The American Express Cobalt® Card is one of the best credit cards in Canada for points enthusiasts, especially thanks to its generous rapid accumulation on restaurant and grocery store purchases.
However, it has undergone some changes in recent months, notably with the monthly cap on the grocery and restaurant category, the lowering of the multiplier on travel spending, and more recently, the end of multipliers on foreign currency spending. Although the American Express Cobalt® Card remains an excellent credit card for quickly accumulating points, it’s important to explore other options as well. Here are five solid alternatives when the card is not accepted at your preferred retailer, or simply to complement your strategy.
The American Express Cobalt® Card gives 3 points per dollar on subscriptions to eligible streaming services.
While the MBNA Rewards World Elite® Mastercard® gives you 5 points per dollar on any qualifying purchases at the following shops:
In addition, MBNA Rewards pays a 10% anniversary bonus on all points accumulated in the previous 12 months, up to a maximum of 15,000 points. It’s like earning 5.5 points per dollar.
This accumulation of 5 points is valid up to a maximum of $50,000 spent monthly in these categories. That’s an average of about $4,167 per month. Over $50,001 in a calendar year, you’ll earn 1 point for every dollar spent.
Then, redeem your MBNA Reward points as follows:
The American Express Cobalt® Card gives 5 points per dollar for restaurant, bar or bistro purchases. After $2,501 per month in spending, the accumulation is 1 point per dollar.
The National Bank World Elite Mastercard card offers 5 points per dollar spent at restaurants and grocery stores. This card also has a limit. For monthly purchases of $2,501 or more, you earn 2 points per dollar in this category. Plus, this credit card has the added benefit of being accepted everywhere, even at Costco (with an accumulation of one point per dollar).
NBC Rewards points can be used to treat yourself to:
The American Express Cobalt® Card gives 5 points per dollar for grocery store purchases and food delivery services. After $2,501 per month of spending, the accumulation falls to 1 point per dollar.
With the Scotiabank® Gold American Express® Card, it’s the same thing … with a little more! You earn:
This accumulation of 5 or 6 points is valid up to a maximum of $50,000 spent annually in these categories. That’s an average of about $4,167 per month. Over $50,001 in a calendar year, you’ll earn 1 point for every dollar spent.
We love Scene+ points for reimbursing any travel expenses (hotel, plane ticket, Viator, car rental, etc.) or to pay your grocery bill at IGA and other stores.
The American Express Cobalt® Card accumulates 1 Membership Rewards point per dollar on all foreign purchases, regardless of category. In addition, it applies a foreign currency conversion fee of at least 2.5%, which is disadvantageous.
To replace these inconveniences, the Scotiabank Passport™ Visa Infinite* Card offers to keep its multiplier of 2 Scene+ points per dollar at grocery stores, restaurants, on transportation and for entertainment purchases, both in Canada and around the world! For all other types of purchases, it accumulates 1 Scene+ point per dollar.
Advantage, its foreign currency conversion charge is 0%.
Since October 8, 2024, the accumulation rate for travel expenses of the American Express Cobalt® Card has been reduced from 2 points to 1 point per dollar.
To get around this problem for large travel expenses, there’s the BMO Ascend™ World Elite® Mastercard® BMO Points for Travel, which earns 5 BMO points per dollar on travel purchases (airfare, car rentals, cruises, hotels, trains, guided tours, travel agencies, etc.). For annual purchases of $15,001 or more, you earn 1 BMO point per dollar in this category.
Redeem your BMO Rewards points to treat yourself to:
While the ever-popular American Express Cobalt® Card is a wonderful option for many people, there are equally interesting alternatives to consider depending on your specific needs. Take the time to evaluate your expenses and needs, and see which credit card will best meet your objectives.
Savings are here:
