This Amex Cobalt review covers what the American Express Cobalt Card earns, what it costs, how the welcome offer works, whether it has lounge access, and where it falls short, so you can decide whether it fits your spending in 2026. Every figure comes from Amex’s own Cobalt, Membership Rewards, Aeroplan Reserve and Platinum pages, which YieldMaple checked on September 29, 2026. This page is general education, not financial advice.
For a full fee breakdown, see Amex Cobalt fees in Canada. For head-to-heads, see the Amex Cobalt vs Aeroplan Reserve comparison and the Amex Cobalt vs Scotia Passport comparison.
Amex Cobalt at a glance
| Item | Current figure | Source |
|---|---|---|
| Amex Cobalt 5X category (eats and drinks) | 5 points per $1 at eligible restaurants, coffee shops, bars, stand-alone grocery stores and food delivery in Canada | americanexpress.com Verified October 11, 2026 |
| Amex Cobalt 5X monthly cap | $2,500 in combined net purchases a month, then 1 point per $1 | americanexpress.com Verified October 11, 2026 |
| Amex Cobalt 3X category (streaming) | 3 points per $1 on eligible streaming subscriptions in Canada | americanexpress.com Verified October 11, 2026 |
| Amex Cobalt 2X category (gas, transit, ride share) | 2 points per $1 on eligible gas, transit and ride share in Canada | americanexpress.com Verified October 11, 2026 |
| Amex Cobalt base earn rate | 1 point per $1 on everything else | americanexpress.com Verified October 11, 2026 |
| How the Amex Cobalt fee is billed | $15.99 a month ($191.88 a year) outside Quebec; Quebec residents pay $191.88 once a year | americanexpress.com Verified October 11, 2026 |
| Amex Cobalt welcome offer (maximum) | up to 15,000 Membership Rewards points | americanexpress.com Verified October 11, 2026 |
| Use Points for Purchases rate | 1,000 points = $10 toward eligible purchases | americanexpress.com Verified October 11, 2026 |
| Membership Rewards to Aeroplan transfer ratio | 1,000 Membership Rewards points = 1,000 Aeroplan points | americanexpress.com Verified October 8, 2026 |
| Amex Cobalt out-of-province emergency medical insurance | up to $5,000,000 for the first 15 consecutive days of a trip, if you are under 65 | americanexpress.com Verified October 11, 2026 |
| Amex Cobalt interest rates | 21.99% on purchases and 21.99% on funds advances | americanexpress.com Verified October 11, 2026 |
In short: the Cobalt earns 5 points per $1 at eligible restaurants, coffee shops, bars, stand-alone grocery stores and food delivery in Canada, on up to $2,500 in combined net purchases a month, then 1 point per $1. It earns 3 points per $1 on eligible streaming subscriptions in Canada, 2 points per $1 on eligible gas, transit and ride share in Canada, and 1 point per $1 on everything else. The fee is $15.99 a month ($191.88 a year) outside Quebec; Quebec residents pay $191.88 once a year, and purchase interest is 21.99% on purchases and 21.99% on funds advances. Points redeem at a rate of 1,000 points = $10 toward eligible purchases, and Aeroplan transfers run at 1,000 Membership Rewards points = 1,000 Aeroplan points.
Does the Amex Cobalt have lounge access?
No, the Amex Cobalt does not include airport lounge access. Amex’s Cobalt product page lists no lounge membership, no Priority Pass and no Maple Leaf Lounge benefit, and none of its footnotes grant airport lounge visits.
The only lounge in the Cobalt’s terms is the American Express Lounge at some concert and event venues. It appears in the same footnote as the Cobalt’s event-ticket perks, alongside Front Of The Line, which gives Cobalt holders access to presale and reserved tickets for concerts, theatre and other special events. Amex says that venue lounge is open to Amex Cardmembers plus one guest, subject to lounge capacity. The same wording appears on the Platinum and Aeroplan Reserve pages, so it is an Amex-wide event perk, not an airport benefit.
