The American Express Cobalt® Card has racked up an impressive list of awards in the past 8 years – including "People's Choice" and “Best Overall Credit Card In Canada” – and it’s not hard to see why. It offers 8 spending categories in which cardholders can collect up to 5 points per dollar, each of which are worth up to 2 cents CAD.
Is Canada’s best credit card the right credit card for you? In this review, we’ll answer all your questions, dive further into what makes the Cobalt so special, and share tips for maximizing its earning potential.
Key Takeaways
- Canada’s overall best credit card, the American Express Cobalt, earns up to 5 points in 8 popular spending categories.
- American Express Membership Rewards points are worth about 2 cents CAD each when transferred to Aeroplan or spent on flight credits.
- The Amex Cobalt has no income requirements but requires an estimated credit score of 560 – 659 and a monthly fee of $12.99.
- To make full use of the Amex Cobalt, you’ll have to spend most of your points on travel and find stores that accept American Express.
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American Express Cobalt Card overview
×8 Award winner Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
8x Award winner Transfer points to Aeroplan and 7 other travel partners with Canada's #1 credit card.*
The American Express Cobalt Card is the lowest premium credit card issued by the bank and payment network, American Express. It provides fewer perks – and requires a lower annual fee – than the American Express Gold Rewards Card and American Express Platinum Card, but surpasses them both in one regard: rewards.
The secret to the Cobalt’s success is that it earns up to 5 points per $1 spent in 8 popular spending categories, including groceries and restaurants. Even better? Because Amex runs its own bank, payment network, and rewards program, said points are worth about 2 cents CAD each.
If you’re looking for a spending tool that’s less of a VIP membership card and more of a workhorse, the Cobalt is probably the right fit for you.
Pros:
- 10 types of insurance
- 8 ways to earn rewards
- 6 ways to redeem rewards
- $0 additional card fee
- Points worth up to 2 cents CAD each
- No income requirements
- Standard Amex benefits, including Amex Offers and The Hotel Collection
Cons:
- $2,500 monthly cap on grocery and restaurant rewards
- Points worth as little as 0.3 cents CAD
- Limited acceptance for American Express
- Not as many perks as other premium cards
- No travel spending category
| Are you eligible for the American Express Cobalt Card? | |
|---|---|
| Personal annual income requirements | None |
| Household annual income requirements | None |
| Estimated credit score required | 560 – 659 |
| Monthly fee | $12.99 |
| Extra card fee | $0 |
American Express Cobalt Card rewards
The American Express Cobalt Card’s rewards start with a welcome bonus of 15,000 points after spending $750 every month for the first year. You can then start collecting points in 8 popular spending categories:
- 5 points per $1 spent on eligible groceries and restaurants
- 3 points per $1 spent on eligible streaming services
- 2 points per $1 spent on eligible gas, transit, and ride share purchases
- 1 point per $1 spent on foreign currency purchases
- 1 point per $1 spent on all other purchases
Plus, you’ll get 1 additional point per $1 spent whenever you book a car or hotel on Amex Travel Online. The Cobalt’s average rate of return hovers around 4.5%.
For comparison, the Cobalt’s closest competitor, the MBNA Rewards World Elite Mastercard, holds an average rate of return of 2.86%, or $2.86 in rewards for every $100 spent.
Value of rewards earned in CAD / money spent in CAD x 100 = rate of return in %
The Amex Cobalt would be the perfect rewards credit card if it weren’t for 2 things: somewhat-limited acceptance and a monthly spending cap on the 5x points category.
Each month, you can collect a maximum of 12,500 points on up to $2,500 of groceries and restaurant purchases combined, after which your rewards will drop to 1 point per $1 spent. And while the majority of Canadian businesses accept Amex, Visa and Mastercard remain the most popular payment networks in Canada and the world at large.
We recommend checking whether your local and favourite stores accept Amex before committing to the Cobalt, and considering a foreign exchange travel credit card before you go abroad.
American Express Membership Rewards
In the world of credit card rewards, your points are only as valuable as the rewards you redeem them for. Fortunately, the American Express Membership Rewards program offers 6 redemption options, and air travel yields an average of 1.5 cents CAD per point.
You can either transfer points to Aeroplan at a 1:1 ratio and get up to 4 cents CAD per point by redeeming them on Air Canada flights, or you can trade them for statement credits using the Amex Fixed Points Travel Program. Trading 15,000 points for a $300 credit on a popular, short-haul route within Canada yields up to 2 cents CAD per point.
You can also transfer points to other airline and hotel rewards programs (such as British Airways or Marriott Bonvoy) or use them on merchandise, cash, and gift cards. Just note that trading 1,000 points for a $10 statement credit cuts their value in half.
Learn more about the American Express Membership Rewards program here
American Express Cobalt Card perks and benefits
The Amex Cobalt’s biggest strength may be its rewards, but it’s not without perks. It provides an estimated $780 worth of credit card benefits, including a quarter of a million dollars in insurance coverage.
Your standard Amex credit card perks include:
- A $100 USD credit and a one-category room upgrade when you stay 2 or more consecutive nights in a property in The Hotel Collection
- Access to early tickets and reserved seats through Front of the Line Amex Presale and Reserved Tickets
- Exclusive deals, discounts, and offers through Amex Offers
- On-site benefits and special experiences through Amex Experiences
For some, the Cobalt’s scant list of benefits are a blessing in disguise.
