoid high fees while accessing interbank exchange rates, consider the Wise card, which is made for every possible budget. Whether you are on a luxurious honeymoon in Italy or backpacking in Thailand, Wise has you covered.
Get your Wise account and card in a few clicks! 🚀
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
BMO Eclipse Visa Infinite Vs Amex Cobalt: Additional Perks
BMO Eclipse Visa Infinite
a. Annual $50 Lifestyle Credit:
- Refreshes annually and can be used for dining, entertainment, travel, and lifestyle expenses.
b. Travel Insurance includes:
- Medical Insurance: Up to $2 million for 21 days.
- Reimbursement for non-refundable costs for any trip cancellations or interruptions. Compensation for any frustrating flight delays.
- Insurance coverage against lost, stolen, or delayed baggage.
c. Extended Warranty and Purchase Protection includes:
- 12 months extra for any purchase manufacturer’s warranty.
- Covers damage or theft for 90 days.
- The theft, loss, or damage to mobile devices is covered.
d. BMO Rewards Points Are Redeemable for:
- Travel, merchandise, gift cards.
- Groceries, dining, transportation, and bills.
e. Visa Infinite Benefits include:
- Exclusiven access to dining and wine programs, concierge service, and events.
Amex Cobalt
a. Entertainment Access:
- Concerts, screenings, dining.
- Early access to events.
b. Travel Insurance:
- Covers emergency medical expenses.
- Reimbursement for interrupted trips.
- Compensation for delayed flights.
- Covers lost, stolen, or damaged baggage.
- Coverage for car rental theft and damage.
c. Extended Warranty and Purchase Protection:
- Adds one extra year to the manufacturer’s warranty.
- Covers damage or theft for 90 days.
- Covers theft, loss, or damage to mobile devices.
d. Membership Rewards Points:
- Garner points on dining, groceries, travel, and transit!
- Redeem points for your choice of travel, merchandise, and gift cards.
- Room upgrades and $100 hotel credit for stays of two nights or more.
Global Acceptance And Usability Of The BMO Eclipse Visa Infinite And The Amex Cobalt
The BMO Eclipse Visa Infinite and Amex Cobalt are strong options for those who love to travel - but how do others view them?
Global acceptance: Worldwide acceptance is boasted by the BMO Eclipse Visa Infinite. This card generally has a broader acceptance rate than Amex. While accepted, Amex is accepted around 99% of the time, which means you may run into issues in regions where card infrastructure might be less developed.8
Which Card Would Be Right For You?
BMO Eclipse Visa Infinite:
The BMO Eclipse Visa Infinite is a strong choice for Canadians who have the travel bug and want comprehensive travel benefits, as well as flexible rewards. With solid travel insurance coverage, it provides comforting peace of mind. Plus, using the rewards system is easy, allowing cardholders to put their rewards towards travel, merchandise, and gift cards.
Amex Cobalt
The Amex Cobalt card is built for folks who spend much of their money on dining out, groceries, and of course, travel. It offers great rewards in these categories that are easily used in many ways, allowing for flexibility in how the points are used.
With two solid options in front of you, deciding between the BMO Eclipse Visa Infinite and the Amex Cobalt can seem overwhelming. Take time to consider your priorities, lifestyle, family, and spending habits. You may prefer the BMO Eclipse Visa Infinite if you constantly travel and wish for insurance coverage and like the straightforward earning and redemption of points for travel and merchandise. You may, however, better enjoy the Amex Cobalt if your monthly budget is mostly spent on dining and groceries, and want to put your spending to work with an easy point system toward travel. Amex’s perks also catch many eyes due to their unique experiences. Always be sure to review annual fees and acceptance rates so you can stay on top of your financial goals!
Conclusion
We hope this guide has helped you make a decision between the BMO Eclipse Visa Infinite and Amex Cobalt! Always be sure to read the detailed terms before agreeing to any new credit card and check out any enticing welcome offers! You never know what deal you may luck out on.
Speaking of deals, users will only pay for what they use with Wise. This card offers a huge potential in savings, especially when traveling. Learn more about Wise's competitive rates here.
Get your Wise account and card in a few clicks! 🚀
Sources
- BMO Eclipse Visa Infinite Card
- BMO Rewards
- BMO Credit Card Terms and Conditions
- BMO® eclipse Visa Infinite* Card Features sheet
- Understanding All Credit Card Fees - BMO Canada
- BMO® eclipse Visa Infinite* Card - Certificates of Insurance
- BMO MasterCard Emergency Helpline
- American Express Cobalt® Card | American Express Canada
Sources verified on 2 July 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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