Amex Platinum vs. Amex Cobalt: Comparison & Review

February 25, 2020
Canadian Credit Card Reviews
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The usual question we ask ourselves when we select a credit card is ‘What’s the catch?’. As much as any credit card’s benefits are highlighted, it basically boils down to  ‘How much do I need to pay?’ and ‘What are the hidden charges?’ 

To generally summarize the difference between both these cards: The Amex Platinum caters to avid travellers whereas the Amex Cobalt Card to millennials for their daily spending. That doesn’t mean that if you don’t fall in either demographies, the cards are not meant for you. There is a lot more to both these cards than just travel benefits. 

This review will breakdown the differences between both the Amex Platinum and Amex Cobalt cards to determine which card is better suited for your lifestyle. 

Basic Benefits of Amex Platinum Vs Cobalt

Benefits Amex Platinum Card Amex Cobalt Card
Fee $699 annually $10 monthly
($120 annually)
Points Type Membership Rewards (MR) points Membership Rewards Select points
Welcome Bonus 50,000 MR points
by spending $3000 within the first 3 months
Plus, you can receive an additional 10,000 MR points after six months of Cardmembership. You can earn up to 60,000 points in the first six months.
2,500 MR Select points monthly  (30,000 MR Select points annually)
by spending at least $500 monthly with the Amex Cobalt Card
Travel Credit $200 annually  $100 hotel credit annually
Foreign Transaction Fee 2.5% for purchases and ATM usage 2.5% for purchases and ATM usage
Eat & Drink Bonus (per $1 spent) 3x
limited to the first $30,000 spent annually
Travel Bonus (per $1 spent) 2x 2x 
incl. local commute
Any Other Purchase Bonus (per $1 spent) 1x 1x
Airport Travel Lounge Access  (Priority Pass Prestige) Yes 
(for >1200 lounges globally)
Travel Insurance Yes
(incl. trip cancellation/interruption)
(excl. trip cancellation/interruption)
Hotel Elite Statuses Yes 
for selected hotel chains
Shopping Protection Yes Yes
Front of the Line (advanced access/tickets to concerts) Yes Yes
Supplementary Card Up to 9 cards total; each $175 (platinum) and $50 (gold) annually   Up to 9 cards total; free of charge

Are they worth the annual fee? 

The great thing about the Cobalt card is it’s extremely affordable where you don’t have a hefty annual fee and stick to a monthly plan with just $10 per month. The additional bonus is that you can cancel the card anytime if it doesn’t serve its purpose. 

What about the Amex Platinum?

Don’t be alarmed by the $699 annual fee that comes with Amex Platinum. It does come with worthwhile rewards and benefits that outweighs the annual fee. In the worst case scenario, you would end up making money with the annual fee. How so? I’ll illustrate it below.

Now lets dive into the benefits. 

Massive Welcome Bonus and Membership Rewards Points

Membership rewards points are basically an Amex currency in their loyalty program. You can use them for travel rewards (flights) via Amex travel website or transfer the points to other airlines to book other flights/hotels. If you are not travelling, you can always get a statement credit/cash back for the points received. It really is that flexible!

With Amex cards, they provide a whopping welcome bonus. The Platinum Card offers 50,000 MR points – all you need to do is spend $3000 within the first three months of use. Plus, you can earn 10,000 points more after 6 months of Cardmembership.

Here is how much you can get if you redeem these points for a statement credit:

Platinum Card Points Value
Welcome Bonus   50,000 $1,000 – $1,500
Additional Bonus after 6 months 10,000 $200 – $300
Travel Credit
$1,400 – $2,000

At 2-3 cents per point, 60,000 points = $1,200 – $1,800. With the travel credit of $200 for 2019, this brings the total to $1,400 – $2,000. You are already at a serious surplus! And this is just utilizing two benefits of the Platinum Card. We are just at the tip of the iceberg considering the other perks the Platinum Card has to offer.

One of the major perks of the Cobalt Card is that you only have to pay $10 per month, rather than an lump sum annual fee upfront. The welcome bonus of 2,500 MR select points is earned on a monthly basis.

Let’s assume you use this card the whole year (12 months) which gives a total welcome bonus of 30,000 MR points.

Welcome Bonus   30,000 1 cent per point for eligible travel purchases
*0.7 cent per point for other purchases
Hotel Credit



The Amex Cobalt has an excellent benefit of hotel credit up to $100 dollars annually that, along with the welcome bonus, gives you over 3x the profit from the 12 month fee paid. 

