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SimplyCash Card from American Express Review (2023)

The SimplyCash Card from American Express offers an enticing combination of cash back rewards and insurance coverage.

Rated as one of the best cash back cards with no annual fees, this credit card is definitely worth checking out.

On the promotional side of things, the AMEX SimplyCash Card offers new cardholders a $10 monthly statement credit each month they spend $300 or more for the first 10 months ($100 value).

This AMEX SimplyCash Card review covers what you need to know if you are looking to apply for it.

SimplyCash Card from American Express Benefits

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

1. No annual fee: This card offers a competitive cash back rate on all your purchases, which is noteworthy for a no-fee credit card. Additional cards are also free (up to 9 extra cards).

2. Welcome offer: Get a $10 statement credit each month you spend $300 in purchases on your Card in the first 10 months. This is equivalent to $100 in cash back.

3. Up to 2% cash back rate: Earn 2% cash back on gas and groceries (up to $300 annual limit), and enjoy a 1.25% cash back rate on all your other purchases. No limits.

4. Travel accident insurance up to $100,000. You must charge your travel tickets to your card for this coverage to apply.

5. Purchase protection for 90 days and up to $1,000 per occurrence. It also offers an extended warranty for up to one extra year.

6. Access to American Express Experiences so you can easily purchase tickets to in-demand events, enjoy special AMEX offers, express service, and more.

There is no minimum income requirement to apply for the AMEX SimplyCash Card.

Downsides of the SimplyCash Card from AMEX

This card tops its category with its easy-to-understand flat-rate cash back rewards structure. That being said, if you plan to apply, you should note its downsides, including:

  • American Express cards are not as widely accepted as Visa or Mastercard.
  • Your cash back rewards are redeemable once a year. This is unlike the Tangerine Money-Back Card, which credits cash back earned every month.
  • Lastly, the SimplyCash Card offers limited options in the way of insurance coverage, although it still stands head and shoulders above many of its peers in this regard.

SimplyCash Card from American Express Alternatives

As I mentioned earlier, the AMEX SimplyCash Card is one of the best no-fee cash back credit cards in Canada.

Its closest competitors in the no-fee category are the Tangerine Money-Back Card, Tangerine World Mastercard, and Triangle World Elite Mastercard.

Tangerine Money-Back Credit Card: $0 annual fee, 2% cash back on up to three categories of spending and 0.50% on everything else, purchase protection, extended warranty, and 1.95 balance transfer rate for 6 months. Read the review.

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 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

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

Annual fee: $0

Tangerine World Mastercard: $0 annual fee, 2% cash back on three purchase categories, 1.95% balance transfer, mobile device insurance, Mastercard Airport Experiences provided by Longekey, purchase protection, and extended warranty. A minimum personal income of $60,000 is required to be eligible. Read the review.

Tangerine World Mastercard

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

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

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

Annual fee: $0

Triangle World Elite Mastercard: $0 annual fee, 3% Canadian Tire Money on grocery purchases, 4% in CT Money on purchases at Canadian Tire stores, free roadside assistance, car rental insurance, etc. Read the review.

Lastly, you can also consider the annual fee version of this card, i.e. the SimplyCash Preferred Card from American Express. This version comes with a $119.88 annual fee, 2% flat-rate cash back on all purchases, and comprehensive travel insurance benefits.

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

Is The SimplyCash Card from AMEX for you?

The SimplyCash Card from AMEX is definitely worth checking out. As a no-fee card, you can combine it with other cash back cards to maximize your rewards.

For example, you could use the Tangerine Money-Back Card to pay for groceries, gas, and recurring bill payments to earn 2% cash back, while you use the SimplyCash Card to pay for everything else at a 1.25% earn rate.

Apply for the SimplyCashCard.

SimplyCash Card from American Express Review
4.4

Summary

The SimplyCash Card from American Express offers a combination of cash back rewards (1.25% unlimited) and insurance coverage. This SimplyCash Card from AMEX review covers what you need to know.

 

Best Credit Offers in January 2023

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

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

Get one of the no-fee cash back credit cards in Canada ($150 bonus)

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

Get a $150 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer, airport lounge access, and insurance benefits.

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

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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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