SimplyCash™ Preferred Card From American Express Review

SimplyCash Preferred by American Express review


SimplyCash ™ Preferred Card from American Express

Good for: Earning high cash back on all spending

Our Rating:

StarStarStarStarStar

5.0 stars

Open Account

On American Express’s secure website.

Top Perks
  • No annual fee for supplementary cards
  • Valueable insurances including baggage delay, flight delay, and car rental
  • Entertainment and dining perks with American Express® Experiences

Open Account

On American Express’s secure website.

Cash back

2% cash back on all spending (after your Welcome Rate ends)

Welcome bonus

Earn 10% cash back for the first 4 months (up to $400 cashback).

Learn more

Annual fee:

$99

Eligibility:

Credit rating: Good

Updated: 09/16/2021. This post was not sponsored. The views and opinions expressed in this review are purely those of the author.

Our bottom line on the SimplyCash™ Preferred Card

The SimplyCash™ Preferred from American Express can be a great card if you’re looking for an easy way to earn a high rate on your everyday spend. You get 2% cashback, with no worrying about which category a certain merchant falls into. During the first year, you can add to that a very lucrative potential welcome bonus of $400. And this all comes packaged with a suite of generous American Express perks. There is a $99 annual fee, but the potential rewards, especially in the first year, stand to go well beyond that cost.

What’s great about this card?

Strong cash-back rate

Perhaps the most exceptional benefit of this card is the 2% flat rate on everything you buy. It doesn’t matter if you buy groceries, gas, new furniture, or a dog. You’ll earn 2% cash back on every purchase. That’s significantly higher than the usual 0.5 to 1.5% flat rates on cash back cards in Canada — in fact, it’s the highest flat-rate cash-back card you’ll find.

Exceptionally high welcome bonus

Everyone likes a welcome bonus (it’s one of the best parts of cash-back cards). And with the SimplyCash™ Preferred Card, you get an offer that’s hard to refuse. For the first four months after activation, your card’s earn rate jumps from 2% to 10%. You can earn up to $400 in cash back (or $4,000 spent) before the rate falls back to 2%.

Competitive annual fee

The $99 annual fee is one of the lowest for a cash-back card with this much earn potential. In addition, you can add up to nine authorized users on your account at no extra charge.

No limit to earnings

The SimplyCash™ Preferred Card has no cap on how much you can earn. The only limit is on higher rate associated with the welcome bonus, which caps at a maximum of $400 earned.

Travel & shopping insurance

For a card that charges a fairly low annual fee, the built-in travel and shopping insurances are remarkable. As a cardholder, you can take advantage of the following insurances:

  • Flight delay (up to $500)
  • Baggage delay (up to $500)
  • Lost or stolen baggage (up to $500 for all insured persons)
  • Travel accident coverage (up to $100,000)
  • Out-of-province medical coverage (up to $5 million)
  • Car rental theft/damage (up to $85,000)
  • Extended warranty (extends manufacturer’s warranty up to one additional year)
  • Purchase protection (up to $1,000 for damaged or lost purchases)

American Express Invites

As with other American Express cards, the SimplyCash™ Preferred Card opens a whole new world of luxury. As a cardholder, you’ll get special 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’s not so great?

Annual fee

To use the SimplyCash™ Preferred Card, you’ll have to pay an annual fee of $99. Though this fee is less than the average annual fee on a card of this stature ($120), you’ll want to be sure you earn enough in cash back to justify having this card.

Very 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 major 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. If you like to shop at Costco and Loblaw, for instance, you’ll want a second credit card issued as your backup.

Amex has closed the acceptance gap over the years, so it’s nowhere near as wide today as it once was. That said, because there are still merchants that don’t accept Amex, it can be a good idea to have a companion card that’s either on the Visa or Mastercard network. Luckily, there are strong cash-back and rewards credit cards with no annual fee that can provide a great partner to the SimplyCash™ card.

No mobile device insurance

Though the SimplyCash™ Preferred Card has comprehensive travel and shopping insurance, it doesn’t come with mobile device insurance. It’s a small fault, sure. But if you want a credit card that insures your phone against accidental damage, loss, and theft, you won’t find it on this card.

Foreign currency conversion fee

This card also comes with a 2.5% foreign currency conversion fee. That means whenever you buy something in non-Canadian dollars, you’ll pay a small fee to make the transaction.

How it compares

The SimplyCash™ Preferred Card is one of the best all-around cash-back cards in Canada. The 2% flat rate ensures you can snag a significant overall return on everyday purchases. And, for a credit card with a relatively low fee, the welcome bonus of up to $400 is eye-popping. That alone is reason enough to try out this card.

When compared with other cash-back cards, the 2% earn rate is highly competitive. But, keep in mind, you won’t earn more for certain spending categories, such as groceries, gas, recurring payments, or travel. If you know you spend a significant amount of money in one of these categories, you might want to do the math to see which card will earn you more.

The best flat-rate cash-back card in Canada

One of the most exciting parts of this card is the 2% cash-back rate on every purchase. While, yes, many cash-back credit cards offer higher rates for certain spending categories (4-5% on groceries, for instance), none can beat the across-the-board 2% flat rate on the SimplyCash™ Preferred Card.

For those Canadians who want a credit card that does it all, you’ll be hard pressed to find a better alternative to this card. With the SimplyCash™ Preferred Card, you don’t have to worry about keeping track of spending categories or using the right card at the right places. You can simply use the same card for every purchase and earn significant rewards in the process.

Since this card comes with an annual fee of $99, you’ll want to to be sure you’ll earn enough cash back to pay for the fee. In this case, you need to spend at least $4,950 on the card per year to earn $99. That said, if you snag the welcome bonus of $400, you’ll earn enough cash back to pay for the annual fee — four annual fees, at that.

How do you apply for the SimplyCash™ Preferred Card?

To apply for the SimplyCash™ Preferred Card, you should have a credit score in the good to excellent range (700-900).

If that’s you, then simply go to the American Express homepage and select the SimplyCash™ Preferred Card from the lineup. Fill out the application (you’ll need your social insurance number), and you should hear back from American Express within 60 seconds.

Who should get this card?

The SimplyCash™ Preferred Card is perfect for those Canadians who want a simple cash-back card with a straightforward earn rate that gives you the same cash back for every purchase. If you’re okay with paying an annual fee to boost your earn rate (in this case, 2% versus a 0.5% to 1.5% rate), this card can help you earn a serious amount of cash back.


SimplyCash ™ Preferred Card from American Express

Good for: Earning high cash back on all spending

Our Rating:

StarStarStarStarStar

5.0 stars

Open Account

On American Express’s secure website.

Top Perks
  • No annual fee for supplementary cards
  • Valueable insurances including baggage delay, flight delay, and car rental
  • Entertainment and dining perks with American Express® Experiences

Open Account

On American Express’s secure website.

Cash back

2% cash back on all spending (after your Welcome Rate ends)

Welcome bonus

Earn 10% cash back for the first 4 months (up to $400 cashback).

Learn more

Annual fee:

$99

Eligibility:

Credit rating: Good

Updated: 09/16/2021. This post was not sponsored. The views and opinions expressed in this review are purely those of the author.


Updated: 10/19/2021. 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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