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American Express Cobalt® Card Review

American Express Cobalt® Card review

Lubna Umar
Winston Sih

Apr 2, 2025

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Overall rating

First year value

$630

Get this card if you:

  • quickly rack up rewards on dining and grocery purchases
  • want a flexible rewards program with travel rewards
  • want access to exclusive events and robust travel insurance

Scores by category

Travel 4.3

Rewards 3.6

Gas 3.5

Groceries 2.7

At a glance

The American Express Cobalt® Card is a versatile rewards credit card designed for individuals who frequently spend on dining, groceries and travel-related expenses. It offers flexible redemption options and includes various travel and purchase protections, making it a comprehensive choice for those seeking to maximize rewards on everyday spending.

Highlights

$630

First year value

up to 15,000 points

Welcome bonus

$155.88

Annual fee

$12.99/month

Interest Rates

21.99%

Purchase APR

21.99%

Cash advance APR

Eligibility

Fair

Recommended credit score

Amex Cobalt overview

The American Express Cobalt® card snagged the Gold winner spot for Best Overall in our Best Credit Cards Canada Awards —and it’s easy to see why. This powerhouse card pulls double duty as both a top-tier travel card and an everyday rewards champ. From groceries and dining to streaming subscriptions and transit, it racks up points fast. Plus, with flexible redemption options like travel, statement credits, gifts, or merchandise, it’s the ultimate go-to for maximizing your spending.

The Amex Cobalt card also shines with its travel benefits, offering access to a wide range of American Express travel partners like Air Canada’s Aeroplan and British Airways Executive Club. When stacked against the Scotiabank Gold American Express Rewards Card the Amex Cobalt® Card stands out by delivering higher overall rewards, making it a superior choice for frequent travellers. 

Here's a closer look at why the Amex Cobalt continues to reign as the best rewards card on the market.

Amex Cobalt review - Real Experience

Who's the Amex Cobalt best for?

  • Best for young professionals: The Amex Cobalt is ideal for young professionals who want to maximize the value of every dollar while managing inflation. Its rewards structure helps you reach financial goals effortlessly.
  • Perfect for foodies and takeout enthusiasts: If you frequently dine out or order food delivery, this card is a no-brainer. The 5x earn rate applies to restaurants, DoorDash, UberEats, and more.
  • Great for grocery shoppers: Even if dining out isn’t your thing, the same 5x earn rate applies to grocery purchases, making it perfect for families or meal preppers.
  • Perfect for streamers: If you subscribe to services like Netflix, Amazon Prime, Disney+, Hayu, or Crave, you’ll love earning points on your subscriptions while enjoying your favourite shows, as these subscriptions don't run cheap.
  • Commuters and drivers: The Amex Cobalt makes it easy to earn points on all your gas and transit expenses, making it an ideal choice for daily commuters and drivers.

With 1X points on everything else, it’s a solid choice for anyone looking to get value out of everyday purchases. This card is an excellent fit for those with diverse spending habits who want to rack up rewards quickly and efficiently.

Amex Cobalt pros and cons

Pros

Pros

  • High earn rates (5x points on eligible dining and groceries in Canada, 3x points on eligible streaming subscriptions in Canada, 2x points on eligible gas, transit and ride shares in Canada and 1x point on all other purchases

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

  • Front of the Line® ticket access to concerts, live shows

Cons

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Earning cap on the 5x category once you hit $2,500 in spending

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

  • No complimentary lounge access

  • Foreign exchange fee of 2.5%

Welcome bonus

The American Express Cobalt comes with a generous welcome offer of up to 15,000 Membership Rewards® points* which is broken down monthly. This means every billing cycle, I can earn an extra 1,250 points. That benefit alone can easily cancel out the monthly fee each month as it equals to $12.50 if I choose to redeem it as statement credit. 

Related: Best credit card sign-up bonuses

You can quickly rack up points for every dollar spent in the following categories. 

