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Quick overview of the Simplii Financial™ Cash Back Visa* Card
Cashback cards are a dime a dozen. But like their point-accruing kin, the quality (read: actual cash you actually get back) varies wildly between institutions. Notably, legacy banks like the big six in Canada tend to rely on institutional inertia – people are going to take what card they’re offered because they've been at the same bank since their grandparent took them to open a chequing account. What incentive is there for these banks to actually offer a quality product if people keep taking what they’re handed?
This is where the Neobank disruptors like Simplii come in. Aimed squarely at appealing to younger, less change-averse demographics, they know to peel away customers they’re going to have to offer interesting entry level products, and that is exactly what the Simplii Financial™ Cash Back Visa* Card is.
It offers an extremely compelling 4% cash back on restaurants and bars, a damn decent 1.5% cashback on gas, grocery, drug and pre-payments, plus a competitive-though-uninspired 0.5% back on everything else. There’s not many other frills, and the cashback is frustratingly only applied as a year-end statement credit. But this card is refreshing in just how targeted it is – and the demographic it's aimed at should find it compelling.
Who’s the Simplii Financial™ Cash Back Visa* Card for?
Fond of dining out? Got a big friend group you’re often picking up the bar tab for (before invoicing for e-transfers of course)? Young urban professional who wants a daily driver card that doesn’t feel like you’re getting ripped off? The Simplii Financial™ Cash Back Visa* Card is right up your alley. The 4% cash back on bars and restaurants is wild if you’re going out in the city. Not including anything else, if you’re dropping $600 a month on dining and drinks (and in a big city, that is hardly jaw dropping) you’re getting $300 back at the end of the year before every other category is considered.
Simplii Financial™ Cash Back Visa* Card pros and cons
Extremely high cash back on bars and restaurants
Solid cash back on groceries, drug store, gas and prepayments
No annual fee
Up to three additional cards free of charge
Not many additional benefits
Very niche appeal for yuppies who love dining out
Cash back applied as year-end statement credit
- Until February 29, 2024, earn up to $150 when using your Simplii Cash Back Visa Card
- $50 for qualifying purchase, $50 for spending $2,000, or $25 for spending $1,000 during first three months
- 10% cash back on restaurants, bars and takeout in first four months, up to $500
How to earn cash back on the Simplii Financial™ Cash Back Visa* Card
The best possible way to earn cash back is going out to bars and restaurants frequently. Love cooking at home? This card might not be just right for you. But if your biggest line item is frequently how much you spent going out, the 4% cash back is hard to beat.
Plus, when you do eat in, you’ll need to drive to pick up groceries, and the 1.5% on gas and groceries is quite competitive, especially when compared to the big bank cards.
For non-categorized purchases, you’ll also have the trickle-in 0.5%, which is fine.
How to redeem cash back from Simplii Financial
And here we arrive at one of the downsides. I think the “cash back, but like, not as actual cash – more like, credit, oh – and only at the end of the year” is pretty darn weak. And that’s precisely how you get your “cash” back with this Simplii card. Once a year, as a statement credit. Luckily, it’s automatic, so no action is required from you.
Simplii Financial™ Cash Back Visa* Card key benefits
- Great cash back on categories relevant to young urban professionals
- Three additional cards for no additional fee
- All the perks and flexibility of a Visa card
Simplii Financial™ Cash Back Visa* Card insurance coverage
- Purchase Security: Protects purchases from being lost, damaged or stolen for 90 days after purchase up to $2500 per occurrence.
- Extended Warranty: Doubles the length of the manufacturer warranty for items purchased with the Simplii Cash Back Visa.
- Optional Travel Insurance: Option to add on travel insurance coverage offered through CIBC (for a fee).
- Send money abroad with a Global Money Transfer, and pay no transaction fee or interest if you pay off your balance on time.
What people have to say about this card
Simplii credit card offers 4% cash back on all expenses in restaurants and cafes so if you do spend a decent amount on eating out, then I would strongly recommend getting this card (plus as you would already know by now, it has no annual fee)./u/Best-Maintenance4082
Bingo! The 4% is relatively niche, but given that it spans not only bars and restaurants, but also cafes, it is one of the most compelling cash back offers on the market for fans of going out (and those that grab their ridiculously pricey coffee daily).
And, as /u/Best-Maintenance4082 pointed out, there’s no annual fee eating into your hard-earned cash back. What’s not to like?
How Simplii Financial™ Cash Back Visa* Card compares
Simplii Financial™ Cash Back Visa* Card vs. KOHO Essential
The KOHO card “plans” have definitely stepped way outside the rigamarole of traditional cashback cards. The Essential KOHO plan is billed as more of a subscription than a classic card, and has some pluses and drawbacks.
For the good, you have the option to earn 5% annual interest on the balance you maintain on your card. I can’t recall a credit card ever actually marketed towards people who don’t (can’t?) pay off their balance, but here you go. The 1% cash back is kind of a snooze fest, and that only applies to specific categories, with a woeful .25% back on everything else. All this could be yours… for $4 a month.
If that sounds, like, way worse than the Simplii card it’s because it is. I’d say KOHO essentially loses in just about every conceivable head-to-head.
Simplii Financial™ Cash Back Visa* Card vs. Tangerine Money-Back Credit Card
This is a more competitive comparison. Full disclosure – my daily driver is a Tangerine card, but I’ll try to remain objective. While the Tangerine card only offers 2% back on two categories, you get to pick which ones you want. Plus, open a free savings account and get a third category at 2%, with every other purchase bringing .5% back. And that money gets paid back monthly, either as actual cash into your savings account or as a statement credit.
Fundamentally, the Tangerine vs. Simplii comes down to how much value you place on flexibility. Want your money monthly and want to change which categories drive your cash back? Tangerine gets the nod. Spend almost all your money on dining out and have the patience for an annual pay out? Go Simplii.
Simplii Financial™ Cash Back Visa* Card vs. Neo Standard
|Simplii Financial™ Cash Back Visa*
|Base: $0; Premium: $4.99
|Earn up to $150
|Up to 15% cash back for first time purchases at participating partners
|Purchase Security, Extended Warranty, Optional Travel
|Available to purchase as an add on
|4% cash back on dining and drinking out
|Up to 5% cash back when spending at Neo partners
Is the Simplii Financial™ Cash Back Visa* Card worth it?
For no annual fee and compelling cash back opportunities, I would say absolutely. I would say absolutely, underlined three times with several exclamation points if your primary monthly expenditure is at bars, cafes and restaurants.
Do you need a Simpii account to get the Visa card?+
No, you can apply for a Simplii Cash Back Visa Card without any other Simplii products, though you will have a Simplii account upon approval tied to your Visa.
How do I qualify for the Simplii Financial™ Cash Back Visa* Card?+
This is an entry level card, so you only need a fair (660) or up credit score. You can apply for this card through the Simplii website.
How do I pay my Simplii credit card?+
You can pay off your Simplii card through the Simplii website or app if you’re a Simplii customer already, or simply set up a bill payment to the card through another financial institute.
How do I apply for a Simplii credit card?+
You can apply for the Simplii Cash Back Visa card on the Simplii website.
Does Simplii Financial have a secure credit card?+
This card is secured with chip and pin technology like all modern Visas, and offers real-time fraud alerts by email, text and phone.