The American Express Cobalt® Card is designed for those who seek a rewarding lifestyle. With its rich array of benefits, including Membership Rewards® points on everyday purchases and exclusive access to events, this card stands out in the crowded credit card market. Whether you’re dining out, streaming your favorite shows, or traveling, the Cobalt Card ensures you get the most value for your spending.

One of the key advantages of the American Express Cobalt® Card is its robust rewards program. Cardmembers can earn up to 15,000 Membership Rewards® points in their first year by meeting monthly spending requirements.

These points can be redeemed for various rewards, making every purchase more rewarding. Additionally, the card offers valuable benefits like Front Of The Line® access to events and special perks through The Hotel Collection.

Key information about the American Express Cobalt® Card

How does the annual fee work?

The American Express Cobalt® Card comes with a monthly fee of $12.99, totaling $155.88 annually. This fee structure can be beneficial for those who prefer spreading out payments instead of a lump sum annual fee.

There are no additional fees for supplementary cards, making it easier for families to share the benefits. While there is no annual fee waiver, the card’s rewards and benefits often outweigh the cost for frequent users.

How is the credit limit determined?

American Express determines the credit limit for the Cobalt® Card based on the applicant’s creditworthiness. This includes factors like credit score, income, and credit history.

Unlike prepaid cards, where the user decides the limit by depositing funds, the credit limit for the Cobalt® Card is set by American Express after evaluating the applicant’s financial profile. For business or co-branded cards, additional factors such as business revenue and financial stability may also be considered.

Advantages of the American Express Cobalt® Card

The American Express Cobalt® Card offers numerous advantages that cater to a variety of lifestyle needs:

• Generous Rewards Program: Earn 5X points on eats and drinks, 3X points on streaming subscriptions, 2X points on travel and transit, and 1X point on all other purchases.
• Exclusive Event Access: Enjoy Front Of The Line® presale and reserved tickets for concerts, theatre productions, and other special events.
• Travel Perks: Access benefits from The Hotel Collection, including special offers when staying two or more consecutive nights at participating properties.
• Member Extras: Unlock additional value from top brands with exclusive Member extras.
• Comprehensive Coverage: Travel insurance, mobile device insurance, and shopping coverage are included with the card.

Standout benefit: membership rewards® program

The standout feature of the American Express Cobalt® Card is its Membership Rewards® program. Cardmembers earn points for everyday spending, which can be redeemed for travel, gift cards, merchandise, or statement credits.

The flexible redemption options and the high earning rates on dining and travel make this program particularly attractive. For example, you can earn 1,250 points each month you spend $750, potentially accumulating 15,000 points in the first year, which can be used for various rewards.

Disadvantages

While the American Express Cobalt® Card has numerous benefits, there are some drawbacks to consider:

• Monthly Fee: The card has a monthly fee of $12.99, which may add up for those who do not fully utilize the benefits.
• High Interest Rates: The card carries an annual interest rate of 21.99% on purchases and cash advances, which can be costly if balances are not paid in full.
• Limited Acceptance: American Express cards are not as widely accepted as Visa or MasterCard in some locations.

Standout disadvantage: monthly fee

The primary disadvantage of the American Express Cobalt® Card is its monthly fee. Although $12.99 per month might seem manageable, it totals $155.88 annually, which can be a significant expense if the card’s benefits and rewards are not fully utilized. Potential cardmembers should consider their spending habits and whether they can maximize the rewards and benefits to justify the fee.

Who can apply for this card?

To qualify for the American Express Cobalt® Card, applicants need to fulfill specific eligibility criteria:

• Residency: Applicants must be residents of Canada with a Canadian credit file. This ensures that the applicant has a financial history within the Canadian credit system.
• Age: Individuals applying for the Cobalt® Card must have reached the age of majority in their respective province or territory. This requirement ensures that applicants have legal capacity to enter into credit agreements.
• Credit Score: While there’s no explicitly stated minimum credit score, a good credit score is generally expected. This indicates a history of responsible credit management and enhances the likelihood of approval.
• Income: While there’s no specified minimum income, applicants should have a stable source of income to support their credit obligations. This helps demonstrate the ability to manage the card’s associated expenses.
• Credit History: A positive credit history is essential for approval. This includes maintaining timely payments on existing credit accounts and avoiding recent bankruptcies or delinquencies. Applicants with a history of responsible credit usage are more likely to be approved.
• Previous Credit Issues: The Cobalt® Card may not be available to individuals with a negative credit history or those who have previously defaulted on credit obligations. This ensures responsible lending practices and reduces the risk of default for the issuer.

Meeting these eligibility criteria increases the likelihood of approval for the American Express Cobalt® Card and demonstrates financial responsibility.

How to apply for the American Express Cobalt® Card

Applying for the American Express Cobalt® Card is a straightforward process that can be completed online, via the mobile app, or in person.

Online application

Visit the American Express Website:

Begin by visiting the official American Express Canada website. Once there, navigate to the section dedicated to the Cobalt® Card. This card has its own page where you can find detailed information about its benefits, features, and the application process.

Fill out the application form:

On the Cobalt® Card page, locate the application form. You will need to provide various pieces of personal and financial information. This typically includes your full name, contact details, date of birth, social insurance number, employment information, and details about your income and expenses. Ensure all the information you provide is accurate and up-to-date to avoid any delays in processing your application.

Submit the application:

After carefully filling out the application form, take a moment to review all the details you have entered. Double-check for any errors or omissions. Once you are confident that all the information is correct, proceed to submit your application. American Express usually processes online applications quickly, and you should receive a response within approximately 60 seconds, informing you of the status of your application.

Application via mobile app

Download the American Express App:

To get started, head to the app store on your device, whether it’s iOS or Android. Search for the American Express app and download it onto your smartphone or tablet. The app is available for free on both platforms, providing convenient access to your account and various features offered by American Express.

Create or log in to your account:

Once you’ve installed the Amex app, launch it on your device. If you’re a new user, you’ll need to create an account. This typically involves providing some personal information and setting up login credentials. For existing users, simply log in using your username and password or any other authentication method you’ve previously set up.

Complete the application:

Within the Amex app, navigate to the section dedicated to credit card applications. Look for the Cobalt® Card application and select it. Fill out the required information in the application form, ensuring accuracy and completeness.

Once you’ve reviewed everything, submit the form through the app. American Express typically processes online applications swiftly, so you can expect a prompt response regarding the status of your application.

In-store/agency application

Visit an American Express location:

Begin by locating the nearest American Express office or a partnered agency. You can use online maps or the American Express website to find the closest location to you. Once you have the address, make your way to the office during their operating hours.

Consult with a representative:

Upon arrival at the American Express location, approach the reception desk or inquire with a staff member about speaking with a representative. They will connect you with someone who can assist you with the Cobalt® Card application process. Take this opportunity to ask any questions you may have and clarify any doubts about the card’s features, benefits, and application requirements.

Submit your application:

With the guidance of the representative, gather and provide all the necessary documentation required for the application. This typically includes identification documents, proof of income, and any other relevant paperwork.

The representative will assist you in completing the application form accurately. Once everything is in order, submit your application directly to the representative. They will ensure it is processed promptly and efficiently.

In summary, the American Express Cobalt® Card offers a wealth of benefits that can significantly enhance your lifestyle, from earning valuable Membership Rewards® points to enjoying exclusive event access. However, potential cardmembers should carefully consider the monthly fee and whether the card’s advantages align with their spending habits and financial goals.

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