What the Card Offers
American Express markets the Cobalt as an everyday rewards card for people who love food: a high earn rate on restaurants, groceries and delivery, a monthly fee, and flexible Membership Rewards points.
- 5x
Points on eats & drinks1
Restaurants, coffee shops, bars, stand-alone grocery stores and food delivery in Canada, on up to $2,500 in combined purchases a month.
- 3x
Points on streaming1
Eligible streaming subscriptions at select providers in Canada.
- 2x
Points on gas & transit1
Stand-alone gas stations and local commuter transportation in Canada, including taxis and ride sharing.
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- 15,000
Welcome bonus points1
1,250 points for each month of your first year in which at least $750 in net purchases posts to your account.
- $15.99
Monthly card fee1
Charged monthly ($191.88 a year) instead of as one annual fee. Supplementary cards have no annual fee.
- $5/mo
Instacart statement credit1
A $5 credit each month on an Instacart purchase of $10 or more, once you register your card. Runs until December 31, 2027.
- $100 USD
The Hotel Collection credit1
A credit toward qualifying hotel charges on stays of two or more nights at participating hotels booked through American Express Travel.
- 9
Insurance coverages2
Including $5M emergency medical, $1,000 mobile device insurance, purchase protection, and car rental theft & damage.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (2)
- Cobalt product page footnotes (2026-10-12)
- Cobalt Certificates of Insurance (effective July 1, 2025)
Points & Redemption
Show 4 more options (hotel transfers, gift cards, shopping, travel)Show fewer
Rates: Membership Rewards Terms 50500074 (10/26), Appendix 2 — Redemption Rates by Reward. The CardTruth estimate is our own valuation, not a rate stated in the terms. It assumes the redemption described above; most other options return less. Ranges marked est. are CardTruth estimates, from a conservative redemption to a typical one.
The Fine Print Report
Moderate fine print. The card delivers on its core promise, but it has meaningful restrictions that affect specific user profiles.
5x capped at $2,500/month combinedImpact level: High
$2,500/month combined 5x cap across dining, groceries, and food delivery
The 5x earn rate applies to a combined maximum of $2,500 in net purchases posted each month across eligible restaurants, stand-alone grocery stores, and food delivery in Canada. Spend beyond that earns 1x. The cap resets on the 1st of each calendar month, not on your billing date. Once it is reached, credits, returns, and adjustments do not restore it for that month.
Why it matters: A household spending $2,000/month on groceries and $800/month on dining goes $300 over the cap. That $300 earns 1x instead of 5x — 1,200 fewer points every month, or 14,400 points a year.
5x groceries: stand-alone stores onlyImpact level: High
5x groceries only at stand-alone grocery stores — not wholesale clubs or general-merchandise stores
The 5x grocery rate covers stand-alone grocery stores whose primary business is everyday food and grocery items. Wholesale clubs, stand-alone alcohol retailers, and general-merchandise stores that also sell groceries are excluded, even when they accept American Express.
Why it matters: Grocery runs at big-box and warehouse retailers earn the 1x base rate on this card, even where American Express is accepted.
Bonus rates only apply in CanadaImpact level: Medium
The 5x and 2x bonus rates only apply at merchants in Canada
Every Cobalt bonus category — restaurants, groceries, food delivery, gas, and transit — is defined as purchases at American Express merchants in Canada. The same purchases made abroad earn the 1x base rate.
Why it matters: Eating out or buying groceries while travelling earns 1x, not 5x, and those purchases also carry the foreign transaction fee. The card's headline value is a domestic one.
2.5% FX fee, not refunded on returnsImpact level: Medium
2.5% foreign currency conversion commission, not refunded on returns
Purchases in a foreign currency are converted to Canadian dollars with a 2.5% conversion commission. Charges in currencies other than USD are converted to USD first, then to CAD. If a foreign-currency purchase is refunded, the commission charged on the original purchase is not returned.
Why it matters: A freelancer paying $200/month in USD subscriptions pays an extra $60/year in conversion fees. Refunds of foreign purchases don't return the original commission either.
