American Express Cobalt Card Review 2025
The undisputed king of rewards on food and dining in Canada – is the monthly fee worth it for you?
The American Express Cobalt Card has been the top choice for Canadian rewards enthusiasts since its launch, thanks to its incredible 5x points on eating and drinking – the highest rate available in Canada.
Despite a monthly fee structure, the card consistently delivers the highest return on spending for most Canadians.
Earn Rates Breakdown
The Cobalt offers:
- 5 Membership Rewards points per $1 on restaurants, bars, cafés, food delivery, and eligible grocery stores
- 3 points per $1 on eligible streaming services
- 2 points per $1 on travel, gas, transit, and rideshares
- 1 point per $1 on all other purchases
For a typical Canadian spending $1,000 monthly on food and drinks, that's 60,000 points per year – worth $600–$1,200 depending on redemption.
Monthly Fee Structure
$12.99 per month ($155.88 annually). Unlike annual fee cards, you can cancel anytime without losing a full year's fee.
Point Value and Redemption
Membership Rewards points are among the most valuable in Canada:
- Transfer 1:1 to Aeroplan, British Airways Avios, Marriott Bonvoy
- Use for travel bookings at 1–2 cents per point
- Statement credits at 1 cent per point
Insurance Package
Comprehensive coverage including:
- Trip cancellation/interruption
- Flight delay insurance
- Baggage insurance
- Hotel burglary insurance
- Purchase protection and extended warranty
- Mobile device insurance
Additional Benefits
Amex Offers for extra savings, Front of the Line presale tickets, and excellent customer service.
Pros and Cons
- Pros: Highest earn rate on food, flexible points, strong insurance, monthly fee flexibility
- Cons: Monthly fee adds up, Amex acceptance not universal, no lounge access
The Cobalt is worth it for anyone spending $300+ monthly on food and drinks. For lower spenders, a no-fee card might be better.
