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We’ve long loved the Amex Cobalt Card in our household. It’s been our go-to for groceries, restaurants, food delivery, streaming services, transit, and gas – basically, everyday spending categories where it truly shines. However, yesterday I received an elevated upgrade offer from American Express Canada that got me to pause.
It’s not often that these upgrade offers warrant serious attention. In the past, they’ve been fairly tepid and easy to dismiss, especially when you weigh them against the Cobalt’s robust points-earning potential. However, the current offer was surprisingly generous and aligned with the elevated public offers for the American Express Gold Rewards Card, which is currently advertising up to 110,000 MR points for new cardmembers with ~$20,000 in annual spend.
But here’s what really stood out to me – The upgrade offer I received was for up to 90,000 Membership Rewards (MR) points with just $3,000 in spend. That’s a completely different ballgame. Details of the upgrade offer:
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70,000 MR points when you spend $3,000 on your Gold Card within the first 3 months of Cardmembership
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20,000 MR points when you make any purchase between 15 and 17 months of Cardmembership
This was the first time an upgrade offer from Amex Cobalt to Amex Gold made me do a double-take.
Elevated Upgrade Offer from Amex Cobalt to Gold
Elevated Upgrade Offer – Cobalt vs Amex Gold – Earn Rates
My hesitation, as always, comes down to the earn rates. The Cobalt card earns significantly more across almost every household category. Here’s a comparison of earn rates between the two cards:
| Category | Cobalt | Amex Gold |
|---|---|---|
| Groceries | 5X | 2X |
| Restaurants and Bars | 5X | 1X |
| Food Deliveries | 5X | 1X |
| Streaming Subscriptions | 3X | 1X |
| Transit and Ride Shares | 2X | 1X |
| Gas Stations | 2X | 2X |
| Travel | 1X | 2X |
| Drug Stores | 1X | 2X |
| All Other Spend | 1X | 1X |
My Cobalt Earning – last 3 months
Now, if I switched to the Amex Gold Card and moved the same monthly spend over to it, the numbers shift significantly:
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$3,000/month x 12 months = $36,000 annual spend
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Assuming a generous 2X average earn rate, I would earn 72,000 MR points
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Add the 90,000 MR points from the upgrade offer
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Total = 162,000 MR points
That’s a delta of ~13,000 MR points, favouring the Cobalt. That said, the Amex Gold Card comes with some tangible annual benefits that may help bridge that point gap:
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$100 Annual Travel Credit
- $100 USD credit towards amenities with The Hotel Collection
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4 Complimentary Lounge Passes via Priority Pass
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$50 NEXUS Credit
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Comprehensive Travel Insurance Coverage
Amex Gold Card Credits
For someone who values travel perks or doesn’t already have lounge access or strong travel insurance from another card, these extras could tilt the balance. In my case, I already hold the Amex Aeroplan Reserve and the Scotiabank Passport Visa Infinite, both of which provide superior travel benefits and lounge access. So, adding the Gold card just for these perks wouldn’t move the needle enough.
You might ask – why not keep the Cobalt and apply for a new Gold card instead of upgrading? That option has one catch: the public Gold card offer (currently up to 110,000 MR points) requires a $20,000 annual spend to unlock all the bonuses. Since my discretionary budget is already allocated across my Cobalt, Aeroplan Reserve, and Scotia Passport, stretching for that extra spend just to chase points would dilute my overall earn rate.
Elevated Upgrade Offer – Takeaway
So, where does that leave me? Despite the compelling nature of this new upgrade offer, especially compared to previous versions, I ultimately chose to pass. The Cobalt card still delivers higher overall returns for my spending habits, and I already have travel benefits covered elsewhere.
But this time, it was a much closer call. I believe this 2025 upgrade offer is truly elevated and should not be dismissed outright, unlike those in the past. If you’ve received it, it’s definitely worth taking a hard look at your annual spend, bonus valuation, and the travel perks you may or may not already have. For the right household, this offer could make sense, especially if you’re planning for a big travel year ahead.
Did you receive this offer too? Are you thinking of upgrading?
Featured Image Credit: Amex Canada