This is purely just utilizing the welcome bonus and travel/hotel credit given by Amex. What else can you redeem with these points?

Benefits and Point Redemption with Amex Platinum & Amex Cobalt

Here is where we get to the really good stuff.

Redeeming Your Points 

The travel benefits for the Amex Platinum are rather impressive where you can further boost your point value. American Express offers a 30% transfer bonus when you transfer the 50,000 MR points to British Airways Avios or Aeroplan miles. You are now at 65,000 points if you transfer your 50,000 MR points welcome bonus.

Statement Credit 1,000 points per $10 (any purchases) 1,000 points = $10 (travel) 1,000 points = $7 (any other purchases)
Point Transfer to Other Airlines
Yes Not applicable for Cobalt as it’s under the MR Select point system.
Point Transfer to Other Hotel ProgramsYesYes
Using the statement credit system shown above, you can use these points for the redemptions below:
Fixed Points Travel Program Applicable for MR points Applicable for MR Select points
Travel via Amex Travel Online Applicable for MR points Applicable for MR Select points
Purchases on Applicable for MR points Applicable for MR Select points
Purchases on Applicable for MR points Applicable for MR Select points

Even though the Amex Cobalt’s MR Select points are not directly transferable to other airlines unlike Amex Platinum MR points, you can still utilize the Fixed Points Travel system by American Express. The great thing about the system is the points are fixed regardless of the airline ticket fare to redeem at any given time of redemption. 

Click to learn more about buying flights with the Platinum Card and the Cobalt Card.

Insurance Coverage

The travel Insurance coverage is extensive for both cards but it does have a slight advantage towards the Amex Platinum. However, it still is amazing for an Amex Cobalt card holder. 

Out of Province/Country Emergency Medical Insurance Up tp $5,000,000 
for you, your spouse, any dependent children, any additional cardmember, for any number of trips with a maximum duration of 15 days.
Up tp $5,000,000 
for you, your spouse, any dependent children, any additional cardmember, for any number of trips with a maximum duration of 15 days.
Travel Accident Insurance Up tp $500,000 
for you, your spouse and children in the case of accidental death or dismemberment while traveling
Up to $250,000
for you, your spouse and children in the case of accidental death or dismemberment while traveling
Flight Delay Insurance Baggage Delay Insurance (2 separate policies) Up to $500 coverage 
(aggregate maximum between both policies; Flight & Baggage Delay Insurance)
Up to $500 
(aggregate maximum between both policies; Flight & Baggage Delay Insurance)
Hotel/Motel Burglary Insurance Up to $500 
Up to $500 
Lost or Stolen Baggage Insurance Up to $500 Up to $500
Car Rental Theft and Damage Insurance Up to $85,000 of coverage without paying a single dime
Waive the vehicle rental company’s own insurance policy
Up to $85,000 of coverage without paying a single dime
Waive the vehicle rental company’s own insurance policy
Trip Cancellation Insurance15+ Up to $2,500 per insured person, per trip, up to a maximum of $5,000 for all insured persons combined.
Trip Interruption Insurance Up to $2,500 per insured person, per trip, up to a maximum of $6,000 for all insured persons combined. No
StandbyMDSM Travel Medical Concierge19 Provide 24/7 access to physician telephone consultations, arrangement of house call visits, and referral to medical facilities. No
Travel Emergency Assistance18 Access to out-of-town worldwide emergency medical assistance services and legal referrals by telephone, 24/7/365. No

Shopping Experience – Does my card protect me well?

This is a summary of the shopping protection provided by American Express for both cards. 

Purchase Protection® Plan Up to $1,000 Up to $1,000
Buyer’s Assurance® Protection Plan†16 Up to $10,000 Doubles the manufacturer’s warranty for up to one extra year, on any purchase paid in full with your Amex Cobalt Card
Fraud Protection Guarantee24 You won’t be held responsible for any fraudulent charges, as long as you’ve taken reasonable care to protect your account details and PIN. You won’t be held responsible for any fraudulent charges, as long as you’ve taken reasonable care to protect your account details and PIN.
No Pre-Set Spending Limit on Purchases The Platinum Card® has no pre-set spending limit In accordance to the approved Cobalt credit limit given to you.

Earning Points with Amex Platinum & Amex Cobalt

The key to selecting a suitable card will be to assess how your lifestyle can easily earn these amazing MR /MR select points.

3x unlimited 5x limited to first $30,000 spent annually
Travel 2x  (+1x for selected hotel/car rental bookings) 2x
Other Card Purchases 1x 1x
Refer Your Friend 15,000 points 5,000 points
limited to 75,00 points annually

There isn’t any limit when it comes to the Amex Platinum. All it takes is for you to get started with charging your expenses to your card to build your points. 

Amex Cobalt Exclusive Benefits

With the Cobalt card, it literally is a daily spending card. For food and drinks, you can earn 5x compared to Amex Platinum’s 3x. Having said that, American Express is flexible with the definition of Food and Drinks

‘ Restaurants, quick service restaurants, coffee shops and drinking establishments in Canada, stand-alone grocery stores in Canada, delivery of food and groceries in Canada…’ 

Even with travel, only the Cobalt Card allows 2x point earnings with travel purchases that include local commute, and gas stations in Canada. Again, American Express is flexible on the definition of local commute

“…subway, streetcar, taxi, limousine and ride sharing services…as long as it’s the merchant’s primary business”

Be it Uber, bus, train or any other public transportation – you can earn double the points per $1 spent! 

How else can I get MR select points?

Get FREE Additional Cobalt Cards

To maximize your earning rates, you can apply for supplementary cards for your family up until 9 cards – free of charge. 

Usually supplementary cards cost around $50 per card. So with 9 cards FOC, you save up to $450, and still earn the points combined with all 10 cards. 

Amex Platinum Exclusive Benefits 

#1 Worldwide Airport Lounge Access (Priority Pass)

If you have not experienced airport lounge during your flight travel experience, you are really missing out. I really was. We all can agree the waiting time between check ins and flight take offs generally made flight travel a snooze fest. Then, I had the chance to have access to the airport lounge when I was traveling from Singapore Changi Airport and flight travel would never be the same again. It truly changes the entire experience. Now I can’t imagine not having airport lounge access during my flight travels. 

Amex Platinum offers a Priority Pass Prestige membership which gives you access to 1,200 airport lounges globally free of charge. This membership has a value of $429/year. 

Plaza Premium Lounge at Toronto – Lester B. Pearson International (YYZ) 

So what exactly is in these lounges that makes it such a great experiences? 

Usually airport lounges have free WiFi, serve free fine food (some full meals or finger food and assorted snacks), beverages (many include alcohol drinks). Some lounges has amenities like massage chairs, nap rooms, showers, libraries, game rooms and printing facilities. If you are traveling with kids, some airport lounges provide safe playrooms for them to utilize before a flight. All that energy gets used only for them to get a good snooze on the flight making it a smooth journey for you.

Playroom in the Plaza Premium Lounge Helsinki at Helsinki Airport 

If you are travelling from Toronto Pearson International Airport, you are eligible to utilize the Pearson Priority Security Lane (even during peak hours) with the Amex Platinum. You are eligible for a complimentary valet service as well! How sweet is that when you are in a hurry!

#2 Hotel Elite Statuses – immediate hotel status upgrade!

With Amex Platinum, you get to upgrade the paid hotel bookings/reservations status for free at selected chains. The benefits varies at different hotels – exclusive discounts, early check-in and late check-out, complimentary breakfasts and more. You dont have to meet the usual criterias to enjoy these benefits. Being a Amex Platinum cardholder is all that this requires! 

Amex Platinum benefits include: 

  • American Express Fine Hotels & Resorts program
  • Hilton Honors Gold Status
  • Shangri-La Golden Circle Jade membership
  • Marriott BonvoyTM Gold Elite status
  • Radisson RewardsTM Gold Status

To Sum Up…

Amex Platinum is better suited for frequent travellers where Amex makes the travel (flight and hotel) experience a lot more enjoyable and memorable at a lower cost than usual. There is no question on the limit allowed for the points earned or the extent of insurance/protection coverage. You are already at a good head start with the more than generous welcome bonus. You can feel safe to travel with  your trusted Amex Platinum joining you on the trip. 

Where as, Amex Cobalt is the way to go for daily spending purposes and is super flexible with the upfront fee which is only on a monthly basis and mindblowingly high point earning system for food and drinks. Its applicable for almost any daily activities involved. Amex Cobalt is just to die for with the rewards available for its cardholder. 

Make your choice and get your Amex Platinum/Cobalt today!