American Express Cobalt^® Card review

Overall rating

First year value

$679

The American Express Cobalt® Card is for you if...

• you want a flexible rewards program with travel rewards
• you want access to exclusive events and robust travel insurance
• you quickly rack up rewards on dining and grocery purchases

Scores by category

Travel 4.9

Rewards 3.6

Gas 3.5

Groceries 2.7

At a glance

High earn rates with big rewards with the award-winning Amex Cobalt® Card  ...Read more

Highlights

$679

First year value

up to 15k pts

Welcome bonus

$155.88

Annual fee

12.99/month

Interest Rates

21.99%

Purchase APR

21.99%

Cash advance APR

Eligibility

Fair

Recommended credit score

Amex Cobalt overview

The American Express Cobalt® Card is one of the most popular rewards credit cards in Canada and, from personal experience, I can clearly understand why. This card proves to be an all around credit card, as it not only fulfills the role of a travel credit card, but also doubles as a great everyday rewards credit card that offers points on food and grocery purchases, streaming subscriptions, transit and much more. The added flexibility allows you to utilize your everyday spending in a variety of ways as you can quickly rack up points and redeem them for travel, statement credit, gifts or merchandise. 

Travel benefits with the Amex Cobalt card include access to a wide variety of American Express travel partners, including Air Canada’s Aeroplan and the British Airways Executive Club. Compared to the Scotia Gold American Express Rewards Credit Card  you’ll see the American Express Cobalt® Card earns more rewards overall.

In this American Express Cobalt® Card review, I will show you how this card continues to maintain its position as one of the top rewards credit cards on the Canadian market with slightly minor drawbacks, allowing you to see if this is the card for your overall spending needs.

Who's this card for?

As a young professional who tries to keep up with inflation by maximizing the value of every dollar spent, the Amex Cobalt helps me meet my financial goals as I easily rack up points due the generous earn rates on dining/food delivery and streaming subscriptions like Netflix, Amazon Prime, Disney+, Hayu and Crave.

You don’t have to be someone who goes out to wine and dine often to get the maximum benefits of this card. The 5x earn rate also applies to food delivery orders such as DoorDash and UberEats as well as grocery purchases. Additionally, you can also earn 2x points on gas and transit as well as 1x on everything else. 

Amex Cobalt pros and cons

Pros

• High earn rates (5x points on eligible dining and groceries in Canada, 3x points on eligible streaming subscriptions in Canada, 2x points on eligible rideshares, transit and gas in Canada and 1x point on all other purchases

• Flexible month-by-month fee structure

• Free supplementary cards

• 1:1 points transfer with selected hotels, airlines and frequent flyer programs

• Front of the Line^® ticket access to concerts, live shows

Cons

• Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

• Earning cap on the 5x category once you hit in spending

• Amex has a more limited merchant acceptance rate than Visa and Mastercard

• Slightly higher than average annual fee

• No complimentary lounge access

• Foreign exchange fee of 2.5%

Welcome bonus

The American Express Cobalt comes with a generous welcome offer of 15,000 Membership Rewards® points* which is broken down monthly. This means every billing cycle, I can earn an extra 1,250 points. That benefit alone can easily cancel out the monthly fee each month as it equals to $12.50 if I choose to redeem it as statement credit. 

Related: Best credit card sign-up bonuses

How to earn rewards with the Amex Cobalt

You can quickly rack up points for every dollar spent in the following categories. 

• 5x the points on eligible food, drinks and grocery purchases
• 3x the points on eligible streaming subscriptions
• 2x the points on eligible transit purchases and gas purchases
• 1x the points on all other purchases
• 1 additional Membership Rewards point on eligible hotel and car rental bookings via American Express Travel Online

For example, if I am out for brunch on a Saturday and spend $60, I earn around 300 rewards points due to the 5x earn rate. Similarly, for my Hayu subscription of $7.90 every month, I earn around 24 rewards points due to the 3x earn rate on streaming subscriptions. The 5x earn rate for every dollar spent on food also applies to any money spent at cafes, bars and grocery stores. 

How to redeem American Express Membership Rewards®

You can redeem your Membership Rewards® in a variety of ways with Amex’s flexible rewards redemption program. For every 1,000 points, I can redeem $10 in statement credit or easily transfer them to a loyalty program such as Aeroplan at a 1:1 ratio to redeem for travel credit to put towards my next trip.

It is important to note that when you choose to redeem your membership rewards by transferring them to a travel partner like Aeroplan, you get the most out of your points because:

1,000 membership rewards = 1,000 Aeroplan Points = $20

vs. 

