Quick overview
The SimplyCash® Preferred Card from American Express is a great cash back credit card with high earn rates, especially on gas and groceries, with a monthly fee of $9.99 which works out to $119.88 per year.
It's consistently ranked one of the top cash back credit cards in Canada because it also comes with purchase insurance, including mobile device protection, and a comprehensive suite of travel insurance, including rental car coverage.
Who's the SimplyCash Preferred Card for?
If you love cash back on everyday purchases that can add up to quick returns and want the flexibility of putting your hard earned rewards towards your needs, be it statement credits or travel, this is a sweet credit card. Keep in mind, you can only cash out once a year, so treat it like saving for a weekend trip away, your monthly grocery bills, or Christmas.
Based on the average Canadian spending, you'll get about $660 cash back per year.
As with all Amex credit cards, there is no minimum income requirement, but you will need a credit score over 700.
Pros and cons of the SimplyCash card from Amex
Pros
-
Earn up to $400 in statement credits in first 10 months
-
Competitive cash back rates: Up to 4% on gas and groceries, and more
-
Refer-a-friend bonus up to $750 annually
-
Extra benefits like rental car insurance and travel accident coverage
-
Manufacturer's warranty doubled on purchases
Cons
-
$9.99/month fee ($119.88 annually)
-
Cash back redeemed annually in September
-
Requires spending $750 monthly for maximum bonus
-
Not all benefits may be relevant to all users
-
Limited to American Express acceptance
American Express SimplyCash Preferred Card welcome bonus
- Earn up to $400 in statement credits
- If you spend $750 per month, you'll earn a $40 statement credit in the first 10 months.
- Offer is only available to new SimplyCash® Preferred Card from American Express Cardmembers.
- It could take up to eight weeks for your statement credits to be credited to the account.
How to earn cash back with SimplyCash Preferred Amex
It's simple. You earn 4% cash back on gas and groceries (up to $30,000 in spending per year), and 2% cash back on everything else.
While some cards like Scotia Momentum Visa Infinite and CIBC Dividend® Visa Infinite* have high returns on gas and groceries, the 2% back on everything else really puts this Amex over the top. (We'll compare further down the page).
Bonus: Earn an additional $1,500 per calendar year with their refer-a-friend program where you can earn $100 per referral.
How to redeem your cash from The SimplyCash® Preferred Card
Much like Earth, Wind, and Fire, you'll "Ba-dee-ya, dancin' in September" because that's when your cash is automatically redeemed, every September as a credit to your account.
And if you're Amex and reading this, consider switching this to January when post-holiday credit card bills are at their highest. (*Cough*, please 🙏 )
Amex SimplyCash Preferred Key benefits
- 4% cash back on gas and groceries, up to $30,000 (that's $1,200 in cash back from those 2 categories alone).
- Purchase, travel, and mobile device insurance
- No annual fee for additional cardholders
SimplyCash Preferred insurance coverage
- Out of province emergency medical insurance: Up to $5,000,000 for the first 15 consecutive days for anyone under 65 years of age.
- Travel accident insurance: Up to $100,000 in case of accidental death or dismemberment during travel
- Flight delay insurance: Up to $500 (combined with baggage delay insurance) for items purchased within 48 hours when delayed or denied boarding for 4 or more hours.
- Baggage delay insurance: Up to $500 (combined with flight delay insurance) for items purchased within 48 hours when delayed or denied boarding for 4 or more hours.
- Hotel burglary insurance: Up to $500 of coverage of personal items (not cash) stolen from your accommodations.
- Lost or stolen baggage insurance: Up to $500 for the loss and/or damage to your checked-in or carry-on luggage
- Rental car insurance: For automobiles up to $85,000 for 48 days. Decline the collision damage waiver (CDW) and loss damage waive (LDW) and pull in full with your card.
- Mobile device insurance: Up to $1,000 per insurance person in the event of theft, loss, accidental damage anywhere in the world, 2 years from the date of purchase, and past 90 days (otherwise you can use purchase protection).
- Purchase protection: Up to $1,000 for any purchases made within 90 days on your card.
- Buyer's assurance: Extends manufacturer's warranty up to one additional year.
❌ Does not include: Trip cancellation or Trip interruption insurance
Extra benefits of the SimplyCash® Preferred Card from American Express
- Access events and special offers curated for Cardmembers with American Express® Experiences including Front Of The Line Presales, Reserved tickets, dining, retail and wellness experiences.
- Onsite benefits at Budweiser Stage, Royal Alex, Princess of Wales and Ed Mirvish theatres.
- 24/7 customer service
- Plan It™ the American Express installment program that breaks larger purchases into installments.
