If you’re on the hunt for a credit card that gives you top-tier rewards on everyday spending like dining, groceries, and travel, you’ve probably come across the Amex Cobalt Card.

But is it really worth the monthly fee? How does it compare to other rewards credit cards in Canada?

In this detailed Amex Cobalt Review, we’ll break down everything you need to know—its rewards structure, perks, fees, and whether it’s the right fit for your spending habits.

What Is the American Express Cobalt Card?

The Amex Cobalt Card is one of Canada’s most popular rewards credit cards, especially for millennials and urban professionals who spend a lot on food, entertainment, and travel. The card is known for its generous Membership Rewards points system, which offers some of the best earn rates in Canada.

If you love racking up points on everyday spending and redeeming them for travel, cashback, or even transferring them to airline and hotel partners, the Amex Cobalt Card is definitely worth considering.

What Makes the Amex Cobalt Stand Out For Me?

I used to steer clear of credit cards with annual fees, preferring to juggle multiple no-fee cards to maximize rewards on groceries, dining, and travel. It seemed like a smart strategy—until I found myself constantly tracking different rewards programs and struggling to make sense of scattered points.

One particularly exhausting week, I had an epiphany: maybe a paid membership credit card was actually worth it. I wanted a card that would simplify my spending while still rewarding me for my everyday purchases. That’s when I discovered the Amex Cobalt.

At first, I was skeptical. Could this card really justify its fee? Many credit cards promise great rewards but fall short in practice. But as I delved into the Amex Cobalt’s benefits, I realized its thoughtful design rewards the spending categories that truly matter—groceries, dining, transit, and travel.

Since its launch in 2017, the Amex Cobalt has consistently ranked as one of the best credit cards for everyday spending in Canada, particularly for millennials, frequent diners, and travelers. After using it myself, I can now see why.

The Annual Fee Structure: A Monthly Approach

Most premium rewards cards charge their annual fees in one lump sum, which can be quite a shock to your monthly budget. The Amex Cobalt takes a different approach:

• Annual fee: $156, but billed as $12.99 monthly
• Interest rates: 21.99% on purchases and cash advances
• Credit score recommendation: 725 or higher

This monthly billing structure makes the card feel more accessible and manageable compared to cards that charge $150+ all at once.

Personally, I liked this feature. It felt less intimidating than dropping a large annual fee upfront, and I barely noticed the monthly charge. I simply viewed it as part of my monthly expenses, like a subscription service.

Other Fees and Foreign Transaction Charges

• Foreign transaction fee: 2.5% on purchases made in non-Canadian currencies.
• Additional cards: $0 for supplementary cards.

While the Amex Cobalt Card offers great value, the foreign transaction fee is a downside for frequent travelers. If you regularly make purchases in USD or other currencies, a no-foreign-exchange-fee credit card might be a better fit.

What Is the Welcome Bonus for New Cardholders?

One of the best perks of the Amex Cobalt Card is its welcome offer. New cardholders can earn up to 15,000 bonus points in the first year. Here’s how:

• Earn 1,250 bonus points each month by spending $750 or more.
• Over 12 months, that adds up to 15,000 bonus points.

While the total 15,000-point bonus might not seem as flashy as some competitors’ one-time large bonuses, the monthly structure makes it much more attainable for average spenders.

Rather than needing to spend $3,000-$5,000 in three months (as many premium cards require), you only need to maintain a consistent $750 monthly spend. When combined with regular spending, you can rack up a significant number of points in the first year.

How Does the Amex Cobalt Rewards Program Work?

One of the biggest reasons people choose the Amex Cobalt Card is its exceptional points system. Here’s how you earn Membership Rewards points:

• 5X points per $1 spent on restaurants, bars, cafés, and grocery stores in Canada (up to $2,500 monthly). This includes everything from dining out to meal delivery services and even takeout. With one of the highest earn rates on food and drinks among Canadian credit cards, the Amex Cobalt Card stands out for grocery rewards.
• 3X points per $1 spent on eligible streaming subscriptions like Netflix, Apple TV+, Spotify, and Disney+.
• 2X points per $1 spent on transit, gas, and eligible travel purchases. This includes taxi, public transportation, and even ride-sharing services like Uber.
• 1X point per $1 spent on everything else including flights and hotels.