  • 5x the points on eligible food, drinks and grocery purchases
  • 3x the points on eligible streaming subscriptions
  • 2x the points on eligible transit purchases and gas purchases
  • 1x the points on all other purchases
  • 1 additional Membership Rewards point on eligible hotel and car rental bookings via American Express Travel Online

For example, if I am out for brunch on a Saturday and spend $60, I earn around 300 rewards points due to the 5x earn rate. Similarly, for my Hayu subscription of $7.90 every month, I earn around 24 rewards points due to the 3x earn rate on streaming subscriptions. The 5x earn rate for every dollar spent on food also applies to any money spent at cafes, bars and grocery stores. 

You can redeem your Membership Rewards® in a variety of ways with Amex’s flexible rewards redemption program. For every 1,000 points, I can redeem $10 in statement credit or easily transfer them to a loyalty program such as Aeroplan at a 1:1 ratio to redeem for travel credit to put towards my next trip.

It is important to note that when you choose to redeem your membership rewards by transferring them to a travel partner like Aeroplan, you get the most out of your points because:

1,000 membership rewards = 1,000 Aeroplan Points = $20

vs. 

1,000 membership rewards = $10 statement credit

I also have the option to use my points to get any gift card or merchandise available on the rewards portal. Best of all, I can always redeem points for instant credit as long as I redeem at least 1,000 points, no matter the value.

Here’s a breakdown of the insurance coverage you get with the Amex Cobalt card.

✅ $5 million Emergency medical insurance. This policy covers almost any medical emergency that takes place out of province. This coverage can be used by you, your spouse, dependent children, for the first 15 consecutive days.

✅ Travel accident insurance. $250,000  in travel accident coverage. This travel insurance is a type of AD&D life insurance coverage that is for you and your family while traveling with a common carrier.

✅ Flight and baggage delay. These are two separate policies but they cover a combined maximum of $500. These policies are intended to cover you for unseen expenses due to a flight or baggage delay over a long period. Expenses include out-of-pocket costs for food and lodging.

✅ Lost or stolen baggage insurance. This policy can cover up to $500 worth of lost or stolen baggage.

✅ Hotel burglary insurance. This policy also covers up to $500 for stolen personal items if your room gets burgled during hotel stays. The lodging has to be paid for with your Amex Cobalt® Card.

✅ Car rental theft and damage insurance coverage. This car rental theft policy can be used to waive the insurance policy of the car rental company and get up to $85,000of coverage without paying out of pocket. It must be within 48 days or less after charging your American Express Cobalt® Card. You would also have to decline the Collision Damage Waiver (CDW), Loss Damage Waiver (LWD), and other insurance options offered by the car rental company.

✅  Mobile device insurance coverage. You can use this protection plan for an eligible device after purchase. This coverage insures you for up to $1,000.

✅ Purchase protection. You are insured for eligible items charged to your Cobalt Card for 90 days from the date of purchase in the event of accidental physical damage or theft.

❌ Trip cancellation/Trip interruption. If your trip is canceled or delayed, you won't be covered for any losses that may occur. 

The major benefits of the Amex Cobalt includes its high earning potential which allows you to maximize the value of your everyday spending as well as the endless redemption options that allow you to take full advantage of your rewards. This card has one of the most flexible rewards programs in the Canadian market, with a budget-friendly monthly fee of $$12.99/month.

There are a number of extra benefits you can also enjoy with this card.

  • American Express Front Of The Line.  This benefit is one of my favourite things about the card as it allows me to access presale ticket events and the increased possibility of securing seats to my favourite shows. 
  • American Express customer and concierge service. The 24/7 customer service means you can reach out to Amex anytime, anywhere in the world with whatever you need, big or small, from reporting fraudulent charges to getting an emergency card replacement. You won’t feel stranded if you need help with your card while traveling.
  • Amex member extras. This is a program that allows you to take advantage of unique retail offers from Amex partners while shopping.
  • Book your best stays with The Hotel Collection. 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.
  • Amex Plan It. Got a large purchase? Split it into monthly installments with no additional interest and a fixed monthly fee while still earning rewards.
  • American Express experiences. Take advantage of Amex experiences which includes special dining and retail events for Amex cardholders. These are great if you like to indulge in the finer thing in life.

