4 Reasons Why the American Express Cobalt Card Should Be in Your Wallet Right Now
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The best card for restaurants and groceries
One of the best perks of the Cobalt credit card is the ability to earn 5 points for every dollar spent on eats and drinks. This includes restaurants, bars, food delivery as well as supermarkets in Canada. Therefore, it is an excellent card that is worth keeping year after year.
You will earn 5x in this category until you spend a maximum of $2,500 in monthly purchases. Once you reach this threshold, you’ll earn 1 point per dollar.
Multiple interesting promotional offers
American Express regularly has numerous promotional offers, several of which may be relevant to your situation. Generally, these offers allow for significant, sometimes complete, reduction of fees over time.
Transfer Membership Rewards to Travel Partners
What makes the American Express Cobalt™ Card even more appealing than before is the ability to transfer Membership Rewards to airline partners such as Aeroplan and British Airways Avios at a 1:1 ratio.
Previously, one of the drawbacks was that the card only earned MR Select points, and this currency was not transferable to airline partners. But now you’ll be able to transfer your points to frequent flyer programs as well as hotel loyalty partners like Hilton Honors and Marriott Bonvoy.
Transferring points to airline partners is generally the best alternative to get the most value out of your Membership Rewards points. Once you transfer your points to an airline partner, you’ll be able to redeem them for dream trip around the globe.
Mobile Phone Insurance
In addition to the current insurance coverages applicable to the American Express Cobalt™ Card there is a new mobile device insurance. When you use this card to purchase a new cellphone, American Express will cover up to $1,000 in the event of theft, loss, or accidental damage to your mobile device.
The insurance is good for a maximum of 2 years from the date of purchase.
Conclusion
The American Express Cobalt™ Card is currently one of the best credit cards in Canada and one of our favorites here at Milesopedia. It is the only available card in the country where you can earn up to 5 points per dollar spent on eats and drinks and also be able to transfer your points to travel partners.
As American Express becomes more selective in approving new applications, this card is among the first to consider adding to your wallet.
The Card is now offering a welcome bonus of up to 15,000 points to eligible new cardholders. You’ll earn 1,250 points after spending $750 in purchases per month. Check out here our tip on how we earn 45 000 additional points !
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- Annual fee
- $191.88
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$255Total$255Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $255
- Welcome offerGet 1,250 points after $750 in purchases per month for 12 months
- Up to 15,000 points
Apply Now
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”).
Frequently Asked Questions about the American Express Cobalt Card
Here are frequently asked questions in the milesopedia community about this card.
What is the real cost of the American Express Cobalt Card?
The American Express Cobalt Card costs $15.99 per month, which adds up to $191.88 a year outside Quebec; Quebec residents are billed $191.88 per year. The monthly format makes the card easy to leave (you only pay for the current month if you cancel), but the annual total places the Cobalt among the medium-to-high-fee cards in Canada. The points you earn at grocery stores and restaurants, where the card earns 5 Membership Rewards points per dollar, are what offset that fee.
What is the current welcome bonus on the American Express Cobalt Card?
The Cobalt's regular welcome offer is 15,000 American Express Membership Rewards points, earned by collecting 1,250 points per month during the first 12 months in which you spend at least $750 on the card. From time to time, American Express boosts the offer to 30,000 points for new cardholders. At about 1.4¢ per point when points are transferred to Aeroplan or Marriott Bonvoy, 15,000 points are worth around $210, which covers the $191.88 annual fee, and 30,000 points around $420, more than twice that fee.
Is the American Express Cobalt Card accepted at Costco in Canada?
No. Costco Canada only accepts Mastercard at checkouts and gas stations, so the Cobalt, like every American Express card, cannot be used in Costco warehouses. It does work on Costco.ca for online orders. Most members of the milesopedia community keep the Cobalt for other grocers and restaurants, and use a secondary Mastercard, such as the CIBC Costco Mastercard, for Costco purchases.
What is an American Express Membership Rewards point worth when transferred to Aeroplan?
American Express transfers Membership Rewards points to Aeroplan at a 1:1 ratio, at no cost. The actual value of an Aeroplan point then depends on the redemption: typically 1.4¢ for a domestic economy flight, 2¢ or more for a North American flight, and 3 to 4¢ for a business class ticket to Europe or Asia. So 100,000 Cobalt points are worth about $1,400 as a standard redemption but can exceed $4,000 through Aeroplan in business class, which easily justifies the $15.99 monthly fee.
What credit score do you need for the American Express Cobalt Card?
American Express does not publish a minimum credit score for the American Express Cobalt® Card. As of September 2026, its basic requirements are that you are a Canadian resident with a Canadian credit file and that you have reached the age of majority in your province or territory. Your application then goes through a credit assessment, which looks at your ability to repay, your financial responsibility, your chance of defaulting and your credit history. A good score helps, but it does not guarantee approval: income, existing debt and the accuracy of the information you provide also count. Review the application requirements published by American Express.
What should you do if your Cobalt application is declined?
For its personal cards, American Express tells you whether you will be approved before you submit your application, using a check that has no impact on your credit score. The hard check only happens after you submit the application. However, this option is not available for applications taken over the phone. If the answer is no, start by getting your credit report from both Equifax and TransUnion. Then review your personal information, such as a wrong address, your payment history and the accounts listed. According to the Financial Consumer Agency of Canada, credit bureaus must correct errors for free when you dispute them. Once your file is corrected, this pre-approval check lets you test a new application without affecting your score.
For your next Hilton stay, see the Hilton Honors American Express® Card available in Canada and the terms of its current offer.