Amex Cobalt Review 2026: Best Canadian Travel Card?

I have held the Amex Cobalt since 2022. It is the credit card I put roughly 80% of my non-Costco spending on, and has been my most profitable card by a meaningful margin. Here is the honest 2026 review.

Compare the Cobalt with Marriott Bonvoy Amex, MBNA Rewards World Elite, or Tangerine Money-Back. For a full ranking, see Best Travel Credit Cards Canada 2026 and Best Aeroplan Credit Cards. For a complete fee breakdown, see Amex Cobalt Fees Canada 2026.

At a glance

• Annual fee: $156 (billed $13/month)
• Welcome bonus: Up to 60,000 MR points (~$600 travel value)
• Earn rate: 5x groceries, 5x restaurants, 3x streaming, 2x gas/travel, 1x other
• FX fee: 2.5%
• Insurance: Travel emergency medical, rental car, baggage, more
• Best for: $600+/month food spend, flexible travel rewards

The 5x grocery rate is the headline

Almost every Canadian credit card earns 1-2% on groceries. Some specialty cards (CIBC Dividend Visa Infinite, Scotia Momentum Visa Infinite) earn 4% in specific situations. The Amex Cobalt earns 5x MR points uncapped — the highest base earn rate on groceries in Canada, period.

For a household spending $1,000/month on groceries, that’s 60,000 MR points per year on groceries alone. Transferred to Aeroplan, that’s enough for a round-trip economy flight from Toronto to most of North America.

Restaurants are the second 5x category

The Cobalt also earns 5x MR points on eligible restaurants — including coffee shops, fast food, takeout, and delivery. If you spend $500/month dining out (which most middle-income Canadians do, especially with food delivery), that’s another 30,000 MR points/year.

Combined with groceries, a typical Canadian household earns 90,000+ MR points/year just on food, which is worth approximately $900-$1,200 in flight redemptions. After subtracting the $156 annual fee, that’s $750-$1,000+ net annual value from one card.

Why MR transferability matters

Membership Rewards points transfer 1:1 to Aeroplan. So if you need an Aeroplan flight, the Cobalt is functionally identical to the Aeroplan Reserve in earn-to-redemption terms.

But MR is more flexible: it also transfers to British Airways Avios (excellent for short-haul Air Canada flights via the Avios partnership), Marriott Bonvoy, Hilton Honors, and several other programs. If Aeroplan devalues again (it has, multiple times), MR points hedge the risk by transferring elsewhere.

Where the Cobalt loses

• 2.5% FX fee abroad means you should pair it with a no-FX card (Scotia Passport, Wealthsimple Credit Card) for foreign spending.
• Amex acceptance at smaller merchants and Costco (which only takes Mastercard in Canada) means you need a backup card.
• Welcome bonus is back-loaded — you don’t see all 60,000 points until month 12.

My personal usage

In 2025, I earned 87,000 MR points on the Cobalt. After fees, my net was approximately 77,000 points. I redeemed 65,000 of them on a round-trip Toronto-Vancouver flight in December (saving ~$650 vs the cash fare). The remaining 22,000 sit in my MR account waiting for the next devaluation-resistant transfer opportunity.

Bottom line

If you spend $600+/month on groceries and restaurants and want flexible travel rewards, the Amex Cobalt is the highest-value Canadian credit card available in 2026. Apply via the welcome offer, hit the $750/month spend, and earn back the annual fee 5x over in the first year alone.