Example of How Much You Can Earn

Let’s say you spend the following each month:

• $700 on groceries and dining out → 3,500 points (5X category)
• $50 on streaming services → 150 points (3X category)
• $200 on gas and transit → 400 points (2X category)
• $500 on other expenses → 500 points (1X category)

Total per month = 4,550 points Total per year = 54,600 points

For context, 54,600 points can be worth $546 in travel, depending on how you redeem them.

My Very First Experience: Maximizing 5x Points on Dining

After getting the Amex Cobalt card, I started using it for all my groceries and dining out. In the first month alone, I was shocked by how quickly the points added up. Since I love cooking and we often host dinner parties with friends, the 5x points on groceries really worked in my favor. By simply doing what I already enjoy—cooking and eating—I was able to rack up points fast.

For example, my monthly grocery bill is usually around $600, which means I earn 3,000 points right there every month. Add in a couple of dinners out with friends, and I’m easily looking at 4,000 points a month. In just my first few months, the points I earned from groceries and dining alone were already worth more than the card’s annual fee.

By the end of the year, I had accumulated enough points to cover a large chunk of a return ticket to Amsterdam, all thanks to using the Amex Cobalt on everyday purchases.

Redeeming Points: Flexible and Straightforward

The flexibility of redeeming points is one of my favorite things about the Amex Cobalt Card. You can redeem your points in several ways, depending on your lifestyle and preferences:

1. Travel

For those seeking maximum value, using points for travel often yields the best returns:

• Transfers to airline and hotel partners: This is often the highest-value option, with points worth up to 2 cents each when transferred strategically.
• Fixed Points Travel Program: Redeem a set number of points for flights with any airline, eliminating the guesswork about how many points you’ll need.

The redemption process is smooth and straightforward. You can transfer points to various hotel and airline loyalty programs, like Marriott Bonvoy, Hilton, Aeroplan or Air France KLM Flying Blue, unlocking a world of possibilities for your next vacation.

Personally, I’ve used my points for flights, and the experience was seamless. Recently, I redeemed 46,000 reward points for a round-trip ticket from Toronto to Chicago with Air Canada—completely spontaneous and hassle-free. I love this option because travel is a priority for me, and it helps me stretch my budget on trips.

2. Gift cards or merchandise

If you prefer to use your points for things other than travel, Amex has an extensive catalog of gift cards and merchandise you can choose from, including:

• Brand-name merchandise for household needs, electronics, and more.
• Gift cards from popular retailers like The Keg, Cineplex, Indigo Books & Music, Roots, and others.
• Amazon Shop with Points option for easy redemptions at Amazon.ca.

Although I don’t use this option often, I know a few friends who love cashing in their points for tech gadgets or gift cards during the holiday season.

3. Pay with Points at Checkout

American Express also lets you redeem points directly at checkout with select retailers, making it easy to save on purchases in real-time.

• Amazon Shop with Points – Use your Amex points to pay for items at Amazon.ca without needing a statement credit.
• PayPal Checkout – Redeem points instantly when checking out with PayPal at thousands of online stores.
• Other Partner Retailers – Some merchants allow direct points redemption at checkout for a seamless experience.

While I typically save my points for travel, I’ve used them on Amazon a couple of times when I wanted to snag a deal without touching my credit card balance—It’s an effortless way to put your points to work.

4. Use Points for Purchases

If you prefer flexibility, you can redeem your Amex points directly for everyday purchases. This allows you to use points to offset charges on your statement, giving you instant savings.

