American Express Cobalt® Card review
Aug 19, 2025
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Overall rating
First year value
$630
Get this card if you:
- quickly rack up rewards on dining and grocery purchases
- want a flexible rewards program with travel rewards
- want access to exclusive events and robust travel insurance
At a glance
The American Express Cobalt® Card is a versatile rewards credit card designed for individuals who frequently spend on dining, groceries and travel-related expenses. It offers flexible redemption options and includes various travel and purchase protections, making it a comprehensive choice for those seeking to maximize rewards on everyday spending.
Highlights
$630
First year value
up to 15,000 points
Welcome bonus
$191.88
Annual fee
$15.99/month (Equals $191.88 annually) for non-Quebec residents. $191.88/year for Quebec residents.
Interest Rates
21.99%
Purchase APR
21.99%
Cash advance APR
Eligibility
Fair
Recommended credit score
Amex Cobalt overview
The American Express Cobalt® card snagged the Gold winner spot for Best Overall in our Best Credit Cards Canada Awards —and it’s easy to see why. This powerhouse card pulls double duty as both a top-tier travel card and an everyday rewards champ. From groceries and dining to streaming subscriptions and transit, it racks up points fast. Plus, with flexible redemption options like travel, statement credits, gifts, or merchandise, it’s the ultimate go-to for maximizing your spending.
The Amex Cobalt card also shines with its travel benefits, offering access to a wide range of American Express travel partners like Air Canada’s Aeroplan and British Airways Executive Club. When stacked against the Scotiabank Gold American Express Rewards Card the Amex Cobalt® Card stands out by delivering higher overall rewards, making it a superior choice for frequent travellers.
Here's a closer look at why the Amex Cobalt continues to reign as the best rewards card on the market.
Real experience with the American Express Cobalt card
Who's the Amex Cobalt best for?
- Best for young professionals: The Amex Cobalt is ideal for young professionals who want to maximize the value of every dollar while managing inflation. Its rewards structure helps you reach financial goals effortlessly.
- Perfect for foodies and takeout enthusiasts: If you frequently dine out or order food delivery, this card is a no-brainer. The 5x earn rate applies to restaurants, DoorDash, UberEats, and more.
- Great for grocery shoppers: Even if dining out isn’t your thing, the same 5x earn rate applies to grocery purchases, making it perfect for families or meal preppers.
- Perfect for streamers: If you subscribe to services like Netflix, Amazon Prime, Disney+, Hayu, or Crave, you’ll love earning points on your subscriptions while enjoying your favourite shows, as these subscriptions don't run cheap.
- Commuters and drivers: The Amex Cobalt makes it easy to earn points on all your gas and transit expenses, making it an ideal choice for daily commuters and drivers.
With 1X points on everything else, it’s a solid choice for anyone looking to get value out of everyday purchases. This card is an excellent fit for those with diverse spending habits who want to rack up rewards quickly and efficiently.
Amex Cobalt pros and cons
Pros
- High earn rates (5x points on eligible dining and groceries in Canada, 3x points on eligible streaming subscriptions in Canada, 2x points on eligible gas, transit and ride shares in Canada and 1x point on all other purchases
- Flexible month-by-month fee structure
- Free supplementary cards
- 1:1 points transfer with selected hotels, airlines and frequent flyer programs
- Front of the Line® ticket access to concerts, live shows
Cons
- Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)
- Earning cap on the 5x category once you hit $2,500 in spending
- Amex has a more limited merchant acceptance rate than Visa and Mastercard
- Slightly higher than average annual fee
- No complimentary lounge access
- Foreign exchange fee of 2.5%
Current welcome bonus
The American Express Cobalt comes with a generous welcome offer of up to 15,000 Membership Rewards® points* which is broken down monthly.
Related: Best credit card sign-up bonuses
How to earn rewards with the Amex Cobalt
You can quickly rack up points for every dollar spent in the following categories.
