Big Change to Membership Rewards: 1,000 points = $10!


American Express has just announced a major change to its Membership Rewards cardmembers.

Now you can enjoy the same redemption rate when redeeming points towards all purchases charged to your Card. That means you enjoy a redemption rate of 1,000 points for a $10 statement credit towards any Card purchase.

Previously, this rate was only available for travel purchases. Other purchases had a rate of 1,000 points for a $7 statement credit.

Last year, a few months after the COVID-19 pandemic began and travel was paused, American Express allowed its cardmembers to redeem their points at that 1,000 points to $10 ratio. And according to our sources – and the feedback in the Milesopedia Facebook group – this promotion was a big hit.
So American Express decided to simplify things and offer this rate for any purchase, including travel. Here are the cards affected by this change:
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| Annual fee$191.88 | Welcome offerGet 1,250 points after $750 in purchases per month for 12 months Up to 15,000 points Get 1,250 points after $750 in purchases per month for 12 months | ||
| Annual fee$0 | Welcome offerAfter $1,000 in 3 months 10,000 points After $1,000 in 3 months | ||
| Annual fee$799 | Welcome offerAfter $10,000 in 3 months Up to 100,000 points After $10,000 in 3 months | ||
| Annual fee$250 | Welcome offerAfter $12,000 in 12 months Up to 60,000 points After $12,000 in 12 months |
This means, for example, that the American Express Cobalt™ Card Welcome Offer of up to 30,000 points is equivalent to a $300 statement credit towards any purchase. Whether it’s travel or groceries!
This card was already one of the best credit cards in Canada. But with this change, it also becomes the best cash back credit card in Canada offering 5% cash back on groceries, restaurants, bars, food delivery, convenience store purchases (think gift cards).
on American Express's website
Apply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
The American Express Cobalt® Card is a versatile American Express card, whether you want points for travel or cash back.
American Express Cobalt® Card welcome offer
The welcome bonus is paid out monthly over your first 12 months. You earn 1,250 Membership Rewards points for each monthly billing period in which you charge $750 in net purchases to your card, in any category (1X, 2X, 3X or 5X). That adds up to 15,000 Membership Rewards points over the year, a welcome offer valued at $255.
Earning the full bonus means $9,000 in net purchases spread across 12 monthly billing periods. This offer rewards steady monthly spending rather than one large purchase.
You can use these points as statement credits on everyday or travel purchases, at the same rate either way: 1,000 points = $10.
You can also transfer them to Aeroplan, Avios (British Airways and Qatar Airways), Flying Blue, Marriott Bonvoy or Hilton Honors. With the full welcome bonus, that is a choice between:
American Express Cobalt® Card benefits
Here is what the card gives you, starting with the benefits cardholders use most.
The 5X categories and where they apply
The 5X rate is the reason most people carry this card. In Canada it covers four kinds of merchants:
The 2X rate covers gas stations such as Esso, Shell and Petro-Canada, along with public transit and ride sharing.
With the American Express Cobalt® Card, you earn between 1 and 5 points per dollar:
| Category | Points per dollar |
| Grocery (Metro, IGA, Sobeys, Super C, etc.) | 5 |
| Home food delivery | 5 |
| Restaurants and bars | 5 |
| Convenience stores | 5 |
| Streaming services | 3 |
| Service station | 2 |
| Transport | 2 |
| Travel | 1 |
| Other | 1 |
That works out to a 1 to 5% return on those purchases. For example, if you spend $1,000 per month across groceries, restaurants and food delivery, you earn $50 back per month, or $600 per year from that category alone. Transfer the points to a program such as Aeroplan instead and the return can be higher.
You can also stack these categories with the hundreds of stores that offer 5x points.
American Express Cobalt® Card insurance coverage
The card comes with a broad insurance package. The amounts below are the coverage limits; conditions, age limits and exclusions are set out in the certificate of insurance linked in the Insurance section above.
Travel insurance
Rental car insurance
Theft and damage coverage is included for a rental car with an MSRP, for its model year, of up to $85,000 excluding all taxes, for rentals of up to 48 days. To use it, decline the Loss Damage Waiver (LDW) or any similar option from the rental company and charge the full rental to your card. There is no cost for this coverage, and it replaces the daily insurance the rental company charges, usually $16 to $23 per day.
Mobile device insurance
Your device is covered for up to $1,000 per occurrence when it is charged to the card, for up to two years from the date of purchase. The payout is based on the depreciated value of the device, which falls by 2% of the purchase price for every completed month, less a 10% deductible. Theft and accidental damage coverage starts on the 91st day after purchase, because the first 90 days are covered by purchase protection.
Purchase protection and extended warranty
Eligible items charged to your card are insured against accidental physical damage or theft for 90 days from the purchase date, up to $1,000 per occurrence for all items combined. The card also extends the original manufacturer’s warranty by up to one additional year on eligible items, with indemnification limited to $10,000 per insured item and $25,000 per Cardmember per policy year for all items combined.
American Express Cobalt® Card fees
Because the fee is billed monthly rather than in one annual charge, you can stop and restart the cost in step with how much you are actually using the card.
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, we may receive compensation from American Express, which can be in the form of monetary payment.
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It was already the case for Small Business Cards offering a rate of 1,000 points for a $10 statement credit towards all purchases:
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| Annual fee$799 | Welcome offerAfter $15,000 in 3 months Up to 120,000 points After $15,000 in 3 months | ||
| Annual fee$199 | Welcome offerAfter $30,000 in 12 months Up to 70,000 points After $30,000 in 12 months |
on BMO's website
The BMO eclipse Visa Infinite* Card is one of the best Visa Infinite rewards credit cards in Canada. Its welcome offer lets you earn up to 70,000 BMO Rewards points, for a total value of up to $1,150*.
It also includes a monthly statement credit for streaming services, an annual $50 lifestyle credit, and no annual fee for the first year (a $120 value)*.
With the BMO eclipse Visa Infinite* Card, you also get:
*Terms and conditions apply
BMO is not responsible for updating the content of this site. For the most up-to-date information, please click on the Online Application link.
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