Amex Cobalt Review 2026: Canada's Best Everyday Rewards Card?

The American Express Cobalt is consistently ranked among the best everyday credit cards in Canada, and for good reason. It earns 5 Membership Rewards points per dollar at restaurants, cafes, food delivery, and grocery stores — a category that most Canadians spend thousands of dollars on every month. For people who eat out regularly or order delivery, no other Canadian card comes close to this earn rate.

Earn Rates

5x points at restaurants, fast food, food delivery, and grocery stores in Canada. 3x points on eligible streaming subscriptions (Netflix, Crave, Disney+, Apple TV+). 2x points on travel, transit, and gas. 1x point on everything else. The 5x rate applies to Amex's broad definition of "eat and drink" — including convenience stores and some delivery apps.

Point Value and Transfer Partners

Amex Membership Rewards points are worth approximately 1.5–2 cents each when transferred to airline partners. The key transfer for Canadians: Aeroplan at 1:1 ratio. Other partners include British Airways Avios, Air France/KLM Flying Blue, Marriott Bonvoy, and Hilton Honors. Points can also be used to pay for travel at 1 cpp through the Amex travel portal.

Is the Fee Worth It?

At $155.88/year, the Cobalt fee is moderate. Someone spending $1,000/month on dining and groceries earns 60,000 points/year — worth at least $600 transferred to Aeroplan. After the fee, that's a $444 net gain. For most Canadians who dine out and order delivery regularly, the math works clearly in favour of the card.