Lena Hayes
The American Express Cobalt® Card is one of the most popular everyday rewards cards in Canada, thanks to its huge multipliers on food, drinks and travel. You earn up to 5 Membership Rewards points per $1 in key categories, plus a first-year welcome offer of up to 15,000 points when you spend $750 each month for the first 12 months. Add strong travel and mobile device insurance, flexible redemptions and the ability to transfer points to airline and hotel partners, and you get a card that can work as the engine of an entire travel rewards strategy.
Quick highlights
- 🎁 Welcome offer: earn 1,250 Membership Rewards points for each monthly billing period in your first year when you spend $750 in net purchases, for up to 15,000 points total.
- 🍽 Earn 5 points per $1 on eligible eats & drinks in Canada, including restaurants, bars, cafés, grocery stores and food delivery (up to a monthly cap).
- 📺 Earn 3 points per $1 on eligible streaming subscriptions in Canada.
- 🚌 Earn 2 points per $1 on eligible gas, transit and rideshare purchases in Canada, plus 1 extra point on eligible hotel and car rental bookings via Amex Travel Online.
- 💳 Earn 1 point per $1 on all other eligible purchases, with no overall cap.
- ✈️ Solid suite of travel insurance including out-of-province emergency medical (for eligible ages), flight and baggage delay, lost or stolen baggage and car rental theft and damage.
- 📱 Mobile device insurance and purchase protection/extended warranty on eligible purchases made with your card.
Why we like the American Express Cobalt Card
The Cobalt Card is built around where many Canadians actually spend: food, drinks, transit and travel. With 5× points on eats & drinks and 2× points on transit, gas and travel, you can earn rewards very quickly just by living your normal life. Stack that with a first-year welcome bonus of up to 15,000 points for hitting $750 per month in spend and you’ve got a powerful rewards engine.
Instead of being tied to a single airline, Cobalt earns flexible Membership Rewards points, which you can use for statement credits, travel bookings or transfers to airline and hotel partners. The card also quietly packs in serious insurance for a “lifestyle” product: out-of-province emergency medical, mobile device insurance, flight and baggage delay, car rental coverage and more. It’s a rare combination of strong earn rates, flexible redemptions and meaningful protections, wrapped into a monthly-fee card.
Stand-out features
- ✅ Welcome offer of up to 15,000 Membership Rewards points in your first year by earning 1,250 points each month you spend $750 in net purchases.
- ✅ 5× points on eligible eats and drinks in Canada — restaurants, bars, cafés, food delivery and stand-alone grocery stores, subject to a monthly cap.
- ✅ 3× points on eligible streaming subscriptions in Canada.
- ✅ 2× points on eligible gas, transit and rideshares in Canada, plus 1 extra point on eligible hotel and car rentals booked via American Express Travel Online.
- ✅ 1× point on everything else, with no overall cap on how many points you can earn.
- ✅ Flexible redemptions: use points for travel, statement credits, gift cards, Amazon.ca purchases or transfer to airline and hotel partners.
- ✅ Strong everyday and travel insurance including emergency medical (for eligible ages and trip lengths), mobile device coverage and car rental theft and damage.
Good to know
- ⚠️ The 5× earn rate on eats & drinks is subject to a monthly cap; after that, those purchases earn at 1×.
- ⚠️ The welcome bonus is earned monthly, not as one lump sum — you need to hit $750 in net spend in each monthly billing period to receive that month’s 1,250-point bonus.
- ⚠️ The fee is charged monthly at $15.99, which works out to $191.88 per year for most cardmembers.
- ⚠️ As an American Express card, acceptance is very good in big cities and online, but not every smaller merchant takes Amex.
- ⚠️ Interest rates are premium-card level; carrying a balance will quickly wipe out the value of any points you earn.
Pros
- Market-leading 5× earn rate on eats and drinks, which covers many people’s largest everyday spending categories.
- Generous multipliers on streaming, gas, transit and rideshares make it easy to build points without changing your lifestyle.
- Flexible Membership Rewards points that can be used for travel, statement credits, online shopping or transfers to airline and hotel partners.
- Monthly-structured welcome bonus that rewards consistent use rather than one short burst of spending.
- Strong travel and purchase protections for a lifestyle-focused card: emergency medical, flight and baggage delay, lost/stolen baggage, mobile device insurance and more.
- No published minimum income requirement — approval is based on your overall creditworthiness.
- Monthly fee structure can feel easier to digest in a budget than a single large annual charge.
Cons
- Welcome bonus requires spending $750 every month for 12 months to earn the full 15,000 points.
- American Express acceptance is not universal, especially at some smaller independent merchants or in certain regions.
