American Express improves the Cobalt Card – yes the best card in Canada just got even better

Another one of these file this news into that category of ‘we didn’t see that one coming’! News broke this morning for American Express Cobalt Card members who logged into their accounts and saw this nice little banner ad! As of August 16 there are some changes happening to the Cobalt Card and for the most part they are better!


Here’s what’s happening – first you should know everything the card has right now will remain, no changes there at all except on the monthly fee. So here’s what’s new:

  • As of August 16 the card will earn 3x points on select streaming services in Canada. This accelerator category is something we are seeing more of and Amex is definitely targeting the competition who have these increased rates on this category as well. See below for the list of eligible streaming services
  • They are adding Mobile Device Insurance – again this is something that has been seen on a lot of competing cards now and now the Cobalt Card will have it as well.
  • They are increasing the monthly fee to $12.99 from $10. This means on an annul basis the card will cost $155.88 versus the previous $120. This is a pretty big jump that I’m sure some people won’t be happy about. It also makes the card one of the most expensive cards in the premium card market (vs. Mastercard World Elite and Visa Infinite Cards) That being said – even with this increased fee the card still blows most of the competition out of the water so it is pill I am willing to swallow.
  • And most possibly the biggest news of all – You will now be able to convert your Membership Rewards Select points to their airline partners like Aeroplan and British Airways. This is huge and make that price increase worth it! This means you can earn up to 5 Aeroplan Miles or British Airways Avios per dollar spent with the card!

    We’ve reached out to Amex to see what the story is behind this!

Here are the streaming services included:

  • Apple TV+
  • Apple Music
  • Crave
  • Disney+
  • fuboTV
  • hayu
  • Netflix
  • RDS
  • SiriusXM Canada
  • Spotify
  • TSN

Wrapping it up

That’s it for the changes to the Cobalt Card. Now Canada’s best travel rewards credit card and Canada’s best cash back credit card is even better in our mind! The increased earn rate for streaming services is a nice addition as is Mobile Device Insurance since the latter is being found on more and more cards. I’m don’t put a lot of value on the Mobile Device Insurance (here or on other cards) thanks to deductibles and depreciation but no matter it can save you a little bit of cash should something happen to your mobile device. Then being able to convert to airline partners as well? Enough said! And is typically seen with credit cards and loyalty programs – there has to be some give and take. So while Amex has added these new perks to the card they have also increased the monthly fee on the card. On a monthly basis $12,99 doesn’t seem like a lot – it just seems like one of the monthly subscription costs but when you add it up to over $150 that may just be the pain point that will keep some people from considering the card. Personally I’m fine paying that amount because of the huge value we get out of our multiple Cobalt accounts but everyone on their own will have to determine if it is worth it for them or not.

What do you think of today’s news on the Cobalt card? Are you excited for the changes? Will you keep the card with the increased fee? Does this make the card more attractive to apply for? Let us know in the comments below!

Screenshots via American Express