If airport lounges matter to you, two Amex cards include them, both at a much higher fee than the Cobalt:
| Feature | Amex Cobalt | Amex Aeroplan Reserve | The Platinum Card |
|---|---|---|---|
| Annual fee | $191.88 a year | $599 | $799 |
| Airport lounges | None (better on this row) | complimentary access to Maple Leaf Lounges and Air Canada Cafés in Canada and the United States | more than 1,550 lounges at 500+ airports in 140 countries (Amex figure as of June 2026) |
| Guests | Not applicable | one guest per eligible Cardmember | See Amex's Platinum Card lounge terms |
| Priority Pass | None | Priority Pass membership, with a usage fee charged for every lounge visit | See Amex's Platinum Card lounge terms |
| American Express Lounge at event venues | Amex Cardmembers plus one guest, subject to lounge capacity | Amex Cardmembers plus one guest, subject to lounge capacity | Amex Cardmembers plus one guest, subject to lounge capacity |
Sources: americanexpress.com/en-ca Cobalt, Aeroplan Reserve and Platinum Card pages, fetched September 29, 2026.
The Aeroplan Reserve costs $599 a year and gives complimentary access to Maple Leaf Lounges and Air Canada Cafés in Canada and the United States, with one guest per eligible Cardmember. Under Amex’s terms it also includes Priority Pass membership, with a usage fee charged for every lounge visit, so Priority Pass on that card is not free lounge access. The Platinum Card costs $799 a year and opens the Global Lounge Collection: more than 1,550 lounges at 500+ airports in 140 countries (Amex figure as of June 2026).
Moving from the Cobalt to the Aeroplan Reserve adds $407.12 a year in fees, and moving to the Platinum Card adds $607.12 a year. Those extra fees only make sense if you would otherwise pay to get into lounges several times a year. The Amex Aeroplan Reserve review and the Amex Platinum review cover those cards in full.
Outside Amex, a Wealthsimple card also includes lounges: per Wealthsimple, the Visa Infinite Privilege gives complimentary access to more than 1,200 airport lounges worldwide. The Wealthsimple credit card review explains that card’s fee rules and who qualifies. You can also keep the Cobalt for food spending and hold a separate card for lounges. The review of BMO’s premium Eclipse card covers one such card.
What earns 5X points on the Amex Cobalt?
The Amex Cobalt earns 5X at eligible restaurants, coffee shops, bars, stand-alone grocery stores and food delivery services in Canada. Amex’s footnote gives 5 points per $1 at eligible restaurants, coffee shops, bars, stand-alone grocery stores and food delivery in Canada.
Three details decide how much of your food spending actually earns 5X:
- The monthly cap. The 5X rate applies on up to $2,500 in combined net purchases a month, then 1 point per $1. Amex says the count resets on the 1st of each month. At the cap you earn 12,500 points a month in the 5X categories, worth $125 at Amex’s redemption rate.
- Stand-alone grocery stores only. The grocery part of the category covers stand-alone grocery stores in Canada. A store whose main business is something else, such as a general merchandise retailer that also sells food, can code outside the category and earn the base rate.
- In Canada only. All three bonus categories are limited to Canadian merchants. Restaurant meals abroad earn the base rate: 1 point per $1 on everything else.
The other tiers: 3 points per $1 on eligible streaming subscriptions in Canada (Amex keeps a provider list at americanexpress.ca/streaming, and bundled or third-party-billed subscriptions don’t count), 2 points per $1 on eligible gas, transit and ride share in Canada, and 1 point per $1 on everything else. Amex Travel bookings add a small bonus: 1 additional point per $1 on eligible hotel or car rental bookings made with American Express Travel.
If you want to compare the Cobalt’s grocery earn with Mastercard and Visa options, the best grocery credit cards in Canada guide lines them up, and the MBNA Rewards World Elite review covers a Mastercard with a similar 5-point food category.
How much are Amex Cobalt points worth?
Amex Cobalt points are worth 1 cent each when you use them toward card purchases: Amex’s Use Points for Purchases rate is 1,000 points = $10 toward eligible purchases. That fixed rate is always available for eligible card purchases, which makes it a useful baseline.
