American Express Cobalt Credit Card Review

American Express Cobalt Credit Card Review

Last Updated on August 30, 2021 by Borche Stefanov

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.

  • Impressive earn rate for meaningful rewards
  • Monthly fee charge of $10 is affordable for all
  • Includes reliable and comprehensive travel insurance
  • Card holders receive exclusive invites and offers through AMEX
  • Multiple redemption options

Specification: American Express Cobalt Card

Annual Fees


Interest Rate


Cash Advance


Card Type



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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