Why the Amex Cobalt Remains One of the Best Points Cards in the World

If you follow the Canadian points landscape closely, you’ll know the recent annual fee increase on the American Express Cobalt Card (from $155.88 to $191.88 per year outside Quebec, and $150 to $191.88 in Quebec) sparked plenty of frustration. And understandably so. Many of us have relied on the Cobalt as Canada’s most accessible, high-earning everyday points card, so any increase feels personal.

But when we take a step back and look at what comparable cards offer in markets like the United States, Australia, and the United Kingdom, an interesting truth emerges: Canadians are still getting an exceptionally strong deal. In fact, the Cobalt doesn’t just remain competitive — it stands among the best points-earning consumer credit cards globally.

Here’s a closer look at why that is, how to maximize the value of the Cobalt in 2026, and who this card actually makes sense for going forward.

By the way…

I made a video on this exact subject. If you’d prefer to watch the video instead of reading the blog, see below. Otherwise, continue onwards.

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How the Cobalt Stacks Up Globally

The Cobalt’s reputation has always centred around two strengths: its impressive earning rate on food purchases and the quality of the Membership Rewards points it earns. When you compare these pillars to similar cards worldwide, the Cobalt consistently comes out ahead — and in some cases, by a surprisingly wide margin.

In the United States, for example, the closest comparison is the American Express Gold Card. While it’s a strong product, it comes with a hefty annual fee equivalent to roughly $450 CAD — more than double what Canadians pay for the Cobalt.

And despite that, its earning rate on restaurants and groceries is lower at 4X versus the Cobalt’s 5X. The U.S. version does offer more airline transfer partners, but Canada’s lineup still includes excellent programs such as Aeroplan, Avios, and Flying Blue, which cover the vast majority of high-value sweet spots a Canadian traveller would want.

Australia’s equivalent card appears more promising at first glance, offering 5X points on food at a lower fee. But those points transfer to airlines at a much weaker 2:1 ratio. Suddenly, that 5X becomes a functional 2.5X — noticeably lower than the Cobalt’s 5X with far better transfer rates.

And in the U.K.? There simply isn’t a comparable Amex card that delivers similar earning power.

When viewed through an international lens, the Cobalt gives Canadians premium earning rates and solid transfer flexibility, all at a mid-tier price. That combination is unusually rare — and a big part of why this card continues to stand out.

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Maximizing the 5X Category

The core of the Cobalt’s value is its 5X earning rate on restaurants, groceries, cafés, and food delivery. For many Canadians, this single category can generate tens of thousands of points per year with very little effort.

It is worth noting that the 5X multiplier is capped at $2,500 per month in spending, equivalent to 12,500 points per month or 150,000 per year. Most households won’t come close to this ceiling, but even moderate spending can generate meaningful returns. At a reasonable valuation of roughly two cents per point, many cardholders could see $1,000–$1,200 in annual rewards from food purchases alone.

One strategy many Canadians now use is placing grocery orders through Instacart, particularly when their preferred stores don’t take American Express. Yes, Instacart prices and fees run higher than in-store shopping.

But for some households — especially those seeking convenience or aiming to maximize points — the tradeoff can be worthwhile. Instacart accepts Amex and shops at retailers like Costco, Superstore, and No Frills, allowing the 5X multiplier to apply even where Amex isn’t accepted directly.

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Don’t Overlook the Other Multipliers

While the food category is the star, the Cobalt also earns bonus points in additional everyday categories that can quietly add significant value over the year.

Streaming subscriptions earn 3X points with no annual cap, which is especially useful as many households now pay for multiple platforms.

Transit, ride-share services, and gas purchases earn 2X points, offering a simple way to keep accumulating rewards beyond groceries and dining.

When combined with 5X food spending, these bonus categories help the Cobalt function as a powerful all-rounder for everyday use.

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Why Transfer Partners Make the Card Truly Special

The strength of the Cobalt isn’t just how many points it earns — it’s what you can turn those points into. Membership Rewards points are among the most flexible currencies in Canada thanks to their ability to transfer to several high-value airline programs.

Aeroplan remains the most useful partner for most Canadian travellers, thanks to its broad Star Alliance network and numerous non-alliance partners. Everything from short domestic flights to long-haul business class can yield impressive value.

British Airways Avios provides access to Oneworld partners and offers excellent value for short-haul European flights and premium cabin redemptions on airlines like Qatar Airways and Cathay Pacific.

Flying Blue, despite its 1:0.75 transfer ratio, still delivers compelling options to Europe and parts of Asia. Promotional award pricing often makes Flying Blue redemptions highly competitive, even after accounting for the transfer reduction.

One of the smartest strategies with Membership Rewards is to delay transferring points until you’ve found the redemption you want. MR points are more flexible than airline miles, so keeping them in the Amex ecosystem preserves your options and avoids the risk of being stuck with miles you can’t use.

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Who the Cobalt Is — and Isn’t — Right For

The Cobalt remains a top-tier card, but the recent fee increase means it’s no longer the default recommendation for everyone.

It makes the most sense for those who spend at least $200–$250 per month on groceries, dining, and food delivery. This is where the math starts to work in a cardholder’s favour. It’s also best suited for travellers who will actively use their points — especially for flights — and for people willing to take advantage of the card’s ecosystem of multipliers and partner redemptions.

However, it’s not a smart choice for those who spend very little on food, prefer cashback over travel rewards, or already hold multiple premium cards with high annual fees. And of course, carrying a balance entirely erases the card’s value; interest charges will outweigh any benefits.

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The Bottom Line

The American Express Cobalt Card remains one of the most compelling points-earning cards available in Canada — and genuinely competitive worldwide. While the higher annual fee may give some prospective cardholders pause, the card’s exceptional earning rates, strong transfer partners, and everyday usability continue to set it apart.

When compared globally, Canadians are still paying less for a card that delivers more. In the U.S., similar perks come at more than double the cost. In Australia, transfer ratios severely limit value. And in the U.K., there simply isn’t an equivalent product.

For the right cardholder — someone who spends consistently in the 5X category and values travel redemptions — the Cobalt remains a powerhouse. With thoughtful use, it offers an unmatched combination of earning potential and flexibility, delivering far more value than its price tag would suggest.