• Cover almost any purchase – Use points to pay for groceries, dining, subscriptions, and more.
• No restrictions – Unlike travel redemptions, you’re not limited to specific brands or partners.
• Convenient and straightforward – Simply apply points toward your eligible purchases through your Amex account.

The redemption process is remarkably simple through the Amex app. After making a purchase, you can select it and choose to apply points at a rate of 1,000 points = $10 (1 cent per point).

I’ve used this feature once or twice when I had some large purchases and wanted to lower my balance. It’s a convenient option for everyday expenses. The best part? It didn’t feel like it cost me anything!

Perks Beyond the Points: Additional Benefits of the Amex Cobalt

Aside from the impressive rewards program, the Amex Cobalt offers a range of additional benefits that add significant value.

Travel Insurance:

If you travel often, the Amex Cobalt Card comes with solid insurance coverage, including:

• Emergency Medical Insurance (up to $5 million for those under 65).
• Flight Delay Insurance (up to $500 for hotel and meals if your flight is delayed 4+ hours).
• Baggage Delay Insurance (up to $500 aggregate maximum with flight delay insurance for delayed baggage over 6 hours).
• Hotel Burglary Insurance (up to $500 in coverage against the loss of most personal items).
• Lost or Stolen Baggage Insurance (up to a maximum of $500 per trip for all insured person(s) combined).
• $250,000 in Travel Accident Protection
• Car Rental Theft and Damage Coverage (for your rental car with an Manufacturer’s Suggested Retail Price of up to $85,000 for rentals of 48 days), exceeding the standard $65,000 offered by most cards.

While it doesn’t offer full lounge access or premium travel perks, the travel insurance benefits are useful for occasional travelers. I once had a flight delay on a trip to Chicago, and knowing that I was covered for meals and hotels really eased my mind.

However, it’s important to note in this Amex Cobalt Review that the card does have some coverage limitations. Trip cancellation/interruption insurance is not included, and the emergency travel medical coverage only applies to travelers under 65 years old and lasts just 15 days. For frequent or older travelers, these gaps might necessitate supplemental insurance.

Purchase Protection

This feature protects most purchases made with the card for 90 days against theft and damage for up to $1,000 per occurrence (for all purchased items combined). While I haven’t had to use it yet, it’s nice knowing that my big-ticket purchases, like electronics, are covered.

Extended Warranty

Amex also offers an extended warranty on purchases made with the Cobalt Card, adding up to one extra year to the manufacturer’s warranty. I took advantage of this when I bought a pair of Apple AirPods 4 with ANC last year—once the manufacturer’s warranty expired, Amex covered me for an additional year.

Real-Life Strategies to Maximize Your Amex Cobalt

After using this card for seven years, I’ve developed several strategies to extract maximum value. Here are some practical tips from my personal experience:

1. Stack Rewards Programs

Many grocery stores and restaurants have their own loyalty programs. By using your Cobalt card at these establishments, you can “double-dip” on rewards. For example, when I order from my local pizza shop, I earn both 5x Amex points and the store’s own loyalty points at the same time.

Related content:

• Credit Card Stacking to Multiply Your Discount While Shopping

2. Take Advantage of Amex Offers

The American Express Invites and Amex Offers programs provide exclusive discounts and promotions, giving you more ways to maximize the value of your points. From time to time, Amex runs special promotions where you can redeem your points for travel or other purchases at a better value. To get the most out of these opportunities, I make it a weekly habit to check my Amex app for new offers and add them to my card.

For example, just last month, I received a $5 statement credit for a $100 grocery order at Walmart via Instacart. This essentially gave me an extra 5% discount on top of the 5x points I earned on the purchase. It’s part of a special offer available to Amex Cobalt Cardholders who register their card at www.instacart.ca or in the Instacart app and make a qualifying purchase of $10 or more in a single transaction. This program runs until December 31, 2027, so it’s a great way to stack savings with both points and statement credits.

