Some unfortunate news out of American Express today, the much beloved American Express Cobalt Card will see its 2x points earn rate on travel be cut to 1x points as of October 8, 2024. It will however retain 2x points earning on gas, transit, taxi, ride sharing etc. plus its coveted 5x points on eats and drinks and 3x points on select streaming services. So, a minor change but still an unfortunate devaluation to this card.
More details can be found in our video as well:
I do get why American Express would do this as they strive for some differentiation between their card products. The Cobalt Card is marketed as a lifestyle card where as the American Express Gold Rewards Card and The Platinum Card are marketed as travel cards, yet all three cards have the same earn rate for travel at 2 points per dollar.
Ever since the Cobalt Card was introduced it has overshadowed the Gold Rewards Card, which happened to be Canada’s best travel rewards card until the launch of the Cobalt Card. The Gold Rewards Card is still one of the best cards in Canada (we rank it #3 overall) but living in the shadow of the Cobalt Card, it required something to bring it back into the light and this change will help that happen.
For example, if you look at our feature on Which credit cards earn the most Aeroplan points, the Gold Rewards card will become the top earner for non-Air Canada travel purchases (tied with the Platinum Card).
This means the Gold Rewards card will now have more appeal than the Cobalt Card for those customers who spend a lot on travel. And, for many, it will likely mean carrying (at least) two Amex cards instead of one as people will still want to get the Cobalt Card for the 5x points on eats and drinks and the other accelerators plus get the Gold Rewards card for travel purchases. Remember the Gold Rewards Card is also one of the few remaining cards with a drug store accelerator!
Wrapping it up
In the grand scheme of things, this is a pretty minor change to the American Express Cobalt Card – a lot of people don’t get it for the travel accelerator, they get it for the 5x points on eats and drinks. For them the 2x points on travel has been icing on the cake for when they do make travel purchases. Overall, even with this devaluation, the Cobalt Card will keep its position as the best overall credit card in Canada and it will continue to be one of the best cash back cards as well.
Meanwhile, it will help bring some light back to the American Express Gold Rewards Card as a preeminent travel card with its 2x travel earn rate, NEXUS credit, annual travel credit, lounge access with four passes and stronger insurance coverage.
American Express Cobalt® Card
In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in net purchases on your Card. This could add up to 15,000 points in a year. That’s up to $150 towards a weekend getaway or concert tickets
- Earn 5x the points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.
- Earn 3x the points on eligible streaming subscriptions in Canada
- Earn 2x the points on eligible ride shares, transit & gas in Canada
- Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online
- Earn 1x point for every $1 in Card purchases everywhere else
- Enjoy access to hotel bookings, a room upgrade (when available), 12pm check-in and late check-out (when available), and up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Cobalt Cardmembers receive regular Perks such as bonus reward offers and access to great events
- Access Front Of The Line® Presale & Reserved Tickets to some of your favourite concerts and theatre performances and special offers and events curated for Cardmembers with American Express® Experiences
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
- Click here to apply for the American Express Cobalt Card
American Express® Gold Rewards Card®
New American Express® Gold Rewards Cardmembers, earn 5,000 Membership Rewards® points for each monthly billing period in which you spend $1,000 in net purchases on your Card
This could add up to 60,000 points in a year. That’s up to $600 towards your next vacation.
- Earn 2 points for every $1 in Card purchases for eligible travel purchases, including flights, hotels, car rentals, cruises, and more
- Earn 2 points for every $1 in Card purchases at eligible gas stations, grocery stores and drugstores in Canada, and 1 point for every $1 in Card purchases everywhere else
- The Card is now available in your choice of Gold or Rose Gold metal options
- Receive a $50 CAD statement credit when a NEXUS application or renewal fee is charged to your American Express Gold Rewards Card
- You have access to an annual $100 CAD Travel Credit, compliments of your American Express Gold Rewards Card. Use the credit once annually towards any single travel booking of $100 or more charged to your Gold Rewards Card through American Express Travel Online
- As a Gold Rewards Cardmember, you can receive complimentary membership in Priority PassTM – one of the world’s largest independent airport lounge programs. Escape the chaos of airports and relax in an oasis of calm and simply enjoy the fact that the travel experience has begun before your plane has even left the ground. Enrollment is required and entry fees apply
- Enjoy four (4) complimentary visits per Calendar year to Plaza Premium Lounges across Canada. Entry fees apply once complimentary visits have been used
- Charge any eligible purchase to your credit Card then log in to redeem your earned points for a statement credit
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- 1 Free Additional Gold Rewards Card (a $50 value) to help you earn points faster
- Subject to approval. The preferred rate for purchases is 21.99% and funds advances is 21.99%. If you have Missed Payments, the applicable rates for your account will be 25.99% and/or 28.99%. See the information box included with the application for the definition of Missed Payment and which rates apply to charges on your account and other details
- *American Express is not responsible for maintaining of monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.
- Click here to apply for the American Express Gold Rewards Card