SimplyCash™ Preferred Card from American Express vs Scotia Momentum® Visa* Card: Which one is better?
SimplyCash™ Preferred Card from American Express
4.5
RECOMMENDED CREDIT SCORE*
Scotia Momentum® Visa* Card
3
RECOMMENDED CREDIT SCORE
Finly Rebate
N/A
Finly Rebate
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
$309.89
Welcome Bonus
$0
Annual Fee
$39
First Year Value
$270.89
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Purchase Protection
90 days
Extended Warranty
1 year
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.svg)
Car Rental Damage & Theft
$85K up to 48 days
Mobile Device Insurance
$1000
Insurance Included
Purchase Protection
90 daysExtended Warranty
1 year
Extra Benefits*
American Express Experiences
Extra Benefits
Car Rental Discount
25% off base rate of Avis Rent A Car and Budget Rent A Car
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
$39
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
$60,000
Min Household Income:
$100,000
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
N/A
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
- 2% cashback on gas, groceries, drug store and recurring payments (maximum $500 annually)
- 1% cashback on all other credit card purchases.
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?
The Scotiabank Momentum Visa is a low annual fee cash back card that offers impressive earn rates on a variety of everyday spending categories, making it an excellent choice for those who want to maximize rewards without the higher cost of its Visa Infinite counterpart.
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
Pros
- Cash Back Rewards: Earn up to 2% cash back on purchases.
- Low Balance Transfer Rate: Benefit from a 2.99% rate on balance transfers for the first 6 months.
- No Welcome Bonus: No initial sign-up bonus, keeping things straightforward.
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
- Limited Insurance Coverage: Only basic insurance is included.
- Annual Rewards Payout: Cash back rewards are paid out once a year as a statement credit.
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