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Simplii Financial Cash Back Visa Card Review 2023

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Are you the type who prefers to use credit card rewards to save money each time you fill up your gas tank, dine out, or grab a morning coffee on your way to work? If so, the Simplii Financial Cash Back Visa might be the ideal card for you.

The Simplii credit card offers impressive cash back rates that can help trim your budget — and you don’t need to be a high earner to qualify for it.

Simplii Financial is CIBC’s online banking division, and its cash back Visa marks its first offering in the fiercely competitive credit card market. Keen to discover if it’s worth adding to your financial toolbox? Then check out this in-depth review, where we explore everything you need to know about this cash back contender.

Simplii Financial™ Cash Back Visa Card

Simplii Financial™ Cash Back Visa Card

  • Welcome Offer 20% cash back for first 3 months on eligible purchases and payments, up to $500 spend
  • Annual Fee $0
  • Interest Rates Purchases: 19.99%, Cash Advances: 22.99%
  • Recommended Credit Score 660+

Simplii Financial Cash Back Visa Overview

The Simplii Financial Cash Back Visa is a credit card that lets you earn cash back on your everyday spending. This means that each time you charge an eligible purchase to your card, you get paid back a percentage of the amount you spent.

Like many cash back credit cards, the Simplii Financial Visa employs a category-based spending model, which means your earn rate will vary based on the type of purchase made. You’ll earn a general rate that applies to each purchase you make, regardless of which spending category it falls into, and bonus rates on things like groceries, gas, restaurants, and pre-authorized payments.

Features of the Simplii Financial Cash Back Visa Card

High earn rates. The Simplii credit card offers lucrative earning rates, which is its most compelling feature. The spending tiers work as follows:

  • 4% cash back on eligible restaurant, bar, and coffee shop purchases, up to a spending limit of $5,000 annually
  • 1.5% cash back on eligible gas, grocery, pre-authorized payments, and drugstore purchases, up to a spending limit of $15,000 annually
  • 0.5% cash back on all other credit card purchases with no annual spending caps

What happens if you exceed the annual set spending limits in the first two categories? In that case, your earn rate will drop to 0.5% for each extra dollar you charge to your card during the year.

If these generous earning rates aren’t enticing enough, you can add up to three authorized users to your account. By doing so, you’ll be able to collect cash back rewards faster.

The card offers a welcome bonus for a limited time (until October 31, 2023), where you’ll have the opportunity to garner 20% cash back on the first $500 spent on eligible gas, groceries, drugstore purchases, and pre-authorized bill payments during your first three months of spending. After you’ve spent the $500, you’ll earn the regular earning rate.

All the cash back you collect is redeemed as a statement credit yearly at the end of December (the spending limits reset to zero every January).

Simplified online purchasing. Are you tired of constantly entering your password and 16-digit credit card number when shopping online? If so, you can skip these steps when using the Simplii Financial Cash Back Visa, as the card offers a convenient and safe payment feature called Click to Pay. It works as it sounds — simply select the Click to Pay icon at checkout to complete your transaction.

Fraud protection. Credit cards are prime targets for thieves. If Simplii Financial detects suspicious activity on your credit card account, it will notify you by email, text, or phone so you can take action immediately.

Digital wallet compatibility. Mobile wallets are all the rage these days, given their convenience and exceptional security features. The Simplii Financial cash back credit card is on board with this trend. You can add it to your Apple Pay, Google Pay, or Samsung Pay mobile wallet.

International money transfers. The Simplii Financial Cash Back Visa allows you to send money abroad free of charge. You’ll earn cash back on each global money transfer you make, too.

Purchase security. Your Simplii Visa credit card membership provides you with two insurance products: purchase protection insurance with coverage for up to 90 days, and extended warranty protection with coverage for up to one extra year on top of the original manufacturer’s warranty.

Emergency travel medical insurance. As a Simpliii Financial Visa cardholder, you have the option to add emergency travel medical insurance to your account. You can choose between single-trip and multi-trip plans with coverage for up to $10 million for you and your family when travelling outside your home province or territory.

