Upcoming changes to the Amex Cobalt card. Apply now before the monthly fee increases on Aug 16, 2021!

Recently, American Express announced some upcoming changes to the very popular American Express CobaltTM Card. These changes will take place on August 16, 2021 and include some positive enhancements but also an increase to the monthly fee.

Some positive changes include:

  • The ability to transfer MR points to airline partners (like Aeroplan)
  • New earning rate of 3x MR points on streaming services (like Netflix)
  • Mobile device insurance up to $1,000 in coverage

Unfortunately, the current monthly fee of $10/month will be increasing to $12.99 per month.

But if you apply for this card before Aug 16, 2021, you’ll be able to lock in the Amex Cobalt’s current monthly fee of $10 for 12 months! You’ll only have to start paying the new $12.99 fee if you decide to keep the card in August 2022. 

Plus, now is the time to apply for this card via the Great Canadian Rebates (GCR) cash back website. That’s because GCR is offering a cash back bonus of $120 if you’re approved for the American Express CobaltTM Card! The GCR cash back rate used to be $40 so $120 is the highest offer we’ve seen ever for this card! 

Now, let’s go through the card changes and how to apply via GCR.

American Express CobaltTM Card welcome bonus

The American Express Cobalt card is offering a very generous welcome bonus for new cardholders in their first year. For each month you spend $500 on your card, you’ll receive 2,500 MRS points up to a maximum of 30,000 MRS points.

You can redeem your reward points against purchases (similar to cash back), booking flights or converting points to hotel programs like Marriott Bonvoy or Hilton Honors. Thus, giving you the ultimate flexibility in how to redeem your points.

Next, let’s look at the upcoming changes to the Amex Cobalt card.

Transfer Amex Cobalt points to airline partners

The American Express CobaltTM Card lets you earn Membership Rewards Select (MRS) points on every purchase. Currently, you can only convert these MRS points to hotel programs like Marriott Bonvoy or Hilton Honors.

But starting on Aug 16, 2021, the Amex Coblat card will start earning Membership Rewards (MR) points. The advantage of MR points is that they can be converted to hotel programs but also to Amex’s partner airlines. This includes Air Canada’s Aeroplan and also British Airways Executive Club.

Transfer your Amex points to these airline partners

Remember, that the Amex Cobalt card earns 5 MR points for every $1 spent on grocery purchases but also restaurants, bars, cafes and food delivery purchases (up to a maximum of $30,000 per card year)!!

This incredible 5x earning rate on eats/groceries means that you’re earning the equivalent of 5 Aeroplan points per dollar spent in those categories!

For example, if you spent $1,000/ month on groceries, you would earn 5,000 MR points = 5,000 Aeroplan points. Over the course of a year, this means you would earn 60,000 Aeroplan points, certainly enough points for round-trip domestic flight with Air Canada!!!

Earn 3x points on streaming services

As of August 16, 2021, the Amex Cobalt card will have a NEW earning rate of 3x points on streaming services. This includes the following eligible streaming services in Canada:

  • Apple TV+
  • Apple Music
  • Crave
  • Disney+
  • fuboTV
  • hayu
  • Netflix
  • RDS
  • SiriusXM Canada
  • Spotify
  • TSN

If you are subscribed to any of these streaming services, you’ll def want to charge your bill to your Amex Cobalt card to earn 3x points!

This comes on top of the already fantastic Amex Cobalt earning rates:

  • 5 MR points for every $1 spent on eligible eats and drinks in Canada, including groceries and food delivery (up to a maximum of $30,000 per card year).
  • 2 MR points for every $1 spent on eligible transit & gas purchases in Canada. Plus, this includes travel purchases like flights, hotels, car rentals and tours.
  • 1 MR point for every $1 spent on other purchases.

New Mobile device insurance

Also, starting on August 16th, the Amex Cobalt card will offer up to $1,000 of mobile device insurance in the event that your smartphone, smartwatch or tablet is lost, stolen or accidentally damaged.

To take advantage of this feature, use your Cobalt card to pay (in full) or finance the charges from your mobile device and you’ll be covered for a period of up to two years.

More details about these changes and FAQs can be found on the Amex website.

Monthly fee increase to $12.99/month

Unfortunately, the monthly fee for the Amex Cobalt will be increasing to $12.99 as of August 16, 2021. But, if you apply for the card before that date, you’ll be able to lock in the current monthly fee of $10/month (or $120/year) for 12 months.

Plus, if you apply for the Amex Cobalt card via Great Canadian Rebates, you could earn $120 cash back!!! This effectively makes the card FREE for the first year.

Bonus $120 when you apply through Great Canadian Rebates

Here’s where the interesting cash bonus comes in. If you apply for the American Express CobaltTM Card through Great Canadian Rebates, you could earn a $120 bonus!!!

What’s Great Canadian Rebates (GCR) you ask? For those unfamiliar, it’s a website that offers cash back rebates on almost every online purchase with select Canadian merchants. This includes stores such as: Sport Chek, Amazon.ca, Home Depot and many more. The cash back rate will vary between 1% to 8% with the average being 4% for most vendors; but they also provide cash back when you apply to certain financial products (such as $120 for the Amex Cobalt credit card).

Amazing $120 cash back if you apply for the Amex Cobalt card

Interested in getting this offer? Here’s what you’ll need to do:

  • Sign up for Great Canadian rebates through this link, or login if you already have an account.
  • Choose your cash back method such as Paypal, egift card, or a cheque sent to your home. My preference is to be paid by Paypal and then deposit the funds directly into my bank account.
  • Type “Amex Cobalt” in the search bar to find this offer or look under Categories > Credit Cards & Finance and scroll down to find it.
  • Click on the link to apply which will open in a new browser tab.
  • Proceed with the Amex application by providing your personal information like address, date of birth, employer and income.

*Important Note* applying for this credit card will result in hard inquiry by Amex on your credit report.

Once you’re approved, GCR will keep track of your application and send the cash back about 2-3 months later, (usually by the 28th of the month). To help you out, you can refer to the following schedule.

The above table is approximate since the minimum wait for a payment is 58 days after the posting date.

Next, Amex will send out your credit card usually within 1-2 weeks.

Once your card arrives, don’t forget to spend $500 every month for 12 months to unlock the welcome bonus of 30,000 MR points!

Plus, if you apply before August 16, 2021, you’ll lock in the current $10 monthly fee for 12 months!

Summary

Overall, there are lots of positive changes coming to the American Express CobaltTM Card. This includes the ability to transfer MR points to airlines, earning 3x points on streaming services and also having mobile device insurance.

Also, the card comes with a very generous welcome bonus for new cardholders in their first year. For each month you spend $500 on your card you’ll receive 2,500 MR points up to a maximum of 30,000 MR points.

Lastly, now is the best time than ever to apply for this card! If you apply before August 16, 2021, you can lock in the $10 monthly fee for 12 months (before it increases to $12.99/month). 

Plus, if you apply for the Amex Cobalt card via Great Canadian Rebates, you could earn $120 cash back! This effectively makes the card FREE for the first year!

Do you plan on applying for the American Express Cobalt card? Let me know in the comments below.

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Disclosure: American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, please visit the American Express website. 

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