Simplii Financial Cash Back Visa Card Review

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by Enoch Omololu

Updated

Advertiser Disclosure

If you have been a Simplii Financial Bank client for a while, then you know that they previously operated as PC Financial before re-branding as Simplii Financial, the direct banking arm of CIBC, on November 1, 2017. Since then, a couple of changes have occurred with the bank and they now have their own credit card – the Simplii Financial Cash Back Visa Card.

As an ardent user of the PC Financial World Elite Mastercard, one of the best no-fee credit cards in Canada, I was interested in seeing what Simplii’s new credit card had to offer, and if it was comparable or better than the 3% cash back offer I get on the PC Financial World Elite MC when I shop at the Real Canadian Superstore (or the Loblaws chain of stores in general). 

So, how does the new Simplii Visa Card stack up against other popular no-fee cash back cards in Canada? Read on to find out!

Simplii Financial Cash Back Visa Benefits and Features

Simplii Financial Cash Back Visa Credit Card

1. No Annual Fee: There is no annual fee and this includes your primary card and up to three additional cards for authorized users.

2. Cash Back Rewards: For a no-annual-fee card, it has some compelling cash back offers including:

⇒ 4% on your restaurant spending up to $5,000 per year.

⇒ 1.50% on gas, groceries, drugstore purchases, and pre-authorized payments up to $15,000 per year.

⇒ 0.50% on all other purchases with no limit on how much you can earn.

As a welcome gift, they are also offering up to 10% cash back on your first $500 spend at restaurants and bars. This implies an additional $30 in cash back on top of the regular 4% offer for this spending category.

3. Purchase Security and Extended Warranty: You get free purchase security insurance of up to 90 days from the date of purchase, and an extended warranty that doubles the manufacturer’s warranty by up to 1 year.

4. Easy Qualification: The annual household income threshold required to qualify for this card is very low at $15,000. This makes for easy qualification if you are a student.

Related: EQ Bank: Best Savings Account Rates in Canada?

Simplii Financial Cash Back Visa Card

Downsides of the Simplii Financial Cash Back Visa

Some of the downsides of this card that should be taken into consideration are:

It is only available to current Simplii clients which means you will need to have an active Simplii account e.g. a no-fee chequing account or high-interest savings account.

Simplii’s online-only banking is great since they don’t charge monthly fees. However, this requirement can be a hassle if you don’t need a new bank account.

Cashback accumulates through the year and is reflected in your account as a one-time credit on your December statement. This is not as attractive as the cash back you earn on the no-fee Tangerine Money-Back Credit Card, which is paid out on a monthly basis.

The Simplii card is not available to residents of Quebec.

BONUS: Sign up for the Tangerine Cash Back Credit Card and earn unlimited 2% cash back in 3 categories, plus a bonus 10% cash back in your first 2 months.

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Is The Simplii Financial Visa For You?

The cash back offered by the Simplii Financial Visa is great for a no-fee card.

For example, if every month you spend $400 on restaurants, $700 on groceries, gas, and bill payments; and $100 on your other purchases, your total annual cash back would be $324, or $354 (including the 10% welcome offer). This is not bad at all!

Simplii Financial Cash Back rewards

We don’t eat out very often, so this card is not for me as I would not be able to take advantage of the 4% cash back on restaurants. For our occasional dining out, the Tangerine Money-Back Credit card‘s 2% cash back works well.

However, if you dine out a lot, the Simplii Visa is attractive, as it pays you up to $200 per year on this spending category alone i.e. $5,000 x 4%. For restaurant/bar/coffee and takeout spending exceeding the $5,000 cap, you earn 0.5% in cash back.

While the 1.5% offer on groceries is good, the PC Financial World Elite Mastercard does better, paying you up to 4.5% cash back on your spending at Shoppers Drug Mart and 3% at their popular Superstores…if this is where you normally shop.

That being said, if you are in the market for a cash back card that has no annual fee, the Simplii Financial Cash Back Visa card is definitely worth checking out.

Earn up to 10 cash back with the Simplii Financial Cash Back Visa Card! #cashback #creditcard #rewards #savemoney #Simplii #simpliifinancial
Simplii Financial Cash Back Visa Review
4.4

Summary

The Simplii Financial Cash Back Visa Card is Simplii’s first credit card offering. This review highlights its cash back offers and benefits as well as the downsides associated with the card.

Best Credit Offers this month

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Free prepaid reloadable Visa card.

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

Credit building available with a subscription.

1.20% savings interest on every dollar balance.*

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals available in as fast as 5 minutes.

Low interest rates starting at 9.9% (or 1.90% for auto loans).

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

13 thoughts on “Simplii Financial Cash Back Visa Card Review”

  1. i have fighting to try a simpli finnanacial cash back visa card
    on Ontario diability check would that be wrong for me to do

    • I think it just can’t be over your exempt asset amount. I had a card when I got approved for odsp and they had no issues. They might feel different if you go into high debt on it right away for long term, but I’m always very careful never to spend more than I know I’ll be able to pay off in full. Worth a try. The stereotype is that nobody on disability can possibly avoid long term debt. I guess I enjoy proving the stereotype wrong

  2. FYI: the 10% cashback offer is deceitful in the sense that a potential applicant might understand that the cashback rebate is up to $500, like I understood, however, it is up to $500 in spending at restaurants, which is nothing. Most people spend that in 2-3 weeks and will not go up to the 4 months they offer. If it was an “up to $500 cashback offer”, I can see how it might take $500 to attain, plus, it would’ve been more enticing. Very disappointing and gimmicky marketing.

    • @Tudor: True! Which is why it’s important to read the fine print thoroughly before applying for a credit card and also to read reviews like this one. 😉

  3. Look a gift horse in the mouth on this one. The visa card never paid me the money it said I’d accumulated. There was a tiny note on the statement that I had to refer to the “message centre “ although there is no message centre on Simplii‘s site. Then the January statement showed my earned dollars balance as $0. They haven’t answered my email so I guess I’ll have to waste time on the phone with them.

  4. “the PC Financial Mastercard does better, paying you up to 4% cash back on your grocery spending at Loblaw stores, including their popular Superstores!”
    I never heard of this 4% cash back at Superstores/Loblaws, Not only that, Superstore is the only place where I don’t earn points. I tried 3 times to get an answer without one coming.

    • @ukerry: The PC Financial World Elite pays 45 points per $1 at Shoppers Drug Mart and 30 points per $1 at Superstore and other Loblaw grocery stores. I will update that line to read “PC Financial World Elite” as opposed to just the line of PC Financial Mastercards.

      With regards to earning points at Superstore, that sounds weird. I use a PC Financial MC and I earn points on all purchases.

      • My husband the primary card holder passed away so I lost my secondary card. Can I get a PC master card in my own name that will. register my PC points.?

        • @SL Clarke: Sorry to hear. Yes, you should be able to apply directly for your own card.

  5. Honestly, during the pandemic I pulled in 290 cashback. Its a great card, and pays off Christmas debt.

    With simplii having a limited spending limit on daily debit, the visa makes up for this. I consistently add more directly and instantly from my debit account to surpass the credit limit of 500 and spend more. This allows for easier cash flow and more cashback. For low income, so long as you don’t ever spend more than you make, this works amazingly.

  6. I know it’s not advised, but I have no choice but to take a small cash advance. Anyone know the fee with Simplii Visa?

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