American Express CobaltTM Card Review

By: Heather Hanks Aug. 10, 2019

The American Express CobaltTM Card was named the top travel rewards card of 2019 by Rewards Canada. It works by allowing you to earn points when you use the card on everyday purchases. You can earn up to 30,000 bonus points in your first year. Redeem these points for a free short-haul trip or $300 in statement credit.

With a low monthly fee of only $10, the American Express CobaltTM Card is one you can’t afford to miss. It’s the perfect card to earn big time points on travel-related expenses as well as everyday items. You can even earn five points for every dollar you spend at the grocery store, food delivery services, and eligible restaurants in Canada. Check out our American Express CobaltTM Review below to see why so many people are raving about the best card of 2019.

American Express Cobalt Card

Overall Rating

What is the American Express CobaltTM Card?

Our American Express CobaltTM Card Review comes complete with a list of reasons why this card stands out from the rest. The Amex Cobalt allows you to earn points just for using your card on everyday expenses. You can also earn points when you travel. These points can be redeemed for a number of perks. The card comes with a low monthly fee of only $10. It’s the first card in the American Express lineup to have a monthly fee, but we like the idea of paying small amounts each month instead of one large sum. The idea behind monthly payments is similar to other payments that you make for streaming services.

With the Cobalt Amex card, you can add additional cards to your account for free. This is a great way to help you earn even more points. Additional card holders can use the card to make purchases on everyday essentials and travel expenses, just like you. The card also offers incentives the more you spend. You’ll earn 2,500 points each month that you spend $500 on your card. This adds up to an additional 30,000 points per year, which can be redeemed for a short trip or $300 in statement credit. If neither of those options sound good to you, then use your free points on $300 in tickets from Ticketmaster.

Here are some of the basic details of the Amex Cobalt Card:

  • $10 monthly fee
  • Annual interest rate is 19.99% on purchases and 22.99% on cash advances
  • Additional cards can be added to your account for free
  • You’ll earn five points for every dollar spent at eligible grocery stores, bars, restaurants, and food delivery services in Canada
  • You’ll earn two points for every dollar spent on eligible travel and gas purchases in Canada
  • You’ll earn one point for all other purchases made on your card
  • Points can be redeemed for additional purchases, flights, travel, and Amazon purchases

The American Express Cobalt is the perfect card for everyday essentials. It’s also a great travel card. Whether you’re a world traveler or only travel on occasion, you’ll get points and rewards that can be applied toward your next trip. You’ll also get to rack up the points just by using your American Express CobaltTM Card when you do your regular shopping. You’ll earn points when you grocery store, visit the local coffee shop, or gas up. You can even use it to gain more points when you pay your service providers.

There isn’t much that you can’t use your American Express CobaltTM Card. You can use your points on just about anything you normally use your card for, such as groceries, gas, and paying bills. We like that you can add people to your account for free. Hand out supplementary cards to your family members or employees to gain extra points. You won’t have to worry about fraud because your account is protected. You’ll also get to cash in on some impressive insurance coverage just by using your card. All purchases are covered. These include emergencies that you may experience while traveling, such as lost baggage, rental car damage, and more.

American Express CobaltTM Card Review of Benefits

American Express CobaltTM Card benefits include a long list of ways to earn points and then redeem them. The American Express CobaltTM Card fee is only $10 a month, and you’ll earn more than that every year in rewards. American Express offers regular perks, bonus rewards, and Front of the Line access to many events. Front of the Line offers access to shows, concerts, and events to card holders before they are available to the general public. You’ll also enjoy American Express invites and advance screenings to movies and other events.

American Express also rewards you every time you refer a friend. You’ll get 5,000 bonus points for every person you refer up until 75,000 points per year. But perhaps the best reward you’ll earn is the chance to rack up points for just using your card. We love that the American Express CobaltTM Card is ideal for both everyday expenses as well as people who travel. You can use it for personal reasons or make it your business card. Plus, additional cards are free when added to your account. This allows you to rack up even more points when you pass them out to employees.

Here is a list of American Express CobaltTM Card benefits:

Earn five points for every dollar spent on eligible grocery stores, restaurants, food delivery services and bars in Canada

Earn two points for every dollar on eligible travel and gas purchases

Earn 2,500 points for every month you spend $500 for an additional 30,000 points per year (30,000 points gets you a free short trip, $300 in statement credit or $300 to spend on Ticketmaster)

Earn one point for every dollar spent on all other purchases

Get Front of the Line access to entertainment events and tickets

Use your points to help pay for just about anything that you would normally buy with your card

Points can also be redeemed for fixed flights, travel on American Express Travel online, merchandise and gift cards at membershiprewards.ca, and purchases on Amazon

Get a 5,000 bonus for referring a friend (for up to 75,000 points per year)

Earn Front Of The Line® access to tickets and special events

Along with the above-mentioned perks, American Express has one of the best insurance policies around. You’ll be covered for just about anything you buy both in store and online.

