Is the Amex Cobalt worth keeping?
Renewal verdict for the American Express Cobalt® Card — ongoing value only (a one-time welcome bonus doesn't justify year two).
Last updated
Credits cover CA$0 of the CA$192 fee — the rest rides on how you use it.
- Annual fee
- CA$192 Inferred by source
- Credits you'd realistically use
- CA$0
Why
- Statement credits you’d realistically use (~CA$0) don’t fully cover the CA$192 fee on their own.
- Whether it’s worth keeping comes down to the value you get from its above-average earn rates — count only what you’ll actually use.
Before you cancel
- Call the issuer and ask for a retention offer — a statement credit or bonus points to keep the card another year.
- Ask whether you can product-change to a no-annual-fee card in the same family — it keeps your account age and avoids a new hard pull.
- Run your real spend through the Find-a-card tool to see what the Amex Cobalt actually returns for you.
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Frequently asked
Is the Amex Cobalt worth keeping?
Depends on how you use it. Credits cover CA$0 of the CA$192 fee — the rest rides on how you use it.
What can I do before cancelling the Amex Cobalt?
Call the issuer and ask for a retention offer — a statement credit or bonus points to keep the card another year. Ask whether you can product-change to a no-annual-fee card in the same family — it keeps your account age and avoids a new hard pull. Run your real spend through the Find-a-card tool to see what the Amex Cobalt actually returns for you.
Does cancelling the Amex Cobalt hurt my credit?
Closing a card can lower your average account age and your total available credit, which may dip your score temporarily. Product-changing to a no-annual-fee card in the same family usually avoids that — you keep the account history.