American Express Cobalt Card: 5 Alternatives for Earning Points

The American Express Cobalt^® Card is one of the best credit cards in Canada for points enthusiasts, especially thanks to its generous accelerated earn rate on dining and grocery purchases.

However, it has undergone changes in recent years, notably with the monthly cap on the grocery and dining category, the decrease in the travel spending multiplier, and more recently, the end of multipliers on foreign currency spending. Even though the American Express Cobalt^® Card remains an excellent credit card for accumulating points quickly, it is important to explore other options as well. Here are five solid alternatives for when this card is not accepted at your favorite merchant, or simply to complement your strategy.

For Subscriptions and Utility Payments – MBNA Rewards World Elite Mastercard

The American Express Cobalt^® Card gives 3 points per dollar on eligible streaming service subscriptions.

While the MBNA Rewards World Elite^® Mastercard^® gives you 5 points per dollar on all eligible purchases at the following merchants:

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 5-point accumulation is valid up to a maximum of $50,000 spent annually in total in these categories. That’s an average of about $4,167 per month. From $50,001 during a calendar year, you will earn 1 point per dollar spent.

Then, redeem your MBNA Reward points as follows:

For Restaurants – National Bank World Elite Mastercard

The American Express Cobalt^® Card gives 5 points per dollar for purchases at restaurants, bars, or bistros. From $2,501 per month in spending, the earn rate is 1 point per dollar.

The National Bank World Elite Mastercard offers 5 points per dollar of purchase on dining and grocery spending. For this card too, there is a limit. From $2,501 in monthly purchases, the earn rate is 1 point per dollar in this category. Additionally, this credit card has the benefit of being accepted everywhere, even at Costco (but with an earn rate of one point per dollar).

NBC Rewards points can be used to treat yourself to:

For Groceries – Scotiabank Gold American Express^® Card

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.

For the Scotiabank Gold American Express^® Card, it’s the same thing… and a bit more! You earn:

This 5 or 6-point accumulation is valid up to a maximum of $50,000 spent annually in total in these categories. That’s an average of about $4,167 per month. From $50,001 during a calendar year, you will earn 1 point per dollar spent.

We love Scene+ points to reimburse any travel expense (hotel, plane ticket, Viator, car rental, etc.) or to pay the grocery bill at IGA and others.

For Foreign Purchases – Scotiabank Gold American Express^® Card

The American Express Cobalt^® Card earns 1 Membership Rewards point per dollar for all foreign purchases, regardless of the category. Additionally, it applies foreign currency conversion fees of at least 2.5%, which is disadvantageous.

To offset these drawbacks, the Scotiabank Gold American Express Card offers 6 Scene+ points per dollar on groceries at Sobeys group stores (IGA, Foodland, Safeway, FreshCo, etc.) and 5 Scene+ points per dollar at other grocery stores, restaurants, and entertainment venues. On gas and public transit, it earns 3 Scene+ points per dollar, and 1 Scene+ point per dollar on all other purchases.

Advantage, its foreign currency conversion charge is 0%.

For Travel – BMO Ascend World Elite Mastercard

Since October 8, 2024, the earn rate for travel spending on the American Express Cobalt^® Card has changed 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 by:

Conclusion

While the very popular American Express Cobalt^® Card is a wonderful option for many people, there are equally interesting alternatives to consider based on your specific needs. Take the time to carefully evaluate your spending and needs to see which credit card will best meet your goals.

If you are applying as a couple, our guide on points and credit cards for couples explains how to split these categories between partners to progress together.

Frequently Asked Questions about American Express Cobalt Card Alternatives

Here are frequently asked questions in the milesopedia community about this card.

To Go Further with American Express Membership Rewards Points

To maximize your Membership Rewards points accumulation, consult our complete guide to the American Express Membership Rewards program as well as our ranking of the best American Express Membership Rewards credit cards, updated monthly by the Milesopedia team.