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Mr. Loonie
American Express Cobalt™

American Express Cobalt™

8.9
Excellent
Expert Score · 19 reviews How we score

Best for: People who spend a lot on restaurants, groceries and food delivery

Your spending a month
What’s in each?
Light:
Groceries $400, restaurants $100, gas $100, recurring bills $100, everything else (base rate) $250, foreign currency $50
Typical:
Groceries $800, restaurants $250, gas $250, recurring bills $250, travel $150, everything else (base rate) $650, foreign currency $150
Big:
Groceries $1,200, restaurants $500, gas $400, recurring bills $400, travel $500, everything else (base rate) $1,600, foreign currency $400
Yours:
Your own amounts, saved on this device only
Year one
$1,651
Every year after
$1,396

Ranked #6 of 176 for year one. See the list

See how we worked it out
Welcome offer you’d get
$255
The full offer. Up to 15,000 Membership Rewards points.
Annual fee
$191.88 a year
Apply now on American Express’ site (opens in a new tab)
We may get paid if you apply through this link. It never changes our score.

Have this card?

Details from American Express’ site. Banks can update terms at any time, so give them a quick look before you apply. Source

Is it for me? What you’d earn Welcome offer Can I get it? Fees Similar cards
2 quick questions

Is it for me?

Do you spend $200 or more a month on restaurants, groceries and food delivery?

Do you pay your card off in full most months?

Answer the 2 questions to see if it fits.

From the numbers

The good and the bad

Stands out

  • Good: 5 points per $1 on restaurants, groceries and food delivery At our value for these points, that’s about 8.5% back.
  • Good: Welcome offer up to 15,000 Membership Rewards points About $255 at our value for these points.

Watch for

  • Watch for: $191.88 a year You need about $200 a month on restaurants, groceries and food delivery to earn it back.
  • Watch for: 2.5% on foreign purchases Use a no foreign fee card when you travel.

Worked out from the card’s rates and fees.

Show your work

What you’d earn

With typical spending of $2,500 a month.

Membership Rewards points valued at 1.7¢ each.

  • Groceries $816
    5 points per $1 · 8.5% back $800 a month · 48,000 Membership Rewards points a year
  • Restaurants $255
    5 points per $1 · 8.5% back $250 a month · 15,000 Membership Rewards points a year
  • Gas $102
    2 points per $1 · 3.4% back $250 a month · 6,000 Membership Rewards points a year
  • Recurring bills $51
    1 point per $1 · 1.7% back $250 a month · 3,000 Membership Rewards points a year
  • Travel $31
    1 point per $1 · 1.7% back $150 a month · 1,800 Membership Rewards points a year
  • Everything else $133
    1 point per $1 · 1.7% back $650 a month · 7,800 Membership Rewards points a year
  • Foreign currency $31
    1 point per $1 · 1.7% back $150 a month · 1,800 Membership Rewards points a year
For you Year one Later years
Points you earn83,400 Membership Rewards points a year, at 1.7¢ each $1,418 $1,418
Welcome offer15,000 Membership Rewards points you’d reach $255 $0
Annual fee −$192 −$192
Foreign currency fee2.5% on $1,800 a year −$45 −$45
Travel medical insurance1 trip at $50 $50 $50
Rental car damage cover1 rental of 3 days at $35 a day $105 $105
Phone insurance$60 a year $60 $60
Total $1,651 $1,396

Rows are rounded to the dollar. Insurance counts at what the same cover costs on its own, and only pays when you charge the trip, rental or phone to the card.

What counts in each category
Restaurants
5 points per $1 Up to $2,500 in spending per month (shared with other categories). Eats and drinks in Canada
Groceries
5 points per $1 Up to $2,500 in spending per month (shared with other categories). Eats and drinks in Canada, at grocery stores
Food delivery
5 points per $1 Up to $2,500 in spending per month (shared with other categories). At bookings including air, water, rail and road transport.
Streaming
3 points per $1 Up to $30,000 in spending per year. On eligible eats & drinks purchases in Canada
Gas
2 points per $1
Transit
2 points per $1
Rideshare
2 points per $1
Everything else (base rate)
1 point per $1

Earn 3 points per $1 spent on eligible streaming subscriptions

How Membership Rewards points work, and why 1.7¢

We count Membership Rewards points at 1.7¢ each, a typical value when you use them well. Depending on how you use them, they’re usually worth 0.7¢ to 2¢.

We set one value per points program and use it on every card in that program, so you can compare points cards and cash back cards on the same scale.

These are example budgets to compare cards side by side, not averages. Your own spending will give a different number.

Checked on Nov 8, 2026. Source

Welcome offer

Can your spending get the offer?

At $2,500 a month, here’s when you’d reach each step.

  1. 1

    1,250 Membership Rewards points · about $21

    Spend $750 a month, for 12 months.

    Your spending covers it each month.

Offer end date not published.

Offer checked on Nov 8, 2026. Source

Before you apply

Can I get it?

  • Age 18 or older 19 or older in BC, NB, NL, NS and the territories
  • Where you live Canada
  • Credit score No minimum on record Most banks don’t publish one, and we don’t guess.

