If you’re a Canadian looking for information on which credit card to get, you’ve come to the right article.
In this review, I will take a detailed look at the American express cobalt card and see what it offers in terms of benefits and user perks and how much it costs annually.
Who needs an American express cobalt card?
Okay, so let’s get started; who is this card good for? The first thing to note is that this card is specifically designed for the Canadian market. I hope it will eventually become available on our need as it has some decent benefits.
Another interesting point is that it charges a monthly fee to use the card instead of a one-time fee for the entire year, and I think this is a good thing.
Getting a large bill straight away for a new card can sometimes shock you, especially if you are new to credit cards.
So the cost of this card is not too bad. It’ll cost just over $155 annually, but unlike most other credit cards I’ve seen, it charges you $12.99 monthly.
I think it is a great idea? as it reduces one larger payment into 12 smaller amounts.
Another thing worth noting is that you can get up to nine additional cards without paying any annual fees, which is pretty good.
The platinum Amex card in Canada charges a $175 annual fee for each additional card.
It’s also worth noting that the annual interest rate on this card is 20.99% on purchases and 21.99% on funds advances.
So it’s super important to pay off your card as soon as possible to avoid any significant fees.
Sign Up Bonus
The Amex cobalt card has a decent offering regarding a signup bonus.
It allows you to earn a total of fifty thousand membership reward points.
And all points will be transferred to statement credits at a value of one thousand points for ten dollars.
So the fifty thousand reward points can be worth up to five hundred dollars, quickly covering the card’s monthly fees.
The reward points can also be redeemed on things like gift cards, movie tickets, and restaurants, or you can transfer the issues at a ratio of one to one with a few different frequent flyer programs.
And this can sometimes provide you with even more value than the previously mentioned options.
So to earn all of these points, you will need to do two separate things.
For the first year of card membership, you can earn two and a half thousand membership reward points for each monthly billing cycle as long as you spend at least five hundred dollars.
And if you do this monthly, you will earn thirty thousand points over the entire year.
The second way to earn points is to spend three thousand dollars on the card within the first three months of card ownership. And this will provide you with twenty thousand membership reward points.
So the minimum you can spend over the year and still receive all the points is seven and a half thousand dollars.
Which comes to just over a hundred and forty-four dollars per week?
Earning points with the Amex cobalt card is surprisingly good.
You can earn five points per dollar spent at restaurants or food delivery services within Canada. And this is limited to a total spend of thirty thousand dollars annually.
You will also earn three points per dollar on streaming subscriptions within Canada.
Next, you will earn two points on travel transit and gas purchases within Canada, and everything else will make one point per dollar spent.
Now there is the possibility to earn one additional point per dollar spent if you make bookings through Amex travel on eligible hotels or car rental bookings.
Benefits and User Perks
Some of the perks that come with this card are also pretty decent.
First, you can receive up to 100 us dollars in hotel credits that can be used on amenities such as dining spas or other leisure facilities at over 600 hotels that are part of the American express hotel collection.
And you can also get a room upgrade at check-in if available.
Aside from this, there is also the cobalt perks program with frequent offers that can be pretty rewarding if you take advantage of them.
Also Read: 5 Best Credit Cards in Canada
General Insurance Related Benefits
Now when it comes to insurance, the Amex cobalt card offers a ton of coverage.
Let’s start with the general coverage and then continue with the travel-related range afterward.
· Mobile device insurance
So first up, you will get mobile device insurance. This will cover any eligible mobile device as long as you purchase it on the card and cover up to one thousand dollars per insured person for theft loss or accidental damage anywhere in the world.
Next up, you will receive a purchase protection plan that will give you 90 days of coverage on purchase items in the event of accidental damage or theft, up to one thousand dollars per occurrence.
A fraud protection guarantee covers you if your card is used for any fraudulent charges.
·Emergency card replacement
You also get an emergency card replacement service which is handy.
If you lose your card or someone steals it, Amex will send you a new card.
And I used this for my platinum Amex while I was traveling in Switzerland, and the new card arrived within two days, which I thought was pretty quick.
Travel Insurance Related Benefits
So now, let’s continue and look at all of the travel-related coverage that comes with this card.
·Country emergency medical insurance
To begin with, you will be covered by out-of-province or country emergency medical insurance. This is a beneficial benefit just in case something terrible happens while traveling.
It can provide coverage of up to five million dollars for eligible medical expenses.
You were incurred by an injured person under the age of 65 while traveling outside of your Canadian provincial territory of residence for the first 15 consecutive days of a covered trip.
·Flight delay insurance
Next up, you will get flight delay insurance that provides up to 500 in coverage when your flight is delayed by more than four hours and no alternative transportation is available.
And this money is available within 48 hours of the delay happening.
·Baggage delay insurance
You will also receive baggage delay insurance, which covers up to five hundred dollars.
If you’ve checked in, luggage on an outbound trip is delayed by more than six hours.
·Stolen baggage insurance
Loss or stolen baggage insurance covers up to five thousand dollars per trip if your carry-on or checked-in luggage is lost or damaged during transit.
·Car rental theft and damage insurance
next up, you will receive car rental theft and damage insurance that will cover you if your car rental is damaged or stolen up to a total of 85 000.
And the rental must be less than 48 days, and to take advantage of this offer, and you must decline the collision damage waiver offered to you by the car rental agency.
And finally, you will receive $250000 for travel accident insurance which covers you in the case of dismemberment or accidental death.
Is the American Express cobalt card good?
The American express cobalt card is a great credit card for someone in Canada that potentially wants to have some travel perks doesn’t need all the glamour and glory of the platinum.
Is American Express cobalt hard to get?
Anyone can apply for the American Express COBOL card. You must be a Canadian resident and have A Canadian credit file; otherwise, you must be the age of a majority in your province or territory.
Are Amex cards metal or plastic?
American Express Cobalt Card is a contactless semi-metallic card.
Does Amex black card have a limit?
You can buy anything you want right as a charge card the majority of what you buy has to be paid off by the statement closed date. However, there is a portion of that money that you can carry a balance.
So essentially, Amex includes the Platinum. They have limits, but you’re allowed to exceed them as long as you pay off; you know the amount over the limit.
So what are my thoughts about the American express cobalt card?
I think it’s a perfect car, and considering the monthly fee of just $12.99, it’s relatively cheap.
Just the signup bonus quickly covers the annual costs associated with this card.
And with the point earning potential and all of the insurance-related coverage that comes with this card, I think it is worth considering.
That’s all I have for now, but I’d love to know what you think of this card.
Do you think it provides enough value for the $12.99 monthly fee, and if not, what card would you recommend instead?
[…] credit card, and the reason I say that is that this isn’t going to work like products from American Express Cobalt Card or […]