Is the Amex Cobalt Card still worth it in 2026?

Since its launch in 2017, the American Express Cobalt Card has held a near-unchallenged position as Canada's best everyday spending card. The current 5x earn rate on groceries, restaurants, and food delivery made it an obvious choice for households trying to accumulate points quickly, and a great option for daily spending. The card also previously earned 2x points on eligible travel purchases, giving cardholders a strong return across both everyday and travel spending.

But in the years since its launch, the card has changed. Twice.

In October 2024, the travel earn rate was cut from 2x to 1x. Then in November 2025, the monthly fee increased from $12.99 to $15.99, a 23% jump, bringing the annual cost up from $155.88 to $191.88. This raised a key question for every cardholder: Is this card still the right fit for how I actually spend?

What you’re earning:

Note: The 5x earn rate on groceries, dining, and food delivery applies to the first $2,500 in purchases per monthly billing period. Spending above that cap earns at 1x. For high-volume households, this cap is a material consideration when evaluating annual point yield.

The American Express Cobalt's core strength has always been its category point multipliers. While most of those remain intact, the changes to the card’s travel earn rate are meaningful enough to warrant a full audit of how you're using the card.

The reduction from 2x to 1x on travel purchases is the most substantive change in the card's history. For cardholders who were using the Cobalt to book flights, hotels, and packages directly, the card is now far less competitive for travel spending – especially compared to travel-focused cards that still offer elevated earn rates, travel credits, lounge access, or more comprehensive travel insurance coverage.

Simply put, if travel purchases make up a significant share of your monthly spending, the Cobalt is no longer the right card for that category. Cardholders who travel frequently may be better served by a travel-focused card like the Scotiabank Passport Visa Infinite+ Card, which offers benefits like no foreign transaction fees and complimentary airport lounge passes.

However, if your Cobalt spending is concentrated in groceries, dining, streaming, and transit, the travel rate cut is largely irrelevant, and the card still provides great value.

The $191.88 annual fee: Breakeven analysis

^{* Points value estimated at 1–2 cents per MR point depending on redemption method. 1cpp via statement credit; up to 2cpp+ via Aeroplan or airline transfer partner redemptions.}

Ratehub’s take: with an annual fee of $191.88, the Cobalt now costs more than many premium mid-tier travel cards, such as the Scotiabank Passport Visa Infinite+ Card ($150 annually) or TD First Class Travel Visa Infinite Card ($139 annually). While the value case is clear for households spending heavily in the 5x categories, it weakens considerably for light food spenders, and collapses entirely for cardholders whose points are accumulating unused.

The Cobalt is positioned as a lifestyle and everyday spending card, not a travel credit card. Its benefits reflect that. Here is an honest assessment of what's included and which benefits have real, recurring value.

While the Cobalt includes several useful travel protections, coverage limits and exclusions still apply. Frequent travellers, longer trips, or travellers with more complex coverage needs may want to consider supplementing their credit card insurance with a standalone travel insurance policy.

Amex Membership Rewards points are widely considered the most flexible points currency in Canada. The value they deliver depends almost entirely on how they are redeemed, and the gap between low- and high-value redemptions is significant.

Amex Cobalt transfer partners at a glance

Airline partners: Aeroplan (Air Canada), British Airways Executive Club (Avios), Air France-KLM Flying Blue, Etihad Guest, Asia Miles

Hotel partners: Marriott Bonvoy, Hilton Honors

All transfer at 1:1 unless otherwise noted, though American Express occasionally offers limited-time transfer bonuses to select partners, such as Flying Blue or British Airways Avios.

Be aware that Amex isn’t always accepted

The Cobalt's 5x grocery category offers great value, but only if it’s accepted at the store you want to shop at. While American Express acceptance has improved in Canada in recent years, gaps still remain.

For example, Costco Canada and Loblaws-owned banners (No Frills, Real Canadian Superstore, Zehrs, Maxi) do not accept Amex. These are significant grocery retailers for many Canadian households, particularly shoppers who prioritize loyalty programs like PC Optimum points.

Before treating the 5x earn rate as a given, audit where your grocery and dining spending actually goes. If a large share of your food spending happens at retailers that don’t accept Amex, you may not be earning the Cobalt’s headline 5x rate on as much of your spending as expected.

The fee increase and travel rate reduction make 2026 the right moment to compare the Cobalt against the cards most frequently considered as alternatives or complements.

The key takeaway is that the Cobalt remains the strongest card in Canada for raw point accumulation on grocery and dining spend. No other non-premium card comes close to 5x on those categories. However, the Amex Gold Rewards Card now has a stronger case for cardholders who travel frequently and want travel earn rates, a $100 annual travel credit, and lounge access – all for only $58 more per year after the travel credit offset.

The Scotiabank Passport Visa Infinite+ Card may be the better fit for cardholders who prioritize convenience and travel perks over maximizing point multipliers. Its no foreign transaction fees and complimentary airport lounge passes provide tangible value for frequent travellers, while Visa’s broader acceptance can make it a more practical primary card for earning points on everyday spending.

Apply this framework to your own spending patterns before making a decision.

Ask yourself: If you were not already a cardholder, would you apply for the Cobalt today – at $191.88/year – knowing what you now know about your grocery and dining spend, your Amex merchant coverage, and your actual track record of redeeming points?

If the answer is yes, the card is earning its fee. If the answer is no, or even probably not, the two fee increases and the travel rate cut over the past 14 months have likely shifted the math enough to warrant a change.

The Cobalt remains one of the strongest everyday spending cards in Canada. But strongest-in-class on groceries and dining does not automatically mean best-for-your-wallet. The distinction is worth taking seriously, particularly as the annual cost has moved from $155.88 to $191.88 in just a few years.

Also read:

• Get matched with Ratehub’s CardFinder tool
• The best travel credit cards in Canada
• The best Aeroplan credit cards in Canada
• The value of Aeroplan points