Simplii Financial Credit Card Review 2024: Is It Worth It?
Jan 1, 2024Interested in earning cash back without the annual fee? If you spend frequently at restaurants, bars or coffee shops, the Simplii Financial Credit Card may be worth a look.
The Simplii Financial Cash Back Visa is a no-frills cash-back card without an annual fee. Accelerated cash-back rates of up to 4% are available but subject to annual spending caps.
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Simplii Financial Credit Card full review
The Simplii Financial Credit Card is a cash-back credit card with no annual fee. Cardholders earn cash back on eligible dollars spent with accelerated rates on restaurant, bar, coffee shop, gas, grocery, and drugstore purchases and pre-authorized payments.
Benefits of the Simplii Financial Cash Back Visa Card
Cash-back rates of up to 4% with no annual fee are what help the Simplii Financial Credit Card shine. You can even earn cash back on global money transfers and pre-authorized payments.
Drawbacks of the Simplii Financial Cash Back Visa Card
The Simplii Financial Credit Card’s accelerated cash-back rates have strict spending limits — some as low as $5,000 per year. After that, the cash-back rate drops to 0.5%. The card also lacks mobile device protection. CIBC Travel Medical Insurance can be added for a fee but doesn’t come standard.
Who should get the Simplii Financial Credit Card?
Everyday spenders who can take advantage of this card’s elevated earn rates on restaurant, bar and coffee shop spending, as well as gas, grocery and drugstore purchases,are the ideal Simplii Financial Cash Back Visa cardholder. 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 get the most value. There’s no annual fee to recoup, but the card is missing some insurance protection and travel perks that may be a dealbreaker, depending on what you look for in a credit card.
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 Credit 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 Credit Card rewards
Receive 10% cash back on up to $500 spent at restaurants, bars and on takeout purchases during the first four months of card membership.
Cardholders earn cash-back rewards at the following rates:
4% cash back from restaurant, bar and coffee shop spending, up to $5,000 annually.
1.5% cash back from gas, grocery store, drugstore spending and pre-authorized payments of up to $15,000 annually.
0.5% unlimited cash back on all other purchases.
Outside the card’s welcome offer, ongoing cash-back rewards offer additional value. If you meet the cash-back spending caps in the card’s accelerated rate categories, you could earn an additional $425 annually. And that doesn’t include the 0.5% cash back you earn on all other purchases throughout the year.
All told, the Simplii Financial Cash Back Credit Card could be worth hundreds of dollars per year and doesn’t charge an annual fee, so cardholders have little to lose.
How to apply for the Simplii Financial Cash Back Visa Card
To apply for the Simplii Financial Cash Back Visa Card, you must be an existing Simplii Financial customer.
Simplii customers can log into their Simplii online banking account to access the Simplii Financial Cash Back Visa Card application.
New customers can join Simplii by applying for a Simplii bank account. Applications for Simplii bank accounts can be completed online or by calling 1-888-723-8881.
Simplii Financial Credit 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 Credit Card may not be ideal if:
You want a card with travel perks, like lounge access, priority boarding or free checked bags.
You want a card with built-in travel insurance.
You’d prefer to earn different rewards, like points or miles.
Simplii Financial Credit 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% 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 $500 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