Getting your money’s worth from the Visa Infinite Privilege program, for example, requires staying in 4-star hotels, using the complimentary concierge line, and touring wineries in BC and Ontario. VIP cards also charge a minimum of $395 per year and require proof of at least $150,000 of personal income or $200,000 of household income.
The Cobalt’s short list of perks keeps costs, annual fees, and income requirements low and rewards high. It’s an excellent travel credit card for Canadians who prefer to travel simply and save up for the occasional vacation using everyday spending.
American Express Cobalt Card insurance coverage
The Amex Cobalt provides about $253,000 of coverage for an estimated $450 worth of credit card insurance.
It’s basic but comprehensive. Among others, the package combines the two most valuable types of travel insurance (rental theft and damage and emergency medical) with the two most valuable types of shopping coverage (extended warranty and cellphone insurance).
American Express Cobalt® Card
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Mobile Device | $1,000 |
| Travel Accident | $250,000 |
| Emergency Medical Term | 15 days |
| Flight Delay | $500 |
| Baggage Delay | $500 |
| Lost or Stolen Baggage | $500 |
| Hotel Burglary | $500 |
| Rental Car Theft & Damage | Yes |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
Is the American Express Cobalt Card worth it?
For most Canadians, the American Express Cobalt Card is more than worth the annual fee. With 5x the points on groceries and restaurants, cardholders can earn up to 150,000 points per year on food alone – a value of $3,000.
However, there are a few reasons why the Amex Cobalt might not work out for you:
- You need more travel insurance and/or higher coverage limits
- You need travel insurance for seniors over the age of 65
- You like credit card perks like airport lounge access
- You like to shop at small businesses or stores that don’t accept American Express
- You like to travel and want to earn more than 1 point per $1 spent
Naturally, the internet has found workarounds for most of these problems. You can purchase travel insurance and lounge memberships like DragonPass or Priority Pass separately, or follow this Redditor’s example:
The thread also notes that how you spend your money is just as important as where you spend it. If you have a taste for luxury dining, travel, and leisure – and you spend more than $2,500 on groceries and eating out – you may want to consider an alternative.
Alternatives to the Amex Cobalt
Few Canadian credit cards can match the value of the Amex Cobalt on everyday spending, but there are exceptions. Some Mastercard and travel credit cards can out-earn the Cobalt if you shop primarily at Costco or Loblaws, or spend a lot of money on travel.
So, whether you’re looking for more acceptance, more travel rewards, or more perks, take a look at the 3 top alternatives:
| MBNA Rewards World Elite Mastercard | TD Aeroplan Visa Infinite Card | American Express Gold Rewards Card | |
|---|---|---|---|
| Annual fee | $120 | $139 | $250 |
| Welcome bonus | $ $150 GC Boost + 30,000 bonus points (terms) | $Up to 45,000 bonus points (terms) | $ $125 GeniusCash + Up to 60,000 bonus points (terms) |
| Rewards | * 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category) * 1 point per $1 spent on all other purchases | * 1.5 points per $1 spent on eligible gas, electric vehicle charging, grocery and direct through Air Canada purchases * 1 point per $1 spent on all other purchases | * 2 points for every $1 spent on gas, groceries, drugstores, and travel * 1 point for every $1 spent on all other purchases |
| Income requirements | * $80,000 personal or $150,000 household | * $60,000 personal or $100,000 household | * None |
| Types of insurance | 12 | 12 | 11 |
| Pros | * 10% annual bonus points * Complimentary DragonPass * Excellent shopping coverage * World Elite Mastercard benefits * Worldwide acceptance | * $100 NEXUS rebate every 4 years * 50% extra Starbucks Stars * Complimentary Avis Preferred Plus status * First-year fee waiver * Free checked bags for you and up to 8 travelling companions * Worldwide acceptance * Visa Infinite benefits | * $100 annual travel credit * $50 NEXUS rebate every 4 years * 5 spending categories * 4 free visits to Plaza Premium Lounges * Complimentary Priority Pass membership * Hertz Rental Car Benefits * No additional card fee for first card |
| Cons | * $50 additional card fee * Only 4 spending categories | * $75 additional card fee * Only 2 spending categories | * Limited acceptance for American Express |
| Best choice for… | More acceptance and more perks | More Aeroplan points and more perks | More perks and travel rewards |
| Learn more | Learn more | Learn more | Learn more |
FAQ
What are the drawbacks of the American Express Cobalt Card?
The Amex Cobalt has three major disadvantages: it offers few perks, limits your 5x points to $2,500 of eligible spending per month, and American Express isn’t accepted by every store in Canada.
Does Amex Cobalt get you into airport lounges?
The American Express Cobalt card does not provide airport lounge access.
Is Amex Cobalt worth it in 2025?
Despite limiting rewards on foreign currency purchases, the American Express Cobalt Card remains a high-earning rewards credit card for groceries and restaurants in 2025.
What income do you need for Amex Cobalt?
The American Express Cobalt Card has no formal income requirements, but you still need a good credit score to apply.
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