Pros & cons
Pros
- 8% cash back on eligible purchases for your first 3 months. Up to $1,000 spend.†
- Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year.
- No fees to send money aborad with Simplii GMT.
- No annual fee.
Cons
- Limited insurance included.
- Poor base earn rate of 0.5% cash back.
Your rewards
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 Simplii Financial Cash Back Visa Card, here's how you earn rewards:
- 4% cash back on restaurants , up to $5,000 spend per year†
- 1.5% cash back on groceries , gas , drugstores , and pre-authorized payments, up to $15,000 per year†
- 0.5% 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 Simplii Financial Cash Back Visa Card in particular, if you spend $2,000 per month, here's our estimated annual rewards earned depending on which reward you choose:
| Statement credits | $297 |
Calculating your annual rewards
$24,000 annual spending x 1.24% return on spending = $297 annual rewards
$297 annual rewards − $0.00 annual fee = $297 net annual rewards
Details and eligibility
- Estimated Credit Score
- 660 - 724
- Personal Income
- $15,000
- Household Income
- $15,000
- Annual Fee
- $0.00
- Extra Card Fee
- $0
- Card type
- Credit
- Purchase
- 20.99%
- Cash Advance
- 22.99%
- Balance Transfer
- 22.99%
Insurance coverage
- Extended Warranty
- 1 year
- Purchase Protection
- 90 days
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
Simplii Financial Cash Back Visa Card's 3.9 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.
Simplii Financial Visa review
To earn a lot of cash back for no annual fee, the Simplii Financial Cash Back Visa has high earn rates, especially on food.
Here's both the good and the bad that you’ll get with this card.
Earning cash back with the Simplii Visa
The Simplii Visa is a no fee cash back credit card. And it actually has some pretty good earn rates:
- 4% cash back on restaurants, up to $5,000 spend per year†
- 1.5% cash back on groceries, gas, drugstores, and pre-authorized payments, up to $15,000 per year†
- 0.5% cash back on all other purchases†
If you eat out frequently, you won't be doing much better than 4% cash back, even if it is capped at $5,000 in annual spending.
And when it comes to no fee cards, there aren't many that are earning 1.5% in 4 different categories.
But there’s a small price to these high earn rates – you'll only be earning 0.5% cash back on all your non-category purchases.
As to when you'll get your cash back? The cash back you earn will be applied as a statement credit once per year in January.
3 benefits to the Simplii Financial Visa
The rewards are pretty good with this credit card. But there's more to this card than just rewards – here are 4 other things we like about it.
1. Welcome bonus
We all like a good welcome bonus when getting a new credit card. And Simplii offers one here.
8% on your eligible purchases for the first 3 months, up to $1,000 in spending. That's an extra $80 cash back in your pocket.
2. Send money abroad for free with Simplii Global Money Transfer
If you need to send money to someone else, anywhere in the world, the Simplii Visa can help.
With Simplii Global Money Transfer, you can use your Simplii card to send money to someone in another country. You won't pay any fees, and you'll even earn some cash back while you’re at it – a rare perk among international money transfer services.
3. No annual fee and low income requirements
Finally, this complete package has no annual fee, and only has a low income requirement of $15,000. Just note it's not available to residents of Quebec.
2 downsides to the Simplii Visa
Are there some downsides to this card? Indeed there are.
1. Poor base earn rate
We stated this earlier, but despite all the good bonus earn rates the card provides, you're only earning 0.5% cash back on non-category purchases.
But that's easy to overcome – simply carry another one of our best no fee credit cards to offset it. It’s a simple solution.
2. Cash back only awarded once per year
The other drawback is when you get your cash back. You'll only get it once per year in January. It's not the worst time to get it, as it can help pay your holiday bills.
But it's a far cry from other cash back cards that allow you to redeem your cash back anytime you want (as long as you reach certain minimums).
Comparison to the Tangerine Mastercard
So how does it compare to other credit cards? An excellent comparison would be to the
Here's how they compare.
| Simplii Financial Visa | Tangerine Money-Back Mastercard | |
|---|---|---|
| Welcome Bonus | 8% on your eligible purchases for the first 3 months, up to $1,000 in spending (terms) | Earn an extra 10% cash back for the first 2 months, up to $1,000 spent (terms) |
| Earn Rates |
* 4% cash back on restaurants, up to $5,000 spend per year† * 1.5% cash back on groceries, gas, drugstores, and pre-authorized payments, up to $15,000 per year† * 0.5% 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 |
| Average Earn Rate | 1.24% | 1.14% |
| Types Of Insurance Included | 2 | 2 |
| Apply Now | Apply Now | Apply Now |
When it comes to overall rewards, they're quite similar (at least based on our typical $2,000 monthly spend), with a small edge to Simplii thanks to its higher bonus rates.
For Tangerine, our rate is based on getting 2% back in 3 different categories. Tangerine has a big upside – you get to decide which categories earn 2% cash back, giving you total control over where you earn bonus rewards. You get to choose 2 categories if your rewards are deposited as a statement credit, or 3 categories if you put them in a Tangerine Savings account.
So which is better depends on where you do your spending.
Our tip? Use both cards in your wallet. With Tangerine, pick your categories in something different from what Simplii offers. Then, you'll be earning bonus cash back in up to 8 different categories – a winning combination in our books.
Leave a review
These are our thoughts on the card, but what about you?
If you have the card (or have had it in the past), leave a user review so others can see what you thought about it.
FAQ
What does the Simplii Financial Visa offer for rewards?
The Simplii Financial Visa offers cash back rewards at the following rates:
- 4% cash back on restaurants, up to $5,000 spend per year†
- 1.5% cash back on groceries, gas, drugstores, and pre-authorized payments, up to $15,000 per year†
- 0.5% cash back on all other purchases†
You'll get your cash back once per year in January.
Do you need to be a Simplii banking customer to get the Simplii Visa?
In the past, in order to get this Visa card, you had to have a Simplii bank account. But that is no longer the case, and the card is now available to everyone.
What is the annual fee and income requirements of the Simplii Financial Visa?
The Simplii Financial Visa has no annual fee or income requirements. However, it is not available to residents of Quebec.
Key benefits
†Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec.
"Purchase" means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. "Cash" means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
User reviews
Reviewed by 8 Canadians
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4% on restaurants with no fee, can't be beat. What is insane to me though is it is not even mentioned on this very site's "Best Restaurant Credit Cards In Canada" article.
Great credit card. 4% Cashback for restaurants & food is amazing.
I thought at first the Simplii visa was a good, no annual fee card. However when I received my first statement this year, I discovered that I was missing a credit on the balance I had on my card- it disappeared! so I phone the bank and they said it was taken for "maintenence fees".... needless to say that I have canceled my card and went to Tangerine...hopefully "no fee" means "no fee" for my new bank
This should be the first credit card for every Canadian. 4% cash back for restaurants and bars with no annual fee is insane. Get this card when you turn 18 and keep it forever. A card exclusively for food and drinks.
It’s a ok card, it will be hard to keep track of the. 5k spent at restaurants before I switch to my tangerine cc. The one huge downside for me is. Simplicity visa does not have a autopay balance. That’s a fail in my books. Will see if I keep the card.
