American Express Cobalt™ Card
- Cobalt Perks benefits.
- Earn up to 30,000 bonus points in the first year.
- Receive up to 5 points per $1 spent on eligible purchases.
Earn 5 Membership Rewards points per dollar spent at eligible restaurants, bars, cafes including food deliveries across Canada.
30-second take
- Get this card if you spend a lot of money on dining out, nightlife and transportation.
- Pick something else if you don’t want to pay a monthly fee or you want to get cash back.
- Apply with a fair, good to excellent credit score of 650 or higher.
| Product Name | American Express Cobalt™ Card |
|---|---|
| Reward | Earn 5x points per $1 spent on eligible dining transactions, 2x points on travel and 1 point on all other spend. |
| Welcome Offer | Earn 2,500 points with minimum spend of $500 for each billing period. Up to 30,000 bonus points in your first year. |
| Purchase Interest Rate | 19.99% |
| Cash Advance Rate | 22.99% |
| Balance Transfer Rate | N/A |
| Interest Free Period | Up to 21 days |
| Go to site More Info |
| Annual Fee | $120 |
|---|---|
| Monthly Service Fee | $10 |
| Over Credit Line Fee | $29 |
| Penalty APR | 23.99% - 26.99% Variable |
| Dishonoured Payment Fee | $25 |
| Foreign Currency Conversion Fee | 2.5% |
| Late Payment Fee | $25 |
| Go to site More Info |
| Credit Rating | Fair, Good, Excellent |
|---|---|
| Minimum Age | Age of majority in province/territory of residence |
| Minimum Income | N/A |
| Household Income | N/A |
| Go to site More Info |
The basics
The American Express Cobalt Card offers 5 Membership Rewards points for every $1 spent at eligible restaurants, bars and cafes including food deliveries in Canada. What’s more, you will earn 2 Membership Rewards points for every $1 spent on eligible transit and gas purchases in Canada, as well as 1 point per $1 spent on all other purchases. With the American Express Cobalt Card, there are endless ways to rack up Membership Rewards points.
While this is a regular credit card, unlike many other cards you will be charged a monthly fee of $10. Over the course of a year, the American Express Cobalt Card will cost you $120 in fees.
The American Express Cobalt Card can be a powerful credit card if you find that you spend big on eats and drinks purchases across the country. Potentially earning 30,000 Membership Rewards points on your first year, your points can be redeemed for hotels, car rentals, vacation packages, merchandise and flights, including eligible short-haul trips via Fixed Points Travel Program; or $300 credit towards travel purchases charged on your cards; or $300 worth of tickets on Ticketmaster.ca and more.
The perks
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Earn up to 30,000 Membership Rewards.
Spend $500 a month in purchases on your Cobalt Card and earn 2,500 Membership Rewards points a month in the first year of card membership. This can add up to a total of 30,000 Membership Rewards points over the course of the first year, in addition to further points earned.
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5 points per $1 spent on eligible purchases.
Earn 5 Membership Rewards points when you use your Cobalt Card to pay for purchases at eligible restaurants, grocery stores, bars and food delivery services across Canada.
- Cobalt Perks Program. Cobalt cardmembers receive regular perks, bonus rewards and access to great events.
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2 points per $1 spent on eligible purchases.
Receive 2 Membership Points per $1 spent on eligible transportation and gas purchases, as well as eligible travel purchases. Eligible travel purchases include air, water, rail and road bookings, lodging and tour operator sales.
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1 point per $1 spent on everything else.
Earn 1 Membership Rewards point for every $1 spent on everything else, whether that is a movie ticket, clothing or money spent overseas at restaurants, hotels and bars.
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THC benefits.
The Hotel Collection (THC) benefits includes up to $100 hotel credits based on eligible room charges such as spa, dining and resort activities and a room upgrade upon check-in at over 600 participating properties when booked through American Express Travel. This is offer is valid when you charge your card for at least two consecutive nights stay at the same hotel.
What to watch out for
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The monthly fee.
The card’s monthly fee is $10. However, over the course of a year, this will amount to a total fee of $120. If you use the rewards and benefits, the monthly fee may be worth the expense.
