How to apply for the American Express Cobalt card

Learn how the American Express Cobalt Card works!

Including fees, 5X earning rules, redemption options, insurance benefits, and what to prepare before applying.

Overview of the American Express Cobalt Card

The American Express Cobalt Card is a points-earning credit card in the Membership Rewards program.

It focuses on higher earn rates in common spending categories in Canada, with a monthly cap on the top category.

It also includes a set of built-in protections that can matter if you travel, rent cars, or buy electronics.

Who this card is designed for

The American Express Cobalt Card is built for people who spend consistently on food and daily life.

That usually means dining, coffee, groceries at eligible stand-alone stores, and food delivery.

It can also make sense for someone who wants flexible points rather than a single-store rewards program.

Charge card vs credit card

The American Express Cobalt Card is a credit card, not a charge card.

A credit card typically comes with a stated credit limit and the option to carry a balance with interest.

A charge card often emphasizes paying in full, and may not have a preset spending limit in the same way.

The “value equation” in one paragraph

With the American Express Cobalt Card, the “math” comes down to how much you spend in the 5X category each month, and how you redeem points after you earn them.

If you mainly spend in categories that earn 1X, the card can feel less special.

If you regularly hit Eats and Drinks in Canada and redeem points in a way that fits your goals, the structure can be easier to justify.

Quick facts

This section is meant to be a fast scan before you go deeper.

Always confirm the current terms in the application materials, because card details can change.

Key fees

The card fee is billed as a monthly fee for most provinces.

For non-Quebec residents, the card fee is $15.99 per month, which equals $191.88 annually.

For Quebec residents, the fee is listed as $191.88 per year.

Supplementary cards are advertised as having no annual fee, with limits on how many you can add.

A foreign currency conversion commission can apply when you buy in a non-CAD currency, and the exact amount is disclosed in your cardmember documents.

Reward structure

• Earn 5 points per $1 on eligible Eats and Drinks in Canada, up to $2,500 in net purchases per month across the eligible categories.
• Earn 3 points per $1 on eligible streaming subscriptions in Canada, at select providers.
• Earn 2 points per $1 on eligible gas, transit, and ride share purchases in Canada.
• Earn 1 point per $1 on purchases everywhere else.

If you book eligible hotel and car rental reservations through American Express Travel where Amex Travel is the merchant, there can be an additional bonus point per $1 on those bookings.

Core benefits

Here are five benefits people usually care about first.

• Purchase Protection can apply to eligible items for a limited time after purchase.
• Buyer’s Assurance can extend the manufacturer warranty on eligible items by up to one additional year.
• Mobile Device Insurance can apply if you charge or finance an eligible device to the card, with conditions.
• Emergency medical coverage can apply for covered travel outside your province or territory if you meet eligibility rules.
• Car rental theft and damage coverage can apply when you charge the full rental and decline the rental agency’s collision coverage, with conditions.

Eligibility and approval: what typically matters

Approval is never guaranteed.

Even if you meet the basic eligibility checklist, the issuer can still approve or decline based on its review.

Credit profile expectations

American Express generally looks for a Canadian credit file and a history that supports responsible borrowing.

That often means on-time payments, manageable utilization, and stable account history.

If your file is thin, you may want to be realistic about limits and outcomes.

Income and spend patterns that may help

Some applicants assume “income requirement” means a published minimum number.

American Express does not always publish a single minimum income requirement for every card, but it commonly asks for employment and income details during the application.

The most practical approach is to apply with accurate information and avoid overestimating income or underestimating obligations.

Application flow

American Express lists a simple eligibility baseline before it can consider an application.

You generally need to be a Canadian resident with a Canadian credit file.

You also need to be the age of majority in the province or territory where you live.

Some cards may have additional criteria, and the application will prompt for the details needed.

Fees and costs you must understand first

Before you fall in love with points, get clear on the costs.

This keeps you from paying for a card that doesn’t match your real routine.

Annual fee breakdown and what’s included

The American Express Cobalt Card uses a monthly fee model in most provinces.

That can feel easier to budget than a single large annual charge, but the total cost is still the key number.

