American Express Cobaltᵀᴹ Card Review

Annual Fee
Purchase Interest Rate
Cash Advance Interest Rate
Recommended Credit Score
740 850 670 739 580 669 0 579
In your first year as a new Cobaltᵀᴹ Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year.



The American Express Cobalt™ Card presents a lucrative opportunity for Canadians who love dining and travel, and who want to quickly accumulate rewards from purchases in those categories.

In the first year new Cobalt™ cardholders can earn 2,500 Membership Rewards points for each monthly billing period in which at least $500 in purchases are made on the card. A low purchase interest rate promotion does even more to increase the card’s value.

At a Glance:

  • Earn up to 30,000 bonus points in the first 12 months
  • 5 points per $1 spent on eligible eats and drinks, including restaurants, bars, food delivery, and groceries
  • 2 points per $1 spent on eligible travel and transit, including airfare, hotels, ground transit, and gas
  • 1 point per $1 spent everywhere else
  • Redeem points on travel, merchandise, or for statement credits
  • $10 monthly fee
  • Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events

Cardmembers appreciate a full variety of insurance features, including out-of-province medical care and travel accident coverage. The card also provides insurance for flight and baggage delay, hotel burglary, lost or stolen baggage, and new purchases. The annual $120 fee is fairly standard for a rewards card, but the fee can be paid on a monthly basis (in $10 installments), unlike most of its competitors. Furthermore, a rare promotion will see new cardholders enjoy a competitively low interest rate on their purchases.

Why We Like It

  1. Monthly Bonuses: We like that the 2,500-point monthly bonus is flexible from month to month; if you miss out on spending $500 in April, you can  still earn points for May if you spend $500 then. It’s not an all-or-nothing bonus structure.
  2. Big Earnings Potential: The 5x accelerator for spending on food—whether at restaurants, bars, or for groceries—can generate massive points.
  3. Broad Point Redemption: Points can be easily redeemed through the Amex Travel Online, or on merchandise available online as well. Points can also be used for statement credits on almost any purchase made on the card. For those who love concerts, sports, or theatre, Amex makes it easy to redeem points on Ticketmaster. Additionally, points can simply be used as a credit against the card’s monthly statement, or on through the Shop with Points program.
  4. Free Additional Cards: Cardmembers can open an additional card to extend the benefits of the Amex Cobalt™ to others. It’s completely free and is a great way to include a spouse or immediate family member in the fun.
  5. High Level of Protection: Get a full suite of insurance features with the Amex Cobalt™, including up to $5,000,000 on out-of-province medical and $250,000 on travel accident insurance. Alongside these bonuses, members will appreciate insurance features covering flight and baggage delays, baggage or rental car theft, motel or hotel burglary, and rental car damage coverage. New purchases are also protected, with extended warranties increased up to an additional year.

What Are the Interest Rates?

Purchase Regular APRCash Advance RatePenalty APR
19.99%22.99%23.99%-26.99% (variable)

Is It Worth It?

The American Express Cobalt™ Card is tailored to foodies and travel enthusiasts. Canadians can earn accelerated points from both dining out and cooking at home, and can then redeem those points on their next vacation. That, combined with the ability to earn up to 30,000 bonus points and a broad redemption structure, make the card really stand out in the rewards category.

* American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply link. Conditions Apply.

This post was sponsored by Amex Bank of Canada.  The views and opinions expressed in this blog, however, are purely my own.

*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.