- There is a monthly cap on 5× eats & drinks spend; above that cap, the earn rate drops to 1×.
- Standard foreign transaction fees apply on non-Canadian dollar purchases, so it’s not ideal as a dedicated no-FX travel card.
- 21.99% interest on purchases and advances means carrying a balance is expensive.
- Some of the best value requires learning how to maximize Membership Rewards, which may feel complex for casual users.
Rewards program
The Cobalt Card earns Membership Rewards points from the Cobalt “Select” family, which are extremely flexible and can be used for travel, statement credits, shopping or transferred to several airline and hotel partners. The earn structure is designed around everyday lifestyle spending.
- Eats & drinks in Canada: earn 5 points per $1 at eligible restaurants, bars, cafés, stand-alone grocery stores and on food delivery, up to a set monthly spend cap.
- Streaming subscriptions in Canada: earn 3 points per $1 at eligible providers.
- Gas, transit & rideshares in Canada: earn 2 points per $1 on eligible gas stations, local commuter transit and rideshare services.
- Hotels and car rentals via Amex Travel Online: earn 1 additional point per $1 on eligible bookings, on top of the base earn rate.
- All other purchases: earn 1 point per $1 on all remaining eligible spend.
- Welcome bonus: in your first year, earn 1,250 bonus points for each monthly billing period in which you spend $750 in net purchases, up to 15,000 bonus points total.
How to maximize rewards
-
Hit the $750 monthly target to unlock the full welcome bonus.
Instead of trying to front-load your spending, map out your budget so you can hit $750 in net purchases each month for the first 12 months. That’s how you collect the full 15,000-point bonus — 1,250 points at a time. -
Run as much food and drink spending as possible through Cobalt.
Groceries, restaurants, bars, cafés and food delivery are all in the 5× category. Make this your default card at the grocery store and when you eat out or order in, while staying within the monthly cap. -
Put recurring streaming subscriptions on the card.
Eligible streaming services in Canada earn 3× points. Set them up on auto-pay with Cobalt so you steadily earn bonus points every month. -
Use Cobalt for everyday transit, rideshares and gas.
Tap this card on transit, rideshare apps and at gas stations to earn 2× points, while a different card can handle categories where Cobalt only earns 1× if you prefer. -
Book hotels and car rentals via Amex Travel when it makes sense.
You can earn an extra point per dollar on eligible hotel and car rentals through American Express Travel Online, on top of your base earn rate. Compare prices with other platforms to be sure you’re still getting a good overall deal. -
Redeem points where they’re worth the most.
Consider using points for travel, especially when paired with Amex’s Fixed or Flexible Points Travel programs or transfer partners. These redemptions often give better value than lower-value options like some merchandise redemptions. -
Combine with another card where Amex isn’t accepted.
Keep a no-fee Visa or Mastercard handy for merchants that don’t take American Express, so you never lose out on rewards completely.
Insurance & benefits
Included coverage
- Out-of-province/country emergency medical insurance for eligible cardholders (typically under age 65) on short trips, with coverage for emergency medical expenses up to a set maximum when travelling outside your province or territory of residence.
- Flight delay insurance that can help cover reasonable expenses like meals and accommodation when your flight is delayed for a qualifying period.
- Baggage delay insurance that can reimburse the cost of essential items if your checked baggage is delayed beyond a covered time threshold.
- Lost or stolen baggage insurance if your bags are permanently lost, damaged or stolen while in transit with a common carrier.
- Hotel/motel burglary insurance that can help cover loss of eligible personal items due to burglary at a covered hotel or motel when you’ve paid with the card.
- Car rental theft and damage insurance that can cover eligible rental vehicles when you charge the full cost to the card and decline the rental agency’s collision damage waiver.
- Purchase protection that covers most eligible new items purchased with the card against theft or accidental damage for a limited period (commonly up to 90 days).
- Extended warranty that can extend the original manufacturer’s warranty on eligible items purchased with the card, generally up to an additional year.
- Mobile device insurance that can cover eligible smartphones and tablets purchased or financed with the card against theft, loss or accidental damage, up to specified limits.
Travel & lifestyle perks
- Membership Rewards flexibility — use points for travel, statement credits or transfers to airline and hotel loyalty programs.
- Amex Experiences & Front Of The Line access for presale tickets and reserved seats at select concerts, theatre and special events.
- Offers and promotions targeted to Cobalt cardmembers, including spending offers and statement credits at select merchants.
- Hotel perks through The Hotel Collection when booked via American Express Travel, such as potential room upgrades and on-property credits at participating properties when eligibility criteria are met.