At 1 cent a point, the earn rates translate to:
| Category | Points per $1 | Value per $1 at Amex’s rate |
|---|---|---|
| Eats and drinks (up to the monthly cap) | 5 | 5 cents (5%) |
| Streaming | 3 | 3 cents (3%) |
| Gas, transit and ride share | 2 | 2 cents (2%) |
| Everything else | 1 | 1 cent (1%) |
Transfers can be worth more or less than 1 cent a point. Amex’s partner page lists 8 partners: 5 airline programs and 3 hotel programs: Aeroplan, Air France KLM Flying Blue, British Airways Avios and Hilton Honors at 1,000:1,000; Marriott Bonvoy at 1,000:1,200; Cathay Pacific Asia Miles and Delta SkyMiles at 1,000:750; ALL Accor at 1,000:500. The ratios differ by partner, so the same 1,000 points buy 1,000 Aeroplan points but only 750 Asia Miles or 500 ALL Accor points. Marriott Bonvoy is the one partner that gives you more points than you send: 1,000 Membership Rewards points = 1,200 Marriott Bonvoy points.
Can you transfer Amex Cobalt points to Aeroplan?
Yes, Amex Cobalt points transfer to Aeroplan at 1,000 Membership Rewards points = 1,000 Aeroplan points. The Cobalt page itself says transfers 1:1 to several frequent flyer and other loyalty programs.
Two rules to know before you move points. You link your Aeroplan account to your Membership Rewards account first. And Amex’s program terms say a transfer to a partner program cannot be reversed, so the points take on Aeroplan’s rules once they land. Transfer when you have a specific booking in mind, not in advance. Two other airline programs also transfer at 1:1: British Airways (1,000 Membership Rewards points = 1,000 Avios) and Air France KLM Flying Blue. For cards that earn Aeroplan points directly, see the best Aeroplan credit cards in Canada.
How does the Amex Cobalt welcome bonus work?
The Amex Cobalt welcome offer is up to 15,000 Membership Rewards points, earned as 1,250 points for each monthly billing period in which you spend $750, in your first year. Amex values the full offer at up to $150.
- It is month by month. Each billing period stands alone. Miss $750 in one period and you lose that period’s 1,250 points, but you can still earn the others.
- Posting date counts, not purchase date. Amex’s terms say purchases must post by the last day of the billing period; a purchase that posts later counts toward the next period.
- New Cobalt holders only. The offer is for new Cobalt Cardmembers only; current or former Cobalt Cardmembers are not eligible.
Older versions of this page quoted a much larger bonus. The offer on Amex’s page on September 29, 2026 is the one above; offers change, so confirm it on the application page before you apply.
A worked example: if you put exactly $750 a month on eats and drinks for the first year, you earn 3,750 points a month from spending plus 1,250 bonus points, or 60,000 points in the year. At Amex’s redemption rate that is $600, or $408.12 after the year’s fee. In year two, with no bonus, the same spending is worth $258.12 after the fee.
Is the Amex Cobalt worth the fee?
The Amex Cobalt is worth its fee if you put about $320 a month through the 5X categories, because at 5 cents per dollar that spending earns back $191.88 a year in a year.
- Break-even against no rewards: $191.88 a year divided by 5 cents per dollar is $3,837.60 a year of 5X spending, or $319.80 a month.
- Against a flat-rate card: the Cobalt beats a flat 2% card only on the categories where it earns more than 2 cents. Every dollar of 5X spending earns 3 cents more, but every dollar in the 1X tier earns 1 cent less. The more of your card spending is food, the further ahead the Cobalt gets.