What you “get” for that fee is mainly the earn structure, plus the bundle of protections and features.

Authorized user costs and family add-ons

American Express advertises that supplementary cards have no annual fee on this product.

There are still rules around age and how many supplementary cards you can add.

The primary cardmember remains responsible for charges made on the account.

Late fees, APR, and other charges

The preferred annual interest rate listed for purchases is 21.99%, and the preferred annual interest rate for funds advances is 21.99%, subject to approval.

If you have missed payments, the applicable rates can increase based on the card’s terms and definitions.

Foreign currency purchases are converted to Canadian dollars using an exchange rate selected by American Express, plus a single conversion commission disclosed in the information box.

If you get a refund in a foreign currency, the conversion commission charged on the original purchase is typically not returned.

Fees and definitions vary by province and by the current disclosure documents, so it’s smart to read the information box before submitting.

Rewards: earning and redemption

This is where the American Express Cobalt Card can feel either very simple or strangely confusing.

The difference is whether you understand category rules and redemption options upfront.

How you earn

The 5X earn rate is tied to eligible Eats and Drinks purchases in Canada.

That typically includes eligible restaurants, cafes, drinking establishments, stand-alone grocery stores, and eligible food delivery, based on merchant coding.

There is a monthly cap on the 5X category, and after the cap you earn at the base rate.

Streaming earns 3X only at select providers, and purchases billed through third parties or bundled with other services may not qualify.

Gas, transit, and ride share earn 2X when they code into the eligible categories.

Best redemption routes

Membership Rewards points can be used as statement credits through the “Use Points for Purchases” feature.

The standard redemption rate advertised for statement credits is 1,000 points for a $10 statement credit, with a minimum redemption of 1,000 points.

You can also redeem points for travel through American Express travel programs, or transfer points to eligible partner loyalty programs.

Transfers are typically one-way, so it’s wise to confirm your plan before moving points out of Membership Rewards.

Example: what one year of spending could earn in points

Numbers make this easier.

• Spend $2,000 per month in eligible Eats and Drinks in Canada.
• Spend $60 per month on eligible streaming subscriptions.
• Spend $250 per month on eligible gas, transit, and ride share.
• Spend $800 per month on everything else.

In that scenario, your monthly points could look like 10,000 points from 5X, plus 180 points from 3X, plus 500 points from 2X, plus 800 points from 1X.

That totals 11,480 points per month.

Across 12 months, that would be 137,760 points, assuming your purchases qualify and you stay under caps.

If you redeemed those points as statement credits at 1,000 points per $10, that would illustrate why many people treat it like a “cash-like” option.

Your real outcome depends on eligible categories, caps, returns, refunds, and how you actually redeem.

Benefits deep dive

Benefits are only valuable when you can realistically use them.

So the goal here is clarity, not hype.

Travel benefits

The American Express Cobalt Card includes travel-related insurance coverage with specific rules.

Out of province or country emergency medical insurance is advertised with up to $5,000,000 for eligible emergency medical expenses for covered travel, with limits like trip duration and age eligibility.

Car rental theft and damage coverage is advertised for rentals of 48 days or less, with a maximum vehicle value threshold, when you charge the full rental and decline the rental agency’s collision coverage.

There are also travel inconveniences coverage types like flight delay and baggage delay, each with time triggers and maximum reimbursement amounts.

If you plan to rely on any coverage, reading the certificate matters more than reading a summary.

Lifestyle and experiences

American Express frequently runs targeted Amex Offers that can appear in your account or app.

These offers vary by cardmember and change over time.

The card is also built to be managed through the Amex app, which is where many people track offers, payments, and redemptions.

Credits

Some premium cards are built around big statement credits.

The American Express Cobalt Card is not primarily marketed as a “credits” card.

Instead, its “credits” style value usually comes from earning points fast in daily categories and redeeming them in a flexible way.

Purchase protections

Purchase Protection is advertised as coverage that can apply for 90 days from purchase for eligible items, up to a stated maximum per occurrence.

Buyer’s Assurance is advertised as extending the manufacturer warranty on eligible new items by up to one additional year.

