American Express Cobalt Card review
- 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, and redeem for flights, car rentals, gear and more.
The American Express Cobalt Card can be a powerful credit card if you love to travel or you spend big on food and drinks in Canada. You'll get a sweet welcome bonus in the first year, and points can be redeemed for hotels, car rentals, vacation packages, merchandise, flights, statement credit and more. Or, transfer your points 1:1 to another eligible loyalty program.
Best for: Those who don't mind paying an annual fee to earn accelerated rewards on groceries, food delivery and gas.
Pros
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Earn up to 5 Membership Rewards points per $1 spent
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Earn a welcome bonus of 15,000
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No annual fee for extra cardholders
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Travel insurance coverage
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Access exclusive Amex benefits
Cons
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$12.99 monthly fee ($155.88 annually)
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Need a good credit score to apply
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Amex isn't as widely accepted as Visa or Mastercard
Amex Cobalt perks
Earn Amex Membership Rewards
Earn 5x the points on eligible groceries, dining, drinks and food delivery in Canada (spend cap applies), 3x the points on eligible streaming subscriptions, 2x points on eligible ride shares, transit & gas, 1 extra point per dollar spent on eligible hotel and car rental bookings via American Express Travel Online and 1 point for every other dollar spent.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.Exclusive American Express Cobalt Card perks
American Express members receive regular perks, bonus rewards and access to events. Access Front Of The Line Amex Presale & Reserved Tickets to concerts and theatre performances and get special offers and access to events with Amex 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 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 physical 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 (which comes with a no-interest grace period), 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 $45.
"After my wife and I decided to take more vacations, I started comparing travel rewards credit cards to find the best option. I had been using my RBC Avion for the last 10 years and wanted to see if there was a better card to use as my daily driver to accumulate more points for flights.
The Amex Cobalt stood out due to its 5x points on dining and groceries. Additionally, the ability to transfer points to Aeroplan for Air Canada flights was a significant perk. However, a downside is the low sign-up bonus. With other cards offering substantial points bonuses, you really need to know how you’ll use the card before applying."
American Express Cobalt Card interest rates
| Interest Type | Interest Rate |
|---|---|
| Purchase interest rate | 21.99% |
| Cash advance rate | 21.99% |
| Penalty rate (for 2+ missed payments) | 25.99% - 28.99% |
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 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 annual fees or even no annual fees.
You don’t spend a lot of money on dining out, groceries or transportation.
If your purchases don’t match up with this card’s perks, perhaps you’d be better suited to a card that offers more points per dollar on the types of purchases 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 resident of Canada
- Have a credit history in Canada (a 700+ credit score is recommended)
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 700 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, provided you use it regularly and the accelerated rewards categories are relevant for your spending habits.
This card appears to be tailored toward families and younger cardholders, since it offers 5 points on groceries, restaurants, bar and cafe purchases, as well as charging a monthly fee for the card—similar to a monthly subscription fee that Netflix would charge.
How to apply for the American Express Cobalt Card
- Head to the American Express website, navigate to the American Express Cobalt Card page and select Apply Now.
- Complete the application with information like 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 can get a decision 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 (not a charge 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 pay interest 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, contact the company by phone or live chat to speak with a customer service representative.
Compare other Amex credit cards
Bottom line on the Amex Cobalt
The American Express Cobalt Card is a worthy competitor if you spend a lot of money on grocery or transportation purchases or at restaurants and bars. Plus, you can earn Membership Rewards points no matter where in the world you use the card. But if you’re still not sold, you may wish to explore other credit cards.
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