Capital · Credit Cards · American Express
A Card Billed
Monthly, Not Yearly.
The Cobalt charges $15.99 a month rather than a lump sum once a year, earns five points per dollar on eats and drinks in Canada, and carries 21.99 percent on both purchases and funds advances. Every figure here is off Amex Canada, read 5 September 2026.
The American Express Cobalt Card costs $15.99 a month, which is $191.88 a year. It earns five points per dollar on eligible eats and drinks in Canada, three on streaming, two on gas, transit and ride share, and one on everything else. Interest is 21.99 percent. Not advice.
A Month
$191.88 a year. Same figure for Quebec residents.
Eats And Drinks
Eligible restaurants or food delivery in Canada.
Purchases And Advances
The same rate on both, which is unusual.
Additional Cards
No annual fee on supplementary cards.
What The Card Is
Read off American Express Canada on 5 September 2026, in their words before mine.
The Fee Is Monthly, And That Is The Point
$15.99 a month, which American Express states equals $191.88 annually. A monthly fee is easier to cancel and easier to ignore. It is the same money as a $191.88 card, and a card you forget to cancel for four months has cost you $63.96.
Four Earn Rates, All Capped To Canada
5X on eats and drinks, 3X on streaming subscriptions, 2X on gas, transit and ride share, 1X on everything else. The first three are stated as eligible purchases in Canada, which is the qualifier that decides whether the headline rate applies to you.
One Extra Point On Amex Travel
One additional point on eligible hotel or car rental bookings made through Amex Travel Online, stacked on top of the base rate.
The Interest Rate Is The Same Either Way
21.99 percent on purchases and 21.99 percent on funds advances. Most Canadian cards charge more on a cash advance than on a purchase. This one does not, which matters only if you were going to do something you should not do anyway.
The Arithmetic On The Fee
What has to happen for $191.88 to come back, in the only category that pays five.
The Fee Is $191.88, However It Is Billed
Twelve payments of $15.99. Any comparison against a card with an annual fee has to use the annual number, and any comparison against a no fee card has to use it too.
Five Points Per Dollar Is The Whole Case
The other three rates are ordinary. If your restaurant and delivery spend is small, this is a $191.88 card earning one to three points, and there are no fee cards that do better than that.
Points Are Not Dollars Until You Move Them
American Express values the welcome offer at up to $150 for 15,000 points, which is a cent a point. Any calculation you do at a higher rate is a calculation about transfer partners, not about this card.
The Welcome Offer Is A Spend Test
1,250 points for each monthly billing period in which you spend $750, in the first year, up to 15,000 points. Twelve months at $750 is $9,000 of spend to collect what Amex calls $150.
The Case Against Carrying It
Same standard as every other page here.
The Monthly Fee Hides The Size
$15.99 does not feel like $191.88 and that is not an accident. Compare it as an annual number or you are not comparing it.
The Best Rate Is The Narrowest Category
Eats and drinks in Canada is a real category but it is not most people’s largest one. Housing, insurance and utilities all earn one.
Amex Acceptance Is Still The Constraint
A five point rate at a restaurant that does not take Amex is a zero point rate. This is the oldest argument against every Amex card in Canada and it has not stopped being true.
It Is A Charge Of 21.99 Percent If You Slip
The earn rate is irrelevant the first month you carry a balance. Twenty one ninety nine against five points is not a trade.
How It Sits In A Stack
Not advice. How this card reads next to the nine already published here.
It Is A Category Card, Not A Base Card
Five on one category and one on the rest is the shape of a card you carry alongside something else, not the shape of a card you put everything on.
It Feeds The Same Balance As The Platinum
Membership Rewards points from this card and from the Platinum land in one balance. One currency beats three is already one of the four rules on the card stack page, and this is what that rule looks like in practice.
The Monthly Billing Is A Feature For A Test
A card you can cancel after one month is a card you can try. That is worth something on a $191.88 product and worth nothing on a no fee one.
What Could Not Be Confirmed
In circulation, and not on the issuer page. Printed rather than dropped.
The $2,500 Monthly Cap On 5X
Widely reported, and repeated on this site until now, that the five point rate applies only to the first $2,500 of eligible spend each billing period. It does not appear anywhere on the American Express Canada product page as rendered on 5 September 2026. It may well sit in the full terms behind footnote three. It is printed here as unconfirmed rather than restated as fact, and rather than dropped, because a reader who has seen it elsewhere deserves to know it could not be verified.
All figures read off the American Express Canada product page for the American Express Cobalt Card on 5 September 2026: card fee $15.99 a month stated as equalling $191.88 annually for non Quebec residents and $191.88 a year for Quebec residents, annual interest rate 21.99% on purchases and 21.99% on funds advances, no annual fee on additional cards, earn rates of 5X on eats and drinks, 3X on streaming subscriptions, 2X on gas, transit and ride share and 1X on everything else, all stated as eligible purchases in Canada, plus one additional point on eligible hotel or car rental bookings through Amex Travel Online, and a welcome offer of 1,250 Membership Rewards points for each monthly billing period in which $750 is spent in the first year to a maximum of 15,000 points, which American Express values at up to $150. No figure on this page comes from a comparison site. Cody Wise does not hold this card.
The Rest Of The Card Pages
What is actually in the wallet, and the one that is not.
The Whole Card Stack
Nine cards across six issuers, what each one costs and what it is actually for.
The Amex Platinum
The premium card in the wallet, with the $799 fee broken down against its credits.
The Centurion
The card with no application form, and what American Express actually publishes about it.
Common Questions
$15.99 a month, which American Express states equals $191.88 annually. The figure is the same for Quebec residents. Read off American Express Canada on 5 September 2026.
Five points per dollar on eligible eats and drinks in Canada, three on eligible streaming subscriptions in Canada, two on eligible gas, transit and ride share in Canada, and one on everything else. One additional point on eligible hotel and car rental bookings through Amex Travel Online.
21.99 percent on purchases and 21.99 percent on funds advances. Unusually for a Canadian card, the two rates are the same.
1,250 Membership Rewards points for each monthly billing period in which you spend $750 in your first year, up to 15,000 points. American Express describes that as up to $150 towards a getaway. Current and former Cardmembers of this card are not eligible.
A $2,500 monthly cap is widely reported and could not be confirmed on the American Express Canada product page on 5 September 2026. This page prints it as unconfirmed rather than as a fact.
A Rate Is Not A Return
Until You Spend There.
Every accelerated rate in Canada is a rate on one category. The only question that matters is whether that category is where your money actually goes.
Not financial advice.