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American Express Cobalt Card review

Rack up Membership Rewards with the Amex Cobalt on your everyday spending and redeem for flights, car rentals, gear and more.

Earn up to 30,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). That’s up to $300 towards a weekend getaway or concert tickets.
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$155.88

Annual Fee

Up to 5x points per $1 spent

Rewards

30-second take

  • Get the AMEX Cobalt card if you spend a lot of money on dining out, groceries, streaming subscriptions, travel and transportation.
  • Apply with a fair, good to excellent credit score of 650 or higher.
  • Pick something else if you don’t want to pay a monthly fee or you want to get cash back.

American Express Cobalt 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 or are looking for a travel card. Potentially earning 30,000 Membership Rewards points in your first year, your points can be redeemed for hotels, car rentals, vacation packages, merchandise, flights, statement credit and more. You can also transfer points 1:1 to several frequent flyer and loyalty programs.

Unlike many other regular credit cards, you’ll be charged a monthly fee of $12.99. Over the course of a year, the American Express Cobalt Card will cost you $155.88 in fees.

Amex Cobalt perks

  • Earn Amex Membership Rewards.
    Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery, 3x the points on eligible streaming subscriptions in Canada, 2x points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases, and earn 1 point for every $1 in Card purchases everywhere else.
  • Welcome bonus.
    Earn up to 30,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). That’s up to $300 towards a weekend getaway or concert tickets.

You’ll also like …

  • Exclusive American Express perks.
    American Express members receive regular perks, bonus rewards and access to events. Access Front Of The Line Presale & Reserved Tickets to concerts and theatre performances and get special offers and access to events with American Express Experiences.
  • 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 AMEX 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 with the Amex Cobalt

  • The monthly fee.

    The card’s monthly fee is $12.99. However, over the course of a year, this will amount to a total fee of $155.88. 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 21.99%. 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 20.99%, additional fees and charges may occur, such as a dishonoured payment fee of $25.

American Express Cobalt Card interest rates

Interest TypeInterest Rate
Purchase interest rate20.99%
Cash advance rate21.99%

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 $12.99 monthly fee. Over the course of a year, this will amount to a total of $155.88. 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.

What should I know before I apply for the Amex Cobalt Card?

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 for the American Express Cobalt credit card 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 $12.99 adds up to $155.88 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

  1. Head to the American Express website, navigate to the American Express Cobalt Card page and click the Apply Now button.
  2. Complete the application with information including your full name, home address, income source and total annual income.
  3. 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 Amex Cobalt 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.

Compare other American Express credit cards

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
American Express Cobalt Card
30,000 points
Up to 5x points per $1 spent
20.99%
$155.88
Min. recommended credit score: 700
Earn up to 30,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). That’s up to $300 towards a weekend getaway or concert tickets.
American Express Green Card
10,000 points
1 point per $1 spent
20.99%
$0
Min. recommended credit score: 700
Earn a Welcome Bonus of 10,000 Membership Rewards points when you charge $1,000 in purchases to your card in the first 3 months as a new Cardmember. That’s $100 towards groceries or concert tickets.
SimplyCash Card from American Express
$100 in statement credits
Up to 2% cash back
20.99%
$0
Min. recommended credit score: 700
In your first 10 months, earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases. This could add up to $100 in statement credits in the first 10 months.
American Express Aeroplan Reserve Card
85,000 points
Up to 3x points
20.99%
$599
Min. recommended credit score: 700
Earn up to 85,000 welcome bonus Aeroplan points. New Cardmembers can earn up to $2,600 in value within the first year.
American Express Aeroplan Card
50,000 points
Up to 2x points
30% annual interest rate applies to balances not paid in full each month
$120
Min. recommended credit score: 700
Earn up to 50,000 welcome bonus Aeroplan points. That's a value of up to $1,100 in your first year.
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Bottom line on the Amex Cobalt

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.

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.

American Express Cobalt Card FAQs

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