Simplii Financial Credit Card Review 2025: Is It Worth It?
Jan 9, 2025Interested in earning cash back without an annual fee? If you spend frequently at restaurants, bars or coffee shops, the Simplii Financial Cash Back Visa might fit the bill.
The Simplii Financial Cash Back Visa offers accessible rewards with minimal hassle. Accelerated cash-back rates of up to 4% make it a practical choice for casual spenders wanting a simple, effective cash-back credit card — but there are rewards limits and other caveats to know first.
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Simplii Financial Cash Back Visa Card full review
The Simplii Financial Cash Back Visa is a straightforward no-annual-fee card with accelerated rewards rates in common spending categories.
Cardholders earn up to 4% on restaurant, bar, and coffee shop purchases and 1.5% on gas, groceries, and drugstore spending. However, these rewards rates apply only to a limited annual spend — beyond those caps, purchases earn a flat 0.5% cash back.
Benefits of the Simplii Financial Cash Back Visa Card
Accelerated cash-back rewards: Earn 4% at restaurants, bars and coffee shops, plus 1.5% on gas, groceries, drugstore purchases, and pre-authorized payments, up to spending limits.
Cash back on global money transfers: Earn cash back on international money transfers, with no fees or interest charges if paid by the due date.
Purchase protection: Enjoy purchase security and extended protection insurance, which extends manufacturer warranties by up to one year.
Bonuses for referrals: Receive $125 for every friend you refer who opens an eligible Simplii account, while your friend receives $50.
New to Canada? You don’t need a credit history to apply for this card through Simplii’s New to Canada Banking Program. Additional benefits include perks that could help you get settled, like bank account bonuses and a credit limit of up to $10,000.
Drawbacks of the Simplii Financial Cash Back Visa Card
Spending limits: Accelerated cash-back rates are capped at $5,000 annually for dining-related purchases and $15,000 for gas, groceries, and drugstores. Once those limits are hit, all purchases revert to a 0.5% cash-back rate until the annual reset after your December statement.
A long wait for rewards: The cash back you earn is accumulated throughout the year and applied as a statement credit in January, meaning you can’t use rewards monthly to offset purchases or balances.
No mobile device protection: Unlike some competitors, this card doesn’t include protection for smartphones or tablets.
Lack of travel perks: The card doesn’t offer standard travel-related benefits like lounge access, free checked bags, or built-in travel insurance. CIBC Travel Medical Insurance is available for an additional fee but isn’t included.
Who should get the Simplii Financial Cash Back Visa Card?
Dining enthusiasts and everyday spenders who prioritize no annual fees and take advantage of this card’s spending categories will find value. Additionally, international students and other Canadian Newcomers who want a straightforward rewards card with an easy application process may also find it a great fit.
Either way, to get the most from this card, cardholders must be intentional about how and where they use it.
Is the Simplii Financial Cash Back Visa Card worth it?
Whether the Simplii Financial Cash Back makes sense for you depends on your spending habits and lifestyle. Folks who frequently swipe their credit card at places the card offers elevated rewards — restaurants, coffee shops and bars (4% cash back), and gas stations, grocery stores and drug stores (1.5% cash back) — will likely find it worthwhile.
However, its lack of premium benefits, travel perks, spending caps and complicated redemption process mean it’s best for casual spenders with moderate, predictable expenses.
Simplii Financial customer ratings
Low Trustpilot rating: 1.8 out of 5 possible stars based on over 500 customer reviews, as of this writing.
Poor Better Business Bureau rating: 1.65 out of 5 possible stars based on over 70 customer reviews, as of this writing.
Simplii Financial Cash Back Visa Card eligibility
Who qualifies for the Simplii Financial Cash Back Visa Card?
To qualify for the Simplii Financial Credit Card, you must:
Be a Canadian resident (excluding Quebec).
Be at least the age of majority for your province or territory.
Not have declared bankruptcy in the past seven years.
Have a minimum annual income of $15,000.
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. We know that higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.
Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
Simplii Financial Cash Back Visa Card rewards
Receive 10% cash back on up to $1,000 spent at restaurants, bars and takeout purchases in the first four months of card membership.
Cardholders earn cash-back rewards at the following rates:
4% on restaurant, bar and coffee shop purchases (up to $5,000 annually).
1.5% on gas, grocery store, drugstore purchases, and pre-authorized payments (up to $15,000 annually).
0.5% cash back on all other purchases without limit.
Outside the card’s welcome offer, ongoing cash-back rewards offer additional value. You could earn an additional $425 annually by meeting the cash-back spending caps in the card’s accelerated rate categories. And that doesn’t include the welcome offer or the 0.5% cash back you earn on all other purchases throughout the year.
How to apply for the Simplii Financial Cash Back Visa Card
Applying for the Simplii Financial Cash Back Visa Card is straightforward:
Existing Simplii customers can log into their online banking account to access the credit card application directly.
New customers can apply online or by calling 1-888-723-8881. Simplii uses the Interac® document verification service for secure, convenient identity verification.
Simplii Financial Cash Back Visa Card vs Tangerine Money-Back Credit 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
The Simplii Financial Cash Back Visa Card may not be ideal if:
You prioritize travel perks, like lounge access, priority boarding or free checked bags.
You want a card with built-in travel insurance.
You prefer earning rewards like points or miles.
You carry a balance and do not pay off your statement in full every month, as the card’s APR is relatively high.
Simplii Financial Cash Back Visa Card facts
Simplii Financial Cash Back Visa Card | |
|---|---|
Card Type | |
Fees and interest rates | |
Annual fee | $0.00 |
Regular/purchase APR | 20.99%. |
Penalty APR | 24.99% on purchases and 27.99% on cash advances, balance transfers and convenience cheques if you miss two payments within 12 months, as of January 2024. This penalty APR will stay in place for at least 12 months. |
Cash advance APR | 22.99%. |
Cash advance fee | $5 per transaction. |
Balance transfer APR | 22.99%. |
Balance transfer fee | Up to 3% of the transaction amount. |
Foreign transaction fee | 2.5% of the transaction amount. |
Rewards and benefits | |
Intro offers | Up to 10% Cash Back -- For your first 4 months with a Simplii Financial Cash Back Visa* Card, enjoy 10% cash back on eligible restaurants, food delivery and bar purchases (up to $1,000 spend). |
Reward earn rates |
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Other perks | Cash back on global money transfers. Earn cash back on international money transfers sent from your Simplii Financial credit card. Mobile wallet compatible. Pay by Google Pay, Samsung Pay or Apple Pay. |
Insurance coverage | |
Extended warranty | Up to one additional year. |
Purchase protection | 90 days. |
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 do you get your cash back from the Simplii Visa?
How do you get your cash back from the Simplii Visa?
Simplii Financial cash-back rewards accumulate monthly and are automatically redeemed on the last day of December as an annual credit to the following January’s statement.
Is the Simplii credit card easy to get?
Is the Simplii credit card easy to get?
To qualify for the Simplii Financial Cash Back Visa, you must be a Canadian resident of the age of majority in your province or territory who hasn’t declared bankruptcy in the past seven years. You must also have an annual income of at least $15,000.
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Shannon Terrell
Shannon Terrell