Amex Cobalt Review

The American Express Cobalt card has topped “best of” lists on a range of financial sites. Our Amex Cobalt review shows you why and in fact, we have also named this card the best travel credit card and one of the best overall credit cards in Canada. We give you the numbers, explain what they mean, show you the best options for using your rewards, and compare the Amex Cobalt to another excellent American Express card to see which one is best for you.

American Express cards aren’t accepted everywhere, but a really good one is worth having for the introduction bonus alone. The Amex Cobalt can help you get where you want to go faster, especially if you’re an Aeroplan points collector! Let’s dig into the specifics and you’ll see what we mean.

Eligibility and How to Apply

The good thing is that you don’t need a high income to reap the benefits of an Amex Cobalt card. Actually, there is no minimum salary requirement. 

You will, however, need a great credit reputation. You’ll need to have a score of 725-759, or a good/excellent rating.

If you want to add another cardholder to your account, you can do so with no annual fee. Cardholders must be at least 13 years of age, and you can have a maximum of 9 additional cards.

It’s easy to apply and it will only take a few moments. 

Apply for the Amex Cobalt Credit Card:

1. Click below to begin the process.
2. Read the terms and conditions and then select “Agree and Begin”.
3. Fill out your personal information as required, such as name, address, social insurance number, etc.
4. Once complete, you could end up getting your approval result in as little as 60 seconds.
5. Receive your card in 5-10 days and begin making purchases to earn your rewards.

American Express Cobalt Review: Perks and Benefits

The American Express Cobalt credit card has many perks and benefits. As with all rewards cards, the number of points given on different types of purchases, and how you are allowed to redeem those points varies depending on a number of factors. 

Let’s have a look at how you can make the most out of the Amex Cobalt. 

Earn Rate:

• 5 points per dollar spent on groceries, restaurants, and delivery (up to a combined max spend of $30,000 annually)
• 3 points per dollar spent on streaming subscriptions
• 2 points per dollar spent on gas, travel, and daily transit
• 1 point per dollar spent on everything else
• 1 bonus point per dollar spent on American Express Online Travel
• Referrals can earn you up to 75,000 bonus Membership Rewards points

Travel Insurance Coverage:

• Travel Emergency Medical coverage (up to $5 million for first 15 days if under 65)
• Flight Delay insurance (up to $500 combined with baggage delay insurance)
• Baggage Delay insurance (up to $500 combined with flight delay insurance)
• Hotel Burglary insurance (up to $500 per occurrence)
• Lost or Stolen Baggage insurance (up to $500 per trip)
• Car Rental Theft and Damage insurance (up to $85,000)
• Travel accident insurance (up to $250,000)

Perks:

• Mobile device insurance ($1000)
• The Hotel Collection: One free room upgrade plus up to $100 hotel credit (to use for amenities and services when charged to the room) at over 600 participating hotels
• Cobalt perks program (Special bonuses and rewards offered periodically)
• American Express Experiences (Front of line concert tickets, entertainment, dining, retail experiences, and more)
• Extended Warranty (up to one additional year)
• Purchase protection plan (up to $1000 for 90 days after purchase)

Amex Cobalt Welcome Bonus

As of January 2023, new cardholders can receive a welcome bonus of up to 30,000 Membership Rewards Points:

2,500 points for each monthly billing period in the first year in which you spend $500 (up to 30,000 points, for a total possible welcome bonus of 50,000 points).

American Express Cobalt: Points Redemption Options

The Amex Cobalt card is a flexible card that gives cardholders multiple ways to redeem their points. Options include:

• Fixed rate travel booking: A set number of points can be redeemed to cover the base fare of an airline ticket up to a maximum set fare price (points cannot be redeemed for taxes, fees, and surcharges). It’s possible to work the chart to your advantage and save money on tickets, but you need to do some math to make sure it’s worth it.
• Flexible rate travel booking: Book any ticket you want on any airline and pay for it with your card, then apply your points to the purchase at a rate of 1 cent per point.
• Pay with points: You can make any purchase and apply your points after the fact.
• Hotel loyalty program transfer: You can transfer your points to either Marriott or Hilton’s loyalty programs. If you choose Hilton, your points will transfer at a rate of 1:2, but if you choose Marriott, you get 2 Bonvoy points for every 3 American Express Membership Rewards points.  
• Airline loyalty program transfer: You can transfer your points to participating airline loyalty programs at a rate of 1:1 (new as of August 16, 2021). This is far and away the best value for your points.
• 1:1 points transfer rate to Aeroplan points, plus attractive transfer rates for other programs, such as Asia Miles and British Airways Executive Club programs

There are some strong benefits that make the Amex Cobalt stand out among the other rewards cards. Now let’s have a look at how it compares.