Related content:

• Is Instacart Worth It? A Realistic Look at Costs, Convenience, and Savings

3. Leverage Supplementary Cards

The Cobalt allows up to nine free supplementary cards at no charge. I added my partner to my account, which means all of their eligible purchases also earn points in our shared pool. This strategy has roughly doubled our point accumulation with no additional cost.

4. Plan Large Purchases Around Bonus Categories

Whenever possible, I try to align bigger purchases with the card’s bonus categories. For example, when hosting a holiday dinner, I bought all the ingredients, drinks, and even some small gifts at Metro in-store, earning 5x points on what would have otherwise been split across different spending categories.

5. Credit Card Stacking with Rakuten

This strategy involves using Rakuten alongside your Amex Cobalt Card to maximize savings. When you shop through Rakuten with your Amex Cobalt, you earn rewards from both platforms.

For example, during a holiday sale last year, I bought a Uniqlo jacket that was already on sale. I earned 8% cash back from Rakuten while also earning 1x Amex points. When you combine the sale discount, Rakuten cash back, and Amex rewards, the total savings add up quickly—making this strategy hard to beat.

Related content:

• Rakuten Review: Your Ultimate Cashback Guide

6. Focus on the Highest Value Redemptions

Transferring your points to airline or hotel partners often gives you the highest return—sometimes up to 2 cents per point. To get the best value, focus on these top transfer options:

• Aeroplan – Great for flights within Canada and internationally. 1,000 Membership Rewards points = 1,000 Aeroplan points.
• British Airways Avios – Ideal for short-haul flights and partner airline redemptions. 1,000 Membership Rewards points = 1,000 Avios.
• Marriott Bonvoy – Best for hotel stays worldwide. 5 Membership Rewards points = 6 Marriott Bonvoy points.

The key to maximizing value is redeeming for long-haul flights or premium class bookings, where your points can go much further. For example, transferring points to Aeroplan for a business-class ticket can often yield significantly better value than using them for everyday purchases. 60,000 points to Aeroplan for a flight could give you $1,200+ worth of value depending on how you use it.

7. Use Fixed Points Travel Program Wisely

The Fixed Points Travel Program allows you to book flights using a set number of points, so you don’t have to worry about fluctuating redemption rates. For example, if a round-trip flight to Toronto requires 40,000 points, you’ll always know exactly how many points to redeem, regardless of price changes.

To get the best value, research routes that offer the most competitive pricing under the Fixed Points program. This ensures you’re making the most of your points.

For example, if 100 points equal $1 in redemption value, a 40,000-point round-trip flight effectively costs $400. However, if booking the same flight directly with Air Canada costs $500, then using your points through the Fixed Points program gives you more value. On the other hand, if the cash price is lower than the points value, you might be better off paying with your Amex Cobalt card to earn more rewards.

8. Know When to Redeem

Timing is Everything – To get the most value from your points, it’s essential to know when to redeem. Here are a few smart strategies to maximize your rewards:

• Take Advantage of Seasonal Sales – Airlines and hotels often offer discounts on redemptions during specific times of the year. Holding off on redeeming until a sale can help stretch your points further.
• Leverage Last-Minute Deals – Sometimes, last-minute flights require fewer points due to availability. Booking during off-peak times (like mid-week) can also get you better value.
• Book Early for More Flexibility – If you’re planning a trip, redeem your points well in advance to secure better flight options and greater savings.
• Stay Alert for Special Promotions – Airlines occasionally run limited-time promotions with reduced point requirements. Signing up for email alerts or checking loyalty program updates can help you catch these deals.

Downsides to Consider

While I’m a big fan of the Amex Cobalt Card, no card is perfect. Here are a couple of things to consider before applying:

❌ Not Widely Accepted: While American Express acceptance has improved in Canada, it still lags behind Visa and Mastercard. Many smaller businesses, some restaurants, and certain grocery stores under Loblaw Companies Limited—including Loblaws, No Frills, Real Canadian Superstore, and T&T Supermarket—don’t accept Amex for online orders, along with Costco. I always carry a backup Visa just in case.

