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$155.88
Annual Fee
Up to 5x points per $1 spent
Rewards
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.
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.
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.
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.
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.
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.
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.
Alongside paying the interest rate of or 20.99%, additional fees and charges may occur, such as a dishonoured payment fee of $25.
Interest Type | Interest Rate |
---|---|
Purchase interest rate | 20.99% |
Cash advance rate | 21.99% |
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.
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.
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.
To apply for the American Express Cobalt Card, you must:
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:
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.
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.
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.