Amex Cobalt vs Aeroplan Reserve (2026): Which Travel Card?

Get the Cobalt first. It's $156 vs $599 annual fee, the welcome bonus is easier to qualify for ($750/month spend vs $6,000 in 6 months), and MR points are more flexible (transfer to Aeroplan or 5+ other programs). Once you're earning steadily on Cobalt, evaluate whether your Air Canada travel and lounge usage justify the additional $443/year for the Reserve.

If you fly Air Canada 4+ times/year and use lounges, get both. The Cobalt earns higher rates on everyday spending, and the Reserve provides Air Canada-specific benefits (free checked bag, lounge access, Aeroplan elite-style perks). Use the Reserve only for Air Canada bookings and the Cobalt for everything else.

Yes, 1:1 transfer ratio. Membership Rewards points convert to Aeroplan points instantly. This makes Cobalt functionally equivalent to the Aeroplan Reserve in earning Aeroplan flights — Cobalt earns 5x at groceries (transferable to Aeroplan), Reserve earns 3x on Air Canada specifically. For non-Air-Canada spending, Cobalt earns Aeroplan points faster.

Only if you visit Maple Leaf Lounges frequently. Lounge access at YYZ/YVR is otherwise ~$50 per visit. If you visit 13+ times/year, the lounge access alone covers the $599 fee. Frequent business travelers and those with multi-leg domestic itineraries hit this easily; occasional travelers don't.

No — both cards charge 2.5% foreign currency conversion fees. For overseas spending, pair either card with a no-FX card (Scotia Passport Visa Infinite or Wealthsimple Credit Card). The Cobalt or Reserve handles Canadian spending; a no-FX card handles international purchases.

Both have comprehensive travel insurance — emergency medical (15 days, $5M), trip cancellation, flight delay, baggage delay, rental car loss/damage waiver. The Reserve adds a few more luxury-tier protections (slightly higher trip cancellation limits, primary auto rental coverage). For most travelers, both are sufficient and replace supplementary travel insurance for short trips.