1,000 membership rewards = $10 statement credit

I also have the option to use my points to get any gift card or merchandise available on the rewards portal. Best of all, I can always redeem points for instant credit as long as I redeem at least 1,000 points, no matter the value.

American Express Cobalt insurance coverage

Here’s a breakdown of the insurance coverage you get with the Amex Cobalt card.

✅ $5 million Emergency medical insurance. This policy covers almost any medical emergency that takes place out of province. This coverage can be used by you, your spouse, dependent children, for the first 15 consecutive days.

✅ Travel accident insurance. $250,000  in travel accident coverage. This travel insurance is a type of AD&D life insurance coverage that is for you and your family while traveling with a common carrier.

✅ Flight and baggage delay. These are two separate policies but they cover a combined maximum of $500. These policies are intended to cover you for unseen expenses due to a flight or baggage delay over a long period. Expenses include out-of-pocket costs for food and lodging.

✅ Lost or stolen baggage insurance. This policy can cover up to $500 worth of lost or stolen baggage.

✅ Hotel burglary insurance. This policy also covers up to $500 for stolen personal items if your room gets burgled during hotel stays. The lodging has to be paid for with your Amex Cobalt® Card.

✅ Car rental theft and damage insurance coverage. This car rental theft policy can be used to waive the insurance policy of the car rental company and get up to $85,000of coverage without paying out of pocket. It must be within 48 days or less after charging your American Express Cobalt® Card. You would also have to decline the Collision Damage Waiver (CDW), Loss Damage Waiver (LWD), and other insurance options offered by the car rental company.

✅  Mobile device insurance coverage. You can use this protection plan for an eligible device after purchase. This coverage insures you for up to $1,000.

✅ Purchase protection. You are insured for eligible items charged to your Cobalt Card for 90 days from the date of purchase in the event of accidental physical damage or theft.

❌ Trip cancellation/Trip interruption. If your trip is canceled or delayed, you won't be covered for any losses that may occur. 

Amex Cobalt card benefits

The major benefits of the Amex Cobalt includes its high earning potential which allows you to maximize the value of your everyday spending as well as the endless redemption options that allow you to take full advantage of your rewards. This card has one of the most flexible rewards programs in the Canadian market, with a budget-friendly monthly fee of $12.99/month.

There are a number of extra benefits you can also enjoy with this card.

• American Express Front Of The Line.  This benefit is one of my favourite things about the card as it allows me to access presale ticket events and the increased possibility of securing seats to my favourite shows. 
• American Express customer and concierge service. The 24/7 customer service means you can reach out to Amex anytime, anywhere in the world with whatever you need, big or small, from reporting fraudulent charges to getting an emergency card replacement. You won’t feel stranded if you need help with your card while traveling.
• Amex member extras. This is a program that allows you to take advantage of unique retail offers from Amex partners while shopping.
• Book your best stays with The Hotel Collection. Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
• Amex Plan It. Got a large purchase? Split it into monthly installments with no additional interest and a fixed monthly fee while still earning rewards.
• American Express experiences. Take advantage of Amex experiences which includes special dining and retail events for Amex cardholders. These are great if you like to indulge in the finer thing in life.

Travel benefits

• Complimentary upgrades. You can get a complimentary one-room category upgrade at participating properties when available, when booking a minimum of two consecutive nights.
• Access the best stays and get hotel credit. Enjoy access to hotel bookings, and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
  

Amex Cobalt reviews: What people have to say about this card

“…well worth it! I got mine in 2019 and it immediately became my primary card (all credit purchases, subscriptions etc). I live in Toronto and Amex is very standard and widely accepted. I added my partner with a second card so that his 5x and 2x purchases can help our overall points. I’ve redeemed points for four trips..”

/u/Formal-Horse3603

Reddit user, Formal-Horse3603, clearly explains how well the Amex Cobalt has fit into their lifestyle. They have managed to take proper advantage of the no additional cardholder fee as well as earning potential to maximize the rewards redemption.

How it compares to other cards

Let’s see how the American Express Cobalt^® compares to the following:

American Express Membership Rewards Vs. Scotia’s Scene+ program

Amex Membership Rewards is often compared to Scotia’s Scene+ program due to the higher than usual redemption rates that come with the cards offered under these programs. Both rewards programs allow cardholders to redeem points for statement and travel credit as well as gift cards. They also both have a great travel portal for cardholders, offering discounted airfares and hotel prices.

But unlike the Scene+ program which only offers SCENE points, the Amex program allows cardholders to transfer rewards points to a wide variety of loyalty programs such as Aeroplan and Marriott Bonvoy. In some cases, Amex offers a full 1:1 ratio, allowing you to take full advantage of the value of your rewards.

