SimplyCash™ Preferred Card from American Express

SimplyCash™ Preferred Card from American Express

Apply Now
Amazon.ca Rewards Mastercard®

Amazon.ca Rewards Mastercard®

Apply Now

SimplyCash™ Preferred Card from American Express vs Amazon.ca Rewards Mastercard®: Which one is better?


SimplyCash™ Preferred Card from American Express

SimplyCash™ Preferred Card from American Express

4.6


RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

Amazon.ca Rewards Mastercard®

Amazon.ca Rewards Mastercard®

3.1


RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

Rewards Breakdown

Annual Rewards

$534.23


First Year Bonus

$200


Annual Fee

$119.88


First Year Value

$614.35

$414.35 in years after

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

Rewards Breakdown

Annual Rewards

$251.84


First Year Bonus

$150


Annual Fee

$0


First Year Value

$401.84

$251.84 in years after

Based on $2,000/mo average spending and assuming you are an Amazon Prime member as the primary account holder. Calculate your rewards.

Insurance Included*

  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    90 days

  • lost baggage

    Lost or Stolen Baggage

    $500
  • hourglass timer

    Baggage Delay

    $500
  • car insurance

    Car Rental Damage & Theft

    $85K up to 48 days
  • heart lock

    Travel Accident

    $100,000
  • mobile device insurance

    Mobile Device Insurance

    $1,000
  • burglar

    Hotel Burglary Insurance

    $500
  • travel accident medical

    Emergency Out of province Medical

    $5M/insured Person
  • hourglass timer

    Flight Delay

    $500

Insurance Included

  • extended warranty

    Extended Warranty

    Up to a year
  • purchase protection

    Purchase Protection

    90 days

Extra Benefits*

  • Amex logo

    Amex Experiences™

    Access events and special offers curated for Cardmembers with Amex Experiences™

Extra Benefits

  • car rental

    Car Rental Discount

    10% off base rate of Avis Rent A Car and Budget Rent A Car
  • gavel

    Trip and legal Assistance

    Yes

Interest Rates*

Purchase:

21.99%1

Cash Advance:

21.99%1

Interest Rates

Purchase:

19.99%

Cash Advance:

22.99%

Annual Fee*

$119.88

Annual Fee

$0

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*

Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.

Welcome Bonus

Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants for up to 6 months. Up to $150 cashback on top of the normal cashback earned.

Rewards Rate*

  • 4% cash back on eligible gas station purchases in Canada
  • 4% cash back on eligible grocery purchases in Canada (up to $1,200 cash back annually)
  • 2% cash back on all other eligible purchases

Rewards Rate

  • 2.5% cashback on Amazon.ca, Whole Foods and foreign currency transactions IF a prime member
  • Only 1.5% on Amazon.ca and Whole foods and 1% on foreign currency transactions IF not a prime member
  • 1% cashback on everything else

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 are a Prime member and want to maximize your cashback on your Amazon purchases, then this card is the best option for that specific purchase category. However, for other purchases, many other cards offer better benefits and rewards.

Pros

  • Highest cashback rate on groceries and gas in Canada
  • Great base cashback rate for all purchases
  • 10 different insurance types included

Pros

  • If you are a Prime member, the 2.5% cashback offered on Amazon purchases is unbeatable in terms of rewards compared to other credit cards.
  • The 2.5% cashback on all foreign currency transactions helps to offset the extra 2.5% fee.

Cons

  • Cash back is only paid out to you once a year
  • American Express has a lower merchant acceptance compared to Visa or Mastercard

Cons

  • It offers very little on non-Amazon and non-Whole Foods purchases, with many other well-rounded credit cards out there that offer much more.
  • Very limited benefits.

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 here 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%.

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