Mr. Loonie’s tip Each application shows up on your credit file. Leave a few months between card applications.

What critics say

Other reviewers on this card

8.9
Excellent
Expert Score How we score
  • Frugal Flyer (opens in a new tab) May 2026

    “The American Express Cobalt card is arguably the best travel credit card in terms of earning rates for the restaurant and grocery category in Canada. If you have the spending habits to maximize the earning potential of 150,000 Membership Rewards points per year, it’s a no-brainer to have the American Expess Cobalt card as a keeper card in your wallet. On the other hand, this card lacks many travel benefits that frequent flyers gravitate towards, namely airport lounge access. For that, you will need to consider other options. It’s also worth considering that Amex isn’t widely accepted, which may affect your spending potential with the card.”

  • Forbes (opens in a new tab) Jul 2025
    8.4

    “The American Express Cobalt Card is an excellent travel rewards credit card and might be right for you if you want to earn Membership Rewards points and don’t mind paying a $155.88 ($12.99/month) for non-Quebec residents, $150 for Quebec residents. It may also be right for you if you want to take advantage of travel benefits like comprehensive insurance coverage and free hotel upgrades.”

  • PointsWise (opens in a new tab) Jul 2025

    “If you spend consistently on food, transit, and streaming, want to earn flexible travel points, and prefer monthly fees over upfront annual costs, the Cobalt Card delivers excellent long-term value.”

  • Rewards Canada (opens in a new tab) Dec 2023

    “Ever since the Cobalt Card was introduced other cards in Canada have been inching their way up to offering higher standard category bonuses however no matter what the competition has done this card still takes top spot. American Express did their research and made a card that is great for all Canadians. They’ve taken what they already do well, rewards, and made them even better with this card. The combination of great earning potential, awesome redemption options and a decent insurance package make this card an all around winner.”

  • Money.ca (opens in a new tab) Nov 2023
    10

    “The American Express Cobalt® Card makes up for its drawbacks (a higher annual fee than other premium cards and restrictions on insurance policies) with things like their Experience programs, partnerships with popular hotels and airlines, comprehensive insurance packages, a large sign-up bonus, and a noteworthy high earn rate for points. Those points per $1 spent can add up quickly, especially if you’re a frequent spender at restaurants and on food delivery.”

  • Finder (opens in a new tab) Sep 2022

    “The American Express Cobalt Card is a worthy competitor if you find you spend a lot of money at restaurants and bars and on transportation costs. And even if you travel outside of Canada with the card, you’ll still be able to earn Membership Rewards points no matter where in the world you use the card.”

What cardholders say

Ratings from people with this card

No ratings yet. If you have this card, tell others what it’s like.

Applied and weren’t approved?

Insurance and perks

What comes with it

  • Car rental damage Included
  • Extended warranty Included
  • Purchase protection Included
  • Travel accident Included
  • Travel medical $5,000,000 per person
  • Flight delay Included
  • Baggage delay Included
  • Hotel burglary Included
  • Lost baggage Included
  • Mobile device $1,000 per device
  • American Express Invites
  • Up to a $100 USD hotel credit on qualifying hotel amenities charged to the room, such as dining, spa, golf or other hotel facilities.
  • Complimentary room upgrade at check-in, when available.
  • Flight Delay Insurance
  • Baggage Delay Insurance
  • Hotel/Motel Burglary Insurance
  • Lost or Stolen Baggage Insurance
  • Emergency Card Replacement
  • Mobile Device Insurance
  • Mobile wallets Apple Pay
Coverage limits

We haven’t recorded the coverage limits for this card yet. Read American Express’ insurance certificate before you count on any coverage.

Not included

Not listed for this card: trip cancellation and trip interruption.

Fees and interest

What it costs

Annual fee
$191.88 a year
Purchase interest
21.99%
Cash advance interest
21.99%
Foreign currency fee
2.5%
All fees and rates

Fees

Extra cards
None
Cash advance fee
$2.75
Over-limit fee
$29
Late payment fee
None
Source
Issuer page

Interest rates

Source
Issuer page

Read the card terms and conditions for the full terms.

Checked on Nov 8, 2026. Source

Before you decide

Similar cards for the same spending

With typical spending. This card: $1,651 year one, $1,396 every year after.

See all cards ranked for your spending

Some of these links pay us when you apply, at no extra cost to you. Most don’t, and pay never changes our score. How we make money

Common questions

Questions people ask

What is the annual fee on the American Express Cobalt™?

$191.88 a year.

How much is the American Express Cobalt™ welcome offer worth?

1,250 Membership Rewards points each month you spend $750, for 12 months, worth about $255.

Does it charge a foreign transaction fee?

Yes, 2.5% on purchases in other currencies.

What is the interest rate?

21.99% on purchases. Cash advances are 21.99%.

Does it include insurance?

It lists extended warranty, purchase protection, flight delay insurance and baggage delay insurance. Read the insurance certificate for the limits.

Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.

Spot something wrong? We’ll check it with the bank. Suggest a correction

Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.

Mr. Loonie is independent and supported by affiliate links. We may earn a commission when you apply through some links, at no cost to you. How we make money

$1,651
year one for you
Apply now on American Express’ site (opens in a new tab)
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