Amex Cobalt Card: High Multipliers Now Only Valid in Canada

To the point As of a few days ago, the point multipliers of the American Express Cobalt Card no longer apply to foreign currency transactions.

High Point Multipliers Only Available in Canada Amex Cobalt Card Devaluation?

Alternatives for Purchases Abroad Bottom Line

American Express Cobalt Card - High Point Multipliers Only Available in Canada

The high-multiplier point accumulation rate on the American Express Cobalt^® Card will no longer be the same abroad. In other words, it’s no longer possible to earn 5 points per dollar at grocery stores and restaurants or 2 points per dollar on gas and transportation purchases abroad. This change was detailed in this Rewards article and confirmed by our observations.

Being currently in Europe, I was able to verify the information in my own American Express account. On October 12, my purchase in a grocery store in Italy gave me 5 points per Canadian dollar spent, as has always been the case with my American Express Cobalt^® Card. On October 14, my purchase at the exact same grocery store in Italy only gave me 1 point per Canadian dollar spent.

My October 16 transaction in a supermarket in Madrid confirms this change: I only earned 1 point per dollar spent. According to our observations and those of the community, it seems that this change in the multiplier on foreign currency came into effect around October 14 and 15, 2024.

In the terms and conditions of the American Express Cobalt^® Card , it is clearly stated that high multipliers apply only in Canada. In reality, and according to our feedback, we were almost always able to obtain the multiplier on foreign purchases until recently. This no longer seems to be the case.

Amex Cobalt Card Devaluation?

This applies to restaurant and grocery purchases (5 points per dollar in Canada) and gasoline and transportation (2 points per dollar in Canada). This is definitely bad news for the American Express Cobalt^® Card, especially since the 2 points per dollar multiplier on travel purchases was discontinued just a few days ago.

Also, let’s remember that since August 2023, the 5x multiplier has been capped at $2,500 per month.

American Express Cobalt Card - Alternatives for Purchases Abroad

Following recent news, the American Express Cobalt^® Card is becoming less and less attractive for travellers, who will no longer be able to accumulate as many points abroad or on travel expenses.

As an alternative, we suggest credit cards with no conversion fees, such as the Scotiabank Gold American Express^® Card, which allow you to save 2.5% on foreign currency transactions while continuing to earn points.

It’s a great alternative, since you can earn up to 6 points per dollar at grocery stores (IGA, Sobeys and others) in Canada with this card. Points accumulated with this card are associated with the Scene+.

Bottom Line

The American Express Cobalt^® Card now offers its high multipliers (on groceries, restaurants, gas and transportation) only on purchases in Canadian dollars, so it’s no longer possible to earn 5x points on groceries spent abroad, or 2x points on gas and transportation in another country.

Its main assets remain: flexible points that can be transferred to other programs, the accumulation of 5 points per dollar at grocery stores and restaurants in Canada and the various American Express online offers, but other cards such as the Scotiabank Gold American Express^® Card are to be favoured for purchases abroad.

If you travel frequently or for long periods, the use of the American Express Cobalt^® Card on your foreign currency purchases should be reconsidered.