American Express Cobalt - The Best Credit Card Option (AMEX Cobalt)

We recently signed up for a new credit card - the American Express Cobalt - to use as our new daily spending card. We did a lot of research before landing on this option, and in this video we'll break down why we chose the AMEX Cobalt card, how many points we expect to receive (and what we plan to use them on), and how this credit card will fit into our current credit card line up (spoiler: we only use two credit cards right now).
We'll also break down how the AMEX Cobalt card compares to the AMEX Platinum and AMEX Gold cards. If you have any questions, as away in the comments below!
American Express Cobalt - Our Travel Rewards Credit Card (up to 22,000 points) - www.americanexpress.com/en-ca...
0:00 We signed up for a new credit card
0:46 Product specific vs general reward cards
2:58 What are you looking for from your credit card?
4:32 Why we chose the AMEX Cobalt credit card
6:47 AMEX Cobalt vs AMEX Platinum
9:16 AMEX Cobalt perks and benefits
12:24 What we plan to do with our AMEX Cobalt points
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➡️ American Express Cobalt - Our Travel Rewards Credit Card (up to 22,000 points) - www.americanexpress.com/en-ca...
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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

[@stephandden]

What credit cards do you use? Let us know! 👀

[@ludo_]

Amex Cobalt & CIBC Aeroplan - trying to get as much aeroplan points as possible

[@stephandden]

Thanks for sharing! 😊

[@hunglongdee2587]

Scotiabank Gold AMEX, Triangle World Elite Mastercard and Tangerine World Mastercard

[@marcusf6846]

America Express Hilton Aspire and Blue Cash Preferred

[@blchief93]

2.25% and up to 3% cash back on everything with Rogers Bank if you're a Rogers customer

[@Jibril_Abdulkadir]

Another Sunday another 🔥🔥 vid from yall

[@stephandden]

🙏🏿🙌🏻 we love it! 🥳

[@dreambigparis]

Was waiting for you guys to do this video. The cobalt is well worth it, enjoy the free flights and hotels!

[@stephandden]

It’s finally here 🙌🏿🙌🏻 thank you!

[@BrigitteCheong]

Having both TD aeroplan infinite and the Amex Cobalt as my two card set up has great. I have found that I have been able to use my Cobalt a lot more than my TD aeroplan visa for my usual spending. And for places I can’t use my Amex, I just use my Visa card. Also I’ve been able to redeem for 3 (2 people) round trip flights to Asia for the past 5 years by having these two credit cards. So totally worth having these two cards!

[@stephandden]

We love to hear that - it sounds like a great two card set up! That sounds great re: the round trip flights, too 👏🏿👏🏻

[@FalknerBlitz00]

That sounds great. Would be really onterested in hearing more. Any tips on how to set up or structure spending with these two cards? Any info on your spending style or suggestions would be appreciated.

[@simsamurai333]

Thanks for adding the part about how you need to typically spend a lot to get a lot of points. It sounds like a no brainer after watching the video, but prior to watching I definitely felt the FOMO of not getting airline points despite being on a student budget.

[@stephandden]

We’re so glad you heard that point! 😊 I think the ‘rule of thumb’ is that if you’re not travelling 10+ times a year, it’s usually not worth it to pay high fees for perks that you likely won’t be taking full advantage of anyways.

[@AnAttackCorgi]

I’ve had it for years. It’s around 13 a month now. Only complaint is that there are a ton of vendors that don’t use Amex which can be really annoying especially if you share expenses on it as a couple. But it accrues points more than any card we have.

[@rome2989]

This is my credit card combination for the last 2 years

[@29typhus]

Hey guys, love the content. I'm 37 and have been invested for a while in the wealthsimple TFSA robo advisor level 10. Ive been doing alot of research on XEQT as well and looking to transfer everything over as well. I still have a good 20yrs before retirement so i can stay invested long term. Just curious if you guys can do a video on your wealthsimple XEQT trade account? Like how to buy, keep track, recurring investment, dividend reinvestment, how to sell, kind of like an overall review of the wealthsimple trade part with the XEQT. How would you start selling it when you're 20yrs is up and ready to retire and looking to change it over to a more balanced portfolio because the risk level would be lower because you're relying on that income, etc. Love the content and keep it up!

[@MrViktor]

Great job guys! Love amex cards, need to try this one as well :) Btw I'm also from Toronto, and would love to meet you if you're open for collaborations

[@stephandden]

Thank you so much 😊

[@MrViktor]

​@@stephandden :)

[@prasheelbalusu7213]

Very informative Guys, quick question my neo financial cash back credit card gives me just 1 percent cash back on gas and groceries any idea why? because yours gives 3 percent, just wanted to take help on that, Thank you!

