SimplyCash™ Preferred Card from American Express vs American Express Platinum Card®: Which one is better?

SimplyCash™ Preferred Card from American Express

4.5

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

American Express Platinum Card®

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Rewards Breakdown

Annual Rewards

$513.59

Welcome Bonus

$400

Annual Fee

$119.88

First Year Value

$793.71

$393.71 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$570.43

American Express Membership Rewards

Welcome Bonus

American Express Membership Rewards

Annual Fee

$799

First Year Value

-$228.57

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included*

Emergency Out of province Medical

$5M/insured Person

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$100,000

Car Rental Damage & Theft

$85K up to 48 days

Purchase Protection

90 days

Extended Warranty

1 year

Mobile Device Insurance

$1000

Insurance Included*

Emergency Out of province Medical

$5M/insured Person

Flight Delay

$500

Baggage Delay

$500

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$100,000

Car Rental Damage & Theft

$85K up to 48 days

Purchase Protection

90 days

Extended Warranty

1 year

Trip Cancellation

$2500 per person, $5000 combined

Trip Interruption

$2500 per person, $6000 combined

Extra Benefits*

American Express Experiences

Extra Benefits*

American Express Experiences

Travel Credit

$200

Dining Credit

$200 at Select Restaurants

Nexus Application

$100 statement credit every 4 years

Airport Lounge - American Express Global Lounge

Unlimited Access for you and a Guest!

Complimentary Hotel Benefits

Hotels booked American Express Travel

Status lift

Upgrade to Hilton Honors Gold Status

Status lift

Upgrade to Marriott BonvoyTM Gold Elite status

Airport Benefits

At Toronto Pearson Airport get Priority Security lane, Complimentary valet and 15% discount at the Express Park and daily park

Concierge Services

Trip and legal Assistance

Extra points

Earn 2 points on Amex Travel Online purchases and extra points on American Express offers

Interest Rates*

Purchase:

21.99%¹

Cash Advance:

21.99%¹

Interest Rates*

Purchase:

21.99% - 30%²

Cash Advance:

21.99% - 30%²

Annual Fee*

$119.88

Annual Fee*

$799

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Welcome Bonus*

You can earn a $40 statement credit for each monthly billing period in which you spend $750 on purchases with your card during the first 10 months.

Welcome Bonus*

Earn 70,000 points after spending $10,000 on your Card within the first 3 months as a new Platinum® Cardmember. Earn an additional 30,000 points when you make a purchase between 14 and 17 months of Cardmembership. Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.

Rewards Rate*

4% cash back on gas
4% cash back on groceries (maximum $1,200 annually)
2% cash back on all other credit card purchases

Rewards Rate*

2x points per $1 spent on eligible dining & food delivery purchases (restaurant, fast food, coffee shop, food delivery)
2x points per $1 spent on eligible travel purchases (flights, hotels, tours and more)
1x point per $1 spent for all other purchases

Loyalty Program*

N/A

Loyalty Program*

American Express Membership Rewards

Point Redemption Options*

Not Applicable

Point Redemption Options*

Most Optimal

Transfer to Airline Partners

2.1¢ / point

Fixed Point Travel Program

1.66¢ / point

Transfer to Hotel Partners

1.66¢ / point

Statement Credits

1¢ / point

Gift Cards

0.765¢ / point

Amazon.ca

0.7¢ / point

Merchandise

0.63¢ / point

Is this card worth it?

The Simply Cash Preferred is one of the best cashback credit cards in Canada. The base cashback rate of 2% is great for all purchases, but the 4% on groceries and gas, which are two of the highest expenses for most people is the cherry on top of their great cashback program.

Is this card worth it?

If you're a frequent traveler, the Platinum card is an excellent choice. It's highly recommended for its extensive travel benefits, including unlimited lounge access for you and a guest at the American Express Lounge collection, making it the best card for lounge access in Canada. The card also offers unique perks not commonly found with other Canadian cards, such as status upgrades at Marriott Bonvoy and Hilton, dining and travel credits, concierge service, airport benefits, Nexus application reimbursement, and more. These benefits can more than offset the annual fee. However, if you don't travel often or are mainly looking for a card that maximizes rewards, this card may not be the best option for you.

Pros

Highest cashback rate on groceries and gas in Canada
Great base cashback rate for all purchases

Pros

Offers more perks than any other credit card in Canada, catering to premium users who value extensive benefits.
Enjoy $400 in annual travel and dining credits, which can offset some of the card's cost.
Gain unlimited access to over 1,300 airport lounges worldwide, enhancing your travel experience.
Multiple options for redeeming points for high value, giving you flexibility in how you use your rewards.
Includes 11 types of insurance coverage, offering comprehensive protection for cardholders.

Cons

For a card with an annual fee, the insurance coverage could have been higher
American Express has a lower merchant acceptance compared to Visa or Mastercard

Cons

As with other American Express cards, it may have lower acceptance in some locations compared to other networks.
The high annual fee of $799 may be a barrier for some users, especially those who do not fully utilize the card's benefits.
Some benefits are limited to specific airports and hotels.

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Legal

^*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check for full details and current product information.

¹ If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 28.99%.

² This Charge Card requires full payment of the Due in Full balance each month, with a 30% interest rate on late payments. The Flexible Payment Option balance has a 21.99% interest rate, which increases to 25.99% after two missed payments and 28.99% after three or more within 12 months. A 21-day interest-free grace period applies to new transactions if the full balance is paid by the due date.