- 5x the points on eligible food, drinks and grocery purchases
- 3x the points on eligible streaming subscriptions
- 2x the points on eligible transit purchases and gas purchases
- 1x the points on all other purchases
- 1 additional Membership Rewards point on eligible hotel and car rental bookings via American Express Travel Online
For example, if I am out for brunch on a Saturday and spend $60, I earn around 300 rewards points due to the 5x earn rate. Similarly, for my Hayu subscription of $7.90 every month, I earn around 24 rewards points due to the 3x earn rate on streaming subscriptions. The 5x earn rate for every dollar spent on food also applies to any money spent at cafes, bars and grocery stores.
How to redeem your American Express Membership Rewards®
You can redeem your Membership Rewards® in a variety of ways with Amex’s flexible rewards redemption program. For every 1,000 points, I can redeem $10 in statement credit or easily transfer them to a loyalty program such as Aeroplan at a 1:1 ratio to redeem for travel credit to put towards my next trip.
It is important to note that when you choose to redeem your membership rewards by transferring them to a travel partner like Aeroplan, you get the most out of your points because:
1,000 membership rewards = 1,000 Aeroplan Points = $20
vs.
1,000 membership rewards = $10 statement credit
I also have the option to use my points to get any gift card or merchandise available on the rewards portal. Best of all, I can always redeem points for instant credit as long as I redeem at least 1,000 points, no matter the value.
The American Express Cobalt's insurance coverage
Here’s a breakdown of the insurance coverage you get with the Amex Cobalt card.
✅ $5 million Emergency medical insurance. This policy covers almost any medical emergency that takes place out of province. This coverage can be used by you, your spouse, dependent children, for the first 15 consecutive days.
✅ Travel accident insurance. $250,000 in travel accident coverage. This travel insurance is a type of AD&D life insurance coverage that is for you and your family while traveling with a common carrier.
✅ Flight and baggage delay. These are two separate policies but they cover a combined maximum of $500. These policies are intended to cover you for unseen expenses due to a flight or baggage delay over a long period. Expenses include out-of-pocket costs for food and lodging.
✅ Lost or stolen baggage insurance. This policy can cover up to $500 worth of lost or stolen baggage.
✅ Hotel burglary insurance. This policy also covers up to $500 for stolen personal items if your room gets burgled during hotel stays. The lodging has to be paid for with your Amex Cobalt® Card.
✅ Car rental theft and damage insurance coverage. This car rental theft policy can be used to waive the insurance policy of the car rental company and get up to $85,000of coverage without paying out of pocket. It must be within 48 days or less after charging your American Express Cobalt® Card. You would also have to decline the Collision Damage Waiver (CDW), Loss Damage Waiver (LWD), and other insurance options offered by the car rental company.
✅ Mobile device insurance coverage. You can use this protection plan for an eligible device after purchase. This coverage insures you for up to $1,000.
✅ Purchase protection. You are insured for eligible items charged to your Cobalt Card for 90 days from the date of purchase in the event of accidental physical damage or theft.
❌ Trip cancellation/Trip interruption. If your trip is canceled or delayed, you won't be covered for any losses that may occur.
Amex Cobalt's perks
The major benefits of the Amex Cobalt includes its high earning potential which allows you to maximize the value of your everyday spending as well as the endless redemption options that allow you to take full advantage of your rewards. This card has one of the most flexible rewards programs in the Canadian market, with a budget-friendly annual fee of $191.88 ($15.99/month (Equals $191.88 annually) for non-Quebec residents. $191.88/year for Quebec residents.).
Important Notice
Effective November 5, 2025, the monthly fee for non-Quebec residents will increase to $15.99 per month ($191.88 annually), and the annual fee for Quebec residents will increase to $191.88 per year.
There are a number of extra benefits you can also enjoy with this card.
- American Express Front Of The Line. This benefit is one of my favourite things about the card as it allows me to access presale ticket events and the increased possibility of securing seats to my favourite shows.
- American Express customer and concierge service. The 24/7 customer service means you can reach out to Amex anytime, anywhere in the world with whatever you need, big or small, from reporting fraudulent charges to getting an emergency card replacement. You won’t feel stranded if you need help with your card while traveling.
- Amex member extras. This is a program that allows you to take advantage of unique retail offers from Amex partners while shopping.