Mobile Device Insurance is advertised up to $1,000 per insured person for theft, loss, or accidental damage of an eligible mobile device, with timing rules and a maximum coverage period.

The details matter a lot here, especially what counts as an eligible device, how you prove purchase, and what exclusions apply.

Travel protections

Beyond medical coverage, the card advertises protections like travel accident insurance and baggage coverage.

Travel accident coverage is described with a maximum benefit amount when you charge common carrier tickets to the card.

Lost or stolen baggage coverage and baggage delay coverage have their own maximums and eligibility triggers.

Many travel protections require that you charge the full fare or specific travel components to the card.

Concierge and service level

“Concierge” is usually a premium-card feature, and not every card offers it.

The American Express Cobalt Card is positioned more as a lifestyle rewards card with app-based account management.

What you can typically expect is standard cardmember service, fraud support, and self-service tools inside the app.

What you should not expect is that every travel or lifestyle need can be handled for you automatically.

Pros and cons

This is the fast decision section.

It won’t replace reading the terms, but it can help you focus.

Pros

• Strong earn rate on eligible Eats and Drinks in Canada, with a defined monthly cap.
• Flexible redemption options, including statement credits through Use Points for Purchases.
• Useful protections for purchases, devices, and some types of travel.
• Monthly fee structure can feel more manageable than a single annual bill.
• No annual fee advertised for supplementary cards on this product.

Cons

• Acceptance can be inconsistent compared with Visa or Mastercard, depending on where you shop.
• Bonus earn categories depend on merchant coding, which is not always intuitive.
• The best earn rates are oriented to Canadian purchases, and foreign currency spending can include conversion commissions.
• Insurance coverage has conditions and exclusions that can limit real-world usefulness.
• If you rarely spend in the bonus categories, the card may feel expensive for the base earn rate.

Who this card is best for

A good fit depends on how you spend, not on how popular the card is online.

Think in profiles, not perfection.

Best-fit profiles

Profile one is the “food-first” spender who buys groceries and eats out regularly in Canada.

Profile two is the “points-flexibility” person who wants travel partners plus statement credit as a backup.

Profile three is the “one-card routine” person who wants simple multipliers and easy redemptions.

Not a fit if…

1. most of your spending happens at merchants that do not accept American Express.
2. your budget is tight enough that a monthly fee creates stress.
3. you strongly prefer cash back and do not want to think about redemption options.

Head-to-head comparisons

Comparisons help because they reveal tradeoffs.

They also stop you from trying to force one card to do everything.

American Express Cobalt vs Scotiabank Gold American Express Card

Both cards run on the American Express network, so acceptance limitations can look similar in the real world.

The Scotiabank Gold American Express Card is built around Scene+ points, and advertises no foreign transaction fees.

It also advertises high earn rates in Canada on specific grocery partners and on categories like dining and entertainment, with separate earn rules and annual spend thresholds.

The American Express Cobalt Card focuses on Membership Rewards flexibility and a simple 5X headline category with a monthly cap.

If you value no foreign transaction fees and you spend heavily at the eligible Scene+ grocery partners, Scotiabank’s structure may be worth comparing closely.

If you care most about Membership Rewards transfer flexibility and statement credit simplicity, Cobalt may be the cleaner fit.

American Express Cobalt vs MBNA Rewards World Elite Mastercard

This comparison is less about points style and more about network and eligibility.

MBNA Rewards World Elite is a Mastercard, which can be accepted in more places than Amex, depending on the merchant.

It advertises 5 points per $1 on several everyday categories up to $50,000 spent annually in each applicable category, plus a birthday bonus on points earned.

It also advertises a higher income requirement typical of World Elite cards, along with its own annual fee and interest rates.

The American Express Cobalt Card may be easier to use as a daily points engine if your spending is heavily in eligible Canadian Amex categories.

The MBNA card may appeal if acceptance and broad category coverage matter more than transfer-partner flexibility.

What you give up and gain at each price tier

At roughly the same annual-fee neighborhood, you can choose between flexible points, no FX fees, or broader acceptance.

You usually cannot maximize all three in one card.

So the best “tier” is the one that matches your real life spending, not your imagined travel plans.

