Why is the Cobalt's 5x rate considered the best in Canada?

The Cobalt earns 5 Membership Rewards points per dollar on eats and drinks, which covers restaurants, bars, cafés, food delivery apps like Uber Eats and SkipTheDishes, and crucially most grocery stores. Milesopedia values Membership Rewards points around 2 cents each when transferred to Aeroplan or Marriott Bonvoy, putting the effective return at roughly 10% on these everyday purchases, far above what cash-back competitors offer. The cap is $2,500 in monthly eats-and-drinks purchases, more than enough for typical Canadian households.

Is the Cobalt's monthly fee structure better than an annual fee?

The Cobalt charges $15.99 per month ($191.88 annually outside Quebec; Quebec residents pay an annual fee instead due to provincial regulations). The monthly cadence makes it psychologically easier to keep, and crucially Amex regularly issues retention or sign-up credits that more than offset several months of fees. New cardholders also unlock 1,000 bonus points each month they spend at least $500 in the first year, totaling up to 15,000 welcome points alongside the regular earning.

How valuable is the Cobalt's mobile phone insurance?

The Cobalt covers up to $1,000 against theft, loss or accidental damage on a phone purchased outright on the card or paid in full each month via your wireless bill. Coverage runs for two years from the purchase date with a $100 deductible per claim. For an iPhone Pro or flagship Android costing $1,200+, this saves $10 to $15 per month in carrier insurance fees, effectively offsetting the card's cost on its own for anyone who buys their phones rather than financing them through the carrier.

Which transfer partners deliver the best value from Membership Rewards?

Aeroplan offers the strongest value for Canadian travelers at 1:1 transfers, especially for premium-cabin redemptions on Air Canada and Star Alliance partners. British Airways Avios at 1:1 wins on short-haul flights within North America. Marriott Bonvoy at 5:6 (every 1,000 MR points = 1,200 Marriott points) delivers solid hotel value, particularly on high-tier properties. For straightforward statement credits, you'll get roughly 1 cent per point, less than half of transfer-partner value, so always transfer when you have a specific redemption in mind.