- Book your best stays with The Hotel Collection. Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
- Amex Plan It. Got a large purchase? Split it into monthly installments with no additional interest and a fixed monthly fee while still earning rewards.
- American Express experiences. Take advantage of Amex experiences which includes special dining and retail events for Amex cardholders. These are great if you like to indulge in the finer thing in life.
Travel benefits
- Complimentary upgrades. You can get a complimentary one-room category upgrade at participating properties when available, when booking a minimum of two consecutive nights.
-
Access the best stays and get hotel credit. Enjoy access to hotel bookings, and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.
Amex Cobalt reviews: What people have to say about this card
“…well worth it! I got mine in 2019 and it immediately became my primary card (all credit purchases, subscriptions etc). I live in Toronto and Amex is very standard and widely accepted. I added my partner with a second card so that his 5x and 2x purchases can help our overall points. I’ve redeemed points for four trips..”/u/Formal-Horse3603
American Express Membership Rewards Vs. Scotia’s Scene+ program
Amex Membership Rewards is often compared to Scotia’s Scene+ program due to the higher than usual redemption rates that come with the cards offered under these programs. Both rewards programs allow cardholders to redeem points for statement and travel credit as well as gift cards. They also both have a great travel portal for cardholders, offering discounted airfares and hotel prices.
But unlike the Scene+ program which only offers SCENE points, the Amex program allows cardholders to transfer rewards points to a wide variety of loyalty programs such as Aeroplan and Marriott Bonvoy. In some cases, Amex offers a full 1:1 ratio, allowing you to take full advantage of the value of your rewards.
Also, it is important to note that Scotia’s Scene+ program has a fixed amount of points required for statement credit, whereas with Amex, you can freely redeem any amount of points over 1,000.
For example, you can easily redeem 1,136 points for a credit of $11.36.
up to 60,000 pts*
Welcome Bonus
$1,812
First Year Value
$312
Annual Value
Welcome Bonus: Earn up to $1,500 in first year welcome offers, rewards and savings, including up to 60,000 bonus Scene+ points* Expires Jul 01, 2026
Get this card if you...
- travel often and want premium travel perks like lounge access
- want to avoid paying foreign exchange fees
- appreciate a good welcome offer
Annual Fee & Annual Interest Rates
$150
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The Scotiabank Passport® Visa Infinite* Card is a travel rewards credit card offering elevated Scene+ points on eligible grocery store purchases, dining, entertainment, and daily transit, with a standard earn rate on all other purchases. Cardholders benefit from no foreign transaction fees, six complimentary airport lounge visits per year through the Visa Airport Companion Program, and comprehensive travel insurance.
Eligibility
Excellent (740+)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
- No FX fees means the card saves you significant expenses on foreign transaction fees
- Earn up to 3x Scene+ points per $1 spent on eligible purchases
- Flexible and straightforward redemption program
- Visa acceptance globally compared to American Express, especially outside major cities
- Enjoy six annual visits to airport lounges
- Robust insurance offerings, including extended travel emergency medical coverage
- Access to Visa Infinite Program benefits, with added advantages like a free supplementary card
Cons
- High annual fee
- Limited rewards categories for earning reward max rate on purchases
- Primarily best for travel within Canada
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$150
Annual Fee
0.00%
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
Rewards Scene+
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Insurance Benefits
$2,000,000
Emergency medical insurance amount
3
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Earn up to $1,500 in first year welcome offers, rewards and savings, including up to 60,000 bonus Scene+ points*. Here's how:
$400 in travel rewards (40,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $2,000 within the first 3 months
$100 in travel rewards (10,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $10,000 within the first 6 months
$100 in travel rewards (10,000 bonus Scene+ points) when you spend $40,000 annually on your Account each year (12-months: annual points bonus).
$50 supplementary card annual fee waiver on the first supplementary card for new Scotiabank Passport Visa Infinite Card clients
$134 in foreign transaction fee savings based on average annual foreign spend per account over the last 24 months (save the 2.5% foreign transaction fee markup typically charged by other card issuers);
$369 in first year point earn potential (36,900 bonus Scene+ points) on everyday purchases based on average annual spend per account over the last 24 months with an average spend of 21% in 3X and 2X accelerator categories.
