SimplyCash® Preferred Card from American Express Review
Earn up to $400 in Statement Credits
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Recommended Credit Score:
670 900
Average to Excellent
$400
Welcome Bonus Value
$120
Annual Fee
20.99%
Purchase Interest Rate
NA
Min Personal Required
SimplyCash® Preferred Card from American Express
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My Rate Compass Rating: star star star star star_outline (4.4)
Bank Name:American Express
Network Type:Amex
SimplyCash® Preferred Card from American Express
Welcome Bonus
Earn up to $400 in Statement Credits
Annual Fee
$120
SimplyCash® Preferred Card from American Express
Card Details

SimplyCash® Preferred Card from American Express Review

• In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months

• Earn accelerated earn rates on eligible gas and grocery purchases

Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases

• Access events and special offers curated for Cardmembers with American Express® Experiences

• Extensive insurance coverage and 24/7 Customer Service

• American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply

 

Insurance
  • Priority airport services No
  • Airport lounge access No
  • Concierge service No
  • Balance protection(Optional) Yes
  • Purchase Security & Extended Protection Insurance Yes
  • Flight delay insurance,Baggage Insurance Yes
  • Vehicule rental insurance Yes
  • Travel accident insurance Yes
  • Travel medical insurance Yes
Fees and Eligibility
Fees
  • Annual Fee: $119.88
  • Additional Card Fee: $0
  • Purchases Interest Rate: 20.99%
  • Cash Advance Interest Rate: 21.99%
Eligibility
  • You're a Canadian resident
  • You've reached the age of majority in your province or territory
Recommended Credit Score:
670 900
Average to Excellent
Our Rating
My Rate Compass Rating: star star star star star_outline (4.4)
Rating Methodology: My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category. Credit card rating methodology
Editorial Guidelines: Learn more about our editorial guidelines here.
Pros and Cons

REFER A FRIEND

Refer a friend and you could earn a bonus of $100 cash back for each approved referral up to a maximum annual referral bonus of $1,500 Cash Back

Front Of The Line® Advance Access

Cardmembers can purchase Front Of The Line presale tickets or make Front Of The Line reservations to some of the most in-demand concerts, theatre productions, restaurants and special events, often before the general public.

Front Of The Line® Reserved Tickets

During the public on-sale period for many major events, Cardmembers can purchase Front Of The Line tickets from a block of great seats reserved exclusively for American Express.
Editor's Review

The SimplyCash Preferred credit card allows you to earn while you spend. There are no categories or limitations - wherever you spend, you’ll earn cash back with no earning caps. While the credit card does come with an annual fee of $99, you’ll benefit from numerous perks in addition to cash back.

SimplyCash® Preferred Card from American Express

The American Express SimplyCash Preferred Card offers cardholders an incredible range of benefits that include high cashback rates and a referral bonus. American Express offers exceptional customer service to its cardholders, with customer care professionals that are available to answer questions and deal with card problems, such as lost or stolen cards, 24 hours a day.

Features and Benefits of the SimplyCash® Preferred Card

  • Fantastic Welcome Offer. Earn up to $400 in Statement Credits
  • Cash Back Rate. Earn 2% cash back on all purchases.
  • Up to $1,500 cashback annually for approved referrals
  • No Limit on Earnings. After the welcome offer expires, there are no limitations on earnings with the 2% rate. 
  • Travel and Shopping Insurance. Travel abroad and shop around with peace of mind. Insurance coverage includes travel accident, car rental theft and damage, buyers assurance protection and much more.
  • Entertainment Benefits. Access special event offers from American Express, such as theatre, music, fine dining, fashion and shopping.
Pros and Cons of the SimplyCash® Preferred Card

Pros
  • Cashback is earned on every purchase made with your card
  • There are no limits on the amount of cashback you can receive
  • Travel insurance limits are generous
  • Early access to concerts and other events

Cons

  • Amex isn't accepted as widely as Visa and Mastercard

The Takeaway

The American Express SimplyCash Preferred Card is an excellent option for those who are looking for a generous cashback program. Individuals who travel frequently for business or pleasure can also benefit from this card's included travel insurance, which covers accidents, medical expenses, and even lost baggage. Although this card comes with great benefits, it's important for potential users to consider the downfalls, which is the fact that some retailers across Canada don't accept American Express cards.It is always good to have a Visa or Mastercard credit card as a backup.