American Express Cobalt Credit Card
Annual Fee
$120.00
Interest Rate
19.99%
Balance Transfer
-
Cash Advance
22.99%
Credit Score
Fair
Rewards
5.00%*
- Up to 30,000 Bonus 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 purchases on your Card. This could add up to 30,000 points in a year.
- Earn 5x the points on eats and drinks: from grocery shopping to dining out, earn 5 points for every $1 in Card purchases at eligible restaurants, bars, cafés, and even food delivery in Canada.
- Earn 2x the points on travel and transit: it can be a cab across town, the morning bus, or a weekend hotel stay. Earn 2points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases
- Earn 1 point per dollar spent on everything else: concerts? Sneakers? Movie tickets? Whatever you’re into, earn 1 point for every $1 in Card purchases on everything else.
- As a Cardmember, you can refer a friend and earn a referral bonus of 5,000 bonus Membership Rewards points for each approved referral, up to a maximum annual referral bonus of 75,000 Membership Rewards points
- With your American Express Cobalt Card you can redeem your points towards whatever card purchases you want – your options are anything but limited: streaming services, movie tickets, eats & drinks, retail, and more!
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You’ll also be able to redeem points through some of our other reward programs: flights through the Fixed Points Travel Program, concerts and events on Ticketmaster.ca, travel on American Express Travel Online, gift cards and merchandise through Membershiprewards.ca, and purchases on Amazon.ca
- Emergency Medical Insurance(Out of province/country)
- Flight Delay Insurance
- Baggage Delay Insurance
- Hotel/Motel Burglary Insurance
- Lost or Stolen Baggage Insurance
- Car Rental Theft & Damage Insurance
- $250,000 Travel Accident Insurance
- Purchase Protection Plan
- Buyer’s Assurance Protection Plan
- You are a Canadian resident and have a Canadian credit file
- You are the age of majority in the province or territory where you live
Summary
Our Review
American Express Cobalt Credit Card
The American Express Cobalt Credit Card allows you to earn point for every purchase you make, but is especially advantageous if you tend to frequent restaurants and bars. This card gives you a fantastic 5 points per dollar spent at eligible restaurants, bars, grocery stores, and even food delivery in Canada. You’ll also earn 2 points for every dollar spent on eligible transit & gas purchase, so you can take a cab to your favorite restaurant and earn points the whole time! All other eligible purchases will also earn you 1 point per dollar spent.
On top of that, you’ll receive a 2,500 point bonus every month for your first year of card membership if you charge at least $500 to the card a month. You can redeem rewards points towards a host of purchase options: streaming services, movie tickets, eats & drinks, retail, and more.
The American Express Cobalt Credit Card is a great option for those who want to charge their food, drink and transit purchases to their credit card, though any other purchases will also earn one point per dollar. Plus, this card offers an initial interest rate on purchases of 7.99% as well as extensive travel and shopping coverage. The potentially steep annual fee of $120.00 is broken down into monthly payments of $10, making it more manageable.
All in all, this card offers great benefits and extremely high rewards for a pretty fair annual fee, that is split up into monthly payments that won’t break the bank.
As per our rating system, this card scored 25/25 on rewards, 17/25 on interest rates and balance transfers, 17/25 on perks and insurance, and 23/25 on annual fees. Therefore, the total smart score of this card is 82/100.
Pros
- Welcome Bonus: 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 purchases on your Card. This could add up to 30,000 points in a year.
- Earn 5 points for every $1 in Card purchases at eligible restaurants, bars, cafés, and even food delivery in Canada.
- Earn 2points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases
- Earn 1 point for every $1 in Card purchases on everything else.
- As a Cardmember, you can refer a friend and earn a referral bonus of 5,000 bonus Membership Rewards points for each approved referral, up to a maximum annual referral bonus of 75,000 Membership Rewards points
- Redeem points towards whatever card purchases you want – your options are anything but limited: streaming services, movie tickets, eats & drinks, retail, and more! However, you’ll get the best value out of your points when redeeming for travel.
- With this card you could also gain access to special events like advance tickets to movies, shows and concerts through through Front Of The Line by American Express Invites
- The American Express Cobalt Card comes with travel & shopping related benefits that can keep you covered.
Cons
- An annual fee of $120 (However, this is paid in monthly increments of $10)
- If a payment is missed, the interest rate for purchases will increase to 23.99% and the interest rate for cash advances will increase to 26.99%
- American Express is not accepted everywhere.