SimplyCash™ Preferred Card from American Express Review

As a top contender for the highest cashback rates on popular spending categories in Canada, the SimplyCash Preferred Card from American Express is a cashback card you don’t want to miss.

For a better understanding of why this cashback credit card is the preferred option of most Canadians, we put together this comprehensive review that will tell you exactly what this card offers, how to apply, and how it competes against other cashback credit cards on the market.

How You Earn Rewards with the SimplyCash Preferred Card from American Express

Here’s a quick breakdown of the cashback rewards you can expect with the SimplyCash Preferred Card from American Express:

• 4% cashback on eligible gas station purchases in Canada
• 4% cashback on eligible grocery purchases in Canada
• 2% cashback on all other eligible purchases

With this card, you can earn one of the highest cashback rates on groceries and gas in Canada – which are popular categories we’re all frequently spending money on. Other than that, there’s an overall exceptional cashback rate on all other eligible purchases – so you’re constantly getting paid to pay.

Redeeming Your Rewards with the SimplyCash Preferred Card from American Express

Cash in your cashback earnings every year with the SimplyCash Preferred Card from American Express. Typically, funds will be applied to your account annually. You should see your cashback rewards in your September statement.

Always check the specifics regarding redemption timelines by reviewing your credit card’s terms and conditions.

5 Benefits of the SimplyCash Preferred Card from American Express

Cashback rates included, this card has tons of benefits worth taking advantage of. Here’s an overview of what’s offered: 

The Best in Cashback Rates

These reward rates are so good we just had to repeat them. With the SimplyCash Preferred Card from American Express, you can expect the highest cashback rates on your grocery and gas bills. Plus, enjoy a higher-than-usual base rate on all your remaining eligible purchases.

A Big Welcome Bonus

Just when you thought it couldn’t get any better, allow us to bring up the SimplyCash Preferred Card’s welcome bonus. That’s right, join for a bonus of 10% cashback on all purchases within the first few months of the year (capped at $2,000). To top it all off, you can also earn a $50 statement credit for making a purchase in month 13. 

Add these bonuses to your potential purchase earn rates to receive a fantastic first-year value.

A Manageable Monthly Fee

While annual fees don’t typically get a spot on our benefits lists, consider this fee to be a rare exception. Instead of having to pay the SimplyCash Preferred Card’s annual fee upfront, you can split it up into monthly payments, making the overall cost easily digestible.

Access Exclusive American Express Experiences

As a card covered by the American Express network, your SimplyCash Preferred Card can connect you to exclusive Amex Experiences like Front Of The Line presales for early-access tickets and reservations, advanced screenings with Entertainment with American Express, and food festival and tasting events with the Dining with American Express program.

Crucial Travel Coverage

Another perk about this card is that it covers plenty of crucial travel coverage categories, including flight and baggage delay insurance, emergency out-of-province medical insurance, and travel accident insurance. 

2 Downsides of the SimplyCash Preferred Card from American Express

To be fair, we’re following up the good with the not-so-good. Here’s a look at some of the SimplyCash Preferred Card’s shortcomings: 

American Express Acceptance

If you’re not sold on the Amex experiences paired with the SimplyCash Preferred Card, you should know that American Express credit cards typically aren't as widely accepted as other networks like Visa or Mastercard. So, if you travel a lot (specifically within Europe) or you shop for groceries at places like Loblaws or Costco, you might want to consider another network.

Backed-up Cashback

While the cashback rates on this card are extraordinary, the time it takes to actually receive your earnings might not be as exciting. Since cashback rewards are paid out once a year, it’s possible that eager earners could get a little impatient waiting for their money.

Comparison to Other Cashback Credit Cards

Here's some insight into how the SimplyCash Preferred Card ranks among other popular cashback cards:

SimplyCash Preferred Card vs Neo World Elite Mastercard

To begin, let’s compare one top cashback card to another.

In terms of rewards, the Neo World Elite Mastercard has a better initial cashback rate on groceries, but the SimplyCash Preferred Card has a higher rate for gas purchases. That said, the Neo world Elite Mastercard uniquely allows cardholders to boost all specialized categories (groceries, gas, and recurring payments) by saving $5k - $10k inside of a Neo Everyday Account. If you happen to save $10K inside of a Neo Everyday Account, then you can effectively match the gas cashback rate of the SimplyCash Preferred Card. 

Another way you can boost both grocery and gas purchases using the Neo World Elite Mastercard is by purchasing food and fuel from Neo Partners. Each eligible retailer provides their own cashback rate on certain spending requirements, adding an additional reward on top of any initial or savings-boosted rates.

