Big news for anyone who has an American Express Cobalt Card: On November 5, 2025, the monthly fee will increase by $3, making the annual fee $191.88. If you live in Quebec, you'll simply pay an annual fee of $191.88.
This is a high fee, considering cards with comparable perks and insurance are in the $120 to $150 range. However, the American Express Cobalt Card offers rewards that can offset its higher fee.
The big question: Is this card still worth it? Our answer is yes, but there's another question you need to answer — how do you actually use your accrued Membership Rewards Points? If you’re optimizing rewards value, the American Express Cobalt Card is still worth its annual fee. If not, it’s worth exploring other options.
Let’s break down whether or not to keep your American Express Cobalt Card and, if not, which other top credit cards to consider.
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Should you keep your American Express Cobalt Card?
Let's be clear: The American Express Cobalt Card is the best credit card in Canada, and that won't change with this update.
When it comes to rewards, the gulf between American Express Cobalt Card and other cards is too large for the increased fee to change how it stacks up.
But not all rewards are created equal. American Express Membership Rewards offers plenty of ways to redeem your points, and the value varies.
Here are the 4 best ways to use your points, what each point is worth, and what that looks like in annual rewards. Assuming a $2,000 monthly spend across various categories, you would earn roughly 54,000 Membership Rewards points per year.
Note: There are other transfer options, but these are the most valuable to Canadians.
| Redemption | Value Of 1 Point In Cents | Annual Rewards |
|---|---|---|
| Transfer to Aeroplan 1:1 | 2 | $1,080 |
| Fixed Points Travel Program | 1.75 | $945 |
| Transfer to Marriott Bonvoy 5:6 | 1.16 | $626 |
| Redeem for any purchase | 1 | $540 |
Transferring your Amex Membership Rewards to Aeroplan or using the Fixed Points Travel Program gives you rewards unmatched by other Canadian credit cards. If you redeem in these areas regularly, we suggest you hold on to your American Express Cobalt Card.
The Marriott Bonvoy transfer option seems less rewarding. However, Amex usually has 2 Marriott transfer bonuses per year, where you get an additional 30% points. If you wait for those, your annual rewards increase to $814, which also gives you unmatched value.
However, the option to redeem points toward any purchase by trading them in for payments on your statement offers considerably less value. And if this is where you mostly redeem your points, it may be time to consider trading in your Cobalt card for something else.
Here are 4 cards that have lower annual fees but also offer better reward value than redeeming Membership Rewards for purchases. These numbers are based on the same spending pattern of $2,000 per month.
| Credit Card | Rewards Type | Rewards Program | Annual Rewards |
|---|---|---|---|
| MBNA Rewards World Elite Mastercard | Flexible | MBNA Rewards | $686 |
| Neo World Elite Mastercard | Cash | N/A | $612 |
| SimplyCash Preferred Card from American Express | Cash | N/A | $612 |
| Scotiabank Gold American Express Card | Flexible | Scene+ | $588 |
When you factor in the annual fees, these cards offer better net rewards value than trading in Membership Rewards for purchases. If insurance is important to you, it’s worth considering that all these cards except the SimplyCash Preferred Card from American Express have better coverage.
However, some of these cards have income requirements, while the American Express Cobalt Card does not.
If you’re not sure whether to keep your American Express Cobalt Card, check your redemption history and do your research on other comparable cards.
Alternatives to the American Express Cobalt Card
Looking for alternatives to your American Express Cobalt Card? Here’s a quick overview of comparable cards, followed by a closer look at each option.
A key detail to keep in mind is rewards. Some rewards programs are more limiting than others.
| Credit Card | Welcome Bonus | Rewards | Annual Fee, Income Requirements | Apply Now |
|---|---|---|---|---|
| MBNA Rewards World Elite Mastercard |  $100 GeniusCash + 30,000 bonus points (terms) | * 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 | * 120 * $80K personal/$150K household | Apply Now |
| Neo World Elite Mastercard | None | * Average of 5% cash back at partner retailers * 5% cash back on groceries, up to $1,000 spent monthly * 4% cash back on recurring bills, up to $500 spent monthly * 3% cash back on gas and EV charging, up to $1,000 spent monthly * 1% cash back everywhere else | * 125 * $80K personal/$150K household | Apply Now |
| SimplyCash Preferred Card from American Express | 10% cash back for the first 3 months + $50 (terms) | * 4% cash back on gas and groceries * 2% cash back on all other purchases | * 119.88 * None | Apply Now |
| Scotiabank Gold American Express Card | $100 GeniusCash + Up to 50,000 bonus points, first year free (terms) | * 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more * 5 Scene+ points per $1 spent on groceries, dining, and entertainment * 3 Scene+ points per $1 spent on gas, select streaming services, and transit * 1 Scene+ point per $1 spent on foreign currency purchases * 1 Scene+ point per $1 spent on all other purchases | * 120 * None | Apply Now |
1. MBNA Rewards World Elite Mastercard
We currently rate the MBNA Rewards World Elite Mastercard as the second-best credit card in Canada. It offers plenty of flexible 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
But there's more — every year on your birthday, you earn 10% bonus points on top of what you earned, to a maximum bonus of 15,000 points.
