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SimplyCash® Preferred Card From American Express Review

Simplycash® Preferred Card from American Express review

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4.0

Welcome Offer

Welcome Bonus of up to $400 in Statement Credits

4% Earn 4% cash back on gas in Canada.

4% Earn 4% cash back on grocery purchases in Canada, up to $1,200 cash back per year.

2% Earn 2% cash back on everything else with no limit.

$119.88 Annual Fee $9.99 per month. Additional cards are free.

20.99% Purchase APR

21.99% Cash Advance APR

Excellent Recommended Credit Score

4.0

Simplycash® Preferred Card from American Express review

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Get a head start and receive cash back when you spend with the SimplyCash® Preferred Card from American Express.

The SimplyCash® Preferred Card from American Express at a glance

  • Welcome Bonus that could add up to $400 in statement credits in the first 10 months. Terms and conditions apply.
  • Earn accelerated earn rates on eligible gas and grocery purchases.
  • $9.99/month (Equals a total fee of $119.88 annually)
Features SimplyCash® Card from American Express Simplycash® Preferred Card from American Express
Annual fee $0 $119.88 ($9.99 per month)
Welcome bonus Earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your card. This could add up to $100 in statement credits in the first 10 months. 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.
Earn rate Earn 2% cash back on eligible gas station and grocery store purchases in Canada (up to $300 cash back annually). Earn 1.25% cash back on all other eligible purchases Earn 4% cash back on eligible gas station and grocery store purchases in Canada (up to $1,200 cash back annually). Earn 2% cash back on all other purchases
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Pros and cons

Pros

Pros

  • Earn up to $400 in statement credits in first 10 months

  • Competitive cash back rates: Up to 4% on gas and groceries, and more

  • Refer-a-friend bonus up to $750 annually

  • Extra benefits like rental car insurance and travel accident coverage

  • Manufacturer's warranty doubled on purchases

Cons

Cons

  • $9.99/month fee ($119.88 annually)

  • Cash back redeemed annually in September

  • Requires spending $750 monthly for maximum bonus

  • Not all benefits may be relevant to all users

  • Limited to American Express acceptance

Why we like it

  1. 1.

    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. Conditions apply.

  2. 2.

    Competitive cash back: 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. Note that accrued cash back is applied as a statement credit to your account each September.

Extra benefits of the SimplyCash® Preferred Card from American Express

American Express offers customers some truly advantageous benefits on top of the already great cash back rates. One that stuck out was the refer-a-friend bonus, which rewards customers with up to $750 annually for referring friends to sign up for the same valuable card. A cash payment of $150 for each individual referral is a nice incentive to get others the same benefits that you enjoy.

These additional features also apply:

1) Access events and special offers curated for Cardmembers with American Express® Experiences

2) Insurance:

  • Insurance against damage and theft of a rental car
  • Travel accident insurance value of $100,000
  • Foreign medical insurance
  • Theft of baggage and lost item insurance

3) For shoppers:

  • Products that are bought with the SimplyCash® Preferred Card from American Express have their manufacturer’s warranty doubled, extending protection for expensive purchases.
  • Insurance against theft or accidental damage on eligible new purchases made with the card.

How does it compare to the competition?

Features Simplycash® Preferred Card from American Express BMO CashBack® Mastercard®* Tangerine Money-Back Credit Card
Annual Fee $119.88/year $0 $0
Welcome Offer Welcome Bonus that could add up to $400 in statement credits in the first 10 months. Get up to 5% cash back in your first 3 months. Plus, a $50 cash back bonus - that's up to $175 in cash back in your first year* 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.*
Cash Back Rate(s) 4% on eligible gas station purchases, 4% on eligible grocery store purchases and 2% on all other purchases. 3% on groceries; 1% on recurring bills; 0.5% on everything else* 2% in 2-3 spending categories of your choice; 0.5% on everything else
Cash Back Redemption Policy Once annually each September Once monthly Anytime

Conclusion

A competitive cash back rate with no limits at the base earn rate, plus an array of nice features courtesy of American Express make this card very worthwhile for many individuals.

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.

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Money.ca
Money.ca, Money.ca Editorial Team
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