The Neo World Elite Mastercard also has superior insurance overall, with higher coverage on shared categories like lost or stolen baggage insurance, baggage delay insurance, and hotel burglary insurance. This Mastercard also adds protections like car rental accident insurance, car rental personal effects insurance, and trip interruption and trip cancellation insurance.

Instead of Amex Experiences, the Neo World Elite Mastercard grants cardholders an airport lounge Dragon Pass membership (minus any complimentary visits).

It’s important to note, however, that on account of its high-earning potential, the Neo World Elite Mastercard comes with a slightly higher annual fee and high annual income requirements.

At the end of the day, if you intend to save enough money inside of Neo Everyday Account, purchase gas and groceries from partnered retailers, and you meet the high annual income requirements associated with the card, then the Neo World Elite Mastercard could be a better cashback option. Alternatively, if you want high cashback rates on similar everyday earning categories without a catch (or any annual income requirements) stick with the SimplyCash Preferred Card.

If this card piqued your interest, consider checking out the Neo World Elite Mastercard review.

SimplyCash Preferred Card vs SimplyCash Card from American Express

While both cards offer access to exclusive Amex Experiences, the SimplyCash Card from American Express is the simplified and more affordable alternative to the SimplyCash Preferred Card.

For starters, the SimplyCash Card has no annual fee, but still offers a nice first-year value with a cashback welcome bonus that offers half the intro earnings of the SimplyCash Preferred Card, excluding the added statement credit. For the budget-conscious, substituting an extra 5% cashback bonus for a free card might be worth it. 

Before making any decisions though, let’s go over the reward rates. Right away, you’ll notice that the SimplyCash Card offers half the reward rates in the same popular categories, plus a slightly lower base rate on all other purchases. That said, you might only benefit from the SimplyCash Preferred Card’s higher earning rates if you spend enough money to offset the cost of the annual fee.

In terms of coverage, you’ll also see that both cards offer travel accident insurance, extended warranty insurance, and purchase protection insurance. However, the SimplyCash Preferred Card includes a bit more protection with coverages like baggage and flight delay insurance, hotel burglary insurance, and car rental damage and theft insurance. So, if you’re a more frequent traveller (along with a bigger spender), you might want to opt for the SimplyCash Preferred Card for its more extensive insurance policies.

Overall, the SimplyCash Card is the budget-friendly version of the SimplyCash Preferred Card, offering lower reward rates and less coverage for no annual fee.

SimplyCash Preferred Card vs Rogers Red World Elite Mastercard

If you want to avoid Amex altogether on account of the network’s lower acceptance rate, it might be worth it to take a look at the Rogers Red World Elite Mastercard – voted both the best cashback card in Canada for Rogers, Fido, and Shaw customers, and the best no-annual-fee credit card by FinlyWealth. 

While the Rogers Red World Elite Mastercard doesn’t have a specific gas or grocery category, it offers a competitive base rate on all eligible purchases if you have 1 qualifying service with Rogers, Fido, or Shaw. If you don’t have one of these services, that rate drops by 0.5%. Regardless, the SimplyCash Preferred Card has higher cashback opportunities for gas and groceries, plus a better base rate on all other eligible purchases, unless you choose to redeem your cashback from the Rogers Red World Elite Mastercard towards Rogers, Fido, or Shaw services.

Although it’s another no-fee cashback card (like the SimplyCash Card), the Rogers Red World Elite Mastercard matches up with the SimplyCash Preferred Card regarding coverage policies like car rental damage and theft insurance, extended warranty insurance, purchase protection insurance, and emergency out of province medical insurance (though the SimplyCash Preferred Card adds a bit more value to these categories). The Rogers Red World Elite Mastercard also has some more valuable travel benefits, like trip interruption and trip cancellation insurance (a rarity for a no-annual fee card), plus emergency medical over 65 insurance. 

While you won’t get any Amex Experience perks with the Rogers Red World Elite Mastercard, you will get access to the airport lounge Dragon Pass, and no-cost roaming services.

Unfortunately, the Rogers Red World Elite Mastercard also requires a specific annual income from its cardholders (something we haven’t encountered with the SimplyCash Preferred Card or the SimplyCash Card).