As for other benefits, the insurance is terrific, with 12 types included, one of which is rare price protection insurance. All this for an annual fee of $120.
Redeeming MBNA Rewards
MBNA Rewards are a little less flexible than Amex Membership Rewards. Your best options are travel, e-gift cards, and cash.
| Redemption Option | Value Of 1 Point In Cents |
|---|---|
| Travel through MBNA Rewards | 1 |
| Electronic gift cards | 0.99 |
| Cash | 0.83 |
Want to redeem for travel? You have to go through the MBNA's Rewards Catalogue. Although the inventory includes a wide range of flights, hotels, car rentals, and vacation packages, it sometimes can't quite match what you could get by going directly through the vendor. It's the best value for your points, getting you 1 cent per point.
Electronic gift cards are an excellent option for MBNA Rewards World Elite Mastercard cardholders, and there's a wide variety to choose from. They average about 0.99 cents per point, with occasional cards coming in higher than that.
Finally, you can turn your cash into points, either as a statement credit or a direct deposit into a bank account. Although it's not as good a value as the others, at 0.83 cents each, this is still one of our top-rated cash back credit cards.
Want to see a real-world example of rewards value? Read a first-hand experience with MBNA Rewards.
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GC: $100
4x Award winner 2. Neo World Elite Mastercard
The Neo World Elite Mastercard is one of the best cash back credit cards in Canada. The biggest reason? The value of the cash back it offers.
- Average of 5% cash back at partner retailers
- 5% cash back on groceries, up to $1,000 spent monthly
- 4% cash back on recurring bills, up to $500 spent monthly
- 3% cash back on gas and EV charging, up to $1,000 spent monthly
- 1% cash back everywhere else
How much you can make from the 5% back at retail partners depends on your spending. But you will rack up cash back on the basics. Just keep in mind their monthly caps, detailed in our Neo World Elite Mastercard review.
You can also increase the cash back you earn by leaving at least $5,000 in a Neo Everyday Account.
As for redeeming your cash back, you can have it applied as a statement credit any time you like.
The annual fee for this card is $125.
3. SimplyCash Preferred Card from American Express
The SimplyCash Preferred Card from American Express is Amex's own premium cash back credit card. Compared to other cash back cards, it offers a much higher base earn rate on everything, plus more on a couple of essentials.
- 4% cash back on gas and groceries
- 2% cash back on all other purchases
The drawback here? You only get your rewards paid out as a statement credit once per year in August.
As for insurance, it has a similar package to what the American Express Cobalt Card offers, with 10 types included.
This card has an annual fee of $119.88 that gets charged out as $9.99 per month.
4. Scotiabank Gold American Express Card
There's another Amex card you can look at: the Scotiabank Gold American Express Card. This Scene+ credit card offers tons of flexible points.
- 6 Scene+ points per $1 spent at Sobeys, Safeway, FreshCo and more
- 5 Scene+ points per $1 spent on groceries, dining, and entertainment
- 3 Scene+ points per $1 spent on gas, select streaming services, and transit
- 1 Scene+ point per $1 spent on foreign currency purchases
- 1 Scene+ point per $1 spent on all other purchases
If you travel outside the country, this is the only card we've listed here that doesn't charge foreign exchange fees (in fact, it's a rare credit card in Canada that doesn't charge this). That's 2.5% in savings on any purchase not made in Canadian dollars.
The insurance is also excellent, offering 12 types. It also has all the usual Amex benefits, for a $120 annual fee.
Redeeming Scene+ points
Scene+ points are incredibly easy to use, as you may already know. You have 5 high-value redemptions to choose from, and they all provide the same value. 1,000 points will save you $10 for any of these options.
- Food at Sobeys and Safeway
- Movie tickets and concessions at Cineplex theatres
- Meals at Recipe Unlimited restaurants
- Travel booked through the Scene+ Expedia portal
- Travel booked from any provider (this is not available to all Scene+ members, just credit and debit cardholders)
The Scotiabank Gold American Express Card combines what you earn at Scene+ retailers with your credit card spend earnings.
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1x Award winner What will you do with your Cobalt card?
What will you do with your American Express Cobalt Card?
Let us know in the comments below.
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