American Express Cobalt Review
- Feb 17, 2025
- 5 min read
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More than a year ago, I got a notice from American Express Canada that they were ending their co‑branded partnership with Air Miles, and my Amex Air Miles Gold would be automatically transitioned to the American Express Cobalt Card. What I didn’t realize at the time was that this replacement card is actually one of the most powerful rewards cards in Canada, with huge earn rates on everyday spending like groceries and dining, plus flexible, high‑value point transfers to airlines and hotels.
Fast‑forward to today: the Cobalt has become my primary credit card. I use it everywhere I possibly can. And honestly, once you understand the perks, you’ll see why this is the card you want in your wallet too.
High-Value Earning Rates
The American Express Cobalt Card earns Membership Rewards points, specifically the Membership Rewards (MR) Select tier in Canada. These are flexible, high‑value points that can be used for travel, statement credits, gift cards, merchandise, and more.
The Cobalt card’s biggest draw is its accelerated earning categories.
5 points on eligible groceries and restaurants, including bars, cafes, grocery and food delivery (up to $2,500 spent per month)
3 points on eligible streaming subscriptions
2 points on eligible gas, transit, and ride share purchases
1 point everywhere else including foreign currency purchases
That is a lot of points on everyday spending.
Apply for the American Express Cobalt Card using my referral link and earn up to 15,000 Membership Rewards points. As a new Cobalt cardmember, you’ll earn 1,250 points for each month you spend $750 on your card during your first year for a total of 15,000 points. That’s the equivalent of $150 toward your next night out.
Redeeming Points
The value of your MR points depends on how you redeem them, but transferring to airline partners would get you the best value. You can transfer MR points to six airline programs, including Aeroplan and British Airways Club at a 1:1 ratio. Other partners transfer at 1:0.75, but Amex frequently offers transfer bonuses that boost those ratios to 1:1 or better.
Another way to use your points is through the Fixed Points Travel program, where a set number of MR points covers the base fare for flights to specific zones on any airline. You’ll still be responsible for taxes, fees, and carrier surcharges.
In addition to airlines, you can transfer MR points to two hotel partners, Hilton Honors and Marriott Bonvoy, at different ratios, with Marriott offering the stronger value. This is especially useful when you just need a small top‑up for a hotel redemption.
You can also redeem MR points directly at checkout on Amazon, for merchandise, gift cards, or as a statement credit toward any purchase, including travel. You can apply the credit to any purchase on your card at a flat rate of 1 cent per point (1,000 points = $10) as long as you redeem at least 1,000 MR points at a time.
Travel & Purchase Protection
Every time you use your Cobalt card for travel or big-ticket purchases, you instantly unlock a powerful bundle of insurance coverage.
Purchase Protection and Extended Warranty: Protects eligible items against theft or damage for up to 90 days and extends the manufacturer's warranty by one additional year.
Mobile Device:Â Covers for loss, theft, or accidental damage for up to two years from the purchase date if you buy your phone outright or finance it through a Canadian wireless carrier.
Travel Accident: Up to $250,000 per person for accidental death, dismemberment, or loss of sight.
Travel Inconvenience: Up to $500 coverage per person for flight delays, baggage delays, lost/stolen baggage, and hotel burglary.
Rental Car Theft and Damage: Up to $85,000 for loss, theft, or damage to a rental vehicle when you decline the rental agency’s Collision Damage Waiver (CDW/LDW).
Emergency Medical Insurance: Out-of-province and out-of-country emergency medical coverage up to $5 million for the first 15 days of a trip.
Together, these protections turn the Cobalt card into more than just a points‑earning card. It becomes a built-in safety net for the moments you hope never happen but feel better knowing you’re covered for. Whether you’re booking a trip, renting a car, or upgrading your tech, the added peace of mind is one of the most underrated perks of carrying this card.
Entertainment & Perks
Beyond points and insurance, the Cobalt card comes with lifestyle extras, too:
Front Of The Line: Exclusive access to presale and reserved tickets for concerts, theatre, and special events through Ticketmaster.
Amex Offers: Earn easy bonus cash back when you make purchases from select merchants (just remember to add the offers to your account first).
The Hotel Collection: Enjoy potential room upgrades at check-in and up to USD $100 in hotel credits when booking 2+ nights at participating (luxury, premium) properties.
Instacart Credit:Â Up to $60 in statement credits annually for grocery delivery.
These perks add everyday value to the card, giving you little boosts of convenience, savings, and VIP access throughout the year.
Annual Fee
The Cobalt Card has a monthly fee of $12.99. That works out to $155.88 per year, making this card a little higher than comparable premium cards. But the value you get back in rewards and perks far exceeds the cost.
For example, if you spend around $2,000 a month across various categories, you earn around 85,000 MR points a year. Even at the simple redemption rate of 1 cent per MR point, that’s $850 in value. At the maximum redemption rate of 2 cents per MR points (with Aeroplan transfers), that’s $1,700 in value.
You’re paying $155.88 a year in fees. Even the lowest-value redemption beats that by a mile.
You can stretch the fee and boost your earning power by adding a free additional card. Whoever you add will earn points at the same rate, and all those points roll right into your main MR balance.
Overall Acceptance
American Express has grown its merchant network significantly in the last few years, especially in major cities but it’s still not accepted everywhere. Smaller independent shop and major retailers like Costco (in-store) and Loblaws usually don’t accept it. These businesses often avoid Amex because the merchant fees are higher than Visa and Mastercard.
Amex has a handy map where you can check which places near you do. If your regular spots are on the list, you’re all set.
Overall
When you add everything up — unmatched earn rates, flexible points, generous insurance, the protections, and the lifestyle perks — it is clear the American Express Cobalt is easily the best credit card in Canada. It rewards the way real people actually spend, and it gives back far more than it asks. If you’re looking for a card that quietly elevates your travel, your purchases, and your everyday life, this is the one.
