Introduction
The Amex Cobalt Card in Canada is one of the most rewarding credit cards, especially the 5x points multiplier on groceries, restaurants and food delivery. You’ll earn points on everyday purchases that can add up fast. So what does it take to get approved?
Learn More with the Complete Guide: How to Earn Amex Cobalt Membership Reward Points
Amex Cobalt Approval Checklist
The Amex Cobalt is a mid-level Card so it is relatively easy to get approved for if you have a good credit score.
Amex Cobalt Card Requirements
- You are a Canadian resident and have a Canadian credit file.
- You are the age of majority in the province or territory where you live.
Amex Cobalt Card Recommendations
- A good credit score of 660+.
- While there’s no publicly advertised minimum income requirement for the Amex Cobalt, it’s recommended that you have a steady income.
Learn More: Read our Amex Cobalt Card Review
How Long Does it Take to Get Approved?
When you apply for the Amex Cobalt Card online, in most cases, you’ll receive an immediate decision, allowing for instant approval.
Typically, Amex Canada is strict with the initial application for their credit cards. However, once they recognize a pattern of responsible spending and repayment behaviour, subsequent applications often result in instant approval. The assigned credit limits tend to align more closely with your income and credit history.
Learn More: How to Earn the Amex Cobalt Welcome Bonus
Apply for an Amex Card with No Risk to Your Credit Score
When applying for credit cards or loans, lenders typically conduct a hard inquiry on your credit report, which can temporarily affect your credit score. However, Amex Canada stands out by performing a soft inquiry, ensuring no impact on your credit score during the initial application process for the Amex Cobalt Card.
With the Cobalt Card application, you can check your approval status without any risk to your credit score. Only after approval does Amex proceed with a hard credit check, which may cause a slight, temporary decrease in your credit score, particularly if your credit is already subpar. This could pose challenges for future credit approvals, especially if your application is declined, as it further lowers your credit score.
Source: Difference Between Hard Credit Check and Soft Credit Check
Amex Cards with Lower Credit Score Requirements
The Amex Cobalt Card is a mid-level Card, so a good credit score is preferred.
If you’re looking for a stronger chance of getting approved with a lower credit score, consider applying for these entry-level American Express Cards instead:
Conclusion
The bottom line is if you have a credit score of 660 or higher, and are a Canadian resident with a steady income, you should be in great shape to get approved for the Amex Cobalt Card.
Keep in mind that only new applicants are eligible to earn the welcome bonus:
With an instant decision and no risk of impacting your credit score, you can see if you’re approved for the rewarding Cobalt Card right now.
