Canadian credit card enthusiasts are in for a surprise as American Express announces a significant fee increase for its wildly popular Amex Cobalt Card.
Starting November 5, 2025, cardholders across Canada will face higher monthly or annual fees, sparking debates about whether this top-tier rewards card remains a must-have.
With its unbeatable points-earning potential and travel perks, the Amex Cobalt has long been a favorite among savvy shoppers and jetsetters.
But will this fee hike change the game?
Let’s dive into the details, explore what this means for cardholders, and determine if the Amex Cobalt is still Canada’s best credit card.
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What’s Changing with the Amex Cobalt Card Fees?
American Express recently posted an update on its website, alerting Amex Cobalt Card holders in Canada to an upcoming fee adjustment.
Effective November 5, 2025, the fee structure will shift as follows:
Non-Quebec Residents: The monthly fee will rise from $12.99 to $15.99, increasing the annual cost from $155.88 to $191.88—a $36 jump per year.
Quebec Residents: The annual fee will increase from $150 to $191.88, a $41.88 annual increase.
This change impacts all Amex Cobalt Card holders, whether they’re new to the card or long-time users.
While American Express hasn’t provided a specific reason for the fee hike, the announcement has left many wondering if the card’s robust rewards program still justifies the cost.
Why the Amex Cobalt Card Is So Popular
The Amex Cobalt Card has earned its reputation as one of Canada’s top credit cards, consistently ranking at the top of lists for 2025.
Its appeal lies in its flexibility, generous rewards, and travel-friendly benefits, making it a go-to choice for a wide range of consumers, from foodies to frequent flyers.
Here’s why the card has garnered such a loyal following:
1. Unmatched Rewards on Everyday Spending
The Amex Cobalt Card offers one of the highest points-earning rates in Canada, particularly for dining, groceries, and streaming services.
Cardholders can earn:
- 5x points on dining and food delivery (restaurants, cafes, and services like Uber Eats).
- 3x points on streaming subscriptions (think Netflix, Spotify, and more).
- 2x points on travel and transit (flights, hotels, rideshares, and gas).
- 1x point on all other purchases.
These points can be redeemed for statement credits, travel, gift cards, or even transferred to loyalty programs like Aeroplan for up to a 10% bonus, maximizing their value.
2. Travel Perks for Jetsetters
For frequent travelers, the Amex Cobalt is a dream card.
It offers:
- A 15,000-point welcome bonus (worth up to $150) for new cardholders.
- 10 types of travel and purchase insurance, including trip cancellation, baggage delay, and purchase protection.
- The ability to transfer points to programs like Aeroplan or Marriott Bonvoy, making it ideal for those chasing free flights or hotel stays.
3. Flexible Payment Structure
Unlike many premium credit cards with hefty annual fees, the Amex Cobalt’s monthly fee structure makes it easier to budget.
Paying $15.99 monthly (or $191.88 annually for Quebec residents) feels more manageable than a lump-sum payment, even with the upcoming increase.
4. Consistent Top Rankings
The Amex Cobalt has been named the best overall credit card in Canada by multiple financial experts in 2025.
Its combination of high rewards rates, flexible redemption options, and travel benefits sets it apart from competitors like the TD Aeroplan Visa Infinite or the Scotiabank Gold American Express.
How the Fee Increase Impacts Cardholders
The fee hike may seem modest at first glance—$3 more per month for non-Quebec residents and a $41.88 annual increase for Quebec residents—but it adds up over time.
For non-Quebec cardholders, the new $191.88 annual fee represents a 23% increase, while Quebec residents face a 28% jump.
This has sparked concerns among users who rely on the card’s rewards to offset its cost.
For example, if you spend $1,000 monthly on dining (5x points), you’d earn 5,000 points, worth approximately $50 when redeemed for travel or statement credits.
Over a year, that’s $600 in value, easily surpassing the new $191.88 fee.
However, for those with lower spending in high-reward categories, the fee increase could make the card less appealing compared to no-fee or lower-fee alternatives.
Is the Amex Cobalt Still Worth It?
Despite the fee increase, the Amex Cobalt remains a powerhouse for those who maximize its rewards.
Here’s a breakdown of whether it’s still worth keeping in your wallet:
Pros of Keeping the Amex Cobalt Card
High Rewards Rates: The 5x points on dining and groceries are unmatched by most competitors, making it ideal for foodies and families.
Travel Flexibility: The ability to transfer points to Aeroplan or other programs, combined with comprehensive travel insurance, makes it a top pick for travelers.
Welcome Bonus: New cardholders can still snag a 15,000-point bonus (worth up to $150), which nearly covers the annual fee in the first year.
Monthly Fee Structure: The monthly payment option remains a budgeting advantage over cards with large annual fees.
Cons to Consider
Higher Cost: The $36–$41.88 annual increase may deter low spenders who don’t earn enough points to justify the fee.
No Clear Explanation: American Express’s lack of transparency about the fee hike has frustrated some cardholders.
Competition: Other cards, like the CIBC Aventura Visa Infinite or the BMO eclipse Visa Infinite, offer similar rewards with lower fees.
What Cardholders Can Do
If you’re an Amex Cobalt Card holder, here are some steps to navigate the fee increase:
Evaluate Your Spending: Review your monthly expenses to ensure you’re earning enough points to offset the new $191.88 annual fee.
Focus on high-reward categories like dining and groceries.
Compare Alternatives: Explore other rewards cards to see if a lower-fee option better suits your needs.
Cards like the Scotiabank Gold American Express or the MBNA Rewards World Elite Mastercard offer competitive rewards.
Take Advantage of the Welcome Bonus: If you’re considering applying for the Amex Cobalt, the 15,000-point welcome bonus is still available for new cardholders (note: current or former cardholders are ineligible).
Contact American Express: If you’re unhappy with the fee increase, reach out to Amex’s customer service to discuss your options.
They may offer retention bonuses or perks to keep you as a cardholder.
Why This News Matters
The Amex Cobalt Card’s fee increase comes at a time when Canadians are increasingly cost-conscious due to rising living expenses.
Credit card rewards programs are a key way for many to save on everyday purchases and travel, but higher fees could push some users to reconsider their loyalty.
The lack of clarity from American Express about the reason for the hike only adds fuel to the fire, as cardholders demand transparency from a brand known for premium service.
Should You Keep or Ditch the Amex Cobalt?
The Amex Cobalt Card remains a top contender in Canada’s credit card landscape, even with the upcoming fee increase.
Its unmatched rewards on dining, groceries, and streaming, combined with its travel perks and flexible payment structure, make it a strong choice for those who can maximize its benefits.
However, the $36–$41.88 annual fee hike may prompt some cardholders to reassess their options, especially if their spending doesn’t align with the card’s high-reward categories.
For now, the Amex Cobalt’s 15,000-point welcome bonus and robust rewards program keep it competitive, but only time will tell if cardholders continue to see it as Canada’s best credit card.
If you’re considering applying, act soon to lock in the welcome bonus before the fee increase takes effect on November 5, 2025.
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