AMEX Cobalt Card Review | 1 Year Update

AMEX Cobalt Card Review | 1 Year Update - I've had my American Express Cobalt card for 1 year now and I still think it's the best credit card in Canada because of the insane points multipliers! I share how many points I earned in my first year of having the Cobalt card and this should be all the proof you need to understand how great this card is!
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0:00 AMEX Cobalt Card Review
1:23 Cobalt Card Points Multipliers
3:42 Cobalt 1 Year Update
Financial Freedom System
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Matt Wheaton
Matthew Josiah
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[@matthewjosiah]

Do you think the AMEX Cobalt credit card is worth it?

[@Sowdish005]

now they reduced points and increased spend minimum is 750 insted of 500 and 15000 points insted of 30000 Earn up to 15,000 Membership Rewards® points1 In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to 15,000 points in a year.1

[@blairowens22]

Huge background improvement! Very nice 👏🏽

[@matthewjosiah]

that's great feedback, Blair - I had the idea for a long time, but it just took me a few years to finally pick this bookshelf up from the store 😂

[@yanickboudreau8721]

Great vid! 🙌

[@matthewjosiah]

Thanks Yanick - I think this card speaks for itself and it's crazy to see the benefits I got from it. I'm looking forward to comparing a year 2 update compared to this past year. Thanks for watching and commenting! 👊

[@Canuck204]

I got this card last year, got the full 30,000 bonus points!

[@matthewjosiah]

Yesssssss, the points multipliers are massive and can add up MASSIVELY over the years! 🙌

[@YungStinkyWinky]

I'm from Vancouver and I just love the way you pronounce "Card" like "caerrd". Ontario is so cute.

[@matthewjosiah]

Haha people from Ontario make fun of us too, keep going east and you might find where I’m from!

[@tylerg8031]

Great card, I love it it’s my highest earner of the year last two years going.

[@matthewjosiah]

I have a feeling that will always be the case for me. I know I’ve included bonuses here I won’t get after the first year, but even without those, it’s still huge. I’m looking forward to using it for another year and getting another update out! 🙌

[@EPICWILDETAILING]

I have the AMEX Cobalt paired with PC Mastercard World Elite. Since AMEX is not accepted at Loblaws and COSTCO, I use my PC MC World Elite there. 👌🏼

[@matthewjosiah]

That seems like a solid pair! Figuring out how to maximize points at Costco and Loblaws is a battle for some! 🙌

[@beefbrisket168]

in your amex account you can download you annual spend where it breaks down your category spend and each transaction done over the calendar year.

[@matthewjosiah]

Totally, that’s definitely a lot easier than compiling all the data like I had to do only because I wanted to get the video done. I was able to get it for 2022, but not 2023 as I recorded this video in December and didn’t want to wait another week or two until 2024 was available... 2023 is now showing though and I nailed the math, but the way it breaks the different categories down is awesome. Thanks for making sure I knew about that! 🙌

[@mordet2]

In which tab would that be? and is it possible to get this breakdown after a trimester?

[@matthewjosiah]

It was something I found using a computer under the statement tab and then selecting “access year end summary” and as far as I know, you can only access it once the year is over. I couldn’t see mine until 2023 had ended completely, or else I would have used it for this video because it does a great job breaking everything down for you.

[@matthewv4929]

4.6 points/$ is great info. How much money do you save when cashing in the points? Do you have a dollar value for point spent on your hotel stays for example? Just trying to compare to my moneyback card.

[@matthewjosiah]

Hey Matt - that's a great question! It's one I've been planning on making a video about between travel rewards and cashback card, but haven't got to it yet... There are other reasons I find a travel rewards card beneficial, but sometimes it's better to let the money do the talking. Redeeming points will be different for hotel stays vs. airplane tickets. In my experience, flights is the best way to redeem the points, but I've actually only redeemed AMEX points for hotel stays (haha) To get more value out of your points, it's best to transfer them to a partner program like Marriott Bonvoy because for they will give you 6000 Bonvoy points for 5000 AMEX points in Canada, rather than booking directly in AMEX travel. I've redeemed stays where points are worth $0.01-$0.02 per night and it really depends on location, level of hotel redemption, time of year, etc. but there are some people I've seen who have gotten $0.10 per point! I use it more for convenience when I need a hotel for one of my adventures, or for "fun stays" in luxury hotels I would never pay my own $ for! Cash back is a great option for people depending on how they use their money! *Edit I can remember staying somewhere that I redeemed for a point value of $0.07 per point and I was pumped about that, but I can't think of where or when that was. I felt like I did a video about it, but can't remember which one that was... this was an exception for me though because I don't look too hard for deals.

