At a Glance: SimplyCash® Preferred Card from American Express
With gas and grocery bills going up, up up, money doesn’t go as far as it used to – and savvy shoppers are looking for any help they can get.
The SimplyCash® Preferred Card from American Express can be a great choice for Canadians trying to make the most of their hard-earned dollars. (And who isn’t?)
This card offers 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.
It’s an easy way to earn a high rate of cash back on your everyday spending. If you’re going to buy groceries and gas anyway, you might as well get paid for it!
(By the way, we are compensated by some of the companies on this page, but the views and opinions expressed in this review are purely those of the author. Our editorial commitment is to you. If a product isn’t any good, our review will reflect that, or we won’t write about it at all. Also, while we aim to feature the best products available, we do not review every product on the market.)
SimplyCash® Preferred Card from American Express
Great for earning high cash back on all spending
Rewards
- Earn 4% cash back on eligible gas station purchases in Canada
- Earn 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually)
- Earn 2% cash back on all other purchases
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.
Learn More
Annual Fee:
$119.88 ($9.99 monthly)
Eligibility:
Credit rating : Good, Excellent
Annual Income : $N/A
Full SimplyCash® Preferred Card from American Express Review
This card is a fit for: Canadians who want a simple cash-back card with a straightforward earnings rate.
Top perks
Cash back
Perhaps the most exceptional benefit of this card is the cash-back potential we already mentioned:
- 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)
- 2% cash back on all other purchases – no limit on how much you can earn
Exceptionally high $400 welcome bonus
Everyone likes a welcome bonus (it’s one of the best parts of cash-back cards). 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.
Competitive annual fee
The $119.88 annual fee ($9.99/month) is one of the lowest for a cash-back card with this much earning potential. In addition, you can add up to nine authorized users on your account at no extra charge.
Other benefits
Mobile device coverage
You can be insured for up to $1,000 if your mobile device is lost, damaged, or stolen – anywhere in the world. All you have to do is purchase your device using the SimplyCash® Preferred Card.
Travel coverage
The card provides you access to valuable insurances, including baggage loss or delay, flight delay, car rental, and emergency medical.
American Express Experiences
As with other American Express cards, the SimplyCash® Preferred Card opens a wide world of entertainment. As a cardholder, you’ll get access to pre-sale tickets for concerts, plays, and other special events, along with advanced screenings for certain movies. American Express may also invite you to exclusive food festivals or shopping experiences.
What could be improved
Annual fee
To use the SimplyCash® Preferred Card, you’ll have to pay an annual fee of $119.88. Though this fee is less than the average annual fee on a card with this much earnings potential, you’ll want to be sure you earn enough in cash back to justify having this card.
Strict cash-back redemption options
Perhaps the biggest downside to this card is the limited way in which you receive your cash-back rewards. Every September, American Express will apply your cash back as a statement credit to your account. Unlike other cash-back cards, which give you the option of redeeming your rewards throughout the year, you’ll have to wait to see the fruit of your labour. That can be a disappointment, especially if you like to have full control over your rewards.
American Express not as widely accepted
As with other American Express cards, the SimplyCash® Preferred Card isn’t as widely accepted as Visa and Mastercard, so it can be a good idea to have a companion card that’s on the Visa or Mastercard network. (If you like to shop at Costco and Loblaw, for instance, you’ll want a second credit card as a backup.) Luckily, there are other strong cash-back and rewards credit cards with no annual fee that can be a great partner to the SimplyCash™ card.
SimplyCash® Preferred Card credit score
The SimplyCash® Preferred Card is intended for Canadian residents who are age of majority in their province who have an excellent or good credit score, which is generally considered to be a 670 FICO® Score or higher. As with any credit card, banks will look at more than your credit score during the approval process. So having at least this score isn’t a slam dunk for approval – nor is it impossible to get approved with a lower score.
What to know about the card’s cash-back calendar
Every September, American Express will apply your cash back as a statement credit to your account
Who should consider this card?
You’re probably a good candidate to apply for this card if:
- You spend a lot in its bonus categories. Considering that the card’s bonus categories include groceries and gasoline, spending heavily on them will be quite easy if you’re a frequent commuter or have a family to feed.
- You can charge at least $750 each month to the card to earn the $40 monthly statement credits (first 10 months only).
- You’re okay with paying an annual fee to boost your earnings potential.
SimplyCash® Preferred Card from American Express
Great for earning high cash back on all spending
Rewards
- Earn 4% cash back on eligible gas station purchases in Canada
- Earn 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually)
- Earn 2% cash back on all other purchases
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.
Learn More
Annual Fee:
$119.88 ($9.99 monthly)
Eligibility:
Credit rating : Good, Excellent
Annual Income : $N/A
Updated: 2/2/2024. This post was not sponsored. The views and opinions expressed in this review are purely those of the author. 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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