$364 value with a complimentary Visa Airport Companion Program Membership that includes 6 lounge passes (based on a ‘Preferential’ membership valued at approx. CAD$364/USD$259). Currency conversion as at November 3, 2025.
To qualify for this offer, make sure to apply for and open a new Scotiabank Passport Visa Infinite credit card account (“Account”) between January 2, 2026 and July 1, 2026.
*Savings and reward potential in first 12 months includes welcome offer value, first year point earn potential, foreign transaction fee and airport lounge savings as of November 4, 2025. Terms and Conditions Apply.
Rates, fees and other information are effective as of Jan 2,2026. Subject to change.
Our Take
The Scotiabank Passport® Visa Infinite* Card is a travel rewards credit card offering elevated Scene+ points on eligible grocery store purchases, dining, entertainment, and daily transit, with a standard earn rate on all other purchases. Cardholders benefit from no foreign transaction fees, six complimentary airport lounge visits per year through the Visa Airport Companion Program, and comprehensive travel insurance.
Eligibility
Excellent (740+)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
- No FX fees means the card saves you significant expenses on foreign transaction fees
- Earn up to 3x Scene+ points per $1 spent on eligible purchases
- Flexible and straightforward redemption program
- Visa acceptance globally compared to American Express, especially outside major cities
- Enjoy six annual visits to airport lounges
- Robust insurance offerings, including extended travel emergency medical coverage
- Access to Visa Infinite Program benefits, with added advantages like a free supplementary card
Cons
- High annual fee
- Limited rewards categories for earning reward max rate on purchases
- Primarily best for travel within Canada
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$150
Annual Fee
0.00%
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
Rewards Scene+
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Insurance Benefits
$2,000,000
Emergency medical insurance amount
3
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
Earn up to $1,500 in first year welcome offers, rewards and savings, including up to 60,000 bonus Scene+ points*. Here's how:
$400 in travel rewards (40,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $2,000 within the first 3 months
$100 in travel rewards (10,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $10,000 within the first 6 months
$100 in travel rewards (10,000 bonus Scene+ points) when you spend $40,000 annually on your Account each year (12-months: annual points bonus).
$50 supplementary card annual fee waiver on the first supplementary card for new Scotiabank Passport Visa Infinite Card clients
$134 in foreign transaction fee savings based on average annual foreign spend per account over the last 24 months (save the 2.5% foreign transaction fee markup typically charged by other card issuers);
$369 in first year point earn potential (36,900 bonus Scene+ points) on everyday purchases based on average annual spend per account over the last 24 months with an average spend of 21% in 3X and 2X accelerator categories.
$364 value with a complimentary Visa Airport Companion Program Membership that includes 6 lounge passes (based on a ‘Preferential’ membership valued at approx. CAD$364/USD$259). Currency conversion as at November 3, 2025.
To qualify for this offer, make sure to apply for and open a new Scotiabank Passport Visa Infinite credit card account (“Account”) between January 2, 2026 and July 1, 2026.
*Savings and reward potential in first 12 months includes welcome offer value, first year point earn potential, foreign transaction fee and airport lounge savings as of November 4, 2025. Terms and Conditions Apply.
Rates, fees and other information are effective as of Jan 2,2026. Subject to change.
As a travel credit card, the Amex Cobalt is often compared to the Scotiabank Passport Visa Infinite Card due their similar annual fees and earning potential.
The Scotiabank Passport® Visa Infinite* Card allows you to earn 3x the points at Sobeys, IGA, Foodland and other participating co-ops as well as 2x the points on all other grocery stores, transit and entertainment purchases. This falls a bit short in front of the Amex Cobalt card, as it has a higher 5x earning category that doesn’t involve any restrictions on which retailers you purchase from.
Also, the Cobalt card allows you to pay your annual fee of $191.88 in monthly installments while the Scotiabank Passport® Visa Infinite* charges you an annual fee of $150 all in one go. This may seem unaffordable for some Canadians.