Take a household that spends $900 a month on eats and drinks, $50 a month on streaming, $200 a month on gas and transit, and $800 a month on everything else. That is:
| Spending | Points a month | Points a year |
|---|---|---|
| Eats and drinks at 5X (under the cap) | 4,500 | 54,000 |
| Streaming at 3X | 150 | 1,800 |
| Gas and transit at 2X | 400 | 4,800 |
| Everything else at 1X | 800 | 9,600 |
| Total | 5,850 | 70,200 |
At Amex’s redemption rate, 70,200 points are worth $702, or $510.12 a year after the fee. In the first year, the household also clears $750 every month, so the welcome offer adds up to $150 for a first-year net of $660.12.
Carrying a balance wipes that out quickly. The card’s interest rates are 21.99% on purchases and 21.99% on funds advances; carrying $3,000 for a year costs roughly $660, about the whole first-year value in the example.
What insurance does the Amex Cobalt include?
The Amex Cobalt includes travel medical, flight and baggage, travel accident, rental car and purchase cover. Amex lists the following; most of it applies only when the fare, trip or purchase is charged to the card:
- Out-of-province emergency medical: up to $5,000,000 for the first 15 consecutive days of a trip, if you are under 65. The medical cover does not apply to travellers 65 and over.
- Flight delay: up to $500 (combined maximum with baggage delay insurance), for delays or denied boarding of 4 hours or more.
- Baggage delay: covers checked baggage delayed 6 hours or more, within the same combined limit as flight delay.
- Lost or stolen baggage: up to $500 per trip for all insured persons combined.
- Hotel burglary: up to $500.
- Travel accident: up to $250,000 when the full fare is charged to the card.
- Car rental theft and damage: cars with an MSRP up to $85,000, on rentals of 48 days or less. Amex’s terms say the full rental must be charged to the card and the rental agency’s collision damage waiver declined.
- Purchase protection: 90 days against accidental damage or theft, up to $1,000 per occurrence.
- Extended warranty: extends the manufacturer's warranty by up to 1 additional year.
Amex’s Cobalt page lists no trip cancellation or trip interruption insurance, so that cover would have to come from another policy or card. Read the certificates of insurance for exclusions before you rely on any of these.
What other perks come with the Amex Cobalt?
The Amex Cobalt’s other perks are Instacart credits, hotel benefits through Amex Travel, and event ticket access.
- Instacart: up to $60 in statement credits within a 12-month period, until December 31, 2027, paid as a $5 statement credit on an Instacart order of at least $10 in a month.
- The Hotel Collection: on stays of 2+ consecutive nights at participating hotels booked with Amex Travel: up to $100 USD hotel credit and a room upgrade when available.
- Front Of The Line: presale and reserved tickets for concerts, theatre and other special events.
- Refer a friend: up to 75,000 Membership Rewards points a year for approved referrals.
Where the Amex Cobalt falls short
- No airport lounge access. See the lounge section above; the Aeroplan Reserve and Platinum Card include lounges, at $599 and $799 a year.
- A monthly cap on 5X. The 5X rate covers $2,500 in combined net purchases a month, then 1 point per $1.
- A modest welcome offer. up to 15,000 Membership Rewards points, worth up to $150 by Amex’s own figure.
- Spending abroad. The 5X, 3X and 2X categories are limited to Canadian merchants, and Amex’s Cobalt page advertises no foreign-transaction-fee waiver. Check the conversion charge in the card’s terms before you use it outside Canada. The Amex Cobalt vs Scotia Passport comparison covers pairing it with a travel card.
- Acceptance. Some Canadian merchants don’t take Amex, so keep a Visa or Mastercard as a backup.
The verdict: who should get the Amex Cobalt?
Pick the Amex Cobalt if you spend at least about $320 a month at restaurants, stand-alone grocery stores and food delivery in Canada, pay your balance in full, and like having points that can become Aeroplan points at 1,000 Membership Rewards points = 1,000 Aeroplan points or a statement credit at 1,000 points = $10 toward eligible purchases.
Look at the Aeroplan Reserve or Platinum Card instead if airport lounge access is the reason you want an Amex card. The Cobalt has none.
Look at a flat-rate or no-fee card instead if most of your spending is outside food, you carry a balance, or you won’t use the card every month. The best travel credit cards in Canada guide compares the wider field.