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Author: Money.ca

By Money.ca

🗓️

Updated: July 20, 2023

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

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We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.

Get a head start and receive cash back when you spend with the SimplyCash® Preferred Card from American Express.

The SimplyCash® Preferred Card from American Express at a glance

  • Welcome Bonus that could add up to $400 in statement credits in the first 10 months. Terms and conditions apply.
  • Earn accelerated earn rates on eligible gas and grocery purchases.
  • $9.99/month (Equals a total fee of $119.88 annually)
Features SimplyCash® Card from American Express Simplycash® Preferred Card from American Express
Annual fee $0 $119.88 ($9.99 per month)
Welcome bonus Earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your card. This could add up to $100 in statement credits in the first 10 months. 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 rate Earn 2% cash back on eligible gas station and grocery store purchases in Canada. Earn 1.25% cash back on all other eligible purchases Earn 4% cash back on eligible gas station and grocery store purchases in Canada (up to $1,200 cash back annually). Earn 2% cash back on all other purchases
Review Read review -
Get started Apply now Apply now

Why we like it

  1. 1.

    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. Conditions apply.

  2. 2.

    Competitive cash back: 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. Note that accrued cash back is applied as a statement credit to your account each September.

Extra benefits of the SimplyCash® Preferred Card from American Express

American Express offers customers some truly advantageous benefits on top of the already great cash back rates. One that stuck out was the refer-a-friend bonus, which rewards customers with up to $2,250 annually for referring friends to sign up for the same valuable card. A cash payment of $150 for each individual referral is a nice incentive to get others the same benefits that you enjoy.

These additional features also apply:

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

2) Insurance:

  • Insurance against damage and theft of a rental car
  • Travel accident insurance value of $100,000
  • Foreign medical insurance
  • Theft of baggage and lost item insurance

3) For shoppers:

  • Products that are bought with the SimplyCash® Preferred Card from American Express have their manufacturer’s warranty doubled, extending protection for expensive purchases.
  • Insurance against theft or accidental damage on eligible new purchases made with the card.

How does it compare to the competition?

Features Simplycash® Preferred Card from American Express BMO CashBack® Mastercard®* Tangerine Money-Back Credit Card
Annual Fee $119.88/year $0 $0
Welcome Offer Welcome Bonus that could add up to $400 in statement credits in the first 10 months. Get up to 5% cash back in your first 3 months. Plus, a $50 cash back bonus - that's up to $175 in cash back in your first year* If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*
Cash Back Rate(s) 4% on gas station purchases, 4% on grocery store purchases and 2% on all other purchases. 3% on groceries; 1% on recurring bills; 0.5% on everything else* 2% in 2-3 spending categories of your choice; 0.5% on everything else
Cash Back Redemption Policy Once annually each September Once monthly Anytime

Conclusion

A competitive cash back rate with no limits at the base earn rate, plus an array of nice features courtesy of American Express make this card very worthwhile for many individuals.

This post was not sponsored. The views and opinions expressed in this review are purely my own.

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.

About our author

Money.ca
Money.ca, Money.ca Editorial Team
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The Money.ca Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Money.ca Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.

These articles do not include bylines, as they are intended to provide information about the company or have been written by an internal team at Money.ca, rather than stories by individual writers or contributors. Bylines are used for all other articles.

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Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.