Also, it is important to note that Scotia’s Scene+ program has a fixed amount of points required for statement credit, whereas with Amex, you can freely redeem any amount of points over 1,000.

For example, you can easily redeem 1,136 points for a credit of $11.36. 

Scotiabank Passport® Visa Infinite* Card 

4.3

4.3

up to 35K pts

Welcome offer

Excellent

Suggested credit score

Apply Now

Earn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points

Expires

Jan 3, 2025

Earn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points

Expires

Jan 3, 2025

Apply now

• Overview
• Rewards
• Rates & Fees

Pros

• No FX fees means the card saves you significant expenses on foreign transaction fees

• Earn up to 3x Scene+ points per $1 spent on eligible purchases

• Flexible and straightforward redemption program

• Visa acceptance globally compared to American Express, especially outside major cities.

• Enjoy six annual visits to airport lounges

• Robust insurance offerings, including extended travel emergency medical coverage

• Access to Visa Infinite Program benefits, with added advantages like a free supplementary card

Cons

• High annual fee

• Limited rewards categories for earning reward max rate on purchases

• Primarily best for travel within Canada

Eligibility

Excellent

Recommended Credit Score

$60,000

Required Annual Personal Income

$100,000

Required Annual Household Income

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

3x

Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more

2x

Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)

1x

Scene+ point for every $1 spent on all other eligible everyday purchases

Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more

3x

Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)

2x

Scene+ point for every $1 spent on all other eligible everyday purchases

1x

20.99%

Purchase APR

22.99%

Balance Transfer Rate

22.99%

Cash Advance APR

$150

Annual Fee First supplementary Card is $0/year ($50/year on each additional Card)

0%

Foreign Transaction Fee

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$150

Foreign Transaction Fee

0%

Overview

Pros

• No FX fees means the card saves you significant expenses on foreign transaction fees

• Earn up to 3x Scene+ points per $1 spent on eligible purchases

• Flexible and straightforward redemption program

• Visa acceptance globally compared to American Express, especially outside major cities.

• Enjoy six annual visits to airport lounges

• Robust insurance offerings, including extended travel emergency medical coverage

• Access to Visa Infinite Program benefits, with added advantages like a free supplementary card

Cons

• High annual fee

• Limited rewards categories for earning reward max rate on purchases

• Primarily best for travel within Canada

Eligibility

Excellent

Recommended Credit Score

$60,000

Required Annual Personal Income

$100,000

Required Annual Household Income

Recommended Credit Score

Excellent

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Rewards

3x

Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more

2x

Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)

1x

Scene+ point for every $1 spent on all other eligible everyday purchases

Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more

3x

Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)

2x

Scene+ point for every $1 spent on all other eligible everyday purchases

1x

Rates & Fees

20.99%

Purchase APR

22.99%

Balance Transfer Rate

22.99%

Cash Advance APR

$150

Annual Fee First supplementary Card is $0/year ($50/year on each additional Card)

0%

Foreign Transaction Fee

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$150

Foreign Transaction Fee

0%

American Express Cobalt Card Vs. Scotiabank Passport Visa Infinite* Card

As a travel credit card, the Amex Cobalt is often compared to the Scotiabank Passport Visa Infinite Card  due their similar annual fees and earning potential.

The Scotiabank Passport® Visa Infinite* Card allows you to earn 3x the points at Sobeys, IGA, Foodland and other participating co-ops as well as 2x the points on all other grocery stores, transit and entertainment purchases. This falls a bit short in front of the Amex Cobalt card, as it has a higher 5x earning category that doesn’t involve any restrictions on which retailers you purchase from. 

Also, the Cobalt card allows you to pay your annual fee of $155.88 in monthly installments while the Scotiabank Passport® Visa Infinite* charges you an annual fee of $150 all in one go. This may seem unaffordable for some Canadians.

However, it is worth noting that the Scotiabank Passport® Visa Infinite* Card does offer complimentary lounge access through Visa Airport Companion as well as $0 foreign exchange fee, which gives it an edge over the Cobalt card. But the Cobalt does provide other unique travel benefits through its points conversion programs that partners with major airline carriers such as Emirates, Air Canada, British Airways and KLM. 

Conditions Apply. Visit here for the Scotiabank Passport Visa Infinite Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

Amex Cobalt Card Vs. Scotiabank Gold American Express Card

See how the Amex Cobalt stacks up against the Scotiabank Gold American Express Card.

