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SimplyCash Preferred Card From American Express Review (2023)

Looking for a cash back credit card in Canada that offers a great standard earning rate for all purchases? The SimplyCash Preferred Card from American Express is one of your best options right now.

You get an unlimited 2% cash back on most purchases (up to 4% on gas and groceries), plus a comprehensive suite of travel and shopping insurance coverage.

Add in its welcome offer and access to American Express perks, and you have a premium card worth looking at.

This American Express SimplyCash Preferred Card review covers its features, fees, alternatives, and everything else you need to know.

SimplyCash Preferred Card from American Express – Summary

SimplyCash Preferred Card from American Express

Rewards: Earn 4% cash back on gas and grocery purchases ($1,200 annual limit); 2.00% cash back on all other purchases.

Welcome offer: Earn a $40 statement credit each month you spend $750 in purchases on your Card in the first 10 months (up to $400 value).

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $9.99/month or $119.88/year

SimplyCash Preferred Card from American Express Benefits

The most remarkable benefit of the SimplyCash Preferred Card from American Express is its 2% flat-rate cash back offer on most purchases. This means you won’t have to worry about what you are spending on to maximize your rewards.

And on groceries and gas purchases, you earn 4% cash back, with an annual reward limit of $1,200. That is, you can earn 4% cash back on up to $30,000 in annual spending on both groceries and gas each year.

Other benefits of the SimplyCash Preferred Card are:

SimplyCash Preferred Card Travel Insurance

1. Travel Accident Insurance: Cardholders are covered for up to $100,000 with Accidental Death and Dismemberment Insurance. This coverage also extends to spouses and dependent children under age 23.

2. Emergency Medical Insurance: Offers coverage up to a maximum of $5 million for eligible emergency medical expenses for insured persons under age 65 for up to 15 consecutive days.

3. Car Rental Insurance: This card provides coverage for theft, loss, or damage to a rental car with a Manufacturer’s Suggested Retail Price (MSRP) of up to $85,000 and for up to 48 days.

4. Lost or stolen Baggage: Coverage is available up to $500 per trip for loss or damage to your luggage.

5. Flight and Baggage Delay: You can claim up to $500 if your flight or baggage is delayed for longer than a specific number of hours.

6. Hotel Burglary Insurance: The SimplyCash Preferred Card provides up to $500 in coverage if your personal items are stolen during a burglary at your hotel.

In addition to these comprehensive travel benefits, you also get:

  • Purchase protection for 90 days from the date of purchase
  • Buyer’s Assurance Protection with up to one extra year of extended warranty

Note that you may need to pay with your card in full to qualify for many of the insurance benefits.

Get the full gist about insurance coverage for the SimplyCash Preferred Card here.

Related: Best Credit Cards for Rental Car Insurance.

American Express Invites Benefits

The SimplyCash Preferred Card comes with access to American Express Invites and its perks:

  • Front Of The Line Advance Access
  • Front Of The Line Reserved Tickets
  • Front Of The Line E-Updates

Cardholders can easily access tickets and reservations for major events, including concerts, dining theatre productions, and more.

Lastly, you can invite friends and family to apply for this card and earn up to $1,500 in cash back per year when they are approved.

Downsides of the SimplyCash Preferred Card from American Express

While the SimplyCash Preferred Card from AMEX is one of the best credit cards for cash back rewards, you should note that AMEX cards are not as widely accepted as Visa or Mastercard.

That said, you could use your other credit cards if this happens.

Is this SimplyCash Preferred Worth it?

Yes, the SimplyCash Preferred Card is worth checking out.

While it has a $9.99 monthly fee, its cash back rewards structure far outweighs the cost. In the first 10 months of activating the card, you could earn up to $400 in statement credits.

Also, its travel benefits are comprehensive, and the $5 million coverage for emergency medical expenses is rare.

Unlike some premium cards that set personal income limits for eligibility, this card has no such restriction, although you will need a good to excellent credit score.

If you prefer a no-fee cash back credit card and don’t need insurance coverage, two cards that meet the bill are:

  • SimplyCash Card from American Express: This AMEX Card offers 1.25% to 2.00% cash back on purchases and has no annual fee.

SimplyCash Card from American Express

Rewards and benefits: Earn up to 2% cash back on gas and groceries; 1.25% cash back on all other purchases; travel accident insurance.

Welcome offer: Earn a $10 statement credit each month you spend $300 in purchases on your Card in the first 10 months (up to $100 value).

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $0

  • Tangerine Money-Back Credit Card: This Tangerine credit card offers 2% cash back on two categories of spending and 0.50% on all other purchases. It also has no annual fee.

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

SimplyCash Preferred Card from American Express Review
4.7

Summary

The SimplyCash Preferred Card from American Express is one of the best cash back credit cards in Canada and it also offers extensive suite of travel benefits. This review of the SimplyCash Card covers what you need to know. 

 

Best Credit Offers in February 2023

Get one of the no-fee cash back credit cards in Canada ($100 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $100 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer and purchase protection insurance.

No annual fees to use the card; cashback is paid out monthly.

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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.

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  • 10% cashback on $1,000 spent in first 2 months ($100 value).*
  • Earn 2% unlimited cashback in 2 categories and 0.50% back on everything else.
  • No annual fees!
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Cash Back Credit Card
Best No Annual Fee Cash Back Card
Get 10% cashback on up to $1,000 spent in first 2 months ($100 value).* No annual fees!
*Limited time offer. Terms and conditions apply.