The American Express Cobalt Card is highly regarded in Canada, especially for those whose biggest monthly expenses are food and travel. 

Here’s a breakdown of the Cobalt Card’s benefits to help you decide if it’s a good Card for you.

Amex Cobalt Card Benefits

Points Earning Potential

• 5x Points on Eats and Drinks: Earn 5x Amex Membership Rewards (MR) points for every $1 spent on eligible restaurants, bars, cafes, and delivery services.
• 3x Points on Streaming Subscriptions: Earn 3x MR points per $1 on eligible streaming services.
• 2x Points on Travel and Transit: Earn 2x MR points per $1 spent on eligible transit including taxis, rideshares, public transit, and flights, hotels, and vacation packages.
• 1x Points on Everything Else: Earn 1x MR point per $1 on all other purchases.

Welcome Bonus

New Cardmembers can earn up to 15,000 MR points as a welcome bonus in the first year by meeting the spending requirement. You’ll earn 1,250 MR points for each monthly billing period in which you spend $750 in purchases on your card.

Flexible Points Redemption

A huge benefit to the Cobalt Card is its a Flexible Membership Rewards Card. That means your points can be redeemed for travel, statement credits, gift cards, or for potentially the best value, transferred from Amex to partner airline and hotel loyalty programs.

Travel Insurance

The Cobalt Card includes travel emergency medical, flight delay, baggage loss/delay, car rental theft/damage, and hotel/motel burglary insurance. 

If you’re looking for more robust travel insurance, consider the Gold Rewards Card or Platinum Card, which also come with more travel benefits.

Additional Perks

As a Cardmember, you’ll get access to special events, dining experiences, and entertainment offers through American Express Invites, as well as Front of the Line presale access.

Learn More: How to Get the Best Concert Seats with Amex Presales

Monthly Fee

The Cobalt Card fee is $12.99 billed monthly, which totals $155.88 annually.

Pros and Cons of the Cobalt Card

Still considering the Cobalt Card? Let’s recap the pros and cons below:

Pros

• High Earning Rates: Particularly beneficial if you spend a lot on food and travel.
• Flexible Redemption Options: Allows you to maximize the value of your points by transferring them to airline and hotel loyalty programs.
• Comprehensive Travel Insurance: Good travel insurance coverage which can save you money if you travel frequently.
• Monthly Fee Structure: Easier to manage compared to a large annual fee.

Cons

• Limited Acceptance: American Express is not as widely accepted as Visa or Mastercard in Canada. Loblaws and Costco do not accept Amex.
• Monthly Spending Cap: The 5x points earn rate on groceries, restaurants and food delivery are subject to a monthly spending cap of $2,500, after which the earning rate drops to 1x points.
• Foreign Transaction Fee: Charges a 2.5% fee on foreign currency transactions.

Learn More: Is it Hard to Get Approved for an Amex Cobalt Card in Canada?

Conclusion: Is the Amex Cobalt a Good Card?

Yes, the Cobalt Card is considered a good rewards Card in Canada.

It’s particularly worth it if you spend the most on food and travel, and can take advantage of the card’s high points-earning potential and flexible redemption options. 

As a flexible rewards Card, you can transfer your points to airline, and hotel loyalty programs for the best value, or redeem them for a cash statement. 10,000 Amex points = $100 statement credit.

However, if you frequently make purchases in places where Amex is not accepted or need a card with no foreign transaction fees, and more travel benefits, you might want to look at the Gold Rewards Card instead. <<<insert link>>>

Learn More at Amex: Where is Amex Accepted in Canada?