All in all, if you’re not looking to optimize gas and groceries specifically or you’re looking to avoid annual fees, the Rogers Red World Elite Mastercard is a great cashback contender for all eligible purchases, especially if you’re a Rogers, Fido, or Shaw customer. If you’re not a Rogers, Fido, or Shaw Customer, plus you don’t meet the Rogers Red World Elite Mastercard’s high annual income requirements, then the SimplyCash Preferred card is still top-tier. 

SimplyCash Preferred Card vs Scotia Momentum Visa Infinite Card

The Scotia Momentum Visa Infinite Card has a slightly higher annual fee than the SimplyCash Preferred Card, but this fee is waived for the first year of membership. 

Like the Rogers Red World Elite Mastercard, the Scotia Momentum Visa Infinite Card also has a minimum annual income requirement, unlike the SimplyCash Preferred Card.

When comparing cashback rates, you’ll see similar capped rates for grocery purchases (with the SimplyCash Preferred Card allowing for a little more annual cashback in this category), half the cashback rate for gas from the Scotia Momentum Visa Infinite Card, and also a lower overall base rate on all other purchases compared to the SimplyCash Preferred Card. 

Regarding insurance policies, the Scotia Momentum Visa Infinite Card and the SimplyCash Preferred Card cover similar categories, except the Scotia Momentum Visa Infinite Card offers trip interruption and trip cancellation insurance – which are always good protections for frequent travellers.

Instead of Amex Experiences, the Scotia Momentum Visa Infinite Card provides car rental discounts and access to Visa Infinite Exclusive Benefits.

Ultimately, the SimplyCash Preferred Card is still the elite option for frequent gas and grocery expenses, accessibility, and overall value. Still, the Scotia Momentum Visa Infinite Card offers specialized categories for recurring payments and transit, some better insurance inclusions, a first-year annual fee rebate, and a higher acceptance rate among international retailers as a non-Amex contender.

How to Apply for the SimplyCash Preferred Card

To apply for the SimplyCash Preferred Card, you’ll want to follow these steps:

1. Browse the American Express Canada homepage for the Simply Cash Preferred Card. Once you find the card, select it to be re-navigated to a page devoted to the Simply Cash Preferred Card.
2. Next, scroll through this page to read up on all the card’s details.
3. Once you decide that you're satisfied with the offer, hit the blue “Apply Now” button.
4. From here, you’ll want to read through the product information very carefully. Once you’ve done so, select “Agree and Continue.”
5. This is where you’ll need to fill out some personal information, including your name, address, date of birth, and postal code.
6. The next stage asks for employment and income details, making sure to review your information before proceeding.
7. After you’ve reviewed them carefully, agree to the terms and conditions, and submit your application.

For easier access to this process, press the “Apply Now” button at the top of this page.

Final Verdict

The SimplyCash Preferred Card is one of the best cashback credit cards in Canada, especially if you intend to use the card for gas and grocery purchases. Notably, this card also has an above-average base rate on all other eligible purchases.

While the card could technically offer more coverage (like trip interruption and trip cancellation insurance), it supplies travellers with other valuable insurance policies and gives all cardholders access to exclusive American Express Experiences.

Frequently Asked Questions

What are the main cashback advantages of the SimplyCash Preferred Card for everyday spending?

The SimplyCash Preferred Card offers some of the highest cashback rates in Canada for everyday spending categories, including:

• 4% cashback on gas
• 4% cashback on groceries
• 2% cashback on all other eligible purchases

This rewards program is perfect for those who are looking to enhance essential expenses, putting money back into their pocket through common purchases.

What are the annual income requirements for the SimplyCash Preferred Card?

As of now, the SimplyCash Preferred Card avoids annual income requirements, making it an extremely accessible option for applicants.

That said, the card currently has an annual fee of $119.88 (which, remember, can be paid for in monthly installments).

Does the SimplyCash Preferred Card have a foreign transaction fee?

Yes, like many Canadian cards, the SimplyCash Preferred Card comes with a standard foreign transaction fee of 2.5% when you shop abroad or through foreign retailers online. Keep in mind that this fee is applied to the converted Canadian dollar value of the purchase.

Disappointed by this answer? Check out our previous blog post to browse credit cards with no foreign transaction fees.

Is the SimplyCash Preferred Card worth it?

If you’re consistently purchasing gas and groceries (which, let’s face it, most of us are!), are taking occasional trips abroad, and you’re looking to take advantage of Amex Experiences like presale access and events, then the SimplyCash Preferred card is a solid option with its strong rewards program, solid travel coverage, and special Amex offers.

If you collect as much cashback as possible and use your Amex Experiences privileges to their full extent, you can effectively offset the annual cost of this card.