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The Cobalt Card was devalued on March 1, 2022 when the welcome bonus dropped significantly from 50,000 to 30,000 Amex points.
Read the Review: The Amex Cobalt Card Canada
The welcome bonus has fluctuated on this Card in the last year: going from 45,000 points in January, 2021 down to 30,000 in July. An exciting increase to 50,000 happened in August, until now where the Card is back to offering 30,000 points.
However, this Card still offers a lucrative earning structure:
- 5 Amex points per $1 spent on eligible restaurants, groceries and food delivery in Canada.
- 3 Amex points per $1 spent on eligible streaming subscriptions.
- 2 Amex points per $1 spent on gas, transit and rides.
- 1 Amex point per $1 spent on everything else.
Everything else has stayed the same with the Card with this update.
Is the Cobalt Card Worth it in Canada?
Although the category spend bonuses are attractive, you’re better to wait until the welcome bonus offer rebounds on this Card.
This could potentially happen towards the end of this year, based on the frequency of updates we’ve seen lately.
Welcome Bonus Requirements
You’ll earn 2,500 Amex Membership Rewards for each monthly billing period in which you spend $500 in net purchases on your Card, up to a maximum of 30,000 points a year. The points are paid out monthly, rather than all at once with the traditional structure of Amex’s welcome bonuses.
With the previous offer, you could also earn 20,000 Membership Rewards for spending $3,000 in the first 3 months of Cardmembership, but this has been removed from the current welcome bonus. Hopefully we will see this return for the next update.
March, 2022 Update: More Changes from Amex Canada
After disappointing news of the devaluation to the Cobalt Card, check out the exciting updates Amex Canada made to the suite of Aeroplan Cards:
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