What the internet has to say about this card
On Reddit, many were blown away by the high earn rate on gas and groceries and 2x the points on everything else...with no limit. Another redditor said they'd have to spend $5,000 per year to pay for its annual fee, but this was 3 years ago when the earn rate wasn't as strong.
That said, the annual fee may be a downside if you can't reach a certain level of spending and instead you might opt for one of the best no-fee credit cards, such as it's sister card, the Amex Simply Cash (see the table below).
SimplyCash vs. SimplyCash Preferred
| 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 (up to $300 cash back annually). 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 |
| Monthly math ($250 on gas, $500 on groceries, $1,100 on everything else. | $345 cash back per year | $624 cash back per year - $119.88 annual fee = $504.12 |
| Review | Amex SimplyCash review | You're reading it! |
| Get started | Apply now | Apply now |
Amex SimplyCash Preferred vs.
BMO CashBack® World Elite® Mastercard
4.0
up to 10%
Welcome offerExcellent
Suggested credit scoreGet up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*.
Expires
Nov 30, 2024
A similar annual fee but a whopping 5% cash back on groceries, well, I'm listening. But the 5% is only on the first $500 per statement cycle
You can redeem your cash back at anytime with BMO though. And it's a Mastercard so more readily accepted.
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
5%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
4%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
3%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
2%
Everything Else: 1% cash back, unlimited*
1%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee
2.90%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Foreign Transaction Fee
2.90%
A similar annual fee but a whopping 5% cash back on groceries, well, I'm listening. But the 5% is only on the first $500 per statement cycle
You can redeem your cash back at anytime with BMO though. And it's a Mastercard so more readily accepted.
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
5%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
4%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
3%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
2%
Everything Else: 1% cash back, unlimited*
1%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee
2.90%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Foreign Transaction Fee
2.90%
Tangerine World Mastercard®
4.1
max 10% back
Welcome offerGood
Suggested credit scoreGet an extra 10% cash back on up to $1,000 in everyday purchases within your first 2 months. Get 1.95% interest on balance transfers for your first 6 months.
Expires
Nov 1, 2024
A no annual fee cash back credit card with some purchase protection. It also rewards you 2% cash back in variable categories. Another Mastercard worth considering. However, the earn rate on "everything else" still can't catch up to the Amex and so you're cash back gets to just over $300 which, even with the annual fee, can't compare.
Pros
-
No annual fee
-
Unlimited money-back rewards
-
High 2% earn rate
-
Exclusive experiences through MasterCard
Cons
-
$60,000 minimum income requirement
-
Travel insurance would be a welcome addition to the travel-related benefits
Eligibility
Good
Recommended Credit Score
$60,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$60,000
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
2%
Get a Tangerine Savings account and get a 3rd 2% cash back category.
3
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
1
Mobile device insurance up to $1,0000
$1000
Purchase assurance and extended warranty protection up to $60,000 lifetime
$60,000
19.95%
Purchase APR
1.95%
Balance Transfer Rate 1.95% for first 6 months (with a 1% fee) † ;19.95% after that
19.95%
Cash Advance APR
$0
Annual Fee
2.50%
Foreign Transaction Fee
Purchase APR
19.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.50%
A no annual fee cash back credit card with some purchase protection. It also rewards you 2% cash back in variable categories. Another Mastercard worth considering. However, the earn rate on "everything else" still can't catch up to the Amex and so you're cash back gets to just over $300 which, even with the annual fee, can't compare.
Pros
-
No annual fee
-
Unlimited money-back rewards
-
High 2% earn rate
-
Exclusive experiences through MasterCard
Cons
-
$60,000 minimum income requirement
-
Travel insurance would be a welcome addition to the travel-related benefits
Eligibility
Good
Recommended Credit Score
$60,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$60,000
2%
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
3
Get a Tangerine Savings account and get a 3rd 2% cash back category.
1
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
$1000
Mobile device insurance up to $1,0000
$60,000
Purchase assurance and extended warranty protection up to $60,000 lifetime
Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
2%
Get a Tangerine Savings account and get a 3rd 2% cash back category.
3
Boingo Hotspot membership for Wi-Fi at airports and on planes
1
A DragonPass membership to airport lounges (no passes)
1
Mobile device insurance up to $1,0000
$1000
Purchase assurance and extended warranty protection up to $60,000 lifetime
$60,000
19.95%
Purchase APR
1.95%
Balance Transfer Rate 1.95% for first 6 months (with a 1% fee) † ;19.95% after that
19.95%
Cash Advance APR
$0
Annual Fee
2.50%
Foreign Transaction Fee
Purchase APR
19.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.50%
CIBC Dividend® Visa Infinite* Card
4.0
10% back†
Welcome offerGood
Suggested credit scoreGet a first-year annual fee rebate and earn a 10% cash back welcome bonus of up to $300!†
Similar annual fee and similar earn rates, especially in key categories. The insurance isn't as good (no emergency medical for one), and you'll need at least $60,000 in personal income, $100,000 household to qualify. That said, it is a Visa, so if you're looking for an Amex alternative with similar cash back rates, this may be your card of choice.
