Credit Card Reviews
The American Express Cobalt® Card is a top-tier choice for Canadians who prioritize earning rewards on everyday spending, particularly in categories like dining, groceries, and streaming services. Its flexible Membership Rewards program and strong earn rates make it especially appealing to those who can maximize its benefits.
Welcome Bonus: Earn up to 15,000 Membership Rewards points by spending $750 each month for the first 12 months (1,250 points per month).
Earning Rates:
5x points on eligible eats and drinks in Canada, including restaurants, bars, cafés, grocery stores, and food delivery (up to $2,500 monthly).
3x points on eligible streaming subscriptions in Canada.
2x points on eligible gas, transit, and ride share purchases in Canada.
1x point on all other purchases.
1 additional point on eligible hotel or car rental bookings through American Express Travel Online.Flexible Redemption Options: Points can be redeemed for travel, merchandise, gift cards, or as statement credits.
Transfer Partners: Transfer points to various airline and hotel programs, including Aeroplan, British Airways Avios, and Marriott Bonvoy.
Insurance Coverage: Includes emergency medical insurance, travel accident insurance, rental car theft and damage coverage, and more.
Additional Perks: Access to Front Of The Line® presale tickets and Amex Offers for discounts and promotions
Instacart Credit: Up to $60 in statement credits for eligible Instacart purchases.
Referral Bonus: Earn 5,000 Membership Rewards points for each approved referral, up to 75,000 points annually.
Foreign Transaction Fee: 2.5% on purchases made in foreign currencies.
Merchant Acceptance: American Express is not as widely accepted as Visa or Mastercard in some locations.
Earning Cap: The 5x points rate on eats and drinks is capped at $2,500 in purchases per month; spending beyond this earns 1x point.
Travel Purchases: As of October 8, 2024, travel purchases earn 1x point instead of the previous 2x rate.
Annual Fee: $155.88 ($12.99 monthly)
Interest Rates: 21.99% to 22.99%
While American Express doesn't specify a minimum, applicants with a credit score of 660 or higher are more likely to be approved.
Minimum personal income: Not specified
Minimum household income: Not specified