- 24/7 customer service and global American Express support while travelling.
- Fraud protection including zero liability for unauthorized transactions when you meet card conditions, plus advanced fraud monitoring.
All insurance coverage is subject to eligibility, limitations, exclusions, age restrictions and conditions detailed in the official certificates of insurance. Always review those documents before relying on any specific benefit or travelling outside your home province or territory.
Rates & fees
| Annual fee | $15.99 per month (equivalent to $191.88 annually for most cardmembers). |
|---|---|
| Additional cards | Supplementary card fees may apply based on American Express’ current pricing. |
| Purchase APR | 21.99% on purchases. |
| Funds advances APR | 21.99% on funds advances and other cash-like transactions, subject to change and higher rates if multiple payments are missed. |
| Cash advance limit | Funds advances are limited to a portion of your total credit limit and may be subject to daily maximums; interest accrues immediately. |
| Grace period | At least a 21-day interest-free grace period on new purchases when you pay your statement balance in full by the due date. No grace period applies to funds advances. |
| Minimum payment | Generally the greater of a fixed dollar amount or a small percentage of your statement balance, plus any past-due amounts and over-limit amounts, as defined in your cardmember agreement. |
| Income requirement | No specific minimum income is typically published; approval is based on overall credit profile and Amex’s underwriting criteria. |
| Foreign transaction fee | A standard fee (commonly around 2.5%) applies to purchases in foreign currencies, converted to Canadian dollars. |
Best for
- 🍽 Foodies and urban professionals who spend heavily on restaurants, bars, cafés and groceries and can take full advantage of the 5× earn rate.
- 🎧 Households with multiple streaming subscriptions, transit costs and rideshare use who like seeing everyday spend turn into travel.
- ✈️ Travellers who prefer flexible points over being locked into a single airline or hotel program.
- 📱 Cardholders who want mobile device insurance and strong purchase protections on their phone and tech purchases.
- 💼 People comfortable managing an American Express card in their wallet and using another card as backup where Amex isn’t accepted.
Where it falls short
- The welcome offer requires ongoing monthly spend ($750 each month) to unlock the full 15,000-point bonus.
- American Express acceptance, while broad overall, still lags Visa and Mastercard at some independent shops and smaller merchants.
- The 5× category is capped monthly; high spenders might hit the limit quickly and then earn only 1× for the rest of that month.
- No waiver of foreign transaction fees, making it less compelling as a primary card for frequent international travellers.
- Interest rates are high; carrying a balance or relying on cash-like transactions undermines the value of the rewards.
- To get maximum value, you may need to learn how to use Membership Rewards effectively and possibly combine it with transfer partners.
Customer reviews
Positive feedback
“Most of our budget is groceries, restaurants and coffee, so the 5× earn adds up incredibly fast. We’ve already used points for a weekend getaway and still have some left over.”
“I love the flexibility of Membership Rewards. Sometimes I use points to erase smaller purchases from my statement, and sometimes I save them up for flights and hotels.”
Critiques
“You really have to stay on top of the $750 per month requirement to get the full welcome bonus. A couple of lighter months and you leave bonus points on the table.”
“It’s a great card in big cities, but I always need a backup Visa when I’m travelling to smaller towns or shopping at certain local spots.”
Community insights
In Canadian rewards circles, the American Express Cobalt Card is frequently called one of the best all-round credit cards in the country. The 5× multiplier on eats and drinks is a standout, and the fact that it works on groceries as well as restaurants makes it especially popular with young professionals, students with solid income and families who spend a lot at the supermarket.
Many points enthusiasts pair Cobalt with a no-fee cashback Visa or Mastercard for places that don’t accept Amex, and then use Membership Rewards for a mix of statement credits and high-value travel redemptions or partner transfers. The main trade-offs discussed are the monthly fee, the effort of optimizing categories and the need to monitor the 5× cap — but for many, the upside far outweighs the downsides.
AI review (straight talk)
If you spend serious money on food and drink in Canada, the Amex Cobalt Card is very hard to beat. The 5× category hits restaurants, bars, cafés, groceries and delivery — basically the “living your life” category — and the 2× on transit, gas and rideshares covers how you get around. Layer on a steady, month-by-month welcome bonus and you’ve got a card that quietly racks up points in the background.
It’s less perfect if you rarely eat out, if your grocery store doesn’t take Amex, or if you want a single card accepted absolutely everywhere. It also isn’t designed as a pure “fly for free” premium travel card — there’s no lounge access or ultra-luxury perks here. But for a huge number of Canadians who want a high-earning, flexible everyday card with real travel potential, Cobalt more than earns its reputation.
