Best offer is available via Great Canadian Rebates or Ticketmaster
- Signup bonus: 30,000 MR Select points, split over 12 months
- Minimum spending: $500 per month
- Monthly fee: $10
- Earning rate:
- 5 MR Select points per dollar spent on groceries and dining
- 2 MR Select points per dollar spent on gas, public transit, and travel purchases
- 1 MR Select point per dollar spent on all other purchases
- Referral bonus: 5,000 MR points per referral, up to 75,000 MR points per calendar year
- Perks & benefits: Special offers for Cobalt cardholders throughout the year
- Insurance: Good
Eschewing the traditional credit card model, the Cobalt Card is designed as a "monthly membership" card, offering a bonus of up to 30,000 Membership Rewards Select points over the course of the first 12 months of your membership.
Here's how it works: for each monthly billing cycle during the first 12 months that you complete $500 in spending, you'll earn 2,500 MR Select points.
The annual fee of $120 is also charged on a month-to-month basis – each month, you'll be on the hook for a "Membership Fee Installment" of $10.
If you apply via Great Canadian Rebates, you can get $50 cash back upon approval, reducing your annual outlay to $70 for the first year.
Furthermore, there is a special offer with Ticketmaster wherein you can get a $100 statement credit after charging a $100+ Ticketmaster purchase to your Cobalt Card for the first time. If you regularly buy event tickets, this is easily the best offer available for the card.
As a cardholder, you'll earn 5,000 MR Select points for every referral you make, up to a maximum of 75,000 MR Select points per calendar year. You can also add supplementary cards for free.
American Express Membership Rewards Select
Transfer to hotel partners
American Express Credit Card Flowchart
The optimal Amex application strategy
The American Express Cobalt Card is a game changer when it comes to the returns on daily spending. You'll earn:
5 MR Select points per dollar spent on groceries & dining, specifically "(i) restaurant, quick service restaurant, coffee shop and drinking establishments in Canada, (ii) stand-alone grocery stores in Canada, (iii) delivery of food and groceries in Canada as a primary business"
2 MR Select points per dollar spent on travel purchases, transit, and transportation, specifically "(i) stand-alone automobile gasoline stations in Canada, (ii) travel services or travel bookings including air, water, rail and road transport, lodging and tour operator sales, (iii) local commuter transportation in Canada including subway, streetcar, taxi, limousine and ride sharing services"
1 MR Select point per dollar spent on all other purchases
It doesn't take a genius to figure out that Amex has the millennial demographic locked in their sights with this credit card. As someone who's often lumped into the millennial category myself, I can attest to the fact that the vast majority of my spending goes towards food and travel, and I do indeed get amazing value out of this card.
This is also the only 5x category multiplier on spending in Canada, which is something our neighbours down in the US have had for many, many years.
In terms of best uses for MR Select points, they can be converted to the Marriott loyalty program at a 1:1.2 ratio, or put towards booking a flight via Amex Fixed Points Travel.
The major coverage categories are pretty much all included, with the exception of Trip Interruption and Trip Cancellation. In particular, the following benefits are included:
Emergency medical insurance, of up to $5,000,000 per insured person
Lost, stolen, or damaged baggage insurance, of up to $500
Baggage delay insurance, of up to $500
Car rental loss or damage insurance, so you can save on the insurance fees usually charged by car rental companies
Hotel or motel burglary insurance, of up to $500
I applaud the move by Amex to include medical travel insurance on the card. A lot of younger travellers I know don't see the need to obtain travel insurance before each trip, or don't want to deal with the hassle, especially if they're often on the road. (I'm often guilty of this myself.) The fact that travel insurance is included if you book your trip with the Cobalt Card is sure to be appealing to many cardholders.
Great Canadian Rebates is offering a $50 cash back for applying for the card, and the bonus offer is the exact same as applying directly through the Amex website. You can access the application at the below link:
There's also a great offer of a $100 statement credit when you make a purchase of $100 or more on Ticketmaster. This is on top of all the great perks and bonuses I've already mentioned. You can access the offer at the below link:
Any questions? Contact me.