The American Express Cobalt Card Review
The new Cobalt card from American Express presents a lucrative opportunity for Canadians who love dining and travel, and who want to quickly accumulate rewards from purchases in those categories.
Members will ear 2,500 points each month after a minimum monthly spend of $500— the equivalent of 30,000 points over 12 months.
At a Glance:
- Earn up to 30,000 bonus points in the first 12 months
- 5 points per $1 spent on restaurants, bars, food delivery, and grocery bills
- 2 points per $1 spent on airfare, hotels, ground transit, and gas
- 1 point per $1 spent everywhere else
- Redeem points on travel, merchandise, events, statement credits and Amazon.ca
- $10 monthly fee
- No minimum income requirement
Cardholders who choose to redeem points on travel will appreciate a full variety of insurance features, including out-of-province medical care and travel accident coverage. The card also provides insurance for flight and baggage delay, hotel burglary, lost or stolen baggage, and new purchases. The card’s annual $120 fee is fairly standard for a Rewards card, but the fee can be paid on a monthly basis (in $10 installments), unlike most of its competitors.
Why We Like It
- Rolling Bonuses: We like that the 2,500-point monthly bonus is flexible from month to month; those who do not spend $500 in April can nonetheless earn points for May if their spending increases.
- Big Earnings Potential: The 5x accelerator for spending on food—whether at restaurants, bars, or for groceries—can generate massive points.
- Broad Point Redemption: Points can be easily redeemed through the Amex Travel Canada Catalogue, or on merchandise available online as well. For those who love concerts, sports, or theatre, Amex makes it easy to redeem points on Ticketmaster’s range of events. Additionally, points can simply be used as a credit against the card’s monthly statement, or on Amazon.ca through the Shop with Points program.
- Free Supplementary Cards: Cardholders can open a supplementary card to extend the benefits of the Cobalt Amex to others. It’s completely free and is a great way to include a spouse or immediate family member in the fun.
- High Level of Protection: Get a full suite of insurance features with the Cobalt Amex, including up to $5,000,000 on out-of-province medical and $250,000 on travel accident insurance. Alongside these bonuses, members will appreciate insurance features covering flight and baggage delays, baggage or rental car theft, motel or hotel burglary, and rental car damage coverage. New purchases are also protected, with extended warranties increased up to an additional year.
Is It Worth It?
The American Express Cobalt Card is tailored to foodies and travel enthusiasts. Canadians can earn accelerated points from both dining out and cooking at home, and can then redeem those points on their next vacation. The 30,000 reward and redemption structure really stands out among cards in the rewards arena.