American Express Cobalt Card

Last updated: January 19, 2021
  • 50,000 MR points
  • $944 First-year value
Best offer is available via a referral link
Signup bonus:
2,500 MR points for each of the first 12 months in which you spend $500
20,000 MR points upon spending $3,000 in the first three months
Total of 50,000 MR points in the first year for spending $7,500
Monthly fee:
Earning rate:
5 MR points per dollar spent on groceries and dining
3 MR points per dollar spent on streaming services
2 MR points per dollar spent on gas, public transit, and travel purchases
1 MR point per dollar spent on all other purchases
Referral bonus:
5,000 MR points per referral, up to 75,000 MR points per calendar year
Perks & benefits:
Special offers for Cobalt cardholders throughout the year

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.

Bonuses & Fees

Eschewing the traditional credit card model, the Cobalt Card is designed as a “monthly membership” card, offering a bonus of up to 50,000 Membership Rewards 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 points, for a total of 30,000 MR points.

Also, upon spending $3,000 within the first three months, you can earn an additional 20,000 MR points.

The annual fee of $155.88 is also charged on a month-to-month basis – each month, you’ll be on the hook for a “Membership Fee Installment” of $12.99.

As a cardholder, you’ll earn 5,000 MR points for every referral you make, up to a maximum of 75,000 MR points per calendar year. You can also add supplementary cards for free.

Earning Rewards

The American Express Cobalt Card is a game changer when it comes to the returns on daily spending. You’ll earn:

  • 5 MR points per dollar spent on groceries & dining, specifically “(i) restaurant, quick service restaurant, coffee shop and drinking establishments in Canada, (ii) stand-alone grocery stores in Canada, (iii) delivery of food and groceries in Canada as a primary business”
  • 3 MR points per dollar spent on eligible streaming services, which include Apple TV+, Apple Music, Crave, Disney+, fuboTV, hayu, Netflix, RDS, SiriusXM Canada, Spotify, and TSN
  • 2 MR points per dollar spent on travel purchases, transit, and transportation, specifically “(i) stand-alone automobile gasoline stations in Canada, (ii) travel services or travel bookings including air, water, rail and road transport, lodging and tour operator sales, (iii) local commuter transportation in Canada including subway, streetcar, taxi, limousine and ride sharing services”
  • 1 MR point per dollar spent on all other purchases

These elevated category-specific earning rates apply up until a combined maximum of $30,000 in purchases annually. After, all spending will earn 1 MR point per dollar spend, regardless of category.

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.

Insurance Coverage

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:

  • Emergency medical insurance, of up to $5,000,000 per insured person
  • Lost, stolen, or damaged baggage insurance, of up to $500
  • Baggage delay insurance, of up to $500
  • Car rental loss or damage insurance, so you can save on the insurance fees usually charged by car rental companies
  • Hotel or motel burglary insurance, of up to $500

Historical Offers

Apply Now

The American Express Cobalt Card is relatively easy to get approved for. There is no minimum income requirement, meaning that anyone is eligible to apply.

You'll earn the best available signup bonus if you apply using a referral link. Consider supporting Prince of Travel by applying for the card via our referral link below.