However, it is worth noting that the Scotiabank Passport® Visa Infinite* Card does offer complimentary lounge access through Visa Airport Companion as well as $0 foreign exchange fee, which gives it an edge over the Cobalt card. But the Cobalt does provide other unique travel benefits through its points conversion programs that partners with major airline carriers such as Emirates, Air Canada, British Airways and KLM.
Read: Our full review on the Amex Cobalt vs. the Scotia Passport Visa Infinite
Disclosures:
Conditions Apply. Visit here for the Scotiabank Passport Visa Infinite Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
See how the Amex Cobalt stacks up against the Scotiabank Gold American Express Card.
| Card name | American Express Cobalt Card | Scotiabank Gold American Express Card |
|---|---|---|
| Annual fee | $191.88 | $120 |
| Welcome offer | Earn up to 15,000 Welcome Bonus Membership Rewards® points* – that’s up to $150 in value. | Earn up to $850 in welcome offers, first year rewards and savings value, including up to 45,000 bonus Scene+ points.† |
| Insurance coverage |
Purchase protection, Extended warranty, Travel accident, Emergency medical term, Flight delay, Baggage delay , Lost or stolen baggage, Hotel burglary, Rental car theft, Mobile device insurance
|
Purchase protection, Extended warranty, Travel accident, Emergency medical term, Flight delay, Baggage delay, Lost or stolen baggage - $1,000, Hotel burglary, Rental car theft and damage, Trip cancellation, Trip interruption
|
| Benefits |
High earn rates with an earning cap on the 5x category, Front of the Line presale ticket access, Flexible rewards redemption through Amex partners such as Aeroplan, KLM’s Flying Blue, Emirates and Qatar Airways
|
High earn rates with no earning cap, Redeem points for SCENE movie tickets, No foreign exchange fee |
| Read our review | Amex Cobalt Credit Card Review | Scotiabank Gold American Express Card |
| Get your card today |
With the Cobalt card, an additional cardholder results in no extra fees. And best of all, you can pay your annual fee monthly rather than annually, making it seem more affordable.
Under the Amex Membership rewards program, you have the option of transferring your points to other loyalty programs such as British Airways Avios or Emirates.
If you have the Scotiabank Gold American Express, you are restricted to just using your SCENE points under the Scene+ program.
Is the American Express Cobalt worth it?
Despite a few minor drawbacks, I firmly believe the American Express Cobalt® Card is absolutely worth it. Its high earn rates, flexible rewards program, partnerships with top hotels and airlines, comprehensive insurance coverage, and generous welcome bonus more than make up for its cons.
The points you earn per $1 spent add up fast, especially if you're a foodie who loves dining out, ordering in, or grocery shopping at stores like Walmart. Plus, earning on your favorite streaming subscriptions only boosts its overall value.
Another perk? There’s no minimum annual income requirement to apply, and no additional annual fee beyond the manageable monthly fee.
That said, because Amex isn’t as widely accepted as Visa or Mastercard, the Cobalt® Card might not work as your sole credit card for all purchases. But even with that limitation, the Cobalt® remains a top contender for earning credit card rewards in Canada.
Amex Cobalt eligibility criteria
To be eligible to apply for the Amex Cobalt, you must meet the following criteria:
- Be a Canadian citizen or resident
- Have a valid Canadian credit file
- Your account is in Fair standing (recommended to have a minimum credit score of 650)
Disclosures:
-
Contact American Express for the most up-to-date referral bonus figures.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
Amex Cobalt FAQs
Lubna Umar
Finance Editor
Lubna Umar is an experienced writer and editor specializing in personal finance, with over six years of expertise. Her portfolio includes comprehensive guides on personal finance, mortgages, car insurance, and credit card reviews. She has worked with several prominent finance brands, including RATESDOTCA, LowestRates, InsuranceHotline, and the Financial Post.
Winston Sih
Journalism lecturer | Contributor
Winston Sih is a freelance multi-platform journalist and television host specializing in technology, digital media, travel, and personal finance. Sih works with a variety of clients as a media consultant, is a journalism lecturer at The Creative School at Toronto Metropolitan University, and media professor at Seneca Polytechnic.
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