The Canadian Credit Card market, although not as crowded as its counterpart in the US, is still one of the most competitive out there. For those looking to maximize their travel perks via Credit Cards, I can confidently say that the Canadian Cobalt it’s the best rewards maximizer card in the marketplace.

In this post, I’ll share why I’ve kept the Canadian Cobalt in my wallet for so long and how its unparalleled point generation capacity has significantly benefited me.

The Amex Cobalt arguably has the highest earning multiples amongst all Credit Cards in the Canadian Market Place. This is the primary reason I’ve retained the Canadian Cobalt, given its unmatched points generation capacity.

5x

Membership Rewards Points per dollar spent on restaurants, dining, take out, food delivery, and groceries in Canada

3x

Membership Rewards Points per dollar spent on streaming subscriptions in Canada

While the 5x multiple itself has bragging rights, the multiple is spread out across a wide array of categories that also includes groceries. Furthermore, the 3x multiple on eligible streaming subscriptions complements the spend and earn capacity of this Card.

While some may choose to redeem their Membership Rewards for Cashback (equivalent cashback values listed above), the true value of the Cobalt lies in the flexibility of the Membership Rewards Program.

Probably the standout reason on why I retained the Cobalt for 5 years is the flexibility you get when you want to redeem your Membership Rewards Points. However, this flexibility is arguably worthless if the Cobalt didn’t have the outlandish rewards earn rates above.

To illustrate, you can book flights, hotels, or bundled itineraries via Amex’s Fixed and Flexible Points travel plans. Typically, the Flexible points travel reward redemption is at a 1 Cent Per Point (CPP) or a 1% Cashback valuation.

In my view, the far more valuable option would be to transfer your hard earned Membership Rewards Points to your frequently used travel programs (such as British Airways Avios, Air Canada Aeroplan, or Marriott Bonvoy). These reward transfers have their own transfer rates (see below) and the transferred rewards can be used to book flights, hotels, or both via the destination rewards program.

Frequent Travel and Guest Participants when transferring Amex Membership Rewards Points

I’ve transferred my Membership Rewards points to British Airways Avios and Air Canada Aeroplan programs frequently to book flights as well as vacations. In April 2024, I redeemed my transferred Membership Rewards via Air Canada Aeroplan to book a last minute vacation to the Canadian Rockies, at a valuation of 1.9 Cent Per Point or 1.9% Cashback, significantly higher than the 1 CPP or 1% Cashback reward rate mentioned above. Read more here.

The Canadian Cobalt offers a suite of insurance benefits, including travel insurance, purchase protection, and extended warranty coverage.

• Our of Province/Country emergency travel insurance
• Flight Delay/Baggage Delay/Hotel Burglary insurance
• Car rental theft and damage insurance
• Buyers assurance and purchase protection plans

The Buyers assurance and purchase protection plans have the potential for extending manufacturers warranty by an additional period. Read more about the suite of insurance coverage and offerings from Amex here.

If all the above was not convincing to you, the Annual Fees for the Card are $155.88 charged to the card on a monthly basis $12.99. The flexibility of paying the annual fee on a monthly basis is extremely valuable to those who do not want to shell out the entire annual fee in one go!

Conclusion

Retaining the Canadian Cobalt Card for the past five years has been a rewarding experience. Its maximum point generation capacity, flexible redemption options, and numerous perks make it an invaluable tool for managing my finances and enhancing my lifestyle. If you’re looking for a credit card that offers exceptional rewards and benefits, I highly recommend considering the Amex Cobalt.

Interested in Applying?

Our referral link to the Cobalt Card comes with a generous Welcome Bonus that will cover the Fees for the Card: