Simplii Financial™ Cash Back Visa* Card vs SimplyCash™ Preferred Card from American Express: Which one is better?
Simplii Financial™ Cash Back Visa* Card
4.2
RECOMMENDED CREDIT SCORE*
SimplyCash™ Preferred Card from American Express
4.5
RECOMMENDED CREDIT SCORE*
Rewards Breakdown
Annual Rewards
$342.92
Welcome Bonus
$30
Annual Fee
$0
First Year Value
$372.92
$342.92 in years after
Based on $2,000/mo average spending. Calculate your rewards.
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.
Insurance Included*
Purchase Protection
Up to 90 days†
Extended Warranty
Up to 1 year†
Insurance Included*
Purchase Protection
Up to 90 days†Extended Warranty
Up to 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
Extra Benefits*
N/A
Extra Benefits*
American Express Experiences
Interest Rates*
Purchase:
20.99%1
Cash Advance:
22.99%1
Interest Rates*
Purchase:
21.99%2
Cash Advance:
21.99%2
Annual Fee*
$0
Annual Fee*
$119.88
Income Required*
Min Personal Income:
N/A
Min Household Income:
$15,000
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus*
10% cash back on eligible restaurants, food delivery and bar purchases for the first 4 months, up to $500†.
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.
Rewards Rate*
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other purchases†
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
Is this card worth it?
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
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.
Pros
- Highest cashback rate on restaurant purchases in Canada!
- Decent cashback rate on high spent categories such as groceries and gas.
- No annual fee for a card with great rewards.
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
Cons
- No insurance and benefits other than the standard purchase protection and extended warranty.
- Cap on the rewards that can be earned on each category.
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
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