Most credit card issuers offer cards designed to maximize cash back opportunities, and American Express is no exception. The SimplyCash® Card from American Express and SimplyCash® Preferred Card from American Express cards are a few of Amex’s most popular cards for good reason.
Both cards come with a nice welcome bonus and offer great earn rates, but how do they differ? And how do these cards stack up against the competition?
Below, we review these two cash back cards and compare them with some of the most popular cash back cards from Scotiabank and Tangerine, so you can find the card that’s the best fit for you.
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Amex SimplyCash vs. SimplyCash Preferred
| SimplyCash Card from American Express | SimplyCash Preferred Card from American Express | |
|---|---|---|
| Annual Fee | $0 | $119.88 |
| Income Requirements | None | None |
| Earn Rate | * 2% cash back on gas * 2% cash back on groceries (up to $300 cash back annually) * 1.25% cash back on all other purchases | * 4% cash back on gas and groceries * 2% cash back on all other purchases |
| Welcome Bonus | 5% cash back for the first 3 months, up to $2,000 in spend | 10% cash back for the first 3 months, up to $2,000 in spend. Plus, earn $50 when you make a purchase on month 13 |
| Insurance Coverages | 3 types | 10 types |
| Apply Now | Apply Now | Apply Now |
It’s quite easy to compare the SimplyCash Amex cards, as there are several key differences.
Think of the SimplyCash Card from American Express as the basic option – there’s no annual fee and you have the opportunity to earn up to 5% back in your first 3 months of using the card.
After that, your standard earn rate is:
- 2% cash back on gas
- 2% cash back on groceries (up to $300 cash back annually)
- 1.25% cash back on all other purchases
You won’t get an extensive insurance package, just:
- Extended warranty
- Purchase protection
- Travel accident insurance
Overall, though, this is a great starter card for people who don’t want to pay an annual fee, prefer a straightforward cash back card, or may not meet the income requirements of other cards.
On the other hand, if you don’t mind paying an annual fee, you can earn cash back faster and enjoy more benefits through the SimplyCash Preferred Card from American Express might be the way to go. For a $120 annual fee, you’ll earn:
- 4% cash back on gas and groceries
- 2% cash back on all other purchases
That’s twice as much as the basic card, and the welcome bonus is larger too. You’ll have the opportunity to earn up to 10% cash back on spending in your first 3 months of using the card. And get 10 types of useful insurance coverage, making it a better card if you travel frequently.
Both cards give you access to unique Amex perks and benefits like Front Of The Line and Amex Offers, which include advance access to events and bonus rewards or discounts. Plus, both cards give you access to the Amex Membership Rewards Program, so you can redeem your points for travel, point transfers, and gift cards (in addition to cash back).
SimplyCash vs. Tangerine Money-Back
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$125 GeniusCash + Up to $100 bonus cash back* + 1.95% on balance transfers for 6 months.*
GC: $125
1x Award winner Let’s compare 2 no-fee cash back cards: the SimplyCash Card from American Express and Tangerine Money-Back Credit Card.
| SimplyCash Card from American Express | Tangerine Money-Back Credit Card | |
|---|---|---|
| Annual Fee | $0 | $0 |
| Income Requirements | None | $12,000 personal |
| Earn Rate | * 2% cash back on gas * 2% cash back on groceries (up to $300 cash back annually) * 1.25% cash back on all other purchases | * 2% cash back on purchases in up to 3 Money-Back Categories * 0.5% cash back on all other purchases |
| Welcome Bonus | 5% cash back for the first 3 months, up to $2,000 in spend | Earn an extra 10% cash back for the first 2 months, up to $1,000 spent |
| Insurance Coverages | 3 types | 2 types |
| Apply Now | Apply Now | Apply Now |
Both cards allow you to earn up to 2% cash back, but in different ways.
You’ll get 2% back on gas and groceries (up to a limit) with Amex, but Tangerine allows you to choose 2 spending categories to earn 2% back – 3 categories if you have a Tangerine bank account.
Here are the cash back categories, proving that Tangerine offers much more flexibility:
Still, the Amex card has a better earn rate for all other purchases since you’ll get 1.25% cash back compared to Tangerine’s 0.5%. The SimplyCash card also edges out the Money-Back card when it comes to insurance since it also includes up to $100,000 in travel accident insurance.
