If you love eating out like I do, you’ve got one more reason to smile. The new American Express Cobalt is rewarding Canadians for their spending habits and is giving incredible value for consumers who spend a substantial amount in establishments like restaurants, fast food chains, coffee shops and bars. As someone who regularly buys stuff from grocery stores you also stand to get great value when using this card.
Pay Annual Fees in Instalments
Touted as the card for the millennials, this ground-breaking credit card has come up with a novel way of administering annual fees, sign up bonuses and category bonuses. The annual Fee for the AMEX Cobalt card is $120/year, but the good news is that payment is split on a monthly basis. This allows you to pay a fee of $10 for the card in 12 billing cycles – far more palatable than $120 on your first bill, I’d say!
Up to 40,000 Membership Rewards on offer on the first year
And, get this, if you apply by 30th January 2018, you stand a chance to get an additional 10,000 Membership Rewards points as long as you spend $3,000 on the card in the first 3 months! That means you can earn 40,000 Membership Rewards in your first year!!!
It does come with a condition, though – you’re required to spend $500 per billing cycle to receive 2,500 Membership Rewards. The good thing is that this guarantees you continuous value from the card meaning you don’t need to keep churning it to earn bonus points. As a Cobalt Cardmember you will also enjoy a lot of flexibility whenever you redeem your points through the Membership Rewards program.
American Express Membership Rewards are very flexible and can be transferred to lots of loyalty programs including a 1:1 ratio to Aeroplan and a 2:1 ratio to SPG.
When it comes to category bonuses, the Cobalt card promises to be a trendsetter in the credit cards segment in Canada.
Thanks to this card you can now receive the following benefits:
- 5X Membership Rewards whenever you spend at a restaurant, coffee shop or drinking establishment in Canada. This also applies for stand-alone grocery stores in Canada as well as businesses that provide food delivery services.
- 2X Membership Rewards for spending at gasoline stations in Canada, booking for travel services or travel bookings including air, water, rail and road transport, lodging and tour operator sales, as well as local commuter transportation in Canada including subway, streetcar, taxi, limousine and ride sharing services.
- 1X Membership Rewards for all other purchases.
And that’s not all; when earning SPG points (2:1 ratio), you stand a chance to gain 2.5 SPG points for every dollar you spend at grocery stores, restaurants, bars, food service delivery. How amazing is that?
Insurance and Other Perks
Apart from being a great earning card, the Cobalt Card also comes with travel-related insurance benefits to protect you and your purchases including car rental theft and damage insurance, emergency medical insurance, lost/stolen baggage insurance, and travel accident insurance to name a few.
Cardmembers will enjoy many of the perks American Express is known for including access to some of the hottest shows, concerts and events through Amex’s “front of the line” and other exclusive offers.
What You Need To Apply
Back in May this year, AMEX relaxed their criteria for applying for their credit cards considerably and abolished minimum income requirements in the process. In fact you can even apply for an Amex card and have it approved if you’ve been declared bankrupt provided a period of 2 years has lapsed since then.
In a nutshell this means you qualify for the Cobalt Card as long as you’re a Canadian resident and have a credit file, but you must be over the age of majority. Apply for the Cobalt Card now.
The only drawback I can identify from this card is the lack of airline partner transfers and absence of Trip Cancellation and Trip Interruption Insurance. Personally, I’ve never really used this facility. The fact that the 5x bonus isn’t applicable to gas stations in Canada is also a bit of a pain.