How to apply

Applying is straightforward, but doing it prepared can reduce mistakes.

This is a clean step-by-step you can follow.

Application steps

1. Step one is confirming you meet the baseline eligibility, including Canadian residency, a Canadian credit file, and age of majority in your province or territory.
2. Step two is reviewing the information box in the application materials, including rates, fees, and definitions like missed payment.
3. Step three is completing the online application with accurate personal and financial information.
4. Step four is submitting and waiting for the issuer’s decision, which can be instant or can require additional review.

What to prepare

Have your address history ready if your credit file is newer or if you recently moved.

Have your employment and income details ready, and use numbers you can support.

Have an estimate of your monthly spending by category, especially Eats and Drinks, streaming, and transit.

What happens after approval

After approval, you will see your credit limit and account details in your new account setup.

You can add the card to digital wallets, set up autopay, and download the app to manage offers and redemptions.

If you plan to use insurance benefits, it’s a good habit to save the certificate documents so you know what is covered.

Alternatives if you want similar value for less

Sometimes the “best” alternative is simply paying a lower fee, or the better alternative is a different rewards currency.

Best Eats and Drinks alternative

If you want strong everyday earning in similar categories and you also care about no foreign transaction fees, the Scotiabank Gold American Express Card is a common comparison.

It uses Scene+ points, and its accelerated categories and partner grocery list are different from Cobalt’s.

Best points-earning alternative

If you want high earn rates across several everyday categories and you prefer a Mastercard network, MBNA Rewards World Elite Mastercard is often compared.

It also comes with higher income requirements that you should check before applying.

FAQs

Is the American Express Cobalt Card worth it?

It can be, if your spending aligns with the bonus categories and you redeem points in a way you actually use.

It may not feel worth it if your spending is mostly outside eligible categories or at non-Amex merchants.

Does the card really earn 5X on groceries?

It can earn 5 points per $1 at eligible stand-alone grocery stores in Canada when the merchant codes correctly.

Big-box stores and mixed merchants may not qualify if groceries are not their primary coded category.

What counts as “Eats and Drinks” in Canada?

It generally includes eligible restaurants, cafes, drinking establishments, eligible stand-alone grocery stores, and eligible food delivery in Canada.

Eligibility is determined by merchant coding and the program’s definitions.

What happens after I hit the 5X monthly cap?

Once you hit the monthly cap on the 5X category, purchases in that bucket typically earn at the base rate until the next monthly reset.

Returns and adjustments can also affect your net purchases.

Can I redeem points for statement credits?

Yes.

The standard Use Points for Purchases redemption rate is advertised as 1,000 points for a $10 statement credit, with a minimum of 1,000 points.

Can I transfer points to airline or hotel programs?

Membership Rewards allows transfers to eligible partner programs, and some transfers are advertised as 1:1.

Transfer rules, minimums, and timing depend on the partner and current terms.

Does the American Express Cobalt Card have travel insurance?

Yes, it advertises several travel-related coverages such as emergency medical, rental car coverage, and certain travel delay and baggage coverages.

Coverage depends on eligibility, trip length, how you pay, and the policy’s exclusions.

Is there a foreign transaction fee?

American Express applies a currency conversion commission for foreign currency transactions, disclosed in the information box and cardmember documents.

If you get a foreign currency refund, the original conversion commission is generally not returned.

Does the card come with a preset spending limit?

This is a credit card, so it typically has a stated credit limit.

Your specific limit is set by the issuer and shown on your account.

Can I add family members as supplementary cardmembers?

Yes, supplementary cards are available and are advertised as having no annual fee for this product.

There are limits on the number of supplementary cards and age requirements.

Disclosures

This section is here for clarity and compliance.

It also protects you from relying on outdated details.

Rates and fees disclaimer

Rates, fees, earn categories, caps, insurance coverage, and redemption options can change.

Always review the information box and the current terms in the official application materials before applying.

Editorial and affiliate disclosure

This article is informational and independently written.

We are not affiliated with American Express, Scotiabank, MBNA, or any rewards program mentioned.

If our site uses affiliate relationships in general, it does not change what you pay, and it should not replace reading official terms.