When I put it into the calculator with the same spending values in different categories, SimplyCash Preferred came out at $624 cash back, while CIBC Dividend® Visa Infinite* ended up at $564. But, you do get the first year for free.
Pros
-
Very high cash back rates on eligible groceries and gas and electric vehicle charging
-
Lucrative welcome offer
-
Flexible cash back redemption policy
-
Premium Visa Infinite benefits†
-
No limit on the total cash back you can earn†
Cons
-
Maximum annual spending limits in accelerated cash back
-
High-ish annual fee
-
Mid-level income requirement
Eligibility
Good
Recommended Credit Score
$60,000†
Required Annual Personal Income
$100,000†
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$60,000†
Required Annual Household Income
$100,000†
4%
cash back on eligible gas, EV charging, and grocery purchases.†
2%
cash back on eligible transportation, dining purchases and recurring payments†
1%
cash back on all other purchases†
10 cents
save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
cash back on eligible gas, EV charging, and grocery purchases.†
4%
cash back on eligible transportation, dining purchases and recurring payments†
2%
cash back on all other purchases†
1%
save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
10 cents
20.99%†
Purchase APR non-Quebec residents†
22.99%†
Balance Transfer Rate non-Quebec residents†
22.99%†
Cash Advance APR non-Quebec residents†
$120
Annual Fee First year rebated. Each additional card is $30 per year, max 3.
Purchase APR
20.99%†
Balance Transfer Rate
22.99%†
Cash Advance APR
22.99%†
Annual Fee
$120
Similar annual fee and similar earn rates, especially in key categories. The insurance isn't as good (no emergency medical for one), and you'll need at least $60,000 in personal income, $100,000 household to qualify. That said, it is a Visa, so if you're looking for an Amex alternative with similar cash back rates, this may be your card of choice.
When I put it into the calculator with the same spending values in different categories, SimplyCash Preferred came out at $624 cash back, while CIBC Dividend® Visa Infinite* ended up at $564. But, you do get the first year for free.
Pros
-
Very high cash back rates on eligible groceries and gas and electric vehicle charging
-
Lucrative welcome offer
-
Flexible cash back redemption policy
-
Premium Visa Infinite benefits†
-
No limit on the total cash back you can earn†
Cons
-
Maximum annual spending limits in accelerated cash back
-
High-ish annual fee
-
Mid-level income requirement
Eligibility
Good
Recommended Credit Score
$60,000†
Required Annual Personal Income
$100,000†
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Personal Income
$60,000†
Required Annual Household Income
$100,000†
4%
cash back on eligible gas, EV charging, and grocery purchases.†
2%
cash back on eligible transportation, dining purchases and recurring payments†
1%
cash back on all other purchases†
10 cents
save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
cash back on eligible gas, EV charging, and grocery purchases.†
4%
cash back on eligible transportation, dining purchases and recurring payments†
2%
cash back on all other purchases†
1%
save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
10 cents
20.99%†
Purchase APR non-Quebec residents†
22.99%†
Balance Transfer Rate non-Quebec residents†
22.99%†
Cash Advance APR non-Quebec residents†
$120
Annual Fee First year rebated. Each additional card is $30 per year, max 3.
Purchase APR
20.99%†
Balance Transfer Rate
22.99%†
Cash Advance APR
22.99%†
Annual Fee
$120
This offer is not available for residents of Quebec.
†Terms and Conditions Apply
This is a digital-exclusive offer.†
To be eligible for this offer:
1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and
2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†
This offer is reserved for you. Please do not forward it to anyone else.
CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Dividend card within the last 12 months.†
†Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of January 4, 2023.
How to apply for the Amex SimplyCash Preferred
- 1.
Visit the Amex SimplyCash Preferred Card page: Click the "Apply Now" button below to go directly to the application page.
- 2.
Fill out your personal information: Provide your full name, date of birth, and contact details. Make sure all information is accurate, your credit score will weigh heavily in your approval.
- 3.
Submit your application: Once you’ve filled in all the required information, review your application for accuracy and click "Submit".
- 4.
Wait for approval: After submitting, you will receive a confirmation email. The approval process may take a few days.
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.
FAQ
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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