Rack up Membership Rewards points on your everyday spending and redeem your rewards for anything from flights to car rentals and merchandise.
New cardholders can earn up to 30,000 Membership Rewards points. In the first year, earn 2,500 Membership Rewards points for each billing period when you charge at least $500 in eligible purchases to your card (a total of 30,000 Membership Rewards points over 12 months).
Earn 5 Membership Rewards points per $1 spent at eligible grocery stores, restaurants, bars, cafés and food delivery services, and earn 2 Membership Rewards points per $1 spent at eligible gas stations, and on transit and travel purchases, and earn 1 Membership Rewards point per $1 spent elsewhere. Terms apply
Welcome Offer
Earn up to 40,000 Membership Rewards points. In the first year, earn 2,500 Membership Rewards points for each billing period when you charge at least $500 in eligible purchases to your card (for a total earn of up to 30,000 Membership Rewards). Plus, earn up to 10,000 Membership Rewards points when you spend a total of $3,000 in purchases in your first three months
Emma Balmforth is a Producer at Finder. She is passionate about cryptocurrency, credit cards and loans, and enjoys helping people understand the often confusing world of finance. Emma has a degree in business and psychology from the University of Waterloo. She wants to help people make financial decisions that will benefit them now and in the future.
30-second take
Get this card if you spend a lot of money on dining out, groceries 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.
The basics
The American Express Cobalt Card can be a powerful credit card if you find that you spend big on eats and drinks purchases across Canada. Potentially earning 40,000 Membership Rewards points in your first year, your points can be redeemed for hotels, car rentals, vacation packages, merchandise, flights, statement credit and more.
Unlike many other regular credit cards, you’ll 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 perks
Earn Membership Rewards.
Earn 5 Membership Rewards points per $1 spent at eligible grocery stores, restaurants, bars, cafés and food delivery services. Earn 2 Membership Rewards points per $1 spent at eligible gas stations, and on transit and travel purchases. Earn 1 Membership Rewards point per $1 spent elsewhere. Terms apply.
Welcome bonus.
New cardholders can earn up to 30,000 Membership Rewards points. In the first year, earn 2,500 Membership Rewards points for each billing period when you charge at least $500 in eligible purchases to your card (a total of 30,000 Membership Rewards points over 12 months).
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Exclusive American Express perks.
American Express members receive regular perks, bonus rewards and access to events. Opportunities include cardholder-only experiences, preferred seating at select events and advance access to concerts, theatres, films, dining, shows and events through Front of the Line by American Express Invites.
THC benefits.
The Hotel Collection (THC) benefits includes up to US$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.
Travel insurance coverage.
The Cobalt Card comes with a host of travel insurances. Receive up to $5,000,000 and Emergency Medical Insurance, alongside Lost and Stolen Baggage Insurance, Flight and Baggage Delay Insurance, Car Rental Theft and Damage coverage and Hotel/Motel Burglary Insurance.
Purchase benefits.
Buyer’s assurance doubles the manufacturers warranty (up to one year) when you use your American Express credit card to purchase the item. Your eligible items are also covered against theft and accidental damage with Purchase Protection.
What to watch out for
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.
The cash advance rate.
If you decide to withdraw cash using your Cobalt Card, you will face a cash advance rate of 22.99%. Unlike the purchase interest rate, the cash advance rate is charged from the moment you withdraw the cash.
Not as widely accepted overseas.
Compared to Visa and Mastercard, American Express is much less widely accepted in locations across Canada, the US and around the world. This might provide you with less opportunity to use the card, and therefore less opportunity to reap the rewards.
It hurts to pay late.
Alongside paying the interest rate of or 19.99%, additional fees and charges may occur, such as a dishonoured payment fee of $25.
Consider other cards if …
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.
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.
You don’t spend a lot of money on dining out, groceries 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.
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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?
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 Cardis 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. And 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.
Frequently asked questions about the American Express Cobalt™ Card
You may enrol in the Membership Rewards Program for an annual fee of $50, plus applicable taxes. Once you’re a member, your points give you access to a variety of travel and entertainment experiences, merchandise, gift cards and more.
Any purchases charged to the card will be subject to an interest rate of American Express Cobalt Card. Should you choose to not pay off your balance in full, you will face an increased rate from American Express Cobalt Card.
The minimum amount you must pay back is the lesser of the two:
$10 + interest and any other fees (such as dishonoured payment fees and overlimit fees) or;
The entire new balance on the billing statement
Pictures: americanexpress.com/ca
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