SimplyCash® Preferred Card from American Express
Rated 4/5 stars.
- 4% Earn 4% cash back on eligible gas station purchases made in Canada.
- 4% Earn 4% cash back on eligible grocery store purchases in Canada — up to $1,200 annually.
- 2% Earn 2% cash back on all other purchases with no limit.
- Mobile device insurance up to $1,000 if you buy your phone with the card
- Cash back bonus for referring
- Exclusive event ticket access through American Express
- Travel insurance for trips purchased with the card
- Cash back on groceries limited to $1,200 a year
- No travel points collection program
The SimplyCash Preferred card from American Express is a great option for those looking to get the most out of their essential daily purchases, while also travelling enough to make use of the card’s travel insurance and online booking deals. However, frequent flyers may miss getting extra points on travel that can lead to free flights. To get a comprehensive understanding of the card, continue reading our detailed review below.
The Amex SimplyCash Preferred Card gives you all the benefits that come with being an American Express member, but with some excellent cash back rewards that can maximize your savings.
In this SimplyCash Preferred Card from American Express review, we look at all the details of this credit card, from rewards and eligibility requirements to interest rates and fees, so you can decide if it’s right for you.
SimplyCash® Preferred Card from American Express: an overview
The SimplyCash Preferred Card from American Express offers cash back benefits on essential spending categories, including gas and groceries. It also provides extensive insurance coverage, from warranty and purchase protection to flight delay and mobile device insurance.
While there’s no points system associated with the card, you can access exclusive offers for entertainment, dining, and shopping through the Amex Canada app.
As an American Express cardmember, you can also get deals on certain hotels and car rentals when booking trips with American Express online.
SimplyCash® Preferred Card from American Express rewards
The benefits of the Amex SimplyCash Preferred Card mostly come from the cash back rewards you get. The cash back categories include:
- 4% cash back on eligible gas station purchases made in Canada
- 4% cash back on eligible grocery store purchases in Canada (up to $1,200 annually)
- 2% cash back on all other purchases
These earn rates are what makes the SimplyCash Preferred Card one of the best cash back credit cards in Canada.
As a welcome offer, you can earn up to $400 in statement credits over 10 months if you spend more than $750 on your card each monthly billing period.
And if you refer a friend, you could get a $750 cash back bonus.
SimplyCash® Preferred Card from American Express eligibility
There is no minimum income required for the SimplyCash Preferred Card. You simply need to be:
- A Canadian resident with a Canadian credit file
- The age of majority in the province or territory you live in
It’s also recommended that your credit score be more than 660.
SimplyCash® Preferred Card from American Express interest rates and fees
- Annual fee: $119.88, paid via a monthly fee of $9.99
- Foreign exchange fee: 2.5%
- Extra card fee: None
- Cash advance fee: $2.75
- Purchases: 20.99%
- Cash advances: 21.99%
SimplyCash® Preferred Card from American Express perks
Aside from the cash back rewards, the Simply Cash Preferred Card includes a host of other benefits.
American Express Experiences
With American Express Experiences, you get the opportunity to buy exclusive Front Of The Line Presale tickets. At venues like Budweiser Stage in Toronto, you get a dedicated security line and lounge access.
Mobile device insurance
If you use your Amex SimplyCash Preferred Card to buy your next mobile device, you’ll unlock insurance that will cover you up to $1,000 in the event the device is lost, stolen, or damaged for up to two years.
There are excellent travel coverage options available if you book your trip with your Amex SimplyCash Preferred Card. Eligible emergency medical expenses are covered up to $5 million, and you can get $500 to cover hotels or food in the event your flight is delayed, or if you have to buy new clothing and toiletries if your luggage gets held up.
Accessible customer service and security
With Amex Canada, you’ll have access to 24/7 customer service no matter where you are in the world, as well as guaranteed fraud protection. Amex Canada will even issue you an emergency replacement card if you lose yours while you’re on the road.
Compare SimplyCash® Preferred Card from American Express alternatives
SimplyCash® Preferred Card from American Express
- Welcome Offer Up to $400 in statement credits in the first 10 months
- Annual Rewards $636
- Annual Fee $9.99 a month ($119.88 total per year)
- Minimum Income Required None
TD Cash Back Visa Infinite
- Welcome Offer Earn 10% cash back for the first 3 months (up to $2000)
- Annual Fee $120
- Interest Rates Purchases: 20.99%, Cash Advances: 22.99%
- Recommended Credit 760 - 900
BMO CashBack World Elite Mastercard
- Welcome Offer 10% cash back for the first 3 months
- Annual Rewards $606
- Annual Fee $120 (first year waived)
- Minimum Income Required Individual: $80,000 Household: $150,000
Our final thoughts
If you travel occasionally and spend on gas and grocery purchases frequently, the SimplyCash Preferred Card from American Express is a good option.
You get your rewards in the form of cash back, rather than points, which you’ll be able to reap the benefits of much sooner. However, if you do want a card that will earn you points instead, be sure to check out other American Express credit cards.