×2 Award winner
Pros & cons
Pros
- 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.
- 4% cash back on gas and groceries.
- 2% cash back on all other purchases.
- 10 types of insurance included.
Cons
- Lower acceptance as an American Express.
- Cash back only paid out once per year.
Your rewards
Getting your welcome bonus
Based on $3,000 in monthly spending, you can get up to 10% in your first 3 months on up to $2,000 in spending which translates to an estimated $199.◊
For all welcome bonus details click here.
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With SimplyCash Preferred Card from American Express, here's how you earn rewards:
- 4% cash back on gas and groceries
- 2% cash back on all other purchases
For all reward details click here.
How much your rewards are worth
The dollar value of your rewards depends on the specific rewards program ‒ and what you choose to redeem your points for. For SimplyCash Preferred Card from American Express in particular, if you spend $3,000 per month, here's our estimated annual rewards earned depending on which reward you choose:
| Statement credits | $918 |
Calculating your annual rewards
$36,000 annual spending x 2.55% return on spending = $918 annual rewards
$918 annual rewards − $119.88 annual fee = $798 net annual rewards
Details and eligibility
- Estimated Credit Score
- 725 - 759
- Personal Income
- N/A
- Household Income
- N/A
- Annual Fee ᔥ
- $119.88
- Extra Card Fee
- $0
- Card type
- Credit
- Purchase
- 21.99%
- Cash Advance
- 21.99%
- Balance Transfer
- N/A
Insurance coverage
- Extended Warranty
- 1 year
- Purchase Protection
- 90 days
- Mobile Device
- $1,000
- Travel Accident
- $100,000
- Emergency Medical Term
- 15 days
- Emergency Medical Maximum Coverage
- $5,000,000
- Flight Delay
- $500
- Baggage Delay
- $500
- Lost or Stolen Baggage
- $500
- Hotel Burglary
- $500
- Rental Car Theft & Damage
- Yes
Please review your insurance certificate for details, exclusions and limitations of your coverage, terms and conditions apply.
Learn more about the value of credit card insurance coverage.
Genius Rating
SimplyCash Preferred Card from American Express's 4.4 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
Learn more about our rating methodology.
Awards
Each year for our annual credit card rankings our Genius Rating algorithm computes the best credit cards across 28 different categories. Here’s what this card has won this year:
Our review
The SimplyCash Preferred Card from American Express is one of the top cash back cards on the market right now and for good reason.
It has a simple formula – it offers among the best rewards you can get for a cash back credit card, coupled with no income requirements and a reasonable annual fee. As an all-around strong cash back option, here's what you can get if it's in your wallet.
Earning cash back with the SimplyCash Preferred Card from American Express
As the card name implies, when you make a purchase with the SimplyCash Preferred Card from American Express, you get cash back on every purchase.
This is what you'll earn for all your shopping:
- 4% cash back on gas and groceries
- 2% cash back on all other purchases
Unlike cards that limit your earnings to a low 1% back, with the SimplyCash Preferred Card from American Express, you'll get 4% on a pair of common categories, while still earning 2% cash back everywhere else.
How does this translate to annual rewards? Based on $3,000 of monthly spending, this card will earn you around $918 in cash back over the course of one year.
Your cash back is issued as a statement credit in September of each year.
4 other benefits to the SimplyCash Preferred Card from American Express
There's plenty more to like about the SimplyCash Preferred Card from American Express. Here are 4 more things this card offers:
1. Excellent insurance
When it comes to insurance and cash back cards, they often don't mix. Insurance packages included on cash-back cards often pale in comparison to those of travel credit cards.
But this Amex card is a surprising exception. Cardholders get 10 types of insurance – check out the insurance tab above for the full details.
In fact, it's similar coverage to what's included with the best credit card in Canada – the American Express Cobalt Card.
2. No income requirements and a monthly fee
As an Amex credit card, it has no income requirements for you to worry about. Similar Visa Infinite credit cards would require a minimum personal income of $60,000 to qualify, or $100,000 for your household.
If it's a World Elite Mastercard, the personal limit is even higher at $80,000, and the household limit is $150,000.
To top it off, instead of an annual fee, you'll pay $9.99 per month.
3. Typical Amex benefits
Amex provides plenty of programs and benefits for its cardholders, and the SimplyCash Preferred Card from American Express is no different.
For extra savings, Amex Offers are full of various deals you can take advantage of, usually with a lump sum of cash coming back your way.
For easy, early access to concert tickets, the Amex Front Of The Line program provides members with pre-sale access to many events. This way, you can grab tickets to see your favourite performers before the general public has a chance.
4. Excellent welcome bonus
The welcome bonus is superb: you'll earn 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. That's an easy $250 in cash back to kickstart your earnings with this card.
2 downsides to the SimplyCash Preferred Card from American Express
So far, this card may seem too good to be true, but nothing is perfect. There are 2 things to keep in mind:
1. Lower American Express acceptance
There is no denying that Amex acceptance rates are a little lower than those of Visa and Mastercard.
However, it's not as bad as you think. In fact, Amex has created a map you can use to see which merchants in your area take Amex. It's an excellent tool to let you see if your favourite shops will take Amex or not.
You can also pair your Amex card with a no-fee Mastercard or Visa and use it wherever your Amex card isn't accepted. Here are a couple of the best no-fee options to consider:
- Rogers Red World Elite Mastercard
- Tangerine Money-Back Credit Card
- MBNA Rewards Platinum Plus Mastercard
2. Rewards are only paid out once per year
You'll watch the cash back rack up, but you'll only get access to it once per year.
While some cash-back cards let users get their cash back on demand, that isn't the case here. Amex will apply what you've earned as a statement credit every September.