❌ Point Value Variability: While Amex Membership Rewards points can be worth up to 2 cents per point when transferred to Aeroplan or Marriott Bonvoy, their value drops significantly for other redemption options. If you redeem points for statement credits, you’ll get only 1 cent per point, which is much less than using them for travel.

❌ Limited Premium Travel Benefits: If you’re primarily looking for premium travel perks like airport lounge access, hotel status, or comprehensive travel insurance, the Cobalt doesn’t specialize in these areas. Cards with higher annual fees typically offer more robust travel benefits. Personally, I don’t travel often enough to feel this is a major downside, but it’s something to consider if lounges, hotel status or comprehensive travel insurance are a priority for you.

Who is the Amex Cobalt Card Best For?

In my opinion, the Amex Cobalt Card is ideal for those who spend significantly on food, drinks, and travel. If dining out or grocery shopping makes up a big part of your budget, this card is a perfect fit.

It’s also a great option for casual travelers who don’t need premium perks like lounge access but still want to earn solid rewards on their trips.

If you value simplicity, flexibility, and a rewards program tailored to everyday expenses, the Amex Cobalt Card could be a great addition to your wallet.

Given its rewards structure and benefits, the Amex Cobalt Card is a great fit for:

✅ Foodies & Cooking Enthusiasts
Love dining out or cooking at home? The 5x points multiplier on restaurants, meal delivery, takeout, and groceries means big rewards for spending you’re already doing. For example, a couple spending $1,500 monthly on these categories would earn 90,000 points per year—worth at least $900 in redemption value.

✅ Young Professionals
With bonus rewards on dining, groceries, transit, and streaming services, the card aligns well with the spending habits of urban professionals. Plus, the monthly fee structure makes it budget-friendly and easy to manage with your paycheck cycle.

✅ Families with Big Grocery Budgets
Amex Cobalt worth it for families, as groceries are often their biggest regular expense. With a $2,500 monthly cap on 5x earnings, even big families can maximize rewards without hitting limits.

✅ Occasional Travelers
Unlike premium travel cards that require frequent flying to justify their fees, the Cobalt Card earns most of its value through everyday spending while still offering excellent travel redemption options when you’re ready to take a trip.

Is the Amex Cobalt Worth It Compared to Other Credit Cards?

The Amex Cobalt Card is frequently compared to other popular rewards credit cards in Canada, such as the Scotiabank Gold American Express and the RBC Avion Visa Infinite. Here’s how it stacks up:

Feature	Amex Cobalt Card	Scotiabank Gold Amex	RBC Avion Visa Infinite
Annual Fee	$155.88 (monthly $12.99)	$120	$120
Grocery & Dining Rewards	5X	6X on Grocery and 5X on Eat in and Eat Out	1X
Travel Rewards	2X	3X	1.25X
Streaming Rewards	3X	3X	1X
Foreign Transaction Fee	2.5%	None	2.5%
Transferable Points	Yes (Aeroplan, Marriott Bonvoy)	No	Yes (Avion, WestJet)

The Scotiabank Gold Amex offers no foreign transaction fees, which is a big plus for travelers, but the Amex Cobalt Card wins when it comes to flexible rewards and transfer partners.

Conclusion: Is the Amex Cobalt Worth It in 2025?

The Amex Cobalt Card is one of the best rewards credit cards in Canada, especially for people who love dining, travel, and flexible points redemption. While it has a monthly fee and foreign transaction fees, the generous 5X rewards on food and drinks, strong travel insurance, and point transfer options make it a solid choice for many Canadians.

If your spending aligns with its bonus categories and you’re looking for a card that can help you maximize everyday purchases, the Amex Cobalt Card is definitely worth considering.

What do you think? Would you apply for the Amex Cobalt Card, or do you prefer another rewards card? Let me know in the comments!