How to Earn 5x the Points on Gas with Amex Cobalt in Canada

Introduction: How it Works

With the Amex Cobalt Card in Canada you can earn 5x the points on groceries, and food and drinks at restaurants. That makes it one of the most rewarding credit cards in Canada.

But how can you maximize this spend bonus to earn 5x the points on gas purchases too? 

Because Amex Cobalt awards 5x the points on grocery purchases, you simply need to buy a gift from the grocery store with your for your favourite gas station with your Cobalt Card. It’s really that simple.

Is the Amex Gift Card Balance Method Worth It?

The spend cap for the food and drinks category on the Amex Cobalt is $2,500 per month to earn 5x the points. Then your earning rate drops to 1x the points for any further purchases in that category. This spend cap resets every billing cycle.

Let’s do the math:

Points

$2,500 per month x 5x the points = 12,500 Amex points per month.

12,500 points x 12 months = 150,000 Amex points per year.

Spending

$2,500 per month x 12 months = $30,000 spent annually with a 5% return.

$1,500 / 12 months = $125 cash value each month.

150,000 Amex points = $1,500 cash value (and even more if you transfer to hotel or airline loyalty programs).

This essentially turns the Cobalt Card into a 5% cash back credit card.

Amex Travel: View the Amex Travel Partners in Canada

With a small extra step of buying a gas gift card when you go grocery shopping, and writing down your gift card balance each time, this will put an extra $125 a month in your pocket. This is an easy way to create a savings account for your yearly vacation. Now that’s rewarding!

Keys to Success

Stay Organized

Having multiple gift cards with varying balances on them can get confusing to keep track of. 

Instead, just take an extra minute to keep track of what you’ve used on your gift card when you gas up.

Here’s a basic Google Sheets spreadsheet you can use to get started:

Google Sheets: Free Spreadsheet for Tracking Gift Card Balances for Amex Cobalt

• Gift Card #: Keep track of what gift card you’re on. With each gift card, the amount will reset as in the example below.
• Transaction Date: The date you bought or redeemed the gift card.
• Action: I like to add the grocery store I bought the gift card from, and where I filled up.
• Amount: The amount you bought the gift card for, or how much you redeemed.

Gift Card #	Transaction Date	Action	Amount
1	Feb 27, 2024	Bought Gift Card at Save on Foods	CA$100.00
1	Feb 27, 2024	Filled Up at Esso	CA$61.31
1	Mar 04, 2024	Filled Up at Esso	CA$38.69
2	Mar 04, 2024	Bought Gift Card at Save on Foods	CA$100.00

Double Dip on Points

Using the Amex Cobalt gas gift card strategy, I can earn 5x the points on my purchase, plus earn points on my PC Optimum account to put towards groceries. But use the gas station where you can double dip and earn points at other stores. In my case, I want to earn additional points for groceries.

Keep it Hassle Free

It can be frustrating to be limited to a specific gas station if none are nearby. Consider planning ahead or acquiring gift cards for multiple gas stations in your area to broaden your options for earning 5x points at the pump.

With Esso, I can pay with my gift card right at the pump, so there’s no need to go inside to redeem it. It’s hassle free to use a gift card at the pump.

Conclusion

As you can tell, I’m all for this gift card method. It creates a good habit of budgeting and achieving points redemption goals.

Now let me be clear, I’m not suggesting living beyond your means and spending more just for the sake of earning Amex points. This method should work with your existing budget.

The fun part is checking out the gift card aisle in the grocery store and seeing what other stores you can earn 5x the points on for everyday purchases you’d be making anyway.

With this strategy, earning 5% cash back on the Amex Cobalt Card in Canada is worth it, when other Visa or MasterCard cards only offer 2-4%.

Now how will you spend your Amex Cobalt rewards?

Learn More: How to Earn Amex Cobalt Membership Reward Points

Learn More: How to Earn the Amex Cobalt Welcome Bonus