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Last summer, Amex offered a lucrative upgrade opportunity from Cobalt to Gold, and that has now returned for this summer. While not as lucrative as last year’s, let’s take a look and judge if you should upgrade your Amex Cobalt to an Amex Gold.
Upgrade to Amex Gold for 30,000 MR
First off, this is not a targeted offer, so everyone with an Amex Cobalt is eligible.
Here at PMB, we’ve long loved the Amex Cobalt card. It’s our recommended card for groceries, restaurants, food delivery, and gas — basically, everyday spending categories where it truly shines.
When considering whether or not to upgrade your Cobalt to an Amex Gold, you have to weigh the upgrade bonus against the Cobalt’s robust points-earning potential. Last year, Amex offered 90,000 MR, which may have been too generous, as it’s only 30,000 this year.
However, at this time last year, the Amex Gold had a sign-up bonus of 110,000 MR, while the current sign-up bonus is a lower 70,000 MR. You might think the no-brainer move is just to sign up for a new Amex Gold then, but consider that 70,000 MR is distributed over 15 months with a total of $52,000 required in spend.
Earning the first 60,000 MR is the sweet spot, with a $1,000 monthly spend required, which corresponds to 5,000 MR earned per month. The last 10,000 MR requires $40,000 in spend in the first three months.
Comparatively, 30,000 MR is half as much as 60,000, but you earn most of it immediately with a very reasonable spend requirement:
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20,000 MR points when you charge $3,000 to your Gold Card in the first 3 months
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10,000 MR points when you make any purchase between 15 and 17 months of Cardmembership
Elevated Upgrade Offer from Amex Cobalt to Gold
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 |
Anshul’s Cobalt Earning in 2025
Now, if he 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, he would earn 72,000 MR points
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Add the 30,000 MR points from the upgrade offer
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Total = 102,000 MR points
That’s a delta of ~73,000 MR points, heavily favouring the Cobalt. For someone in Anshul’s position, upgrading would not make sense.
Amex Gold Perks
Now, it’s completely different for me as I travel and spend a lot of time outside of Canada. When I’m in Canada, my favourite grocery stores and restaurants don’t take Amex, so I’m really not racking up as many points with my Cobalt as one might expect. I didn’t upgrade last year at 90,000, thinking I’ll maximize my 5X earn by hitting up grocery stores and buying gift cards, but Amex seems to be shutting people down for gift card purchases, so I haven’t done that, either.
For me, 30,000 MR is 30,000 MR I wouldn’t otherwise have, so I am seriously considering it. The Amex Gold card also comes with some tangible annual benefits for its $250 annual fee:
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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
The $100 travel credit directly offsets the annual fee, making it a net $150. Lounge passes are more valuable than in the past since the Amex Platinum is limiting Priority Pass and Plaza to 6 visits each per year starting in 2027.
In my case, I have the Scotiabank Passport Visa Infinite for general travel insurance and U.S. credit cards for lounge access and other perks, so the other perks on the Amex Gold don’t move the needle.
Also, keep in mind that if you plan to take the upgrade and apply for a new Amex Cobalt, you might not get approved. Amex has been very tough with approvals the past year and I know two people who were unable to get a new Cobalt after upgrading to Gold.
Takeaway
This Amex Cobalt → Gold upgrade offer is much more nuanced than it first appears. On paper, 30,000 MR points with a relatively low spending requirement is attractive, especially compared to the current public Amex Gold offer that requires significantly more spend stretched across 15 months. Add in the annual travel credit, lounge passes, NEXUS credit, and travel insurance, and the Gold card starts to make a compelling case for certain lifestyles.
That said, the Cobalt remains one of the strongest everyday earners in Canada and it’s very difficult to overcome the sheer power of 5X on groceries and dining. For heavy Cobalt spenders, the opportunity cost of giving up those earn rates can easily outweigh the 30,000-point upgrade bonus. Ultimately, whether this offer makes sense depends entirely on your spending patterns, travel habits, and whether you already have overlapping premium travel perks elsewhere.
Did you receive this offer too? Are you thinking of upgrading?
Featured Image Credit: Amex Canada