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The cash advance rate.
If you decide to withdraw cash using your Cobalt Card, you will face a cash advance rate of 22.99% plus a funds advance fee of . Unlike the purchase interest rate, the cash advance rate is charged from the moment you withdraw the cash.
Consider other cards if …
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You want cash back.
If you’re looking to reap the benefits of cash back, you may want to consider a cash back rewards card. These types of cards typically offer anywhere from 1-5% cash back on purchases. If you spend frequently on gas, groceries and dining out, a cash back rewards card may be more beneficial for you than a travel rewards card.
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You don’t want to pay a monthly fee.
The American Express Cobalt Card comes with a $10 monthly fee. Over the course of a year, this will amount to a total of $120. If paying a fee this high is not in your best interest, consider other types of travel or rewards cards with lower, or even $0, annual fees.
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You don’t spend a lot of money on dining out, nightlife or transportation.
If you find that your purchases don’t match up with the perks of having this card, perhaps you’d be better suited to a card that offers more points per dollar spent on the types of purchases that you make. Or, you may find that a completely different rewards card is more suitable for your spending habits.
Compare other American Express credit cards
What should I know before I apply?
To apply for the American Express Cobalt Card, you must:
- Be at least 18 years old, or the age of majority in your province or territory.
- Be a Canadian citizen or a permanent resident.
- Have a valid Canadian credit file.
What credit score do I need?
You’ll have a better chance of approval if you apply with a good to excellent credit score of 650 or higher. In addition to having a good credit score, a relatively high annual income or combined household income may be beneficial for approval.
Here are a few other factors that might affect your odds of approval:
- Hard inquiries on your credit report. If you have several hard pulls on your credit history, it could indicate to a provider that you’re desperate for credit or have trouble managing your debt. As a result, the provider may be less likely to approve your application.
- Factors that tie into your credit score. Your credit utilization ratio can play a major factor in your approval. Customers who have low balances relative to their credit limits are usually preferable to providers.
What do customers say about the American Express Cobalt Card?
Customers that have the American Express Cobalt Card generally say positive things about it. This card appears to be tailored toward a younger crowd, since it offers 5 points on restaurant, bar and cafe purchases, as well as charging a monthly fee for the card – similar to a monthly subscription fee that Netflix would charge. It’s important to keep in mind that the monthly fee of $10 adds up to $120 over a one year period.
On the flip side, customers report that the company has inflexible policies, but many customers report being pleased with the punctual and helpful customer service team.
How to apply for the American Express Cobalt Card
- Click Go to site on this page to be directed to the American Express Cobalt Card page, and click Apply Now Securely.
- Complete the application with information including your full name, home address, income source and total annual income.
- Review and submit your application.
How long will it take to get my American Express Cobalt Card?
Pre-approval for an American Express credit card is automated on the website, which means you may get a decision on your application within just 60 seconds. If there are issues with your application, it may take a few days or even weeks to hear back.
Once your application has been approved, you’ll typically receive your card in the mail within 5 to 10 business days.
I got the card. Now what?
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Make your repayments.
Register for an account on the American Express website to pay your balance online and enrol in autopay. The American Express Cobalt Card is a regular credit card, so you don’t have to pay off the entire balance each month if you don’t want to. Keep in mind you will face interest rates if you don’t pay off the balance in full each month. -
Avoid fees.
Late and returned payments will incur fees, so be sure to pay on time. If you’re enrolled in autopay, be sure to have enough funds in your account to pay off your balance each billing cycle. -
Get help.
If you’re not able to find what you need on the American Express Canada website, call 1-800-567-2639 to speak with a customer service representative.
Bottom line
The American Express Cobalt Card is a worthy competitor if you find you spend a lot of money at restaurants and bars and on transportation costs. Even if you travel outside of Canada with the card, you’ll still be able to earn Membership Rewards points no matter where in the world you use the card.
However, if you’re not interested in paying a monthly or annual fee for a credit card, you may wish to consider alternative cards that charge no annual fee.
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