Looking for a cash back credit card in Canada that offers a great standard earn 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 everything you buy 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 that’s 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
- Annual fee: $99
- Promotion: Earn 10% cash back for 4 months ($400 value)
- Interest rate: 19.99% purchases; 21.99% on cash advances
- Income eligibility: N/A
- Additional cards: $0 fee
SimplyCash Preferred Card from American Express
Rewards: Earn unlimited 2.00% cash back on all purchases.
Welcome offer: 10% cash back in your first 4 months (valued at $400).
Interest rates: 19.99% on purchases and 21.99% on cash advances.
Annual fee: $99
SimplyCash Preferred Card from American Express Benefits
The most remarkable benefit of this card is its 2% flat-rate cash back offer on all purchases. This means you won’t have to worry about what you purchase in order to maximize your rewards.
Whether it is groceries, gas, travel, entertainment, or recurring bill payments, you earn an unlimited 2% cash back.
Also, new cardholders get a 10% cash back bonus offer in the first 4 months of activating the SimplyCash Preferred Card.
This welcome bonus is worth up to $400, meaning you earn 10% cash back on up to $4,000 in spending during the promotional period.
Related: Best Groceries Cash Back Credit Cards.
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 may be able to 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.
American Express Invites Benefits
The SimplyCash Preferred Card comes with access to American Express Invites and its perks including:
- Front Of The Line Advance Access
- Front Of The Line Reserved Tickets
- Front Of The Line E-Updates
Cardholders get easier access to 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.
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 $99 annual fee, its cash back rewards structure far outweighs the cost. In the first 4 months of activating the card, you could earn $400 in cash back. After the promotional period ends, you still earn a 2% cash back rate on all purchases which is equivalent to $20 for every $1,000 spent.
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 the insurance coverage, two cards that meet the bill are:
- SimplyCash Card from American Express: This AMEX Card offers 1.25% cash back on all purchases and has no annual fee.
- 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.
SimplyCash Preferred Card from American Express Review
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.