American Express Cobalt

The American Express Cobalt Card has received much attention since it was released over 4 years ago. Canadians regard it as one of the best travel rewards cards. Aside from a welcome offer worth up to $300 in travel, Card holders can earn up to a 5x point return on purchase in certain categories,

Plus, its $12.99 monthly fee (rather than $155.58 once a year) makes it more flexible than other competing credit cards.

Read on to learn more about the features and rewards of the American Express Cobalt Card.

American Express Cobalt At A Glance

  • Exciting welcome bonus
  • No fee on supplementary cards
  • $155.88 ($12.99/month) Annual fee
  • No Minimum income requirement
  • 20.99% interest rate on purchases,
  • 21.99% interest rate on cash advances
  • Comprehensive travel insurance

Key Card Benefits

1. Welcome offer

New card holders can earn 2,500 bonus Membership Rewards points every time they spend at least $500 with their American Express Cobalt Card in the first year. In addition, users will receive a Welcome Bonus of 20,000 Membership Rewards points if they make a total of $3,000 in purchases on their Card in the first 90 days.

2. No fee on supplementary cards

You can boost your earnings by giving your friends and family supplementary cobalt cards. Unlike other cards, the Amex Cobalt card does not charge any fee on supplementary cards.

You can request up to 9 supplementary Cobalt Cards, free of charge, for additional cardholders. But, the cardholder must be at least 13 years old.

3. Exciting rewards on everyday spending

For every $1 you spend on groceries, restaurants, bars, and food delivery, you’ll earn 5 points. For every $1 you spend on streaming subscriptions, you’ll earn 3 points. You can earn 2 points for every $1 spent on gasoline, travel, and public transportation. Every other purchase earns you 1 point.

4. Comprehensive Travel Insurance

The American Express Cobalt card offers all the insurance you’d expect from a top travel card, from purchase protection to extended warranty coverage to travel insurance, including:

  • Insurance coverage up to $5 million for emergency medical treatment outside of provinces/countries
  • Insurance coverage for lost or stolen luggage
  • Car rental theft and damage insurance for rentals up to 48 days and MSRP of $85,000
  • Up to $250k in travel accident insurance
  • Up to $500 in insurance coverage for flight delays and baggage loss

Amex Cobalt Rates, Income requirement and Fees

Interest rates

The annual interest rate is 20.99% on purchases and 21.99% on cash advances. While foreign exchange transactions are charged a 2.5% fee. However, if you want a credit card with no foreign exchange fee, Scotiabank Gold Amex Card is your best bet.

Income requirements

This credit card has no income requirement, unlike credit cards like the Scotia Momentum® VISA* Infinite card, which usually have income requirements of $60,000 to $100,000.

This isn’t to say that everyone will qualify, as you’ll still need an excellent credit score and a steady income to be approved.

Annual fees

Rather than $155.88 lump sum fee a year, The Amex Cobalt charges $12.99 per month.

This is advantageous for two reasons. First, paying a lower monthly fee is more budget-friendly. Also, it allows you to test out the card. You can cancel anytime if you don’t like it.

In conclusion

The American Express Cobalt is one of the best credit cards in Canada. The unique fee structure, exciting welcome bonus, impressive earn rate on purchase, and points redemption flexibility make this card stand out as one of Canada’s best rewards credit cards.