SimplyCash Preferred Card from American Express Review 2024: Is It Worth It?
Jan 10, 2024The American Express SimplyCash Preferred Card offers 4% cash back on gas and groceries, and 2% back on everything else.
The SimplyCash Preferred Card from American Express is a cash-back credit card that offers cardholders a higher-than-usual earn rate on everyday purchases.
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SimplyCash Preferred Card from American Express full review
The SimplyCash Preferred Card from American Express is one of two cash back credit cards from American Express. The cash back you earn (outside of any promotional offers) when using the SimplyCash Preferred Card is typically applied to your account annually, rather than every month.
Benefits of the SimplyCash Preferred Card from American Express
High base rewards rate (2% cashback on all purchases).
Sizable referral bonuses of up to $750 when you refer approved friends and family members.
Extensive suite of insurance coverage, as well as memorable experiences and events.
Drawbacks of the SimplyCash Preferred Card from American Express
Decreasing earn rate on gas and groceries after a $30,000 annual spend (drops from 4% to 2%).
Who should get the SimplyCash Preferred Card from American Express?
The SimplyCash Preferred Card from American Express should satisfy consumers looking for a straightforward cash-back credit card that has an earn rate higher than 1%.
Is SimplyCash Preferred Card from American Express worth it?
Considering the SimplyCash Preferred Card from American Express’s modest annual fee of $119.88 ($9.99 per month), elevated cash-back earn rates of 4% on gas and groceries, and 2% on all purchases, and extensive insurance coverage, frequent credit card users should be able to get their money’s worth — if they consistently pay off their balances every month.
American Express customer ratings
Ranked above average in customer satisfaction: American Express ranks second out of 13 issuers in J.D. Power’s 2024 Canada Credit Card Satisfaction Study.
Low Trustpilot rating: 1.5 out of 5 possible stars based on over 4,400 customer reviews, as of this writing.
Low Better Business Bureau customer rating: 1.09 out of 5 possible stars based on over 500 customer reviews, as of this writing.
SimplyCash Preferred Card from American Express eligibility
Who qualifies for the SimplyCash Preferred Card from American Express?
To apply for the SimplyCash Preferred Card from American Express, you must:
Be a Canadian resident and have a Canadian credit file.
Be the age of majority in the province or territory where you live.
There is no publicly available income requirement for the SimplyCash Preferred Card from American Express at the time of this writing.
Approximate credit score needed for approval
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for.
Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
Earn 4% cash back on eligible gas station purchases in Canada.
Earn 4% cash back on eligible grocery store purchases in Canada.
Earn 2% cash back on all other purchases.’
Note: The cash back rate for gas and groceries drops from 4% to 2% after you spend $30,000 in these categories, total.
Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
The total monetary value of the SimplyCash Preferred Card from American Express will depend on how often you make use of its 4% cash-back earn rate on gas and groceries and 2% on everything else.
A quick example: When just using the cash back from gas and grocery purchases, you’d need to spend at least $2,997 to cover the card’s annual fee ($119.88).
Point value breakdown
Two percent cash back on one CAD is equal to $0.02. So for each dollar you spend that’s eligible for 2% cash back with the SimplyCash Preferred Card from American Express, you’ll earn $0.02.
Similarly, 4% cash back on one CAD is equal to $0.04. So for each dollar you spend that’s eligible for 4% cash back, you’ll earn $0.04.
How to apply for the SimplyCash Preferred Card from American Express
The application process for the SimplyCash Preferred Card from American Express is fairly straightforward:
Visit the American Express Canada home page.
Select the card you wish to apply for.
Read the product information, then read and agree to the card’s requirements.
Provide your personal information, including your name, address and date of birth. Entering your Social Insurance Number is optional but encouraged.
Enter your employment and income details.
Confirm your information.
Read and agree to the terms and conditions.
Submit your application.
SimplyCash Preferred Card vs TD Cash Back Visa Infinite Card
Rewards breakdown
Rewards breakdown
NerdWallet's take
NerdWallet's take
Card details
Card details
Rewards breakdown
Rewards breakdownNerdWallet's take
NerdWallet's takeCard details
Card detailsReasons you might want a different card
If you’re looking for higher earn rates on travel-related purchases like flights or hotels, or you’d like a card without an annual fee, you may want to consider other options.
SimplyCash Preferred Card from American Express facts
SimplyCash Preferred Card from American Express | |
|---|---|
Card type | |
Fees and interest rates | |
Annual fee | $119.88. |
Regular/purchase APR | 21.99%. |
Penalty APR | If you miss two payments in a 12-month period, your interest rate will increase to 25.99%. If you miss three or more payments in a 12-month period, your interest rate will increase to 28.99%. |
Cash advance APR | 21.99%. |
Cash advance fee | $2.75 per transaction. |
Balance transfer APR | 3%. |
Foreign transaction fee | 2.5% of the transaction amount. |
Rewards and benefits | |
Intro offer | Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months. |
Reward earn rates |
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Other perks |
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Insurance coverage | |
Travel accident | Up to $100,000. |
Travel medical | Up to $5 million per insured person per trip. |
Flight delay | Up to $500. |
Baggage delay | Up to $500 of coverage per trip for all insured persons. |
Lost or stolen baggage | Up to $500 of coverage for personal items (excluding cash). |
Hotel burglary | For up to 48 days. |
Rental car theft/damage | Up to one additional year. |
Extended warranty | Up to one additional year. |
Purchase Protection | 90 days. |
Mobile Device Protection | Up to $1,000. Conditions apply. |
Methodology
BACK TO TOPNerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.
Frequently asked questions
How is American Express different from Visa and Mastercard?
How is American Express different from Visa and Mastercard?
While Visa, Mastercard and American Express are all credit card networks, American Express is the only one out of the three to also issue credit cards directly to consumers. Another difference is that American Express offers charge cards in Canada, while Visa and Mastercard do not.
How do I get my SimplyCash Preferred Card from American Express cash back rewards?
How do I get my SimplyCash Preferred Card from American Express cash back rewards?
Once a year, the cash back you’ve earned with your SimplyCash Preferred Card from American Express will appear as a credit on your monthly statement.
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