Canada's best transferrable points currency
The American Express Cobalt Card is one of the most popular cards in Canada, and for good reason. It’s the ultimate lifestyle card, earning incomparable rewards on groceries and restaurants, with an extremely flexible points program.
Eschewing the traditional credit card model, the Cobalt Card is designed as a “monthly membership” card, offering a bonus of up to 45,000 Membership Rewards Select points over the course of the first 12 months of your membership.
Here’s how it works: for each monthly billing cycle during the first 12 months that you complete $500 in spending, you’ll earn 2,500 MR Select points. You’ll earn an additional 15,000 MR Select points if you spend $3,000 in the first three months.
Purchases made during the first three months count towards both requirements. For example, if you spend $1,000 in each of the first three months, you’d earn monthly bonuses for each month, plus the additional 15,000 points.
The annual fee of $120 is also charged on a month-to-month basis – each month, you’ll be on the hook for a “Membership Fee Installment” of $10.
As a cardholder, you’ll earn 5,000 MR Select points for every referral you make, up to a maximum of 75,000 MR Select points per calendar year. You can also add supplementary cards for free.
The American Express Cobalt Card is a game changer when it comes to the returns on daily spending. You’ll earn:
It doesn’t take a genius to figure out that Amex has the millennial demographic locked in their sights with this credit card. As someone who’s often lumped into the millennial category myself, I can attest to the fact that the vast majority of my spending goes towards food and travel, and I do indeed get amazing value out of this card.
This is also the only 5x category multiplier on spending in Canada, which is something our neighbours down in the US have had for many, many years.
In terms of best uses for MR Select points, they can be converted to the Marriott loyalty program at a 1:1.2 ratio, or put towards booking a flight via Amex Fixed Points Travel.
The major coverage categories are pretty much all included, with the exception of Trip Interruption and Trip Cancellation. In particular, the following benefits are included: