Earn rates
| Spending category | Earn rate | Value per $100 spent |
|---|---|---|
| Eligible eats & drinks (restaurants, bars, cafes, food delivery, groceries in Canada) | 5 pts / $1 | ~$5.00 |
| Eligible streaming subscriptions | 3 pts / $1 | ~$3.00 |
| Transit, ride share & gas | 2 pts / $1 | ~$2.00 |
| Everything else | 1 pt / $1 | ~$1.00 |
The 5x rate applies to the first $2,500 in net eats and drinks purchases each month, then 1x. 1 Membership Rewards point ≈ $0.01 CAD as a baseline; transfers to Aeroplan and other airline partners can return more per point.
Benefits
| Benefit | Details |
|---|---|
| Welcome bonus | Up to 15,000 Membership Rewards points (~$150) by earning 1,250 points for each monthly billing period in which you spend $750 in net purchases, over the first year. Verify the current offer with American Express before applying. |
| Transferable points | Membership Rewards transfer to Aeroplan, Avios (British Airways, Qatar, Iberia, Aer Lingus), Flying Blue, Marriott Bonvoy, and Hilton Honors. Points can also be applied against eligible charges at $0.01 each. |
| American Express Experiences | Front Of The Line presale and reserved tickets, plus dining and entertainment access. |
| Foreign transactions | 2.5% currency conversion charge on purchases in a foreign currency. No waiver. |
Travel insurance on the American Express Cobalt Card
Rental car pays first
No trip cancellation
The American Express Cobalt Card scores 66 of 100 on the figures its certificate publishes, joint 28th of the 59 Canadian cards compared. Emergency medical is capped at $5,000,000 for trips up to 15 days. Trip cancellation is excluded, so a trip called off before departure is not covered.
| Emergency medical | $5,000,000 · age 0–64: 15 days · 90-day stability window |
|---|---|
| Trip cancellation | Not included |
| Trip interruption | Not included |
| Flight or trip delay | $500 per person · after 4 hours · $500 per trip |
| Baggage delay | $500 per person · after 6 hours |
| Rental car collision or damage | Pays first · rentals to 48 days · vehicles to $85,000 |
You must charge 100% of the trip cost to the card for the coverage to apply. A booking made with points still qualifies. You have 90 days from the incident to report a claim. Dependent children are covered to age 21.
Every figure from the certificate, with its own wording
| Emergency medical | limit: $5,000,000 (per insured person, per trip) age 0–64: $5,000,000, 15 days pre existing stability days: 90 days (applies to any medical condition other than a minor ailment) |
|---|---|
| Trip cancellation | Not included |
| Trip interruption | Not included |
| Flight or trip delay | per person: $500 (maximum aggregate under Coverages A, B and C for any one occurrence, for all insured persons combined) trigger hours: 4 hours (also applies to a missed connection and to denied boarding where no alternative transportation is made available within the same period) per trip cap: $500 (stated per occurrence rather than per trip, and shared with the baggage delay coverage) |
| Baggage delay | per person: $500 (maximum aggregate under Coverages A, B and C for any one occurrence, for all insured persons combined) trigger hours: 6 hours (expenses must be incurred within four days of arrival at the outbound scheduled destination point and before the baggage is returned) |
| Lost, stolen or damaged baggage | per person: $500 (per occurrence for all insured persons combined) per item sublimit: $300 (jewellery sublimit; golf clubs including golf bags capped at $250 per occurrence, both within the $500 limit) |
| Travel accident | limit: $250,000 (loss of life; $125,000 for loss of one hand, one foot or the sight of one eye) common carrier only: Yes (also payable for accidents involving a conveyance providing alternate transportation for a delayed or rerouted Scheduled Airline flight) covers 24h: No (only the Common Carrier Benefit and the Alternate Transportation Benefit are described; no round-the-clock benefit appears) |
| Hotel or motel burglary | $500 (per burglary occurrence for all insured persons combined) |
| Emergency travel assistance | offered: Yes (provided by Global Excel Management Inc., 24 hours a day, 7 days a week) |
| Rental car collision or damage | is primary: Yes (the Cardmember must decline the rental agency’s CDW; there is no deductible) vehicle value cap: $85,000 (Manufacturer’s Suggested Retail Price in the model year, excluding all taxes, at the place the rental agreement is signed) max rental days: 48 days (consecutive days; exceeding the period voids coverage from the first day of the rental) excluded classes: Vans, cargo vans or mini cargo vans (other than mini-vans); and (one item of the certificate's thirteen-item excluded-vehicle list; the others cover trucks, pick-up trucks, limousines, off-road vehicles, motorcycles, mopeds, trailers, campers, recreational vehicles, mini-buses, buses, handmade or limited-production vehicles, antique vehicles and tax-free cars) territory: The rental auto may be driven across provincial and state boundaries in Canada and the U.S. and between Canada and the U.S. |
| Purchase protection | days: 90 days (from the date of purchase, anywhere in the world) limit per item: $1,000 (per Cardmember per occurrence, even where the occurrence involves more than one insured item) |
| Extended warranty | cap: $10,000 (per insured item, capped at $25,000 per Cardmember per policy year for all occurrences and insured items combined) |
| Mobile device | limit: $1,000 (per occurrence and per insured person; payout is capped at the depreciated value, which drops 2% of the purchase price per completed month) requires full charge: Yes (or finance the purchase price through a provider’s payment plan with every bill payment charged to the Card) eligible events: Mobile Device Insurance provides coverage in the event your mobile device is lost, stolen or accidentally damaged, anywhere in the world. (claims capped at one in any 12 consecutive month period and two in any 48 consecutive month period) |
Figures above are from the Certificates of Insurance, American Express Cobalt Card, effective 2025-07-01, underwritten by Belair Insurance Company Inc.; Travel Accident underwritten by Chubb Life Insurance Company of Canada. Checked against the certificate for 13 coverage types. Terms change without notice; verify with the issuer before relying on any figure.
What your monthly spend earns
| Category | Monthly spend | Rate | Monthly pts |
|---|---|---|---|
| Eats & drinks | $700 | 5x | 3,500 |
| Streaming | $100 | 3x | 300 |
| Transit & gas | $325 | 2x | 650 |
| All other spending | $1,375 | 1x | 1,375 |
| Total | $2,500 | 5,825 pts / mo |
69,900 pts / year (~$699 at the $0.01 baseline, ~$507 net of the $191.88 annual fee). ~2.33% effective return on this spending mix. Transferring to Aeroplan or another airline partner can raise the per-point value well above the baseline.
Good fit if
- You spend heavily on restaurants, food delivery, and groceries. The 5x rate on eats and drinks, up to $2,500 a month, is the highest grocery-and-dining earn of any Canadian card.
- You want points that move. Membership Rewards transfer to Aeroplan and several airline programs, so the same points can cover anything from a domestic hop to a business-class seat.
- You prefer a fee you pay monthly rather than all at once, and you will use the dining and transit categories enough to clear the $15.99 a month.
If that describes you, apply for the American Express Cobalt Card. Not sure yet? Book a free conversation and we will walk through it together.
Less useful if
- Your spending is spread across general retail and bills. Most of it would earn 1x, where a flat-rate card would return more.
- You want broad lounge access or a large travel credit. This card carries neither; those sit with the Platinum tier.
- You spend often in a foreign currency. The 2.5% conversion charge is not waived.