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Best for people who want to earn points on eats and enjoy specialty perks.
Foodies and binge watchers who don’t mind an annual fee will get the most value out of the Amex Cobalt Card, which earns extra reward points on eats, drinks and streaming subscriptions.
Learn more about how we evaluate cards.
The American Express Cobalt Card is a rewards credit card that allows cardholders to earn Membership Rewards points with each purchase. Membership Rewards points can be redeemed to cover a variety of eligible purchases, including movie tickets, statement credits, gift cards and merchandise, as well as bookings made through American Express Travel Online. A minimum of 1,000 points, worth $10, must be redeemed each time.
Benefits of the American Express Cobalt Card
- Elevated earn rate (5x) on eats, such as restaurants, stand-alone grocery stores and food delivery purchases (up to $2,500 monthly spend — after which, the earn rate drops to 1x)
- Flexible redemption methods. You can use your points to pay for merchandise, travel and gift cards, you can also transfer them to several frequent flyer and other loyalty programs.
- Robust suite of travel protection benefits. The insurance provided, which includes lost baggage, emergency medical, trip interruption and hotel burglary coverage, should provide peace of mind while you’re on the road — or in the air.
- Access to American Express Experiences, a collection of special dining, shopping and wellness events, and American Express Front Of The Line, which can help cardholders score presale and reserved tickets for concerts or major events.
Drawbacks of the American Express Cobalt Card
- Not as readily accepted by retailers as Visa and Mastercard. You can use American Express Maps to find stores that accept Amex cards.
- Strict insurance requirements. The full cost of any flight, hotel, rental car or mobile device must be charged to your card to qualify for insurance coverage.
American Express Cobalt® Card
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Annual Fee$155.88$12.99 monthly fee.
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Interest Rates21.99% / 21.99%21.99% on purchases, 21.99% on cash advances.
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Rewards Rate1x-5x PointsEarn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery.* Spend cap applies. Earn 3X the points on eligible streaming subscriptions in Canada. Earn 2X the points on eligible ride shares, transit & gas in Canada. Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online. Earn 1X point for every $1 in Card purchases everywhere else.
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Intro OfferUp to 15,000 PointsIn your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card (Up to 15,000 points).
- In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets.
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
- Earn 3x the points on eligible streaming subscriptions in Canada.
- Earn 2X the points on eligible ride shares, transit & gas in Canada.
- Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online.
- Earn 1X point for every $1 in Card purchases everywhere else.
- Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
- Transfer points 1:1 to several frequent flyer and other loyalty programs.
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events.
- Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.
- *Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks charged to their Card up to $2,500 monthly, for the same total of $30,000 annually already in place today. Cardmembers will also continue to earn 3x on streaming subscriptions, 2x on eligible transit, gas & travel purchases and 1x on everything else. T&Cs apply. While the annual earn does not change, the new monthly construct intends to curb gaming activity. The change should have little to no impact on the majority of Cardmembers who utilize the Card and Membership Rewards program as it was intended.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.
American Express Cobalt Card full review
Because the American Express Cobalt Card is a rewards credit card, you’ll want to ensure that the earn rates align with your everyday spending habits. Since you can earn points on a wide array of purchases — like restaurants, gas, food delivery and streaming subscriptions — there’s a decent chance they might.
Who should get the American Express Cobalt Card?
The American Express Cobalt Card could capture the interest of people looking to get a little extra from their rewards card, like generous earn rates, the ability to transfer points to several frequent flyer programs and access to exclusive events.
Is the American Express Cobalt Card worth it?
The American Express Cobalt Card’s generous and varied earn rates, combined with its modest annual cost ($155.88), make this card worth considering.
Plus, while not comprehensive, the card’s included insurance coverage can be invaluable if something goes awry during your next travel adventure.
What Reddit has to say
NerdWallet’s credit card experts rigorously review every detail of a card to determine its rating. But our Nerds know it can also be helpful to hear what everyday cardholders think. So, we took to Reddit to find out what users are saying about the American Express Cobalt® Card across multiple threads.
Redditors agree with NerdWallet’s review.
It’s safe to say the Amex Cobalt is beloved by Redditors. The travel card has been recommended in dozens of threads, with many users stating that its elevated earn rates on eats and streaming services make the annual fee well worth it.
American Express customer ratings
- High in customer satisfaction: American Express ranks first out of 13 brands in J.D. Power’s 2023 Canada Credit Card Satisfaction Study[1].
- Low Trustpilot rating: American Express received 1.5 out of 5 possible stars based on over 3,900 customer reviews, as of this writing.
- Low Better Business Bureau rating: American Express received 1.08 out of 5 possible stars based on over 440 customer reviews, as of this writing.
American Express Cobalt Card eligibility
Who qualifies for the American Express Cobalt Card?