Travel benefits

  • Complimentary upgrades. You can get a complimentary one-room category upgrade at participating properties when available, when booking a minimum of two consecutive nights.
  • Access the best stays and get hotel credit. Enjoy access to hotel bookings, 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.

Amex Cobalt reviews: What people have to say about this card

“…well worth it! I got mine in 2019 and it immediately became my primary card (all credit purchases, subscriptions etc). I live in Toronto and Amex is very standard and widely accepted. I added my partner with a second card so that his 5x and 2x purchases can help our overall points. I’ve redeemed points for four trips..”

/u/Formal-Horse3603

Reddit user, Formal-Horse3603, clearly explains how well the Amex Cobalt has fit into their lifestyle. They have managed to take proper advantage of the no additional cardholder fee as well as earning potential to maximize the rewards redemption.

How it compares to other cards

Let’s see how the American Express Cobalt® compares to the following:

Amex Membership Rewards is often compared to Scotia’s Scene+ program due to the higher than usual redemption rates that come with the cards offered under these programs. Both rewards programs allow cardholders to redeem points for statement and travel credit as well as gift cards. They also both have a great travel portal for cardholders, offering discounted airfares and hotel prices.

But unlike the Scene+ program which only offers SCENE points, the Amex program allows cardholders to transfer rewards points to a wide variety of loyalty programs such as Aeroplan and Marriott Bonvoy. In some cases, Amex offers a full 1:1 ratio, allowing you to take full advantage of the value of your rewards.

Also, it is important to note that Scotia’s Scene+ program has a fixed amount of points required for statement credit, whereas with Amex, you can freely redeem any amount of points over 1,000.

For example, you can easily redeem 1,136 points for a credit of $11.36. 

up to 40,000 pts*

Welcome Bonus

$1,612

First Year Value

$312

Annual Value

Welcome Bonus: Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points*. Expires Jul 01, 2025

Learn More Apply Now On Scotiabank's Secure Site

As a travel credit card, the Amex Cobalt is often compared to the Scotiabank Passport Visa Infinite Card  due their similar annual fees and earning potential.

The Scotiabank Passport® Visa Infinite* Card allows you to earn 3x the points at Sobeys, IGA, Foodland and other participating co-ops as well as 2x the points on all other grocery stores, transit and entertainment purchases. This falls a bit short in front of the Amex Cobalt card, as it has a higher 5x earning category that doesn’t involve any restrictions on which retailers you purchase from. 

Also, the Cobalt card allows you to pay your annual fee of $155.88 in monthly installments while the Scotiabank Passport® Visa Infinite* charges you an annual fee of $150 all in one go. This may seem unaffordable for some Canadians.

However, it is worth noting that the Scotiabank Passport® Visa Infinite* Card does offer complimentary lounge access through Visa Airport Companion as well as $0 foreign exchange fee, which gives it an edge over the Cobalt card. But the Cobalt does provide other unique travel benefits through its points conversion programs that partners with major airline carriers such as Emirates, Air Canada, British Airways and KLM. 

Read: Our full review on the Amex Cobalt vs. the Scotia Passport Visa Infinite

Conditions Apply. Visit here for the Scotiabank Passport Visa Infinite Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

Amex Cobalt Card Vs. Scotiabank Gold American Express Card

See how the Amex Cobalt stacks up against the Scotiabank Gold American Express Card.

