To the point
As of October 8, 2024, the accumulation rate for travel expenses made with the American Express Cobalt card will be reduced from 2 points per dollar to 1 point per dollar.
Carte Cobalt American Express - De 2 points par dollar pour les voyages à 1 point par dollar
American Express has announced important news today: the points accumulation rate for travel purchases will change on the Cobalt Card®.
To date, this card offered 2 points per dollar on qualifying transactions at gas stations, on public transit and on travel.
However, from October 8, 2024, travel purchases will earn only 1 point for every dollar spent, instead of 2 points.
It’s sad news, and a slight devaluation for one of Canada’s best credit cards.
2x multiplier maintained for gas and transit expenses
The reduction in the multiplier will only affect travel expenses, i.e. bookings for :
- Flights ;
- Hotels and accommodation ;
- Ferries and cruises ;
- Trains ;
- Vacation and other travel packages.
These transactions earn only one Membership Rewards point per dollar.
However, gas and transportation purchases will still earn 2 Membership Rewards points per dollar. Eligible expenses include :
- Autonomous automobile service stations in Canada ;
- Local public transit in Canada, including subways, streetcars, cabs, limousines and online car-sharing services.
American Express Cobalt Card - Alternatives for travel expenses
If you plan to make travel purchases with your American Express Cobalt® Card in the coming months, our recommendation is to do so before October 8, 2024. After this date, the Cobalt® Card may not be the most advantageous in your wallet for this type of expense.
The American Express Gold Rewards® Card continues to offer 2 Membership Rewards points per dollar for travel, transportation, grocery and drugstore expenses in Canada. In addition, it offers :
- Excellent travel insurance ;
- An annual $100 travel credit on the American Express Travel platform;
- 4 annual passes for Plaza Premium lounges at Canadian airports and ;
- A $50 credit towards the NEXUS membership fee.
With all these benefits, the American Express Gold Rewards® Card is the perfect companion to the Cobalt® Card in your wallet to earn even more Membership Rewards points on your everyday purchases.
Bottom Line
Unfortunately, as of October 8, 2024, the American Express Cobalt® Card will earn onlyone Membership Rewards Point per dollar for travel expenses instead of 2 points. However, gas and public transit purchases will continue to generate 2 points per dollar.
To maximize the accumulation of Membership Rewards points on a daily basis, also consider the American Express Gold Rewards® Card. This offers numerous travel benefits, as well as attractive multipliers for transportation, grocery and pharmacy expenses.
