American Express CanadaCobalt

3450 868959 46455

VALID THRU 12/28AVERY PATEL

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Rewards Cards · Canada

American Express Cobalt Card

4.7 / 5 editorial rating

Best for: Renters and foodies who'll transfer points to travel partners

Reviewed by the CreditCardCompare editorial team · Fees and rates checked September 2026 — confirm on the issuer's site before you apply

Annual feeC$12.99/mo

IssuerAmerican Express Canada

NetworkAmex

Purchase APR21.99% on purchases, 21.99%…

Foreign transaction fee2.5% on foreign currency pur…

Credit neededGood to excellent credit

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

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Rates and offers change. Confirm today's terms on the issuer's official site before applying. Independent comparison — not financial advice.

Our take on the American Express Cobalt Card

The American Express Cobalt Card is the best choice for a Canadian who spends a lot on restaurants, groceries and food delivery, because it pays 5 Membership Rewards points per dollar on those purchases in Canada, up to $2,500 a month combined, as of September 2026. For someone who eats out and shops at stand-alone grocery stores, that is one of the highest ongoing earn rates on food in Canada.

The fee is charged as $12.99 a month, or $155.88 a year. At a conservative 1 cent per point, 5x returns 5%, so against a 1% card you cover the fee with about $325 a month in eats and drinks. Most people who would consider this card clear that easily. Streaming earns 3x, and gas, transit, rideshare and travel earn 2x.

The limits sit in the fine print. The 5x grocery rate covers stand-alone grocery stores in Canada, so check where your usual store falls, and some grocers and smaller merchants still don't take American Express, which means you'll want a Visa or Mastercard as a backup. Spending above the monthly cap drops to 1x.

Good fit if

You spend $600 or more a month on restaurants, coffee shops, groceries and food delivery in Canada
You rent and have few large bills, so food is your biggest spending category
You pay for streaming and take transit or rideshares often, which earn 3x and 2x

Skip it if

You shop mostly at grocers or warehouse clubs that don't accept Amex
You spend more than $2,500 a month on food and want the top rate on all of it

Worked example

Assume you spend $700 a month at a stand-alone grocery store, $400 on restaurants and delivery, $40 on streaming, $150 on gas and transit, and $600 on everything else. Food is $1,100 a month, under the $2,500 cap, earning 66,000 points a year at 5x. Streaming earns 1,440 points, gas and transit 3,600, and other spending 7,200. That is 78,240 points, worth $782.40 at a conservative 1 cent each. After $155.88 in monthly fees you keep $626.52.

How it stacks up

The Scotiabank Gold American Express pays 5x on dining, entertainment and groceries (6x at Sobeys-family stores), charges no foreign transaction fee and costs $120 a year, which makes it the better pick if you also spend abroad. The BMO CashBack World Elite Mastercard pays 5% cash back on groceries, but only on the first $500 per statement period, and it works wherever Mastercard is accepted.

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.