Card name American Express Cobalt Card Scotiabank Gold American Express Card
Annual fee $155.88 $120
Welcome offer Earn up to 15,000 Welcome Bonus Membership Rewards® points* – that’s up to $150 in value. Earn up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
Insurance coverage Purchase protection, Extended warranty, Travel accident, Emergency medical term, Flight delay, Baggage delay , Lost or stolen baggage, Hotel burglary, Rental car theft, Mobile device insurance
Purchase protection, Extended warranty, Travel accident, Emergency medical term, Flight delay, Baggage delay, Lost or stolen baggage - $1,000, Hotel burglary, Rental car theft and damage, Trip cancellation, Trip interruption
Benefits High earn rates with an earning cap on the 5x category, Front of the Line presale ticket access, Flexible rewards redemption through Amex partners such as Aeroplan, KLM’s Flying Blue, Emirates and Qatar Airways
High earn rates with no earning cap, Redeem points for SCENE movie tickets, No foreign exchange fee
Read our review Amex Cobalt Credit Card Review Scotiabank Gold American Express Card
Get your card today Apply Now Apply Now

With the Cobalt card, an additional cardholder results in no extra fees. And best of all, you can pay your annual fee monthly rather than annually, making it seem more affordable. Under the Amex Membership rewards program, you have the option of transferring your points to other loyalty programs such as British Airways Avios or Emirates. If you have the Scotiabank Gold American Express, you are restricted to just using your SCENE points under the Scene+ program.

  • Offer details

    +

    Earn up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points.

    To qualify for these offers make sure to open a new Scotiabank Gold American Express credit card account (“Account”) opened between January 3, 2025 and July 1, 2025

    To qualify for the 40,000 bonus Scene+ points offer:
    1. Earn 20,000 bonus Scene+ points by making at least $2,000 in everyday eligible purchases in your first 3 months.
    2. Plus, for a limited time, you are eligible to earn a 20,000 Scene+ point bonus when you spend at least $7,500 in everyday eligible purchases in your first year.

    Once you qualify, your account will be credited in 2 instalments:
    1. 20,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after the qualifying $2,000 in eligible purchases being posted to your Account within the first 3 months of Account opening.
    2. An additional 20,000 bonus Scene+ points will be credited to the applicable Scene+ membership account approximately 8 weeks after you have met the $7,500 annual spend threshold in your Account in your first year.

    Note: For joint Accounts, the applicable bonus will be credited to the Scene+ account linked to the Account of the borrower that completed the last transaction to meet the qualifying amount of eligible purchases in the case of the 20,000 Point Bonus and the Additional 20,000 Point Bonus.

    Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for this offer.

    See terms and conditions for full details.



    Conditions Apply. Visit here for the Scotiabank Gold American Express® Card to learn more.

    *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.

Is the American Express Cobalt worth it?

Despite a few minor drawbacks, I firmly believe the American Express Cobalt® Card is absolutely worth it. Its high earn rates, flexible rewards program, partnerships with top hotels and airlines, comprehensive insurance coverage, and generous welcome bonus more than make up for its cons.

The points you earn per $1 spent add up fast, especially if you're a foodie who loves dining out, ordering in, or grocery shopping at stores like Walmart. Plus, earning on your favorite streaming subscriptions only boosts its overall value.

Another perk? There’s no minimum annual income requirement to apply, and no additional annual fee beyond the manageable monthly fee.

That said, because Amex isn’t as widely accepted as Visa or Mastercard, the Cobalt® Card might not work as your sole credit card for all purchases. But even with that limitation, the Cobalt® remains a top contender for earning credit card rewards in Canada.

As of October 8, 2024, points earned from eligible travel purchases made on the American Express Cobalt Card will be reduced to one Membership Rewards point per dollar, down from two points per dollar. Gas and transit purchases will remain at the current two points per dollar.

Points earn structure changes

Presently, the $12.99/month card earns Effective Oct. 8, 2024, the American Express Cobalt card will earn
• 5 points per dollar on groceries and dining • 5 points per dollar on groceries and dining
• 3 points per dollar on streaming services • 3 points per dollar on streaming services
• 2 points per dollar on travel, gas and transit • 2 points per dollar on gas and transit
• 1 point per dollar on everything else • 1 point per dollar on travel and all other purchases

How these changes impact Amex Cobalt cardholders

For many years, the American Express Cobalt Card was a top credit card in Canada, with credit card experts using it as a daily credit card for everyday purchases. The card’s strengths remained in the 5x grocery and dining multiplier, while travel and transit was a close second.

