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American Express Cobalt Card review

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American Express Cobalt Card
Welcome Offer
15,000 points
Rewards
Up to 5x points per $1 spent
Annual Fee
$155.88
Purchase Interest Rate
21.99%
Cash Advance Rate
21.99%

Our verdict

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

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. You'll earn up to 5 Membership Rewards points per $1 spent. Potentially earning 15,000 Membership Rewards points in your first year as a welcome bonus, 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.

Best for: Those who want to earn accelerated rewards on groceries, food delivery and gas, and don't mind paying an annual fee.

Pros

  • Earn up to 5 Membership Rewards points per $1 spent
  • Earn a welcome bonus of 15,000 Membership Rewards points
  • Travel insurance coverage
  • Access exclusive Amex benefits

Cons

  • You'll pay a monthly fee of $12.99, or $155.88 a year
  • American Express is not as widely accepted as Visa or Mastercard

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 towards a weekend getaway or concert tickets.

Amex Cobalt perks

  • Earn Amex Membership Rewards.
    Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery (spend cap applies), 3x the points on eligible streaming subscriptions in Canada, 2x points on eligible ride shares, transit & gas in Canada, 1 additional point on eligible hotel and car rental bookings via American Express Travel Online, and 1x point for every $1 in purchases everywhere else. Effective August 15, 2023, cardmembers will earn 5x the points on all eligible eats & drinks charged to their card up to $2,500 monthly, for the same total of $30,000 annually already in place today. While the annual earn doesn’t change, the new monthly construct intends to curb gaming activity.
  • Welcome bonus.
    Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 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.
  • The Hotel Collection benefits.

    Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to a US$100 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.

  • 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 21.99%, 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 rate21.99%
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

1 - 5 of 13
Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
American Express Cobalt Card
15,000 points
Up to 5x points per $1 spent
21.99%
$155.88
Min. recommended credit score: 700
Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 towards a weekend getaway or concert tickets.
American Express Green Card
10,000 points
1 point per $1 spent
21.99%
$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
21.99%
$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 2x points
21.99%
$599
Min. recommended credit score: 700
Earn up to 85,000 welcome bonus Aeroplan points. That's a value of up to $2,600 or more when you combine your welcome bonus points and card benefits.
American Express Aeroplan Card
50,000 points
Up to 2x points
N/A
$120
Min. recommended credit score: 700
Earn up to 50,000 welcome bonus Aeroplan points. That’s up to $1,100 or more in value when you combine your welcome bonus points and card benefits.
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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.

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