Welcome bonus is earned month by monthImpact level: Medium
The welcome bonus is earned one month at a time, based on posting dates
The welcome bonus pays 1,250 points for each billing period in your first year in which at least $750 in net purchases posts to your account. A purchase made near the end of a billing period that posts after it ends counts toward the next period instead. In your 12th billing period, such a purchase doesn't count toward the offer at all.
Why it matters: Any month that falls short of $750 in posted purchases forfeits that month's 1,250 points; they don't carry over. Leave a few days of margin before each statement date rather than relying on last-day purchases.
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No bonus if you've held a Cobalt beforeImpact level: Medium
Current or former Cobalt Cardmembers aren't eligible for the welcome bonus
The welcome offer is only for new American Express Cobalt Cardmembers. Amex may still approve an application from a current or former Cobalt Cardmember, but that account won't be eligible for the points offers in its first 12 months.
Why it matters: If you've held a Cobalt Card before, reapplying gets you the card but not the welcome bonus, so the first-year value is lower than advertised.
All points lost if you cancelImpact level: Medium
All points are forfeited immediately if you cancel the card
Cancelling the Cobalt Card forfeits every point in the account immediately, unless another linked card stays open. Separately, if a required monthly payment is missed, the points earned in the previous month are removed, and points can't be redeemed until payments are up to date.
Why it matters: Redeem or transfer your points before cancelling — once the card is closed, they're gone. Paying at least the minimum on time every month also protects the previous month's points.
Travel medical: age 64 or under, 15 daysImpact level: Medium
Emergency medical insurance covers only the first 15 days of a trip, and only travellers 64 or under
Out-of-province emergency medical coverage applies to the first 15 consecutive days of each trip and only to insured persons aged 64 or under on the departure date. Coverage ends once you've been away more than 15 days, unless you buy a top-up.
Why it matters: Longer trips need a top-up policy for the days after day 15, and travellers 65 or older need separate travel medical insurance altogether. Medical conditions that weren't stable in the 90 days before departure are also excluded.
3x streaming: listed merchants onlyImpact level: Low
3x streaming only at listed merchants, and not when billed through a third party
The 3x streaming rate applies only to subscriptions with merchants on Amex's current list. Subscriptions that are bundled with another product or billed by a third party — such as an app store, a telecom or internet provider, or a car manufacturer — earn 1x.
Why it matters: A streaming service paid through your phone's app store, or included in a phone or internet bundle, earns 1x. Subscribing directly with an eligible merchant earns 3x.
No bonus rates via third-party paymentsImpact level: Low
Bonus rates don't apply when the merchant category can't be identified
If Amex doesn't receive the merchant's category directly — for example, paying through a third-party payment account, buying from a marketplace that sells other merchants' goods, or paying a merchant that uses a mobile card reader — the purchase earns the base rate, not the bonus rate.
Why it matters: A restaurant bill paid through a third-party payment app, or groceries bought through an online marketplace, can earn 1x instead of 5x. Paying the merchant directly with the card keeps the bonus rate.
Who This Card Is For
Great fit if you...
- Eat out or order delivery often
- Spend under $2,500/mo on food & groceries
- Shop at grocery stores that take Amex
- Spend on gas, transit, or ride sharing
- Want points that transfer to Aeroplan
Consider alternatives if you...
- Spend over $2,500/mo on food & groceries
- Buy groceries at wholesale or big-box stores
- Travel abroad often (FX fee, no bonus rates)
- Are 65+ and need travel medical cover
- Have held a Cobalt before (no welcome bonus)
Welcome Bonus History
Amex Cobalt Welcome Bonus History
The Verdict
The Cobalt is one of Canada's strongest everyday rewards cards for urban spenders who stay under the monthly 5x cap and shop at grocery stores that accept American Express.
For families or larger grocery budgets, the combined cap means a meaningful share of spending earns the base rate, so the real return is lower than the headline multiplier suggests. The foreign transaction fee is also worth factoring in for anyone paying for USD-billed subscriptions.
The Recommendation: Best for singles or couples who dine out frequently, spend under $2,500/month on 5x categories, and shop at Amex-accepting grocery stores. Pair with a no-FX-fee card for online USD purchases.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer