American Express Cobalt® Card Review
Earn up to 30,000 Membership Rewards® points*
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Recommended Credit Score:
670 900
Average to Excellent
$300
Welcome Bonus Value
$156
Annual Fee
20.99%
Purchase Interest Rate
NA
Min Personal Required
American Express Cobalt® Card
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My Rate Compass Rating: star star star star star_half (4.5)
Bank Name:American Express
Network Type:Amex
Awards:Best Credit Card Award Winner
American Express Cobalt® Card
Welcome Bonus
Earn up to 30,000 Membership Rewards® points*
Annual Fee
$156
American Express Cobalt® Card
Card Details

American Express Cobalt® Credit Card review

Welcome Offer:

 Earn up to 30,000 Membership Rewards® points*

In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card.

This could add up to 30,000 points in a year

30,000 points is enough for:

  • $300 in statement credits redeemed towards any eligible purchases charged to your Card or
  • $225 in Amex Prepaid Cards

• Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery

• Earn 2 points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases. That's 2X the points on purchases that get you from point A to B

• Earn 1 point for every $1 in Card purchases everywhere else. We won't tell you where to spend, we'll just reward you on your Card purchases

• Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events

• Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences.


American Express Cobalt® Card Income Requirements

Many American Express credit cards have income range requirement to be eligible for the card however the Amex Cobalt Card doesn’t have a specific income requirement which mean that you could be approved for this credit card if you meet the requirements below:

Credit score of 670+

You must be the age of majority.

Canadian resident with a Canadian credit file.


American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details, current product information and Terms and Conditions, click the Apply now link. Conditions Apply

Insurance
  • Priority airport services No
  • Airport lounge access No
  • Concierge service No
  • Balance protection(Optional) No
  • Purchase Security & Extended Protection Insurance Yes
  • Flight delay insurance,Baggage Insurance Yes
  • Vehicule rental insurance Yes
  • Travel accident insurance Yes
  • Travel medical insurance Yes
Fees and Eligibility
Fees
  • Annual Fee: $155.88
  • Additional Card Fee: $0
  • Purchases Interest Rate: 20.99%
  • Cash Advance Interest Rate: 21.99%
Eligibility
  • You're a Canadian resident
  • You've reached the age of majority in your province or territory
Recommended Credit Score:
670 900
Average to Excellent
Our Rating
My Rate Compass Rating: star star star star star_half (4.5)
Rating Methodology: My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category. Credit card rating methodology
Editorial Guidelines: Learn more about our editorial guidelines here.
Pros and Cons

Entertainment Access

It opens the door to memorable experiences we think you'll love!

  • Front Of The Line® E-Updates
  • Special Offers & Experiences for all Cardmembers
  • Special Access for all Cardmembers


Travel

The Hotel Collection from American Express

  • American Express Cobalt® cardmembers will receive access to the following benefits at over 600 participating hotels and resorts in over 30 countries worldwide, when booking a minimum of two consecutive nights online with American Express Travel using their Basic American Express® Card

  • Up to a $100 USD hotel credit on qualifying hotel amenities charged to the room, such as dining, spa, golf or other hotel facilities. It cannot be used against the room rate, taxes, or any fees. Other restrictions may also apply depending on the property.
  • Complimentary room upgrade at check-in, when available.

Free Additional Cards

Earn more rewards by adding a supplementary cardholder at no additional cost 

Amex Cobalt’s Travel Coverage

Whether you’re backpacking overseas or shopping around the corner, your American Express Cobalt Card comes with travel & shopping related benefits that can keep you covered.

  • Out of Province/Country Emergency Medical Insurance (For under age 65)
  • Flight Delay Insurance
  • Baggage Delay Insurance
  • Hotel Burglary Insurance
  • Lost or Stolen Baggage Insurance
  • Car Rental Theft and Damage Insurance
  • $250,000 Travel Accident Insurance


Amex Cobalt Purchase Coverage

  • Purchase Protection® Plan
  • Buyer’s Assurance® Protection Plan
Editor's Review

The American Express Cobalt® Card started out as a credit card designed for millennials and young professionals. Today, it’s one of the most flexible and versatile credit cards out there. In fact, it’s now commonly used by people from all walks of life because of the lucrative benefits. 

One reason the American Express Cobalt® Card is so popular is because of the quick rewards that come with it. Points can be earned on everyday purchases which is what makes the earnings accumulate so rapidly. On food and drinks, such as grocery, restaurant, food delivery, bar and cafe purchases, cardholders earn five points per dollar spent. 

On transit and travel, cardholders earn two points per dollar spent. These rewards are not limited to vacation only, cardholders will earn points when they spend on public transit, taxis and Ubers too. All other purchases earn one point per dollar spent. As you can see, no matter what your lifestyle is, you’ll quickly rack up points! 

Points can be redeemed to cover the cost of flights and accommodation with 1,000 points being equivalent to $10. Flights don’t have any blackout dates and you can choose any airline you’d like. In addition, the points can be used to cover fees and taxes. If you don’t have an upcoming trip, you can also spend your points on events through Ticketmaster at a rate of 2,000 points to $20. As you probably noticed, the rate of return is the same when you spend on travel and events which is fantastic! For less bang for your buck, you can also use your points for gift cards or merchandise purchases. 

Cardholders benefit from travel insurance as well. The insurance covers things like travel accidents, car rental insurance, medical emergencies, flight interruption or delay among others. Last but not least, cardholders gain access to American Express Invites which are limited offer, exclusive events. 

All of these benefits sound amazing but there’s a cost for all the wonderful benefits. There’s a monthly fee of $12.99, which works out to be $155.88 per year. The monthly payment makes it easy for most to manage. Also, you need to make between $60,000 and $80,000 per year and have decent credit. The only disadvantage is the cap rate on the bonus points is 30,000. Another downside to this bonus is the points can’t be redeemed in a lump sum. This means there is a delay between when you earn the points and when you can redeem them. 

That being said, the American Express Cobalt® Card is still an excellent option for those who travel a lot and make lots of eligible purchases.

If everything about this card sounds good to you, sign up today and receive an extra 2,500 points each month you spend $500 or more, an achievable spending rate for most! You can earn up to 30,000 Membership Rewards® points.

Awards

Author Bio

User
Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.

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