The American Express Cobalt Card stands out as one of Canada’s most versatile everyday rewards cards, perfect for those who spend heavily on food, groceries, and streaming. With sky-high earning rates in popular categories and flexible Membership Rewards points, it delivers impressive value even at its $155.88 annual fee (paid monthly at $12.99).
Bonuses & Fees
The current welcome offer lets new cardholders earn 1,250 Membership Rewards points each month they spend $750, for up to 15,000 points over the first year. Some targeted offers go higher, but this structure rewards consistent spending rather than a single big splurge.
The $155.88 annual fee breaks down to $12.99 monthly, making it easier to stomach than a lump-sum charge. There’s no additional fee for up to four authorized users, a big plus for households. Approval typically requires good credit and being the age of majority in your province.
How Much Value Can You Get?
Value Membership Rewards points at around 2 cents per point for optimal transfers to Aeroplan or other partners. The first-year welcome bonus of 15,000 points alone works out to about $300 in travel value.
If you hit the $750 monthly spend threshold (9,000 points from bonuses + ~1,125 points earned at average rates), add another $200+ from those points. Subtracting the full annual fee leaves a net first-year value exceeding $350, often much higher for food-heavy spenders who max the 5x categories. Ongoing value depends on your lifestyle, but everyday multipliers keep it strong beyond year one.
Earning Rewards
The Cobalt Card crushes it on daily spending with tiered rates up to a $2,500 monthly cap on the top category.
- 5x points on eligible eats & drinks (restaurants, groceries, food delivery in Canada)
- 3x points on eligible streaming subscriptions in Canada
- 2x points on gas, transit, and ride shares in Canada
- 1x point everywhere else
A typical spender putting $1,000/month on groceries/dining and $500 on streaming/gas/transit earns ~6,500 points monthly (~78,000/year), worth $1,560 at 2 cents per point. These rates beat most everyday cards, especially for urban foodies.
Redeeming Membership Rewards Points
Membership Rewards shines with flexibility: transfer 1:1 to Aeroplan, British Airways, Marriott, and others for high-value flights. Fixed-point travel bookings simplify things without blackouts, or use points for statement credits at 1 cent each.
With the welcome bonus plus three months’ spending, book a round-trip economy flight to Europe (~35,000 points via Aeroplan) or business class to the U.S. (~50,000 points). Everyday redemptions like gift cards or Amazon purchases work too, though transfers yield 2–3x more value.
Perks & Benefits
Cobalt keeps perks practical rather than flashy, focusing on everyday boosts.
Membership Rewards extras:
- The Hotel Collection: Up to $100 USD property credit, room upgrades, and 12pm check-in/late check-out (2+ night stays)
- Front Of The Line presale tickets for concerts and events
- Amex Experiences with exclusive dining and entertainment offers
- Monthly Instacart credits (up to $60/year through 2027) and dining perks like 20% back at select spots
Authorized users get their own cards free and contribute to your points without diluting earning rates. No foreign transaction fees make it travel-friendly too.
These benefits smooth daily life and occasional trips without overwhelming complexity.
Insurance Coverage
Travel coverage kicks in when you charge trips to the card, including:
- Flight/baggage delay: Up to $500 for essentials (4+ hour delays)
- Lost/stolen baggage: Up to $500 per trip
- Car rental theft/damage: Coverage for rentals charged to the card
- Hotel burglary: Up to $500 for theft from your room
- Travel accident: Up to $250,000
Purchase protections cover theft/damage (90 days) and extended warranty (one extra year). Solid for a mid-tier card, but review the certificate for family coverage and exclusions.
Who Is This Card For?
Ideal for urban Canadians spending $1,000+/month on food, groceries, and rides, who value flexible points over airline-specific perks. Families love the free additional cards and high grocery multipliers.
Skip if you rarely dine out, prefer cash back simplicity, or chase big travel bonuses over everyday earning. Low spenders won’t offset the fee.
Final Verdict
The American Express Cobalt Card earns its reputation as Canada’s top everyday rewards option, turning routine spending into serious travel value through unmatched multipliers and versatile points. At $155.88 annually, it pays for itself fast for food and streaming enthusiasts—grab it if that describes your wallet.