[@jimmyj-514]

If i get the TD aeroplan Visa, can i use the points for flights for my family members or i can only use the points for myself (btw, great video, we watch your videos all the time!)

[@stephandden]

Thank you - we love to hear to that! 😊You can actually set up an Aeroplan account for everyone in your family - that way whenever they take flights (together or separately) with Air Canada, everyone earns points for the flights. You can then setup family sharing, add everyone (with you being the ‘family lead’) and then accumulate as many points in one pot as possible. If you want to share points with people outside of your direct family unit (so not in your ‘family sharing’) - you can definitely send them points, but for a fee. Let us know if you have any other questions!

[@janetking7712]

I use the American Express Marriott Bonvoy card for hotel stay, and I also have Master card with a 5% for life. I got this card years ago with a promotion special, which Master card don't offer this kind of card anymore

[@MC-nk2hx]

This card looks great! Do you have a referral link for signing up? It doesn't seem to appear in your video at the end?

[@stephandden]

Yes, we’ll have it later this week! We’ll add it to the video description and a pinned comment then 😊

[@smallmj2886]

My wife likes the simplicity of using only 1 card, so I'll stick with my Aeroplan Infinite. Groceries are a huge portion of my monthly spend (family of 5 with the youngest 17 yo), and I mostly shop at grocery stores that don't take Amex. If I were to get a second card, the PC Financial MC might top my list (since I give Loblaws so much of my money).

[@astridsalazar123]

I went to Scotia for their Amex (because of the points) but ended up getting the Passport Visa as per the advisor’s recommendation. I got a 30k points promo but other than that I don’t think it offers anything that good. Might switch to the amex and just get a regular Visa with another bank. On another note, I just found your channel today and already binged watched a bunch of your videos. Thank you SO much for this conent!!! You have no idea how hard it is to find Canada based advice!

[@yxmichaelxyyxmichaelxy3074]

Their Passport Visa is useless.

[@astridsalazar123]

@@yxmichaelxyyxmichaelxy3074 that’s what i said🫠

[@sikminernunez5259]

Hello guys nice video, can u make a video about chexy app? Cobalt is a good card to put in chexy for rent?

[@Hargo041]

Amex has actually reduced the awards last year. I got this card in late 2022 with the 30000 bonus with a monthly spend of $500. But hands down, this is the most valuable card. I have a Scotia Momentum Infinite Visa, Rogers Mastercard and The Cobalt.

[@stephandden]

Agreed! It’s such a solid card. What type of purchases do you use the Rogers Mastercard for? 😊

[@yxmichaelxyyxmichaelxy3074]

Indeed. I have the Scotia AMEX card. Went to No Frills to pay my grocery bill. Nope. Not accepted. Used it at Walmart. Same. No one accepts it. 😂🤡

[@Hargo041]

@@stephandden Costco and any other purchase that would have a 1% return on any other card. Being a Rogers customer the cash back is bumped to 2% and it has sweet cash back redemption value of 3% on Roger purchases.

[@bnwo]

Love the sweatshirt, Steph. Let's go, Lakers!

[@stephandden]

Thank you! It’s my favourite 🥳🥳

[@brianlau7827]

I got the Cobalt card in May 2022, and the welcome bonus back then was 2,500 monthly bonus with $500 monthly spend. The welcome bonus has seriously been nerfed since then. Also you might want to consider re-opening up your TD chequing account since the All-Inclusive plan waives the annual fee of your Aeroplan credit card each year

[@x-cb2el]

I got in 2021 when the bonus was 50,000 in the first year

[@stephandden]

Oh wow - ya, we noticed that with the platinum and gold cards, as well. It makes it that much more important to look at the points earned per category of spend. 😊 I will say, re-opening the chequing account doesn’t seem to be worth it given what you give up. It’s either you pay $29.95/month or you lose out on other opportunities for your money, because of the $5,000 minimum balance for the all-inclusive account.

[@MikeM952]

Can you make a video about business credit cards? which ones do you guys use

[@stephandden]

Good suggestion! Right now we use the BMO CashBack Business Mastercard, but we haven’t done a full deep dive into the best option for small businesses - we like the BMO business bank account, so that’s why we’re with BMO right now. 😊

[@Slyfoxes05]

Still leveraging Tangerine World card. For me, I prefer cash vs pts mostly due to devaluation. Im looking at the Amex for their top tier customer service and extended warranty coverage

[@stephandden]

It’s really important to have a plan on how you’ll use your points as you’re accumulating them, but what do you mean by devaluation? 😊 And yes, agreed - the customer service and warranties are top tier!

[@Slyfoxes05]

@@stephandden CC issuers typically devalue by slowing the rate of earning or changing the multipliers. Welcome bonus was one way or a slight change in the monthly fee. As always. having a plan is always important.

