Advertiser Disclosure: Some links on this website are affiliate links. You may not pay any extra for clicking on these links and making a purchase.
American Express is not responsible to maintain or monitor the accuracy of the information on this site. Click the Apply Now link to view all details and current information about products. If you apply for and are approved for an American Express Card I may receive compensation. This can be in the form a monetary payment.
Your support helps PointsWise run. Thank you!
Introduction: How It Works
The Amex Cobalt Card allows you to earn 5x more points for groceries, food and drinks in restaurants and other purchases. It is one of the best credit cards available in Canada.
How can you earn five times the points for gas purchases by maximising this spend bonus?
Amex Cobalt offers 5x points on groceries, so you can buy a gift at the grocery store for your favorite gas station using your Cobalt Card. It’s really that simple.
The Amex Cobalt Card – Apply Now!
Welcome BonusEnjoy up to 15000 points Amex
Annual Fee $155.88 ($12.99/mo)
Rewards:Earn 5x the points on eligible foods and drinks in Canada. This includes groceries and food deliveries. Spend cap applies.
Is it Worth It to Use the Amex Gift Card balance Method?
Spending $2,500 on food and drink per month will earn you 5x the points. You will then earn 1x points for all future purchases in this category. This spending cap resets each billing cycle.
Let’s do the math:
Points
Amex points are 12,500 per $2,500 per monthly.
12,500 points divided by 12 months = Amex points: 150,000 Amex per year
Spending
Spending $2,500 a month for 12 consecutive months equals $30,000 with a return of 5%.
$1,500 / 12 Months = Every month, you can get $125 in cash.
150,000 Amex points = $1,500 cash value(and even if you transfer your loyalty to airline or hotel programs).
This is essentially what I mean Turns the Cobalt Card in to a credit card with 5% cashback.
If you buy a gas giftcard when you go shopping for groceries, and record the balance of your gift card each time, then this small step will give you an extra $125 per month. This is a simple way to create an account for your annual vacation. Now that’s rewarding!
You can earn 5x more points by paying at the pump using a gift card. You can also earn points through other loyalty programs like PC Optimum, offered by Esso.
Keys to Success
Stay Organized
It can be difficult to keep track of multiple gift cards that have different balances.
Instead, just take an extra minute to keep track of what you’ve used on your gift card when you gas up.
Here’s a basic Google Sheets spreadsheet you can use to get started:
Gift Card No: Keep track of what gift card you’re on. Each gift card will have a new amount.
Transaction Date The date on which you purchased or redeemed a gift card.
Action:I would like to include the name of the store where I purchased the gift card and the location I filled up.
Amount: The amount that you paid for the gift card or how much money you redeemed.
Gift Card No.
Transaction Date
Action
Amount
1
Feb 27, 2024
Bought Gift Cards at Save on Foods
CA$100.00
1
Feb 27, 2024
Filling Up at Esso
CA$61.31
1
Mar 04 2024
Fill Up at Esso
CA$38.69
2
Mar 04 2024
Bought Gift Cards at Save on Foods
CA$100.00
Double Dip on Points
I can earn 5x points on my purchase using the Amex Cobalt gift card strategy. I can also earn points for my PC Optimum to use towards groceries. But Use the gas station to double dip and earn points in other stores.In my case, i want to earn extra points for groceries.
Keep it hassle free
It can be frustrating if you are limited to one gas station. Plan ahead or purchase gift cards to multiple gas stations around you to increase your chances of earning 5x points.
With Esso, I can pay with my gift card right at the pump, so there’s no need to go inside to redeem it. It’s hassle free to use a gift card at the pump.
Conclusion
As you can tell, I’m all for this gift card method. It encourages budgeting and points redemption.
Now let me be clear, I’m not suggesting living beyond your means and spending more just for the sake of earning Amex points. This method should fit into your existing budget.
The fun part is checking out the gift card aisle in the grocery store and seeing what other stores you can earn 5x the points on for everyday purchases you’d be making anyway.
Earning 5% cashback with the Amex Cobalt Card is worth it when other Visa or MasterCard only offer 2-4%.
How will you spend the Amex Cobalt rewards you have earned?
‘ Credit:
