American Express Cobalt Card

For renters and people who spend heavily on food, the Cobalt's 5x on dining and groceries is hard to top, and the points transfer to airline and hotel partners for outsized value. Watch the structure though: it's billed around CAD 12.99 a month, so about CAD 155.88 a year whether or not you use it, and Amex acceptance is narrower than Visa. If most of your spend is gas, bills or big-box retail rather than food, the Scotiabank Gold or a flat-rate cashback card fits better; check the current monthly fee and earn caps on Amex Canada's site.

American Express Cobalt Card at a glance

Rewards & perks

• Earn 5x Membership Rewards points on dining and groceries
• Collect 3x points on eligible streaming services
• Pick up 2x points on travel and transit
• Move points to airline and hotel partners on flexible terms

Pros

• Earn rate on food and drink is among the very best
• Membership Rewards points are flexible and transferable
• Charging the fee monthly spreads the cost out

Cons

• Charged as a monthly fee that totals up over the year
• Amex is accepted at fewer places than Visa or Mastercard
• Charges 2.5% on foreign currency purchases

Who should apply

• Live in Canada and meet your province's age of majority
• Hold a good to excellent credit record
• No high minimum income is specified
• Clear American Express Canada's application review

Before you apply: card terms change often. Confirm the current annual fee, APR, welcome offer and rewards on the official American Express Canada site. CreditCardCompare is an independent comparison resource, not the card issuer, and this is not financial advice.