American Express Cobalt Card – Earn Up to 180,000 MR points in first year

The best credit card in Canada now comes with up to 30,000 Membership Rewards (MR) points for new card members. A minimum spend of $500 monthly will continue to earn 2500 MR points, which adds up to 30,000 MR points each year. Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks up to $2,500 monthly, $30,000 annually. For households maximizing the 5x earning rate, the Card can yield up to 180,000 MR points (including a 30k welcome bonus) in the first year. Here is why every family must have the American Express Cobalt card in their wallets;

American Express Cobalt Card Review – Apply Now 

• Monthly Fee: $12.99/month of Cardmembership ($155.88 annually)
• Welcome Bonus: 2,500 points for each monthly billing period in which you spend $500 in net purchases on your Card, which can add up to 30,000 MR points annually.
• Earning Rate:
  • 5x on eligible eats and drinks in Canada, including groceries and food delivery
    • Effective August 15, 2023, Cobalt Cardmembers will earn 5x the points on all eligible eats & drinks up to $2,500 monthly, for a total of $30,000 annually
  • 3x on eligible streaming subscriptions in Canada
  • 2x on Travel and Transit (including flights, hotels, taxis, gas, ride-sharing, and transit passes)
  • 1x on all other purchases

• Other Key Benefits:
  • Amex Special Offers (perks, bonus rewards)
  • The Hotel Collection (USD 100 hotel credit at participating properties on qualifying room charges and room upgrade with min. 2-night booking made directly on the American Express travel portal)
  • Extensive Insurance coverage for travel and shopping

• Redeeming MR points
  
  • Transfer points 1:1 to frequent flyer programs, like Air Canada Aeroplan or British Airways Avios. Or to Hotel programs like Hilton and Marriott (5:6).
    With the ability to earn 5x MR points/$, the best use would be to convert 1:1 to a program like Aeroplan and leverage against business class award redemption. Or convert to Marriott Bonvoy points, 6 Marriott points per dollar is better than any other card can offer (Marriott Bonvoy Amex cards come the closest with 5 points/$).
  • Fixed Points Travel Program: A short-haul return flight in economy class (15,000 points) can be had with a spend of $3000 on the American Express Cobalt Card or a return trip to Europe in Business class (140,000 points) with $28000 in card spend. These are incredible returns for daily spending on a card.

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    Amex Fixed Points Travel – Economy (r/t)

     

    

    Amex Fixed Points Travel – Business (r/t)

     

  • Statement Credits towards eligible purchases – for example, 30,000 points is enough for $300 in statement credits redeemed towards purchases charged to the Card.
  • Gift cards and merchandise through membershiprewards.ca – for example, 30,000 points is enough for $225 in American Express® Prepaid Cards.
  • Purchases at Amazon.ca

A detailed list of benefits and perks of the Card is listed here

Take Away

Important to note that the 5x earn rate on the Card has a $30,000 annual limit. If cardmembers maximize this limit, they earn 150,000 MR points yearly. With a 1:1 transfer rate to an airline program like Aeroplan, 150,000 Aeroplan points are good enough for a round trip to most places around the globe in Business Class – an incredible return on the Card! American Express Cobalt Card is a must-have for all Canadians for its ease of earning points and great returns. In my opinion, still the best credit card in Canada.

Title Image Source: American Express