American Express Canada has rolled out a new credit card aimed at millennials to earn reward points on their daily shopping, including 5x points on eats and drinks, and 2x points on travel and transit, including taxis.

Dubbed Cobalt Card, the new offering has been designed considering the social lifestyle of young professionals and fulfils the needs of millennial consumers in Canada.

Cobalt rewards cardholders can also earn double reward points on travel, including flights, hotels, public transit, taxis, and gas.

The credit card, which is available for a monthly fee of $10, allows card-members to earn up to 40,000 bonus points with no worries of points expiry.

Through the Membership Rewards programme, the users can exchange the rewards points for booking travel and flights to anywhere in the world with no blackout dates or seat restrictions.

The points can also be redeemed for pay for purchases made on the Cobalt Card, whether paying for a new dress, or paying for their music subscription charges.

Additionally, cardholders can avail American Express service including 24/7 customer service, emergency card replacement, fraud protection guarantee, manage your account online.

American Express Canada vice president of new product development Megan McKee said: “Cobalt is a card designed by millennials for millennials. This generation enjoys a very social lifestyle and seeks out a wide variety of experiences.

“With this Card, Canadians get rewarded for the purchases they’re already making, whether it’s their daily coffee and subway ride to work, or their nights in with takeout and friends.”