Fees and interest for the Simplii Financial Cash Back Visa Card

The Simplii Financial Cash Back Visa is an affordable credit card. There’s no annual fee to pay, both for the primary cardholder and any other authorized user.

However, there are still fees that apply to some transactions and in specific circumstances, which include:

  • Foreign currency conversion — 2.5% of the converted amount
  • Overlimit fee — $29 charged on the day you exceed your credit limit and on the first day of each month for as long as your balance remains above your limit
  • Inactivity fee — the lesser of $10 or the total credit balance if there’s a credit balance in your account that hasn’t changed for 360 consecutive days
  • Cash advance fee — $5

The interest rate for regular purchases is 19.99%, comparable with most credit cards. Cash advances and balance transfers will cost you 22.99%.

Eligibility for the Simplii Financial Cash Back Visa

To qualify for the Simplii Financial Visa, you must be a Canadian resident, the age of majority in your province or territory, and have not declared bankruptcy in the past seven years. In addition, your minimum household annual income must be at least $15,000.

Pros and cons of the Simplii Financial Cash Back Visa


  • No annual fee or monthly fees
  • Low-income requirement
  • High earn rate on restaurant, bar, drugstore, and coffee shop purchases
  • Compatible with Google Pay, Apple Pay, and Samsung Pay mobile wallets
  • Free global money transfers
  • You can add three additional users to your account


  • Low base earn rate
  • Cash back rewards are redeemable only once per year
  • Not available to Quebec residents
  • Only available to Simplii Financial customers
  • Few perks aside from basic insurance for purchases

Alternatives to the Simplii Financial Cash Back Visa Card

Simplii Financial’s Cash Back Visa offers admirable earning rates with no annual fee, making it a valuable card to use whenever you shop. But it has some strong rivals that provide similar perks and features.

Here are two cash back credit cards to consider that are similar to the Simplii Financial Visa:

Tangerine Money-Back Mastercard

This no-fee credit card offers a compelling earn rate model. You can personally select which two spending categories (out of a total of 10) you want to earn a 2% cash back rate on. All other purchases will net you a 0.5% rate. Cash back rewards are redeemable each monthly billing period. Insurance coverage includes price protection and an extended warranty.

Tangerine Money-Back Credit Card

Tangerine Money Back Credit Card

Rated 4.8/5 stars.

Our Review

  • Welcome Offer 10% cash back on up to $1000 in everyday purchases for the first two months
  • Annual Fee $0
  • Interest Rates Purchases & Cash Advances: 19.95%
  • Recommended Credit 660 - 724

BMO CashBack Mastercard

Does your grocery bill make up a massive chunk of your budget? If so, BMO’s CashBack Mastercard can help fix that, as it boasts a 3% cash back rate on grocery purchases. You also collect 1% on several other spending categories, such as recurring bill payments and streaming services, and 0.5% on all other purchases. You can redeem your cash back anytime, and there’s no annual fee. Perks include purchase protection insurance, extended warranty, and car rental discounts.

BMO CashBack Mastercard

BMO CashBack Mastercard

Rated 4.1/5 stars.

Our Review

  • Welcome Offer Up to 5% cash back in first 3 months
  • Annual Fees $0
  • Interest Rates Purchases: 20.99%, Cash Advances: 22.99%
  • Recommended Credit 670 - 724

Is the Simplii Financial Cash Back Visa Card worth it?

The combination of no annual fee and high earning rates on select spending categories makes the Simplii Financial Visa card an excellent choice for frugal shoppers or anyone looking to save extra cash on their day-to-day expenses.

You’ll reap the benefits of the card’s mighty 4% earn rate if you routinely frequent bars, restaurants, and coffee shops. The 1.5% rate for grocery, gas, drugstore purchases, and pre-authorized payments is decent, too.

The only drawback to the Simplii Financial credit card is that you receive your cash back only once per year on your January statement. But if you’re not in a rush to collect your rewards, you can count on this credit card to help you keep more money in your bank account.

Frequently asked questions

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