SimplyCash Card from American Express Review

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 4% cash back on all purchases for the first 6 months ($200 value) and 1.25% thereafter.

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

SimplyCash Credit Card

Summary Card Features

  • Annual fee: $0
  • Promo: 4% cash back for 6 months;
  • Interest rate: 19.99% purchases, 22.99% cash advances, and balance transfers
  • Income eligibility: N/A

SimplyCash Card from American Express Benefits

1. No annual fee: This card serves up 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 4% cash back offer in your first 6 months on up to $5,000 in purchases. This is equivalent to $200 in cash back.

3. 1.25% flat cash back rate on everyday purchases. After the promotional period ends, you will enjoy a 1.25% cash back rate on all your 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 occurence. 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

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 AMEX review

SimplyCash Card from AMEX vs. Other Cash Back Cards

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 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.

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 $99 annual fee, 2% flat-rate cash back on all purchases, and comprehensive travel insurance benefits.

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 in order to maximize your rewards.

For example, you could use the Tangerine Money-Back Card to pay for groceries, gas, and recurring bill payments in order 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.

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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 Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, 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.

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