Alternatives & comparison
| Card | Annual Fee | Top Categories / Earn | Other Purchases | Key Perks | Best For |
|---|---|---|---|---|---|
| American Express Cobalt Card | $15.99 / month | 5× on eats & drinks; 3× on streaming; 2× on gas, transit & rideshares; extra point on select Amex Travel bookings | 1× Membership Rewards point | Up to 15,000-point welcome bonus, flexible MR points, strong insurance, mobile device coverage | Everyday spenders who want a high-earning, flexible rewards card |
| Amex Gold Rewards Card | Similar or slightly higher annual fee | Elevated earn on travel, gas, groceries and pharmacies (varies by promo) | Base MR earn rate | Richer travel-focused perks, strong insurance, different bonus structure | Travellers who prioritize travel spend over dining/grocery multipliers |
| No-fee cash-back card | $0 | Up to 2–3% back in select categories | 0.5–1% back | Simple cash rewards, no annual fee, widely accepted | Light spenders or those who prefer cash over points |
| No-FX travel card | $0–$150 | Solid earn plus no foreign transaction fees | Base earn rate on other purchases | No FX fees, decent travel insurance, often Visa or Mastercard acceptance | Frequent international travellers who spend heavily in foreign currencies |
FAQ
What is the monthly fee for the American Express Cobalt Card?
The fee is $15.99 per month, which works out to $191.88 annually for most cardmembers. Unlike many cards that charge a single yearly fee, Cobalt spreads the cost across your statements.
What is the current welcome bonus on the Amex Cobalt Card?
New Cobalt cardmembers can earn up to 15,000 Membership Rewards points in the first year. You receive 1,250 points for each monthly billing period in which you spend $750 in net purchases on the card, for up to 12 months.
How does the 5× points category work?
You earn 5 points per $1 on eligible eats & drinks in Canada, including restaurants, bars, cafés, stand-alone grocery stores and food delivery, up to a set monthly cap. Once you hit that cap for the month, further spend in those categories earns at the base 1× rate until the next billing period.
How can I redeem Membership Rewards points from Cobalt?
You can redeem points as statement credits (including using points for eligible purchases), for travel booked through American Express Travel, for gift cards and merchandise, to shop at Amazon.ca via Shop with Points, or by transferring to participating airline and hotel loyalty programs. The value per point depends on how you redeem, with travel and partner transfers often delivering more value.
Does the Cobalt Card include travel insurance?
Yes. The card includes a variety of travel-related coverages, such as out-of-province/country emergency medical insurance for eligible cardholders, flight and baggage delay coverage, lost or stolen baggage, hotel/motel burglary and car rental theft and damage insurance, as long as you charge the required portions of your trip or rental to the card and meet the policy conditions.
Is there mobile device insurance with the Amex Cobalt Card?
Yes. When you purchase or finance an eligible mobile device with your Cobalt Card and meet the coverage conditions, the card’s mobile device insurance can help cover theft, loss or accidental damage up to specified limits and subject to deductibles and exclusions.
Is there a minimum income requirement?
American Express does not typically publish a specific minimum income requirement for the Cobalt Card. Approval is based on your credit history, existing obligations and Amex’s broader underwriting criteria.
Who should consider the American Express Cobalt Card?
The Cobalt Card is a great fit for Canadians who spend heavily on food, drinks and transit, want flexible points that can be used for travel or statement credits, and are comfortable carrying an American Express card alongside a backup Visa or Mastercard for places that don’t accept Amex.
Final verdict & ratings
Our take The American Express Cobalt Card is one of the strongest everyday rewards cards in Canada and a top choice for anyone whose budget is dominated by food, drink and city living. The 5× and 2× categories are excellent, the welcome bonus is realistic for many households to achieve over 12 months, and the insurance package and flexible points ecosystem give it real depth beyond simple cash back.
It’s not perfect — Amex acceptance and the monthly cap on 5× earnings are real constraints, and it’s not the top pick for heavy foreign-currency spending. But for a huge slice of Canadians looking for a single, high-earning everyday card that can reliably turn groceries and nights out into trips and experiences, Cobalt absolutely deserves its spot at the top of the shortlist.
| Overall | ★★★★★ 4.7 / 5 |
|---|---|
| Rewards value | 4.8 / 5 — outstanding earn rates in key lifestyle categories. |
| Benefits & protections | 4.5 / 5 — strong travel, purchase and mobile device coverage for a lifestyle card. |
| Fees & costs | 4.2 / 5 — reasonable monthly fee given the earn rates and benefits. |
| Ease of approval | 4.3 / 5 — no published income minimum, but requires solid credit. |
