The American Express SimplyCash Preferred Card is recognized as one of Canada’s leading cash back credit cards. Its standout feature is the impressive earning rate of 2% cash back on all purchases, making it one of the highest available in the market. If this enticing rate hasn’t convinced you to apply just yet, continue reading my review on the American Express SimplyCash Preferred Card, where I’ll detail all the advantages this card has to offer.
SimplyCash Preferred Card from American Express
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- Monthly fee of $9.99 ($119.88 per year)
- Receive a $40 statement credit monthly for 10 months when you spend $750 each month ($400 total)
- 4% cash back on grocery purchases (up to a maximum of $1,200 cashback)
- 4% cash back on gas purchases
- 2% cash back on all other purchases
- Insurance for travel and mobile devices
- Buyer’s assurance and purchase protection included
Welcome Bonus and Earning Rates
This review begins with the welcome bonus of the American Express SimplyCash Preferred Card. Currently, the card offers a statement credit each month upon fulfilling the minimum spending requirement, which totals several hundred dollars. It is important to note that there is a monthly fee of $9.99, equating to $119.88 annually.
The card provides a remarkable 4% cash back on gas and grocery expenses, with an annual spending cap of $30,000—leading to a maximum cash back of $1,200 at this elevated rate. Furthermore, any other purchases earn you 2% cash back without any restrictions, making this card particularly appealing to those looking for high cash back earnings across the board.
Benefits and Features
While the earning potential of this card is substantial, its accompanying benefits are somewhat limited. However, it does offer excellent insurance options and access to unique American Express Experiences.
Mobile Device Insurance
Charging the complete price of a mobile device (cellphone or tablet) to the American Express SimplyCash Preferred Card provides insurance coverage up to $1,000. To qualify for this insurance, if you are on a subsidized monthly plan, the bill must also be charged to your card.
Travel Insurance
- Emergency Medical Insurance – up to $5,000,000 for 15 days (under age 65)
- Flight Delay Insurance of $500 after a delay of 4 hours or more
- Baggage Delay Insurance providing coverage of $500 after 6 hours or more
- Combined Lost or Stolen Baggage Insurance of up to $500 per event
- Car Rental Theft/Damage Insurance – coverage of $85,000 for up to 48 days
- Hotel/Motel Burglary Insurance – up to $500 per incident
- Travel Accident Insurance – coverage up to $100,000
This travel insurance package is ample, but keep in mind that trip cancellation or interruption insurance is not included.
Purchase Insurance
- Buyer’s assurance for 90 days
- Purchase protection extends the manufacturer’s warranty by up to one additional year
The buyer’s assurance protects your purchases made with the American Express SimplyCash Preferred Card against loss, damage, or theft for 90 days. In addition, the purchase protection feature doubles the manufacturer’s warranty for eligible items by one year.
Exclusive American Express Experiences
As a cardholder, you’ll enjoy access to exclusive American Express experiences, which include:
- Front of the Line – exclusive ticket access for popular events before they are made public.
- Reserved Tickets – gain entry to reserved tickets for major events paid with your American Express card.
- Promotions – take advantage of offers that provide a statement credit upon minimum spending at select retailers throughout the year.
Cash Back Payout Schedule
Cash back accrued through American Express cards is disbursed automatically as a statement credit each September. The calculation for your cash back resets on your next statement cycle. If you possess an American Express card that earns Membership Rewards, you can redeem those points for a statement credit at any time, given that the minimum redemption is 1,000 points.
Eligibility for the American Express SimplyCash Preferred Card
- You must be a resident of Canada
- You should have a Canadian credit history
- You must be of the age of majority in your province or territory
American Express stipulates that applicants need a Canadian credit file, though they don’t specify a minimum credit score. However, a score of 700 or higher likely increases your chances of approval. No minimum income requirement is noted for application approval.
Comparative Analysis of the American Express SimplyCash Preferred Card
American Express SimplyCash Preferred Card vs. Rogers Mastercard
In comparison, the Rogers Mastercard offers 2% cash back on all purchases for customers with qualifying services through Rogers, Fido, or Shaw. Although it lacks enhanced earning categories, it does feature 5 Roam Like Home days, plus an additional 30% cash back on redemptions with Rogers. For Rogers customers seeking maximum cash back, this card would be preferable.
American Express SimplyCash Preferred Card vs. American Express Cobalt Card
Though somewhat of an unequal comparison, the American Express Cobalt Card is worth mentioning as it awards 5 points for every $1 spent on dining and beverages, 3 points for streaming services, 2 points on travel and transit, and 1 point on all other purchases. With the Membership Rewards program, points can be redeemed at a rate of 1,000 points for a $10 statement credit, effectively making it a blend of cash back and travel reward benefits.
American Express SimplyCash Preferred Card vs. Tangerine Money-Back Card
The Tangerine Money-Back Card serves as another point of comparison. While it offers 2% cash back on up to three selected categories and 0.5% on all other purchases, it comes without an annual fee, making it an attractive alternative for those looking to minimize costs.
Conclusion
In conclusion, my evaluation of the American Express SimplyCash Preferred Card is favorable. This card stands out among the best cash back credit cards in Canada, and it’s particularly well-suited for several types of users:
- You desire a high flat-rate cash back card – The card offers a standard earning rate of 2% cash back.
- You frequently purchase gas – It provides a generous 4% cash back on gas purchases, applicable to spending up to $30,000.
- You want access to exclusive American Express experiences – Benefits include priority access to events and valuable offers.
The consistently high earning rate of 2% cash back on all purchases positions this card favorably within the market. If maximizing cash back is your goal, the American Express SimplyCash Preferred Card is definitely worth considering.