Need help completing minimum spend? It's your last chance to get the CIBC AC Conversion Card, which you can load with Visa and MasterCard to earn lots of points! Applying for the card is free. For more details, check out my post.
Update: The offer below is now no longer available. Here’s the latest offer for the American Express Cobalt Card.
The American Express Cobalt Card is one of the best new credit cards available. I applied and was approved for this card last October. It’s been three months and I have nothing but positive things to say about the product. It is a card everyone should be getting.
The welcome offer for this card is 40,000 Membership Rewards points. You earn 10,000 by spending $3,000 in the first three months, and another 30,000 points for spending $500 per month in your first year, awarded 2,500 points per month. This increased offer ends January 30th. If you have been eyeing the card, now is the time to apply as the offer will decrease in a few days. See my review of the card for more details.
American Express Cobalt Card Overview
The card is pretty innovative, with a $10 monthly fee instead of an annual one. American Express has also been running some pretty impressive promotions with this card, including a great duty free offer, a $100 Ticketmaster Credit, and more.
The speed at which you can earn rewards with this card is incredible. You earn 5x points per dollar on grocery and dining purchases and 2x points on travel purchases. There is no limit on the bonus points you can earn. This is also the only credit card that has a bonus on Food Delivery and Transit. All these features are unmatched by any other credit card in Canada.
Comparing these earning capabilities against a straight 2% (2x points) cashback card like the MBNA World Elite MasterCard, you earn a minimum of 3% more with the Cobalt Card. If you spend only $10,000 on groceries and dining a year, that’s 30,000 additional points you earn by using this card. I plan on keeping the card indefinitely as the bonus points from my dining and grocery purchases are significant.
Keep in mind that this card is not the best way to earn airline miles. The best card for airline miles is the American Express Business Platinum Card, which has the highest signup offer in Canada: 75,000 points (75,000 Aeroplan) after completing the requirements. This card earns points in the Membership Rewards Select Tier.
The best redemption options are either transferring at a 2:1 ratio to SPG, or redeeming against the Fixed Points Travel Program which values each up at up to 2 cents. Since you earn 5 points per dollar on dining and groceries, that’s 2.5 SPG points or up to 10% back per dollar. You can also redeem your points towards travel charged onto the card at 10,000 for $100.
Other Application Details
American Express has a limit of two credit cards per person, so you will need to close an account if you already have two credit cards. Right now, I have this card as well as the Starwood Preferred Guest American Express. American Express pulls TransUnion when checking your credit.
Apply for the American Express Cobalt Card today, and earn up to 40,000 Points! Offer ends January 30th.