American Express Cobalt review

If you know you want an American Express credit card, you’ve probably been referred to the Cobalt credit card. The Cobalt combines high earn rates for everyday purchases with a great insurance package and the ability to put points towards travel for high value. In this American Express Cobalt review, we break down rewards, perks, insurance, fees, and real cardholder opinions to help you decide if the Cobalt is worth it.

American Express Cobalt: The basics

We’ll get into the reward and benefit details in a moment, but take a second to check out the basics of this card.

Pros and cons of the Amex Cobalt

It always helps to consider the benefits and drawbacks of a credit card before you apply.

Pros:

• High reward rates. You’ll earn increased rewards for popular spending categories like gas, groceries, restaurants, streaming services, and more.
• Annual fee is charged out monthly. Instead of paying a large $155.88 annual fee, Amex breaks the fee into monthly payments of $15.99.
• No income requirement. Amex does not require a specific income to qualify for the card, so your approval odds are good if you meet the card’s credit score requirement.
• Valuable rewards points. Amex Membership Points are some of the most valuable around, and you can even transfer them 1:1 to Aeroplan.
  

Cons:

• Lower merchant acceptance: Amex charges some of the highest transaction processing fees, so some small businesses or select merchants (like Costco and Loblaws) might not take your card.
• Lower redemption value for select options: Avoid using your rewards points for merchandise, Amazon.ca, or gift cards since they’ll lose significant value.

Amex Cobalt rewards, explained

The American Express Cobalt might be one of Amex’s most popular reward credit cards because it offers fantastic earn rates on popular categories.

• You’ll earn 5 points per $1 spent on eats and drinks. Amex recognizes this as restaurants, groceries, coffee shops, and food delivery. Just note that you’ll only earn the increased rate on the first $2,500 you spend in this category each month.
• You’ll earn 3 points per $1 spent on streaming services from select providers. There’s no cap on these earnings. You’ll also get 2 points per $1 spent on gas and transit, which includes subways, streetcars, taxis, limos, and ride share services.
• All other purchases earn 1 point per $1 spent. 
  

When you’re ready to cash in your Amex rewards, take advantage of using flexible or fixed points to book travel or transfer them to another airline loyalty program. If travel isn’t your thing, you can cash in points for merchandise, charity, gift cards, and Amazon.ca—but the points lose considerable value with these non-travel options.

Amex Cobalt perks and benefits

American Express is known for its top-notch perks and fantastic insurance coverage. The Amex Cobalt doesn’t disappoint.

American Express perks

Your Cobalt loads personalized discount opportunities through Amex Offers. Just select the discounts you want and make a qualifying purchase to receive a percentage or a fixed amount back on your card. There are dining, travel, entertainment, and retail savings opportunities that are frequently updated.

As an Amex cardholder, you’ll also get access to exclusive events and reservations at hotels or restaurants through Amex Experiences. In many cases, you can score presale or reserved tickets to popular concerts and experiences. 

Generous travel insurance coverage

The Amex Cobalt includes travel insurance coverage for cardholders. If you travel outside your province (within Canada or internationally), you get emergency medical coverage up to $5,000 per person per trip (for travellers age 64 or under, up to 15 days). It also provides flight delay and baggage delay insurance, hotel burglary protection, and lost or stolen baggage insurance.

The Hotel Collection

We’ve already mentioned that the Amex Cobalt is a great travel credit card, so don’t overlook this feature when booking your next trip. The Hotel Collection features stylish hotels with unique personalities. Not only can you access these distinctive hotels with your card, but you’ll also earn a $100 hotel credit and one room upgrade at check-in when you stay at least two nights.

What cardholders think

Now that you understand the card’s rewards and features, find out what real cardholders have to say about the Cobalt.

When we checked Reddit threads, we found that many users liked the card’s fast earn rate.

As this person pointed out, whether the Amex Cobalt is worth it for you depends entirely on your personal spending habits. If you’re not spending a lot in the increased earning categories, a no-fee card with a better base earn rate might be a better idea.

As for what third-party reviewers generally think of American Express, here’s how the issuer ranks:

• J.D. Power: Amex received the highest customer satisfaction score of the 14 issuers reviewed.
• Better Business Bureau: 1/5 based on only 3 customer reviews
• Trustpilot: 1.4/5 based on 4,800+ customer reviews, primarily regarding poor customer service and available contact methods
  

FAQs

Read more about credit cards:

• The best American Express credit cards in Canada for 2025
• The best rewards credit cards in Canada for 2025
• The best credit cards in Canada for 2025
• Credit card interest calculator

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