SimplyCash® Preferred Card from American Express Review

Overall Ranking

5/5

Overview

Annual Fee

5/5

Welcome Offer

5/5

Earn Rates

5/5

Travel Insurance

5/5

The SimplyCash® Preferred Card from American Express makes collecting cash back rewards easy. In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Terms and conditions apply. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases. All this cash back should more than offset the $9.99/month (Equals a total fee of $119.88 annually) annual fee.

About the SimplyCash® Preferred Card from American Express

The SimplyCash® Preferred Card from American Express is a cash back card that has a solid standard earn rate. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases. This card’s base rate is much higher than the typical 0.5% to 1% base rate. This means you have the opportunity to reap excellent rewards across the board. Even better, there is no limit to the amount of cash back you can earn.

As far as redemptions go, your accumulated cash rewards are credited to your credit card account once annually.

The SimplyCash® Preferred Card from American Express has a lower-than-average annual fee of $9.99/month (Equals a total fee of $119.88 annually) and lets you add up to nine authorized users for free, which is an effective way to capitalize on your cash back potential. The welcome offer really sweetens the deal. In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Terms and conditions apply. This card offers a few extras, including a good travel insurance package and access to events and special offers curated for Cardmembers with American Express® Experiences

Card Features & Benefits

This straightforward card offers a lucrative cash back rate and a few notable extras.

• Affordable annual fee: It costs only $9.99/month (Equals a total fee of $119.88 annually) per year.
• Strong cash back rate: Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases.
• Unmissable welcome bonus: In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Terms and conditions apply.
• Extra earning potential: Add up to nine authorized users to your account to boost your rewards quickly.

Pros and Cons

The SimplyCash® Preferred Card from American Express offers a simple, straightforward way to earn cash back rewards. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases. Plus, it comes with a small but useful suite of extras and carries a below-average annual fee of $9.99/month (Equals a total fee of $119.88 annually). In addition, the welcome bonus makes it a hard deal to pass by. In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Terms and conditions apply.

That said, if you want all the bells and whistles, this card will fall short. There aren’t any perks like hotel credits or extras like mobile device insurance. And, although there are no caps on the amount you can earn, you have to wait for your rebates to be deposited once per year rather than on-demand. Finally, like all American Express cards, this one will be accepted at fewer places than Visa or Mastercard. This wrinkle could throw a wrench in your earning plans, particularly if you shop at Costco or Loblaws.

Other Perks

The SimplyCash® Preferred Card from American Express doesn’t have many extras, but the ones it does carry are worth a look.

• Travel Insurance - The SimplyCash® Preferred Card from American Express includes a travel insurance package that rivals other cards with much higher annual fees.
• Referrals - You earn bonuses when you refer friends or family to sign up for the card. For each approval, you’ll get $100, up to $1,500.
• American Express® Experiences - Access events and special offers curated for Cardmembers with American Express® Experiences

How It Compares

When it comes to cash back credit cards, consumers generally consider the earn rates versus annual fees, plus whatever benefits the cards might offer. The SimplyCash® Preferred Card from American Express lets you earn cash back across the board. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases. However, it does charge $9.99/month (Equals a total fee of $119.88 annually) annually. Check out the chart below to see how the SimplyCash® Preferred Card from American Express compares to the Tangerine Money-Back Credit Card.

The Tangerine Money-Back Credit Card also gives you the ability to rack up lots of cash back without an annual fee. Earn 2% Money-Back Rewards on your purchases in up to 3 categories of your choice, and 0.50% Money-Back Rewards on all other purchases. The categories you can choose from include groceries, gas, restaurants, recurring bills, home improvement, and entertainment.

Tangerine Money-Back Credit Card

Apply for a Tangerine Money-Back Credit Card by July 5th, 2023. If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*

Apply Now

That said, the SimplyCash® Preferred Card from American Express has an incredible welcome bonus. In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. Terms and conditions apply. Meanwhile, the Tangerine Money-Back Credit Card’s Welcome Bonus lets you earn a Special 10% extra cash back rate on the first $1,000 spent with the card on everyday purchases (max. $100 cash back) in the first two months if you're approved, apply by July 5, 2023.*

While neither card is super strong on perks and benefits, the SimplyCash® Preferred Card from American Express does include travel insurance. However, it’s worth noting that American Express is not as widely accepted as Mastercard, particularly at grocers like Costco and Loblaws.

*Terms and conditions apply

The Verdict

Cash back cards balance earn rates and perks with the annual fee. The SimplyCash® Preferred Card from American Express is unique because it charges a below-average annual fee of $9.99/month (Equals a total fee of $119.88 annually) while offering a strong cash back rate. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases. For those who want a simple and easy card that gets them money back without a premium annual fee, the SimplyCash® Preferred Card from American Express is a good option.

However, if your focus is on maximizing money without putting any money out, there are no-fee cards like the Tangerine Money-Back Credit Card. Earn 2% Money-Back Rewards on your purchases in up to 3 categories of your choice, and 0.50% Money-Back Rewards on all other purchases. For those who don’t want to pay an annual fee, this is a solid card that features on our list of best cash back credit cards. Ultimately, your choice will come down to preference and spending habits.

This post was not sponsored. The views and opinions expressed in this review are purely my own.

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.