[@skymaker1294]

Any recommendations for beginner cards/student cards? Looking into getting my first credit card but there are just so many options!

[@stephandden]

As a student, if you’re looking to build credit and keep it simple - a no fee, cash back credit card with your bank is a great option. After that (once you’ve built up some credit), the Neo Financial no fee cash back credit card is a fantastic option for earning even more cash back. You might not be approved for the American Express Cobalt (due to limited credit history), but it’s also an excellent option for younger people, depending on your main spending categories (you’d want to ensure you hit the spending thresholds with your regular spending - aka no spending just to hit the target amounts!). We hope that helps 😊

[@skymaker1294]

@@stephandden Wow!! Thanks for the detailed response! That totally helps. Gonna do some more research but I think BMO’s student cash back Mastercard is my best bet for now. Thanks again guys :)

[@tristang5030]

Do the insurance coverages and protections on the AMEX Cobalt differ much from what the bank credit cards offer? For instance, the CIBC aventura cards offers insurance coverages and protections as well.

[@stephandden]

It looks like the AMEX Cobalt offers additional insurance coverages and protections (beyond what most bank credit cards offer) - for example, they have mobile protection and shopping coverage, along with all of the standard coverage offered. 😊

[@tristang5030]

@@stephandden my CIBC cards have mobile device protection / extended warranty and shopping protection (extended warranty) as well. Thanks for making the video.

[@ricardogomez7875]

Does it make sense to get the gold Amex in order to get the welcome bonus and then downgrade to the cobalt? What’s your opinion on this ?

[@stephandden]

If possible, that could be a great option. You should confirm that the ability for downgrading still exists between the two cards. It seems like the retention team has downgraded people from gold to cobalt in the past, but these policies are not always clear. I would imagine that they’d rather downgrade a customer than lose a customer all together, but it’s always good to double check. 😊

[@setinthestones]

My combo is Amex Cobalt and Scotiabank Passport VI 😀

[@stephandden]

That’s a great setup - the Passport VI has no foreign transaction fees which is great when travelling outside of Canada. Also if I’m not mistaken, you can use / transfer your scene points toward hotel stays 😊

[@setinthestones]

@@stephandden yup the no foreign exchange fee is why I use it while travelling. The scene points can also be applied directly towards travel purchases on your statement, even up to a year later.

[@KrazEWillY]

td infinite cash back, been thinking of getting amex cobalt too

[@stephandden]

Thank you for sharing! 😊

[@EPICWILDETAILING]

I have an appointment with a TD branch this coming week to apply for the TD VIP. The spend requirements is $10k in 6 months. I already have the AMEX Cobalt to pair it with. Let’s say I have a wedding coming up this September. Do you think it’s a good idea to get it, if approved? Or should I stick with TD Visa Infinite or Scotiabank Visa Passport? Me and my Fiancè usually travel 2-3 times a year.

[@stephandden]

If you know that you’re guaranteed to be spending more due to the wedding, then it could be a great time to apply for a new card and collect the welcome rewards - it looks like the TD VIP is 20,000 points after your first purchase, 40,000 point if you spend $10,000 in 180 days and 25,000 points if you spend $15,000 in 12 months. Aside from the points, are there any other benefits in particular that attract you to the card? It looks like you earn more points on eligible purchases than the VI card (so 2x on Air Canada purchases, etc.), but you also have lounge access for the Maple Leaf lounges, 6 annual lounge visits per year through Dragon Pass and the World Wide Companion pass (discounted flight pricing for second person when you pay full price for 1 person). You could probably get a lot more value than the $599 price, given the wedding and travel plans, and then downgrade the card after that first year back to the VI if you want. But I will say that having the Cobalt and the VI is pretty solid for ‘normal’ spend, and in terms of earning a maximum number of points.

[@EPICWILDETAILING]

@@stephandden yup! That’s the plan after a year or two. Maximize the rewards and benefits of the TD VIP after a year or two then downgrade to the TD VI one with $139 Annual Fee. That way my perfect duo will just be the TD VI and Cobalt. My third card is a Mastercard which is the PC Financial World Elite with no annual fee.

[@EPICWILDETAILING]

@@stephandden update: update. I just got approved of the TD VIP. I honestly wasn’t expecting to be approved but here we are. Though they only gave me a $5k limit initially, it’s still ok for me. Also, will receive the card in the mail in 14 days which is a bummer for a premium card to receive that long compare to The AMEX platinum

[@tristanwong3461]

If you cancel your TD Aeroplan before the fee renewal date but hit your anniversary spend of 7k in the year, are you still awarded the anniversary bonus? Please answer!