[@beefbrisket168]

for Amex points it is best transfer your points to one of Amex's travel partners for optimal value. only transfer when you need to. the most common transfer partner is Aeroplan.

[@DanielMoralesD]

The best credit card for collecting points in Canada by far!! 🎉

[@matthewjosiah]

I totally agree, Daniel - it’s a massive points gainer for people and my #1 recommendation for people getting started! 🙌

[@EPICWILDETAILING]

Just got this card with a $25k limit. Can’t wait to start collecting points! But too bad the welcome bonus is only 15k points😢

[@matthewjosiah]

That’s awesome and it is too bad about the bonus changing in November. Hopefully it goes up again soon, but those 5X and 2X points multipliers will really add up!!! Thanks for watching and commenting! 🙌

[@charlessaurusrex7312]

I have to spend $750 Cad every month for 1 year to get the welcome bonus points?

[@EPICWILDETAILING]

@@charlessaurusrex7312 yup! Net purchases of $750 a month for a year!

[@matthewjosiah]

@@charlessaurusrex7312 solid question and I can clear that up. Always check what the current offer is on the AMEX website because it can go up and down. With the link above, I see “earn 15 000 AMEX bonus points every month you spend $750 in bonuses” and for every month I do that, I get an extra 1250 bonus points (15 000 is split into 12 months). If you don’t hit your $750 spend, you don’t get the bonus that month and you earn points multipliers (5X, 3X, 2X, 1X) when you make purchases in the different categories on top of that. One thing to note is AMEX isn’t accepted everywhere depending where you live. For example, one big grocery store where I live on the East Coast doesn’t accept it, but the other one does, so I started shopping there instead. It was a simple switch for me to think about whether it is and isn’t accepted and this hasn’t been a big problem for me. I hope this helps!

[@seolfor4797]

Question to the universe - are point values across various programs worth the same? Like is a MR, Avion, Scene or Aeroplan point worth the same $ value when say booking a flight? Thx!

[@matthewjosiah]

Another great question! The short answer is no. Out of all of the rewards programs, I think that AMEX membership rewards points are the best. But I encourage people to not use the AMEX portal to book flights, and hotels, and that’s because your points will go further if you transfer them out of the program and into a partner. An example of this is two nights ago I wanted to book a hotel for next week, so instead of booking within the AMEX portal, I transferred 5000 AMEX points to the Marriott Bonvoy program and they were worth 6000 Marriott Bonvoy points. So just for transferring I got an extra 1000 points bonus, I have a video showing you how to do this in a recent upload from the past few months of my channel. I have seen that the $ value is better doing this, so I hope this helps!

[@Ben.N]

I'm pretry sure the 4 digit code on the front is your cvc. The 3 digits on the back are for if you call in to amex support.

[@matthewjosiah]

Yes, that’s correct and it was something I never understood why there were two numbers (front and back) until after this video 😂 thanks for mentioning that for the viewers!

[@Ben.N]

​@@matthewjosiahlol no worries. For the longest time I was using the 3 digit code too, guess they don't usually verify it.

[@matthewjosiah]

Hahaha me too! 😂

[@atribecalledowens]

Ok you got me.

[@matthewjosiah]

Hahaha it’s been a fun year - sitting in a hotel in Quebec City right now I booked with points! 🙌

[@lindabutt1481]

Are they still offering 15K sign up pts and 15K for monthly spend in Mar 2024? Sorry I am having difficulty trying to figure this out. It appears it is only the 15K spend requirement. TIA for your help.

[@matthewjosiah]

Don’t apologize for asking a great question! The offers are always changing, and there is no way to predict when they are going to go up or down, so when I click the link under the video, I see the latest offer as 15K sign up for the year that is split into 1250 bonus points every month you spend $750. The offer I got 1.5 years ago was double that and that’s where the 30 000 bonus points came from. Of course you still have the great points multipliers that come with the card, but not as much bonus at the time of this comment. It could stay the same for awhile, go up, or down, so that’s why I tell people to always check the most recent offer from AMEX.

[@qida2937]

I'm a Canadian living in Canada but looking to start my US credit history. My biggest questions are: 1. will this Cobalt card give me US credit history? (I don't have any for now); 2. do I need an American address to apply for this card? (I plan to get one across the boarder). Thank you :)

[@qida2937]

and also, do I need a US bank account?

[@matthewjosiah]

I know the AMEX Cobalt will NOT give you US credit history (since it is a Canadian credit card only available in Canada) and you do need a US Bank account to open a US card. I do plan on getting one in the future though, so when I do, I will definitely make a video about it!

[@qida2937]

@@matthewjosiah Thanks for the information!

[@matthewjosiah]

@qida2937 I’m happy to help!