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MBNA Rewards World Elite vs Amex Cobalt

MBNA offers 5x on Mastercard's wider network; Cobalt earns more per point via Aeroplan.

Updated May 28, 2026 · 4 min read · By Loyalty Concierge Editorial

MBNA · MASTERCARD

MBNA Rewards World Elite Mastercard

Annual fee $120 · FX 2.5%

Best for: Mastercard alternative to Cobalt

AMEX · AMEX

American Express Cobalt Card

Annual fee $192 · FX 2.5%

Best for: Foodies, Groceries and dining

View card details →
FeatureMBNA Rewards World Elite MastercardAmerican Express Cobalt Card
Annual fee$120.00$191.88
Welcome bonus10,000 bonus points.Up to 15,000 MR points in year one (1,250/month for 12 months).
Earn rates5x on Grocery, dining, digital media, streaming, memberships; 1x on Everything else5x MR on Groceries & dining; 3x MR on Streaming; 2x MR on Gas, transit, travel; 1x MR on Everything else
InsuranceTravel emergency medical, Trip cancellationTravel emergency medical, Trip cancellation & interruption, Mobile device
Lounge access——
FX fees2.5%2.5%
Network / acceptanceMASTERCARDAMEX
Transfer partners—Aeroplan, Marriott Bonvoy, British Airways Avios
Best forAnyone needing Mastercard acceptanceAnyone who transfers to Aeroplan

Verdict

Cobalt for point value, MBNA for acceptance.

MBNA Rewards World Elite Mastercard

Pros

  • +Wide 5x categories
  • +Mastercard acceptance

Cons

  • −Small welcome bonus

American Express Cobalt Card

Pros

  • +Best-in-class grocery + dining earn
  • +Points transferable to Aeroplan

Cons

  • −Monthly $15.99 fee
  • −Weaker acceptance
  • −2.5% FX

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