American Express
Earn generous Membership Rewards points on daily spending. Annual fee is $15.99/month. Top perks include travel insurance, flexible redemptions, and exclusive offers.
About the American Express Cobalt® Credit Card
The American Express Cobalt® Credit Card offers a standout rewards program perfect for Canadians who value flexibility and rich benefits. With a $15.99 monthly fee (totaling $191.88 a year), this card provides up to 5x Membership Rewards points on eats and drinks, 3x on streaming, and 2x on transit and gas.
Enjoy a welcome bonus of up to 15,000 points in your first year, worth up to $150 toward travel or experiences, alongside regular rewards from everyday purchases. Interest rates are 21.99% for both purchases and cash advances.
No minimum personal income is required, making it accessible for many Canadians. Applicants need a fair credit score (660 or above) and must meet the age of majority in their province.
Helpful insurance perks include mobile device coverage up to $1,000, travel accident, flight delay, and more. The card’s flexibility stands out with redemption options spanning travel, statement credits, merchandise, and more.
Overall, this card is ideal for city dwellers, food enthusiasts, and anyone seeking valuable points on everyday categories.
How to Apply: Simple Step-by-Step
Applying is straightforward. First, check your credit score (660+ is recommended). Gather your personal and contact information, employment details, and prepare for a soft credit check.
Go to the provider’s application page and enter your details carefully. Ensure you meet the age and residency requirements for Canadian applicants.
Submit your application and wait for a decision. Most applicants receive a real-time or prompt response. If approved, sign any necessary agreements online and await your card by mail.
Upon receiving your Cobalt® card, activate it and set up online account access. You can then start earning points with every eligible purchase in bonus categories.
This convenient process allows you to begin enjoying card benefits in just a few days.
Key Advantages
The standout feature is the high earn rate—5x points on groceries, restaurants, bars, and food delivery purchases, which can translate to real savings for frequent spenders in these categories.
The welcome bonus of up to 15,000 points is attractive and easily obtainable via monthly spending. The flexible redemption options allow points to be used for flights, hotels, events, or everyday purchases.
Additionally, there are no minimum income requirements, making this card accessible for more Canadians. Mobile device insurance adds real peace of mind for those with newer smartphones.
Supplementary cards are free, so household members can help rack up points faster. Many find the AMEX Experiences and Cobalt Perks program fun and valuable too.
Perks like exclusive ticket access and significant travel insurance add to the appeal, maximizing every dollar spent.
Potential Drawbacks
A monthly fee structure ($15.99/month) may not suit those preferring annual or no-fee cards. The effective yearly fee can offset rewards for lower spenders.
Acceptance of American Express is less widespread compared to Visa/Mastercard, particularly at smaller merchants or outside urban areas, which can reduce earning potential for some users.
Interest rates are in line with premium cards, meaning carrying a balance can get expensive quickly. This card is best for those who pay in full monthly.
Additionally, the highest rewards are capped at certain spending thresholds—check your monthly spending habits to optimize points and avoid missed earnings.
Finally, some travel insurance benefits require travel arrangements booked directly through American Express Travel, so check terms closely.
Final Verdict
The American Express Cobalt® Credit Card is a leading choice for busy Canadians who love dining out, streaming, and travel. Its flexible rewards program, accessible eligibility, and premium perks make it a smart pick for maximizing value from everyday spending.
If you spend regularly in bonus categories and can pay the balance in full, this card delivers excellent rewards and impressive benefits with a modern, user-friendly focus. For those who prioritize flexible redemption, lifestyle perks, and premium insurance, it’s certainly worth considering.
