American Express Cobalt Credit Card


Interest Rate


Annual Fee

$12.99 (monthly)

Balance Transfer




Earn up to 50,000 Membership Rewards® points

  • In your first year, you can earn 2,500 Membership Rewards® points for each monthly billing period
  • Plus, you can earn a Welcome Bonus of 20,000 Membership Rewards points
  • Impressive earn rate for meaningful rewards
  • Includes reliable and comprehensive travel insurance
  • Cardholders receive exclusive invites and offer through AMEX
  • Multiple redemption options

One of the best rewards credit cards for Canadian bon vivants and gourmands is the American Express Cobalt. For each dollar you spend when eating out you earn a whopping five points. You also receive points for food delivery, and even on grocery bills.

American Express Cobalt is diverse, in that it also offers two points for each dollar you spend on travel, including gas, hotel stays, and ground transport. For any other purchase, you earn one point per dollar. Another major plus is the welcome bonus of up to 40,000 points. To receive this bonus, you must use the card to make a minimum of $3,000 in purchases during the first three months, and then spend $500 each month for the balance of the first year.

Signup/Welcome Bonus Offered

The American Express welcome bonus for the Cobalt credit card is a great value. You’ll be able to earn up to 45,000 points in your first year of card ownership. By spending $500 pr month on your Cobalt card, you’ll earn 2500 points per month. If you accomplish your $500 goal every month, that adds up to 30,000 points, or $300. You have the opportunity to earn an additional 15,000 points if you spend at least $3000 in the first three months of card ownership. These goals are incredibly manageable, especially since you can add up to 9 supplementary cards at no charge to reach your goals faster with your family members.

About American Express Cobalt Credit Card

One of the best perks of the American Express Cobalt card is that there is no minimum income requirement to qualify for the card – anyone can use it. The interest rate of the card is quite average at 19.99% on regular charges and 21.99% on cash advances. The annual fee of the card is $120, which is perfectly average for this type of rewards card ($90-$150), but it is charged monthly for better affordability, especially if you want to use your monthly points to cover the fee.

Earning points is incredibly easy with the American Express Cobalt credit card. You earn 5 points for every dollar on groceries, restaurants, bars, food delivery, and other food and drink related purchases. For travel and transit purchases, you’ll earn 2 points for every dollar. For all other purchases, you earn 1 point for every dollar. These point ratios work out to 5%, 2%, and 1% cash back on your purchases. The Amex’s Fixed Points Travel Program functions on a chart system and allows you to earn between 1.5 and 2 percent per point. If you want to pay off your credit card with your points by redeeming them as statement credits, you’ll get a lower return of 0.7% per point.

American Express Cobalt Details Summary

  • Interest Rate: 19.99%
  • Balance Transfer Rate: N/A
  • Balance Transfer Rate Promo: N/A
  • Cash Advance Rate: 21.99%
  • Annual Fee: $120
  • Card Best Suited For: Urbanites, millennials, frequent travelers, and foodies
  • Reward Type: Travel
  • Signup/Welcome Bonus Offers: Maximum of 45,000 points

American Express Cobalt is Best Suited For:

Since this card gives 5 points per dollar on all food and drink purchases, it is best suited for people who eat out at restaurants or order food delivery on a regular basis since you’ll get the best value with these purchases. However, the earn and redemption rates and options for travelers make it a great card for frequent flyers as well, especially since the travel insurance is comprehensive and very competitive. The card is also well suited to owner income earners since there is no minimum income requirement of $60,000 to $80,000 like most other high-rewards cards of this caliber.

Since this card is marketed specifically towards millennials, they are also ideally suited to the Cobalt card. Larger families who wish to share a credit card will also benefit since the Cobalt card does not charge the usually $50 fee to add supplementary cards on one account. We also recommend the AMEX Cobalt credit card to anyone who regularly goes to events such as concerts since you’ll receive additional reward offers and greater access through the Cobalt card.


7.5 Total Score
American Express Cobalt Review

  • Earning rate is excellent
  • Can add 9 card holders for free
  • Each point can be valued at up to $0.02
  • Monthly charge is more affordable than an annual charge
  • Travel insurance is competitive and comprehensive
  • Every purchase earns points, regardless of type or category
  • Not as widely accepted as visa or MasterCard
  • Emergency travel medical coverage only lasts 15 days – not effective for long trips
  • $30,000 limit on the 5X earning rate
  • Fewer transfer options compared to other AMEX cards
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