If you’re looking for a card that earns you Amex Membership Rewards, you’ll probably want to choose the SimplyCash card. If the rewards program doesn’t interest you but flexibility in earning rewards does, you’ll probably want to go for the Tangerine card.
SimplyCash Preferred vs. Scotia Momentum Visa Infinite
GC: $20
If you don’t mind paying an annual fee, you might consider the SimplyCash Preferred Card from American Express option or the Scotia Momentum Visa Infinite Card. These cards charge around $120 per year, but Scotia waives its fee for the first year.
| SimplyCash Preferred Card from American Express | Scotia Momentum Visa Infinite Card | |
|---|---|---|
| Annual Fee | $119.88 | $120 (waived for the first year) |
| Income Requirements | None | $60,000 personal or $100,000 household |
| Earn Rate | * 4% cash back on gas and groceries * 2% cash back on all other purchases | * 2% cash back on purchases in up to 3 Money-Back Categories * 0.5% cash back on all other purchases |
| Welcome Bonus | 10% cash back for the first 3 months, up to $2,000 in spend. Plus, earn $50 when you make a purchase on month 13 | Earn an extra 10% cash back for the first 2 months, up to $1,000 spent |
| Insurance Coverages | 10 types | 2 types |
| Apply Now | Apply Now | Apply Now |
Since earn rates are important, we’ll start there. Although the earn rate is similar, it helps to compare the cards with an example.
Let’s imagine you spend $2,000 a month across a variety of spending categories. Here’s how the rewards shake out.
| SimplyCash Preferred Card from American Express | Scotia Momentum Visa Infinite Card | ||||
|---|---|---|---|---|---|
| Spend Category | Monthly Spend Amount | Earn Rate | Annual Rewards | Earn Rate | Annual Rewards |
| Grocery | 350 | 4% | $168 | 4% | $168 |
| Gas | 200 | 4% | $96 | 2% | $48 |
| Bills | 300 | 2% | $72 | 4% | $144 |
| Others | 1,150 | 2% | $276 | 1% | $138 |
| Total | 2,000 | $612 | $498 | ||
| Annual Fee | $119.88 | $120 | |||
| Total Return | $492 | $378 |
The SimplyCash Card from American Express card comes out ahead, largely thanks to earning at least 2% everywhere. It also comes out on top when you compare welcome bonuses since the card gives you up to $50, while the Scotia bonus is only $159.
Both cards give you your cash back once a year, in September (Amex) or November (Scotiabank). The cards are also similar in terms of insurance coverage, but the SimplyCash Preferred Card from American Express offers a few additional included coverages.
The biggest differences in the cards might actually come down to eligibility. The SimplyCash Preferred Card from American Express doesn’t have income requirements, while the Scotia card imposes steep requirements of either $60,000 personal income or $100,000 household.
If you’re a frequent Costco or Loblaws shopper, be aware that you won’t be able to use the SimplyCash Preferred Card from American Express there. You might occasionally find that small businesses also refuse to take American Express
Are Amex SimplyCash cards worth it?
Overall, you’ve got a couple of solid cash back options with the SimplyCash cards. We love that people have both a no-fee and premium option, both of which provide access to the Amex Membership Rewards program.
That said, if you don’t plan on using your credit card for gas or groceries, we’d recommend choosing the Tangerine Money-Back Credit Card since it puts you in control of picking the higher-earning categories..
FAQ
What credit score do I need for Amex SimplyCash?
Although Amex doesn’t publish credit score requirements, we estimate you’d need between 725 and 159 to qualify for the SimplyCash Card from American Express. For the SimplyCash Preferred Card from American Express, you'll need a score between 660 and 724.
Does Costco take Amex?
While Costco used to have a partnership with Amex, it no longer accepts these cards. Now, Costco only accepts Mastercards, and it partners with one of Canada's largest banks to offer the CIBC Costco Mastercard and CIBC Costco World Mastercard.
What is the best Amex card in Canada?
While we didn’t feature it in this list, the American Express Cobalt Card consistently ranks #1 in Canada. It offers the best earn rate, a huge welcome bonus, excellent insurance coverage, and high-value redemption options.
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