American Express CobaltTM Credit Card
- In your first year as a new Cobalt Cardmember, you can earn 2,500 Membership Rewards® points for each monthly billing period in which you spend $500 in net purchases on your Card. This could add up to 30,000 points in a year
- 30,000 points is enough for: An eligible short-haul flight using the Fixed Points Travel Program, or $300 in statement credits redeemed towards travel purchases charged to your Card or $300 worth of tickets on Ticketmaster.ca
- Earn 5 points for every $1 spent on Card purchases at eligible restaurants, bars, grocery stores and food delivery in Canada
- Earn 2 points for every $1 spent on eligible transit & gas purchases in Canada and eligible travel purchases. That's 2X the points on purchases that get you from point A to B
- Earn 1 point for every $1 in Card purchases everywhere else. We won't tell you where to spend, we'll just reward you on your Card purchases
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
- Get advance access to tickets to some of the hottest concerts, shows and events through Front Of The Line® by American Express Invites® and advance screenings to blockbuster movies
- The preferred rate for purchases is 19.99% and funds advances is 22.99%. If you have Missed Payments, the applicable rates for your account will be 23.99% and/or 26.99%
- Annual fee of $10 per month of Cardmembership ($120 annually), Supplementary Cards can be added at no additional cost.
Purchase APR: 19.99%
Balance Transfer APR: N/A
Cash Advance APR: 22.99%
$10 per month of Cardmembership ($120 annually)
Additional Cardholders: Additional Cards can be added at no additional cost
- Earn 5x points on eats and drinks, including groceries
- Redeem points with the mobile app
- Generous welcome bonus
- The fee is a little steep, but isn't a deal breaker
Earn up to 30,000 bonus Membership Rewards® points in your first year.
Reward Earnings Rate
Up to 5%
Balance Transfer Fee: N/A
Foreign Transaction Fee: 2.5%
American Express Canada just crushed the competition in a major way. With the launch of the new Cobalt Credit Card, American Express is offering a market leading 5x points accelerator for eats and drinks, including groceries. Plus, a 2x points accelerator for travel that includes flights, accommodations, taxis, public transit and gas. 1x on everything else.
It’s pretty clear who the target market for this card is – millennials. The on-the-go urban professional eats out, drinks out, and travels. The Colbalt card rewards them for the purchases they’re already making. In a lot of ways it’s a no-brainer.
The savvy spender can earn up to 30,000 bonus points in the first year of Cardmembership. (2,500 bonus points/month with $500 spend monthly.)
As we often say, a rewards card is only as good as the redemption options. American Express gets it right here too. When redeeming for travel, 1,000 points gets you $10 in travel rewards. For everything else, 1,000 points gets you $7 in rewards (like gift cards or merchandise.)
Points can be used to pay for virtually any purchase right on the mobile app, whether it’s a trip, a monthly streaming subscription, or new outfit. Score!
The card comes with a $10/month fee, equating to a $120 annual fee. While this is on the higher end of annual fees, we think the rewards will outweigh the fee for most young professionals.