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The recent launch of the American Express Cobalt card has created a lot of buzz. The high earn rates and the impressive sign up bonus definitely turned heads. Not to mention, our Genius Rating ended up giving this card top marks in 4 different categories.

The missing piece was a perks program they announced when the card launched but didn’t fully describe how it was going to work.

Enter “Cobalt Perks”

American Express issued a Press Release on Tuesday announcing the launch of Cobalt Perks. This perks program will give cardholders exclusive offers and deals above and beyond the Amex Invites and Front of the Line that is standard for all other American Express credit cards.

Amex isn’t the first to offer a set of semi-regular perks that are offered to their cardholders as an extra incentive for using their cards. However, most of the time the offers either aren’t that great, are really specific, or only come around once in a blue moon.

If the first batch of offers from Cobalt Perks is any indication, then the offers have the potential to be more generic, more regular, and pretty high value. They’re also likely putting their best foot forward for the program’s launch so we’ll have to stay tuned for future offers to see if they remain this good.

Here’s the first 3 offers:

Offer 1: H&M Garment Exchange Program

  • Offer date: Now until January 31st, 2018
  • Offer details: Cobalt Cardmembers can bring in any unwanted clothes and/or home textiles from any brand, and in return they will receive 25% off the lowest regular priced H&M item (before tax) when they use their Cobalt Card. Plus, they will receive a $5 CAD coupon and a free tote bag, while supplies last.

Offer 2: 10x The Points on Dining and Grocery

  • Offer date: Now until December 31st, 2017
  • Offer details: Existing Cobalt Cardmembers earn 10 points for every $1 in the first $2,000 spent in eligible eats, drinks, and grocery purchases and 5 points for every $1 over $2,000 on additional eligible purchases.

Offer 3: Toronto Pearson International Airport Duty Free $50 Statement Credit

  • Offer date: December 15th, 2017 to February 15th, 2018
  • Offer details: Cobalt Cardmembers can earn a $50 statement credit when they spend $50 or more using their card at participating Toronto Pearson International Airport Duty Free stores.

Are These Offers Worth It?

To be honest, the H&M offer isn’t all that great. 25% off the regular price isn’t as good as most normal sales. The $5 coupon and free tote bag are a nice add-on, but definitely not something that makes you jump out of your chair and head to H&M right now.

The 10x points on food, on the other hand, is amazing. You can already get 5x on food everyday with Cobalt which works out to an unheard of 8.75% return on spending when you redeem your points for flights using the Membership Rewards Fixed Points Travel Program.

With 10x, that percentage doubles to 17.5%. That’s on top of any other sales, discounts, or coupons you can apply to your food order. True, there’s a $2,000 spending cap on this bonus, but that still works out to $350 in value, which is a $175 increase over what you’d normally get on that $2,000 spend.

The 3rd offer at Toronto Pearson is really specific, but absolutely amazing if you can take advantage of it. You can buy anything at the duty free store that costs around $50 and basically walk out of the store with it for free. Can’t beat that!

What Do You Think?

Do these offers make the American Express Cobalt more appealing for you?

Let us know in the comments below.