[@stephandden]

We just looked in to it, and unfortunately it looks like you have to wait until the one year mark to get the anniversary bonus, even if you hit the 7k points earlier - meaning you'd have to pay the renewal fee for one additional year. We're going to dig into this more, and we'll update you if we find any way around this 😊

[@stephenn88]

Ask your bank your lazy mf 😂😂

[@Leonard-js9gv]

If you haven't already, add a supplementary card to the account. You'll not only get a welcome bonus (after meeting min spend on 2nd card), but will make earning MR points easier for whenever you're out and about without each other!

[@stephandden]

Great suggestion! We were thinking the same thing after signing up. 😊

[@TheXxjankixX]

I looked it up, says the points cant only be earned if the purchases are made in CANADA, did i miss something???

[@stephandden]

This card is for Canada! The Gold and Platinum are available in the US and Canada 😊

[@Maurice181]

Can we get the Amex Cobalt card in the USA..? Does it work the same with the 5 points per dollar, in the USA..?

[@stephandden]

No it’s not available in the US, but a great alternative would be the AMEX Gold. It’s slightly different in terms of point structure (4x Restaurants, 4x Groceries, 3x flights, 1x everything else) - but it’s worth checking out if you’re in the US. 😊

[@swaggyg6017]

What about the 3% on EVERYTHING, no FEE, Rogers MC world Elite

[@stephandden]

We just looked it up - it’s looks like it’s 3% on eligible purchases made in USD, 2% on eligible non-USD purchases (if you’re Rogers, Fido or Shaw customer), otherwise it’s 1.5% on eligible non-USD purchases. What made you choose this card? 😊

[@TheRitualChannel]

Why not get the American Express Blue Cash Preferred instead? You get 6% back on groceries, and the annual fee is less.

[@stephandden]

We just looked into it and it seems like a great card, but it’s only available in the US.

[@nemoa7692]

I have the Td basic Cash back because Im saving 60-70% of my salary 🥰 but I love credit card and lavish spending 👿

[@stephandden]

We love to hear that 👏🏿👏🏻 so amazing!

[@oudomkeo]

Wait, why do I see no annual fee on American Express Cobalt card website?

[@stephandden]

When you’re on the American Express Cobalt page, scroll down to ‘Financial Information’ - they share the monthly fee there 😊

[@kulutz9565]

I just cancelled my TD Aeroplan. It just doesnt rack a lot of point for what I spend.

[@stephandden]

It really shows you how much of a punch the Cobalt packs given all of the realistic higher points per spend categories. What are you using now? 😊

[@kulutz9565]

@stephandden This video of yours is very timely. My cobalt just arrived today. I have no welcome points anymore AFAIK bec I reinstated my card after cancelling it a year ago. Yes I am a come back lol. My TD Aeroplan I switched it to their Visa Cash Back infinite, I plan to use whatever cashback I get to counter the monthly fee I pay for the Cobalt.

[@marcusf6846]

Do you have to live in Canada to apply and get Cobalt Card?

[@stephandden]

Yes, it’s a Canadian card - the Gold and Platinum are available in Canada and the US 😊

[@Michael-qs1yd]

Is this issued in the US?

[@stephandden]

No, the AMEX Cobalt is only in Canada - but the Gold and Platinum are available in Canada and the US 😊

[@glerov]

The best points are cash back!

[@stephandden]

Well, that depends…which cash back credit card do you use? 😊

[@ballad_bird]

Uhh yes it's a status symbol... At least the Centurion is

[@stephandden]

That’s why we added that it shouldn’t be! 👀

[@OwaisLone]

5x of what? 3x of what? What does it even mean 5 times the points? 5 times of what exactly? What is the base number of points you earn? How much is a point worth in $$? One would expect information like this from videos like these but all this video does is take the card marketing graphics from their website and display them in video format. At this point just go read the website.

[@stephandden]

5x for every dollar spent - if you spent $10, in a category that gives you 5x the points, you’d have 50 points 😊 1,000 = $10 (we state this verbatim in the video at 13:04) This video covers a lot more information than simply reading a credit card website - we cover the difference between cash back vs point cards, and share why we chose to go with the AMEX Cobalt (along with the other credit cards we’ve used in the past). If you have any other questions, we’re happy to answer them!

[@johnjcowan55]

Only in Canada

[@stephandden]

Yes, this card is available in Canada only 😊 the Gold and Platinum are available in the US!

[@johnjcowan55]

@@stephandden can wait for the US launch!

[@yungcobalt]

cobalt

[@stephandden]

🙌🏿🙌🏻

[@BLKShadow]

In 2020 this video would have made a lot of sense for a lot of people. In 2024, this "advice" is a recipe for disaster. Most Americans are in credit card debt -- over a TRILLION dollars worth of debt. This sounds like too much fantasy and not enough reality at a time when the majority can't seem to afford basic necessities. Playing the "Points Game" has become played out.

[@stephenn88]

Cut all spending ASAP WHO CAN AFFORD TO EAT OUT