These changes impact cardholders benefitting from the Cobalt Card for significant travel purchases. I would argue that for users looking for a credit card for travel purchases, the Cobalt Card wouldn’t have been their first choice as there are better options – not only within the American Express family, but with other financial institutions. The Cobalt Card truly shines in the 5x accelerator which will remain unchanged.

Coupled with American Express Membership Rewards that allows you to transfer points into a variety of airline and hotel partners, including Aeroplan, the versatility and flexibility of MR points make the currency even stronger.

Should I get the American Express Cobalt card or look for a new one?

If you currently have the American Express Cobalt Card, you’re probably reaping the benefits of the 5x dining and grocery accelerator over the soon-to-be-reduced travel multiplier. The dining and grocery, streaming, and transit and gas accelerators remain unchanged after October 8, 2024.

For those considering the American Express Cobalt Card, the product has always excelled for the five points per dollar on grocery and dining purchases. Luckily this card remains one of the best products for that category.

If you are looking for a credit card with a strong travel multiplier, the American Express Gold Card and American Express Platinum Card remain good alternatives. They offer two points per dollar on travel purchases and are better designed for travel perks with lounge benefits, stronger travel interruption and insurance protection and annual travel credit.

Bottom line

Unfortunately, these changes can occur on credit cards, which is why it’s typically best practice to use the points while you have them. Similar changes were made last year to the American Express Platinum Card where the dining multiplier dropped to two points per dollar from three points per dollar.

For current and new cardholders, even with the changes that went into effect on October 8, 2024, the American Express Cobalt Card remains one of the best credit cards in Canada for earning on everyday purchases.

To be eligible to apply for the Amex Cobalt, you must meet the following criteria:

  • Be a Canadian citizen or resident
  • Have a valid Canadian credit file
  • Your account is in Fair standing (recommended to have a minimum credit score of 650)

Disclosures:

Contact American Express for the most up-to-date referral bonus figures.

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, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Amex Cobalt FAQs

  • Does Amex Cobalt have lounge access?

    +

    No, the American Express Cobalt card does not include lounge access as a benefit. You can purchase lounge access separately. This card focuses more on rewards for dining and travel purchases rather than providing premium travel perks like lounge access.

  • How to transfer Amex Cobalt points to Aeroplan

    +

    To transfer AMEX Cobalt points to Aeroplan, log into your American Express account, navigate to the rewards section, select "Transfer Points," choose Aeroplan as the transfer partner, enter the amount of points to transfer, and confirm the transaction. The transfer may take a few days to complete.

  • Does Amex Cobalt have travel insurance?

    +

    Yes, the American Express Cobalt card offers several types of travel insurance, including travel emergency medical, flight delay, lost or stolen baggage, hotel burglary, and car rental theft and damage insurance. However, it lacks trip interruption and cancellation.

  • Is American Express Cobalt metal?

    +

    No, the American Express Cobalt card is not made of metal. It is a standard plastic credit card. American Express does offer metal cards in other product lines, but as of now, the Cobalt card is not one of them.

  • Am I eligible for the American Express Cobalt?

    +

    To be eligible for the Amex Cobalt, you need to be a Canadian resident, have a Canadian credit file, and be the age of majority in the province or territory where you live. It's also recommended to have at least a Fair credit score. There is no income requirement.

Lubna Umar Finance Editor

Lubna Umar is an experienced writer and editor specializing in personal finance, with over six years of expertise. Her portfolio includes comprehensive guides on personal finance, mortgages, car insurance, and credit card reviews. She has worked with several prominent finance brands, including RATESDOTCA, LowestRates, InsuranceHotline, and the Financial Post.

Winston Sih Journalism lecturer | Contributor

Winston Sih is a freelance multi-platform journalist and television host specializing in technology, digital media, travel, and personal finance. Sih works with a variety of clients as a media consultant, is a journalism lecturer at The Creative School at Toronto Metropolitan University, and media professor at Seneca Polytechnic.

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