Comparison to the SimplyCash Card from American Express
Amex offers a pair of cash back cards, the other being the no-fee SimplyCash Card from American Express. Take a look at how these cards compare:
| SimplyCash Preferred Card from American Express | SimplyCash Card from American Express | |
|---|---|---|
| Welcome bonus | 10% cash back for the first 3 months + $50 (terms) | 5% cash back for the first 3 months (terms) |
| Earn rates | * 4% cash back on gas and groceries * 2% cash back on all other purchases | * 2% cash back on gas * 2% cash back on groceries (up to $300 cash back annually) * 1.25% cash back on all other purchases |
| Insurance | 10 types | 3 types |
| Annual fee | $119.88 | $0 |
Deciding which card is a better fit for you depends on 2 details. The first depends on whether travel insurance is important to you. If so, you'll want the Preferred version.
If not, it comes down to how much you spend. Really, what matters is whether you'll earn enough cash back to offset the $119.88 fee.
So, here are the average earn rates for each card, based on our typical spending breakdown:
- SimplyCash Preferred Card from American Express: 2.55%
- SimplyCash Card from American Express: 1.46%
Then, using our handy formula, we can determine the amount you'll need to spend each month spend you need to meet in order to offset the annual fee:
!blockquote Difference in annual fee / Difference in annual return / 12
!blockquote $119.88 / (2.55% – 1.46%) / 12 = $916
This means that spending at least $916 per month offsets the Preferred card's annual fee. If you know you won't spend this much, the no-fee card is the better choice for you.
Leave a review
For those of you who have it or have had it in the past, feel free to leave a user review.
This is what we think of the card, but letting others read about real-world experiences can aid in making the right decision.
FAQ
What does the SimplyCash Preferred Card from American Express offer for rewards?
The SimplyCash Preferred Card from American Express is one of Canada's best cash back cards, earning 4% cash back on gas and groceries, 2% cash back on all other purchases. All cash back earned is paid out as a statement credit in September of each year.
What benefits does the SimplyCash Preferred Card from American Express come with?
The SimplyCash Preferred Card from American Express comes with a few benefits, including a solid insurance package with 10 types of coverage. It also provides access to Amex's Front Of The Line program, for easy and early access to events, and discounts, rebates, or bonus points from partner retailers through Amex Offers.
What are the annual fee and income requirements of the SimplyCash Preferred Card from American Express?
The SimplyCash Preferred Card from American Express has an annual fee of $119.88. It's not a typical annual fee, though – instead of paying once per year, it's charged out at $9.99 per month. This card doesn't have any income requirements, making it more accessible to more Canadians.
Key benefits
User reviews
Reviewed by 24 Canadians
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I love it
The new card offers a 4% rebate on groceries and gasoline! 2% rebate on all other purchases. The card is a monthly card and has a much lower base rate than other premium cards. The card includes up to $1,000 in mobile device coverage (note that the device fee must be charged to the card and if you pay for the device monthly through a delivery service, all charges must be credited to the card to qualify for coverage). In the retail industry, the Express Card is accepted at most well-known retailers and restaurants. Note, purachase in Walmart with 2% rebate!!!!!!!
The new card with the 4% cashback on groceries and gas is excellent! 4% cash back on groceries up to $1,200 in cash back per year and no limit on gas cash back at 4% or anything else at 2%. The travel insurance coverage is similar to other premium cards that these days carry annual fees of $139 and higher. In contrast to other premium cards with far lower base earn rates, this card has a modest annual fee of $119.88 (charged monthly). The card includes mobile device insurance up to $1,000 (keep in mind the cost of the device must be charged to the card or if you are paying monthly for your device via courier, the payments must all be posted on the card to take advantage of this coverage). I live in Toronto so acceptance rate for Amex is high. Loblaw-owned supermarkets are the outliers in not accepting Amex (with Shoppers Drug Mart being the exception) but every other large supermarket chain does accept it including the discount banners of Sobeys (Freshco), Metro (Food Basics), and even Walmart. Retail wise virtually all well-known retailers accept it as do most restaurants although some small mom-and-pop stores may not.
My main objective was to gain cashback and while the Amex did give cashback, it wasn't on every type of purchase. They're also really strict with paying back. So I decided to switch and now I'm really happy with my KOHO MasterCard. I get Cash back on expensive groceries, earned interest on my entire account, and have tools to build my credit history. I also received $20 the moment I joined. No questions asked when I joined KOHO.
I’ve had my Amex card for well over 10 years. I pay the balance in full every month so I’ve never paid a penny in interest. If you are going to carry a balance there are cards that will give you better rates. The perks have changed over the years but I’ve always got far more than the annual fee in cash back. I am very happy with the 4% on gas and groceries and we are now putting almost all our groceries on the Amex card (except Costco unfortunately). With the price of gas these days, it’s nice to know you are saving 6 cents a litre when you pull up to the pump.
Now, for two items you have not addressed that to me, make the Amex card by far the best card to have in my wallet. First and most important to me, payment on the card is a very simple process. I go on the Amex app, enter the payment amount and the date I want to pay and that’s it, done! I’m not left try to figure out how long the bank will take to transfer funds, Amex absorbs that time. If I say make the payment on the due date Amex applies the payment on that day and collects the funds from my bank account. With other cards I have to guess how long it will take and I’ve been caught with the bank transfer taking longer and getting an overdue email or paying it plenty early and having the cc company tell me I have not made my payment only to find they applied the payment to the previous month. Very frustrating!
Secondly, less import but still very nice, Amex has great statements and year end reports which I find very helpful (especially at tax time).
All in all, a great card…I wouldn’t leave home without it!
