Simplii Financial has officially launched their new Visa card on November 4th, 2018.
What does it look like?
What does it offer?
We’re here to fill you in on what you can expect from Simplii Financial’s first credit card.
Simplii Financial credit card at a glance
Simplii Financial’s first foray into the world of credit cards is a cash back Visa.
It has no annual fee and offers quite a few categories that earn 1.5% or more:
- 4% on restaurants, up to $5,000 in annual spend – the highest you’ll find for a no fee card,
- 1.5% on gas, groceries, drugstores and recurring bills, up to $15,000 in annual spending, and
- 0.5% on all of your other purchases, including overages on all of the above categories.
Plus, as a welcome bonus, you’ll earn 10% on your first $500 in restaurant purchases (within your first 4 months) – which equates to a $30 bonus above what you would normally earn.
Earning 1.5% on basics such as gas, groceries, drugstores and recurring bills is a great earn rate, but if much of your spending falls outside these categories, the 0.5% on all other purchases might be a little disappointing for you.
A few downsides
At this time, only pre-existing Simplii Financial customers can apply for this card. So for now, if you want a card, you’ll also need to get a bank account. Also, this card is not available to residents of Quebec.
It’s also important to note that there’s a limit to the higher earnings.
You’ll only earn 4% cash back at restaurants on your first $417 spent monthly, and 1.5% back on your first $1,250 monthly in the applicable categories. While these are good earning rates and there are some good monthly allowances to earning them, if you spend more than that, your cash back return starts to decline.
As far as getting your cash back, you’ll only get it once every year, as a statement credit in December. This is a little disappointing, as most people were hoping for the ability to redeem on demand.
Related: The Ultimate Foodie Credit Cards
Ends January 31, 2020.
Simplii Financial cash back Visa partner cards
Here’s a summary table of the cards that would pair well with the new Simplii Financial Visa:
|Credit Card||Avg. Earn Rate||Why it pairs well||Apply Now|
|Tangerine Money-Back Mastercard||1.06% (terms)||Extra earnings in different categories.||Apply Now|
|American Express SimplyCash||1.25% (terms)||A higher base earning rate on the rest of your spend.||Apply Now|
|Home Trust Preferred Visa||1% (terms)||Lower fees on any foreign transactions and an increase in your base earn rate from 0.5% to 1%.||Apply Now|
If you want to maximize your cash back, splitting your spending across multiple no fee credit cards that have increased cash back on different spending categories is the way to go.
Here are 3 no fee cards you should consider having in your wallet get max cash:
Tangerine Money-Back Mastercard
If you’re looking for a no fee cash back card that lets you customize your reward based on your spending, look no further than the
It lets you pick 2 categories from a list of 10 to give you 2% cash back.
Plus, if you have a bank account with Tangerine and deposit your earnings into it, you can choose an additional category, while earning 0.5% on all your other spend.
Why would this card make partner well with the Simplii Cash Back Visa?
Extra earnings in different categories.
Pick 3 categories with the Tangerine Mastercard that are different from the Simplii Visa’s spend categories. This way, you’ll be earning a minimum of 1.5% cash back on 7 (or 8) categories. Depending on where you use your cards, this could cover most of your daily spending.
In fact, if a large portion of your spending is on gas, groceries, or recurring bills, then using the Tangerine card to get 2% instead of 1.5% on one, or more, of the Simplii categories, might even be worth it.
Get the details here:
American Express SimplyCash Card
The thing that both the Simplii and Tangerine card are missing, is a good earn rate on your spending that doesn’t qualify for a special category. Most people underestimate how much that actually amounts to.
You’ll earn 1.25% cash back on all of your purchases with no restrictions – one of the best flat cash back earn rates for a card that has no annual fee or income requirements.
If you’re worried about acceptance, Amex has a site to help you out. It shows all the small businesses that accept the card, letting you check to see if an American Express card works for you.
Acceptance is generally not an issue for big-box merchants. The only really large merchant (besides Costco) that doesn’t accept it is the Loblaws group of stores (not including Shoppers Drug Mart).
Why does this card make a great combo with the Simplii Cash Back Visa?
A higher base earning rate on the rest of your spend.
Use the Amex SimplyCash card for all your purchases outside of the 5 categories the Simplii Visa provides, as well as any overages on the categories. This way, you’ll be earning a minimum of 1.25% on all of your purchases.
Added Bonus: If you can’t be bothered swapping back and forth between cards to maximize your cash, SimplyCash gives you a high earn rate with minimal hassle.
Get the details here:
Home Trust Preferred Visa
If getting the lowest fees possible is your game, then the
Not only does this gem have a $0 annual fee, but you’ll also be saving money thanks to the 0% foreign transactions fees and the complimentary roadside assistance (a $69/year value).
Almost every credit card in Canada will charge you 2.5% of any purchase you make in a foreign currency, but this card saves you from that. Which makes it the perfect card for cross-border shopping, online shopping, or any other purchases made in any non-Canadian currencies.
Plus, it offers a cool 1% cash back on every purchase, giving you some valuable rewards on the side.
Why would this card be a great compliment to the Simplii Financial Visa?
Lower fees on any foreign transactions and an increase in your base earn rate to from 0.5% to 1%.
With low fees and cash back, this card can be a great addition to your wallet.
Get the details here:
Related: No Fee Vs. Low Fee Credit Cards
What do you think?
Is this cash back card from Simplii Financial what you were hoping for? Or were you looking for something a little different?
We would love to hear your thoughts in the comments below.