Amex Cobalt Card vs. Scotiabank Gold Amex Card

For our Amex Cobalt Card review, we put it head-to-head against a similar card from Scotiabank – the Scotiabank Gold Amex. Both cards are extremely well-reviewed and offer similar earn rates and benefits. Let’s see how they measure up:

These cards are fairly similar at first glance. Both have similar interest rates and offer a generous number of points as a welcome bonus. The Amex Cobalt has a slightly higher fee, but also has no minimum income requirement.

The earn rates are nearly identical… except that Scotiabank gives cardholders 2 more points per dollar spent on groceries, and 1 more point per dollar spent on gas and daily transit, while Cobalt gives cardholders an extra point per dollar spent on travel.

The perks vary more significantly, with the Amex Cobalt offering mobile device insurance and hotel upgrades while the Scotiabank Gold Amex offers lounge access and a discount on car rentals.

The winner here is really going to depend on your personal tastes, although the lack of foreign transaction fees for the Scotiabank Gold Amex is appealing if you’re planning to travel outside of Canada.

The Amex Cobalt offers more emergency medical coverage, but for a shorter time period and only for travellers under 65. However, the Scotiabank Gold Amex offers some coverage for travellers ages 65+ and has more types of insurance with more coverage across the board. This category goes to the Scotiabank Gold Amex.

These are both excellent cards, with the Scotiabank Gold taking the lead in some areas. However, if you’re a member of an eligible airline loyalty program, like Aeroplan, the Amex Cobalt card is the clear winner—and here’s why:  

Scotiabank’s points are worth 1 cent per point across the board. Meanwhile, the Amex Cobalt will let cardholders transfer their points to a host of airline loyalty programs at a 1:1 ratio. That means, for example, that you can earn up to 30,000 Aeroplan points with your welcome bonus alone.

If travel is your goal and if you have a membership in a participating airline loyalty program, this redemption feature makes the American Express Cobalt card far and away your best choice with the highest value offerings not only out of these two cards, but out of any Aeroplan card.

Amex Cobalt Card vs. Amex Gold Rewards Card

Now we’ll compare the Amex Cobalt card to another popular American Express card, the American Express Gold Rewards card.

Again, there are some similarities between these two, just as there were between the Amex Cobalt and the Scotiabank Gold Amex Card. 

With these two, it really comes down to travel. The travel perks, like free lounge passes, increased amounts of travel insurance, and other benefits make this one stand out if you’re the travelling type. 

However, the points earn rate on the American Express Gold Rewards Card are not as attractive as the Amex Cobalt, so if earning points is your main objective, Cobalt might be a better bet.

American Express Cobalt Comparison: Some Things to Consider

Before you make a final decision on a new credit card (or ideally before you even start your search), it helps to have an idea of what your preferences and priorities are.

If you want to dig into some other travel cards and don’t know where to start, our list of the Best Travel Credit Cards in Canada is a great jumping off point and will give you a range of cards to look at. If Aeroplan is your airline loyalty program of choice, you can check out a selection of our favourites in our list of the Best Aeroplan Cards in Canada.

If you’re starting to think that maybe a travel card isn’t your #1 priority, consider our list of the Best No-Fee Cashback Cards in Canada or a reward card review like the MBNA Rewards Platinum Plus card. There are lots of options out there, no matter what your preferences and spending habits are!

Amex Cobalt Review: Frequently Asked Questions

American Express Cobalt Review: Our Final Verdict

The American Express Cobalt Card is a definite contender for one of the best rewards cards in Canada. It will award you generous points for purchases you already make, and give you flexible options when it’s time to redeem those points. One of the best things about this card is that you’ll only need to pay $12.99 per month to receive all of these benefits.

If you’re into earning more points (or even cash instead of points) than the Amex Cobalt can offer, or want to avoid paying an annual fee, there are other options out there. Check out our picks for the Top No Fee Rewards Credit Cards in Canada and The Best No-Fee Cashback Credit Cards in Canada.