With the Cobalt card, an additional cardholder results in no extra fees. And best of all, you can pay your annual fee monthly rather than annually, making it seem more affordable. Under the Amex Membership rewards program, you have the option of transferring your points to other loyalty programs such as British Airways Avios or Emirates. If you have the Scotiabank Gold American Express, you are restricted to just using your SCENE points under the Scene+ program.

Is the American Express Cobalt worth it?

Keeping in mind some of the cons, I still believe that the American Express Cobalt® Card is worth getting as it makes up for its drawbacks with the high earn rates, flexible rewards program, travel partnerships with popular hotels and airlines, comprehensive insurance coverage, presale ticket access and a great sign-up bonus. Those points per $1 spent can add up quickly, especially if you’re an avid foodie who frequently goes to cafes, bars and restaurants or just orders in. Plus, all your favourite streaming subscriptions add to the overall earning potential. 

There are no minimum annual income requirements for signing up or additional annual fee in addition to the monthly fee.

Of course, because Amex isn’t as widely accepted as Visa or Mastercard, it may be hard to use the Cobalt® Card for all your purchases if you're planning to use it as your sole credit card. But apart from that, the Cobalt^® is still a winner when it comes to earning credit card rewards in Canada. 

Amex Cobalt eligibility criteria

• Canadian citizen or resident
• Have a valid Canadian credit file
• Your account is in Fair standing (recommended to have a minimum credit score of 650)

Recent changes to the Amex Cobalt card

As of October 8, 2024, points earned from eligible travel purchases made on the American Express Cobalt Card will be reduced to one Membership Rewards point per dollar, down from two points per dollar. Gas and transit purchases will remain at the current two points per dollar.

Points earn structure changes

How these changes impact Amex Cobalt cardholders

For many years, the American Express Cobalt Card was a top credit card in Canada, with credit card experts using it as a daily credit card for everyday purchases. The card’s strengths remained in the 5x grocery and dining multiplier, while travel and transit was a close second.

These changes impact cardholders benefitting from the Cobalt Card for significant travel purchases. I would argue that for users looking for a credit card for travel purchases, the Cobalt Card wouldn’t have been their first choice as there are better options – not only within the American Express family, but with other financial institutions. The Cobalt Card truly shines in the 5x accelerator which will remain unchanged.

Coupled with American Express Membership Rewards that allows you to transfer points into a variety of airline and hotel partners, including Aeroplan, the versatility and flexibility of MR points make the currency even stronger.

Should I get the American Express Cobalt card or look for a new one?

If you currently have the American Express Cobalt Card, you’re probably reaping the benefits of the 5x dining and grocery accelerator over the soon-to-be-reduced travel multiplier. The dining and grocery, streaming, and transit and gas accelerators remain unchanged after October 8, 2024.

For those considering the American Express Cobalt Card, the product has always excelled for the five points per dollar on grocery and dining purchases. Luckily this card remains one of the best products for that category.

If you are looking for a credit card with a strong travel multiplier, the American Express Gold Card and American Express Platinum Card remain good alternatives. They offer two points per dollar on travel purchases and are better designed for travel perks with lounge benefits, stronger travel interruption and insurance protection and annual travel credit.

Bottom line

Unfortunately, these changes can occur on credit cards, which is why it’s typically best practice to use the points while you have them. Similar changes were made last year to the American Express Platinum Card where the dining multiplier dropped to two points per dollar from three points per dollar.

For current and new cardholders, even with the changes that went into effect on October 8, 2024, the American Express Cobalt Card remains one of the best credit cards in Canada for earning on everyday purchases.

Disclosures

Contact American Express for the most up-to-date referral bonus figures.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Amex Cobalt FAQs

Lubna Umar Content Strategist

Lubna Umar Content Strategist

Lubna Umar has worked in the field of personal finance for over 5 years. She has produced a wide variety of content including personal finance guides and insurance reports for brands like RATESDOTCA and the Financial Post. In her free time, she can be found writing fiction or exploring the café culture in Toronto or any other major city.

Winston Sih Journalism lecturer | Contributor

Winston Sih Journalism lecturer | Contributor

Winston Sih is a freelance multi-platform journalist and television host specializing in technology, digital media, travel, and personal finance. Sih works with a variety of clients as a media consultant, is a journalism lecturer at The Creative School at Toronto Metropolitan University, and media professor at Seneca Polytechnic.

Explore the latest articles

4 ways to get out of 'negative amortization'

Homeownership can slip further away if you're not proactive.

JB

James Battiston

Is it bad to cancel a credit card?

CS

Cory Santos

77-year-old denied $10K claim over past inhaler

JG

Jessica Gedge

Ontario man loses 'stolen property' classic car

VH

Vawn Himmelsbach