Check out our brief Amex Cobalt review of their insurance policies below:

Lost or stolen baggage insurance

You’re covered for up to $500 per trip for all insured persons when your baggage is lost or stolen. This includes both carry-on and checked luggage. You must charge your airline tickets to your card to receive this insurance.

Flight delay insurance

Get up to $500 in coverage when your bag or flight is delayed for at least four hours with no other transportation options. You can apply this money toward food and other reasonable items when you use your card to pay for your ticket.

Baggage delay insurance

Just like with the flight delay insurance, you’ll get up to $500 for emergency purchases when your baggage is delayed for six hours. You can use this money for clothing and other necessary items.

Hotel burglary insurance

You’ll get up to $500 when your hotel room is burglarized. This money is intended to replace personal items (excluding cash) when you charge your room to your Cobalt card.

Out of country/province emergency medical coverage

You’ll get coverage of up to $5,000,000 for eligible emergency medical expenses that occur outside of your Canadian territory. This policy is meant for insured persons under 65 and applies to the first 15 days of your covered trip.

Car rental theft and damage insurance

You’re covered for damage, loss, or theft of your rental car when you charge it to your card. This includes an MSRP of as much as $85,000 on rentals of 48 days or less. You must decline the collision damage waiver and loss damage waiver offered by the car rental facility to become eligible for this coverage.

$250,000 accident insurance

You’re covered for accidental death and dismemberment for up to $250,000 when you travel by common carrier. You must charge your tickets to your card to become eligible.

Along with travel insurance, the American Express CobaltTM Card covers your everyday purchases as well. All items are covered from theft and physical damage. American Express will even extend your warranty.

Here is a list of shopping coverage you’ll receive as a member:

  • Purchase protection plan: this plan covers your purchases for 90 days if they are stolen or physically damaged. Coverage includes up to $1,000 per occurrence for all items combined.
  • Buyers assurance protection plan: this plan extends your manufacturer’s warranty for one additional year when you use your card to buy the items.
  • Fraud protection guarantee: this plan covers your purchases for fraudulent charges that are made in person or online. You must take steps to protect your account by setting up a PIN.

American Express CobaltTM Card: The Good and the Bad

We love how versatile the American Express CobaltTM Card is. Want to get rewarded for groceries and gas? The Cobalt offers that. But what if you want coverage when you travel? The Cobalt does that, too. It comes with a low monthly fee of $10, which adds up to an annual fee of $120. But we like that you can pay small amounts over time instead of one large sum. You’ll want to make sure that you don’t miss any payments. This will make your interest rate go up. Be sure to read all terms before filling out an application.

Despite these benefits, the Cobalt isn’t for everyone. Here is what we like and don’t like about the card.

American Express CobaltTM Card PROS

  • You can earn 2,500 points per month when you spend $500 on purchases for a total of 30,000 extra points per year
  • You can redeem your extra 30,000 points for a short trip, $300 worth of statement credit or $300 in tickets at Ticketmaster
  • Earn 5,000 points when you refer a friend
  • Earn five points for every dollar you spend at eligible grocery stores, restaurants, bars, and food delivery service in Canada
  • Earn two points for every dollar spent on eligible travel and gas
  • Earn one point for every dollar spent on everything else
  • Redeem your points for anything you normally buy with your card, flights, travel, gift cards, merchandise, and items on Amazon
  • Low monthly fee of $10
  • You’ll get Front Of The Line® access to tickets and special events before they go on sale to the public
  • Extensive shopping and travel coverage, including buyers protection assurance, fraud protection, delayed flight and baggage insurance, and accident insurance
  • Extensive shopping and travel coverage, including buyers protection assurance, fraud protection, delayed flight and baggage insurance, and accident insurance
  • The Cobalt was named the top travel rewards card by RewardsCanada.CA
  • Card can be used for everyday purchases or as a business travel card
  • Additional cards are free and can be used to help you rack up the points
  • Members receive regular rewards and perks

American Express CobaltTM Card CONS

  • The annual interest rate is 19.99% and 22.99% on funds advance. This rate may seem high, but it’s competitive among most credit cards. Keep in mind that if you have missed payments, your rates may increase to 23.99% and/or 26.99%. For this reason, we recommend that you make all payments on time each month.

How To Apply American Express CobaltTM Card

It’s easy to apply for the American Express CobaltTM Card. Visit the website and click on the Apply Now button. Before you apply, American Express wants to make sure you’re aware of all card details.

Here are some of the key highlights of the card:

After you agree to these terms, American Express will require the following information from you:

Your full name

Email address

Date of birth

Postal code

Social insurance number

Financial information

Filling out an application should only take a few minutes. You should know within 24 hours whether you’re approved. It helps to have all of your financial information handy so that you can fill out your application quickly. Remember that most credit cards will conduct a hard pull on your credit. This means that American Express will need to see your credit history and score before you can be approved. Hard inquiries show up on your credit report. Be sure you’re ready to apply before signing over your application or talk to a customer service representative if you have questions.

Ready to Apply?

Apply for the American Express CobaltTM Card now and get a response in 60 seconds

American Express Cobalt Card

Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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