To apply for the American Express Cobalt Card, you must:
- Be a Canadian resident and have a Canadian credit file.
- Be the age of majority in the province or territory where you live.
There is no known minimum income requirement for the American Express Cobalt Card.
Approximate credit score needed for approval
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for.
Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
American Express Cobalt Card rewards
Earn up to 15,000 Membership Rewards points in the first year of card ownership.
- Earn 1,250 points for each monthly billing period in which you spend $750 in purchases.
- 5x Membership Rewards points on eligible eats and drinks, such as restaurants and food deliveries (up to $2,500 monthly, for a total of up to $30,000 annually — earn 1x points thereafter).
- 3x Membership Rewards points on eligible streaming subscriptions in Canada.
- 2x Membership Rewards points on eligible travel and transit purchases.
- 1x Membership Rewards points on all other eligible purchases.
- 1 additional Membership Reward point when you book travel through Amex Travel Online.
In your first year as a new Cobalt cardmember, you can earn 1,250 points for each monthly billing period in which you spend $750 in net purchases on your card. This could add up to 15,000 points in a year, valuing $150 — which nearly offsets the annual cost of the card.
Point value breakdown
The value of an American Express Membership Rewards point varies on the redemption method you choose, but you can expect to get around 0.7 to two cents per point, according to NerdWallet’s analysis.
- Up to two cents per point for flights, fine hotels and resorts booked via the American Express Fixed Points Travel Program.
- One cent per point for statement credits.
- About 0.8 cents per point for gift cards.
- About 0.7 cents per point for shopping with merchant partners.
How to apply for the American Express Cobalt Card
You can complete the application for the American Express Cobalt Card from the American Express website:
- Select the Apply Now button from the American Express Cobalt Card page.
- Review the card’s terms and conditions and select Agree and Begin to continue.
- Enter your personal details, including your full name, date of birth, email address and residential address.
- Input any required financial information, such as your annual personal income and employment details.
- Review the information you’ve supplied and submit your application.
American Express Cobalt Card vs Scotiabank Gold American Express Card
If you’re looking for comparable benefits at a slightly lower annual cost, you may want to consider the Scotiabank Gold American Express Card.
| American Express Cobalt Card | Scotiabank Gold American Express Card | |
|---|---|---|
| Annual fees | $155.88. | $120. |
| Minimum annual income | N/A. | $12,000. |
| Rewards |
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| Benefits |
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Reasons you might want a different card
The American Express Cobalt Card may not be a perfect fit for you if:
- You don’t spend much on dining and food delivery.
- You want a card with no annual fees.
- You’d prefer to earn a different reward, like cash back.
» MORE: Best American Express credit cards
American Express Cobalt Card facts
| American Express Cobalt Card | |
|---|---|
| Card type | Rewards credit card. |
| Fees and interest rates | |
| Annual fee | $155.88. |
| Regular/purchase APR | 21.99%. |
| Penalty APR | 25.99% if you miss two payments within 12 months and 28.99% if you miss three payments within 12 months. |
| Cash advance APR | 21.99%. |
| Cash advance fee | $2.75 per transaction. |
| Balance transfer APR | 3% of the transaction amount. |
| Foreign transaction fee | 2.5% of the transaction amount. |
| Rewards and benefits | |
| Intro offer | Earn 1,250 points for each monthly billing period in which you spend $750 in purchases to your card in the first year, equaling a potential 15,000 Membership Rewards points. |
| Reward earn rates |
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| Other perks |
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| Insurance coverage | |
| Travel accident | Up to $250,000. |
| Travel medical | Up to $5 million per insured person per trip, under the age of 65. |
| Baggage and flight delay | Up to $500. |
| Lost or stolen baggage | Up to $500 of coverage per trip for all insured persons. |
| Hotel burglary | Up to $500 of coverage for personal items (excluding cash). |
| Rental car theft/damage | For up to 48 days. |
| Extended warranty | Up to one additional year. |
| Purchase Protection | 90 days. |
| Mobile Device Protection | Up to $1,000 of mobile device protection in case of loss, theft or accidental damage. Conditions apply. |
Rating Methodology
NerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.
Frequently asked questions about American Express Cobalt Card
Because there’s no minimum income required (at least publicly), it might be easier to qualify for an American Express Cobalt Card than some other rewards credit cards. Having a credit score of 660 or higher should help your chances of approval.
The American Express Cobalt Card (monthly fee of $12.99 — $155.88 annually) applies a higher earn rate to a broader range of spending categories than the American Express Gold Rewards Card, but the Gold Card (annual fee of $250) offers more ways to save on travel, including a NEXUS fee rebate and annual travel credit.
Review Sources
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J.D. Power, “J.D. Power 2023 Canada Credit Card Satisfaction Study,” accessed October 16, 2023.
About the Author
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