SimplyCash™ Preferred Card from American Express Review
With some of the highest cash back rates on popular spending categories, it's no wonder the SimplyCash Preferred Card is the "preferred" option of many Canadians.
Jul 24, 2026 5:05 PM
The Bottom Line
The SimplyCash Preferred Card is one of the best cash back credit cards in Canada, especially if you intend to use the card for gas and grocery purchases. This contender also has an above-average base rate on all other eligible purchases and avoids annual income requirements.
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Our choice for: Highest cash back for everyday spending
Welcome Bonus
Up to $250 ($200 in first year)
Annual Fee
$119.88⁕
$9.99 Paid Monthly
⁕ For Quebec, $119/year
Interest Rates
21.99%* / 21.99%*
RECOMMENDED CREDIT SCORE
Rewards
- 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
Insurance
Coverage
Travel Medical Insurance (64 & under)
$5M/insured Person
Flight Delay
$500Baggage Delay
$500
Hotel Burglary Insurance
$500
Lost or Stolen Baggage
$500
Common Carrier Travel Accident Insurance
$100,000.svg)
Car Rental Damage & Theft
$85K up to 48 days
Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Benefits
Details
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Eligibility
Credit Score
GoodAnnual Income
N/A
Welcome Bonus Details
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.
Card Details
Interest Rates
Purchase APR
21.99%*
Cash Advance APR
21.99%*
Fees
Annual Fee
$119.88 ($9.99 Monthly)⁕
Additional Cards
$0
⁕ Annual fee for Quebec residents is $119, charged yearly.
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Good
Type
Card Type
Credit
Reward Type
Cash BackPros & Cons
Pros
- High cashback rates
- Solid base rate
- Comprehensive insurance
- Instant decision. No credit impact.
Cons
- Annual cashback redemptions
- Lower acceptance
- Annual fee
Awards
Best Gas Credit Card
2026
Our Detailed Review
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, one of the best cash back credit cards in Canada:
- 4% cashback on eligible gas station purchases in Canada (ranked as one of the best gas credit cards 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.
How to Apply for the SimplyCash Preferred Card
To apply for the SimplyCash Preferred Card, one of the top Amex credit cards in Canada, you’ll want to follow these steps:
- 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.
- Next, scroll through this page to read up on all the card’s details.
- Once you decide that you're satisfied with the offer, hit the blue “Apply Now” button.
- From here, you’ll want to read through the product information very carefully. Once you’ve done so, select “Agree and Continue.”
- This is where you’ll need to fill out some personal information, including your name, address, date of birth, and postal code.
- The next stage asks for employment and income details, making sure to review your information before proceeding.
- 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.
Benefits and Perks
6 Benefits of the SimplyCash Preferred Card from American Express
Cashback rates included, this card has tons of benefits worth taking advantage of, making it one of the best cash back credit cards in Canada. Here’s an overview of what’s offered:
With American Express' personal cards, you can see if you will be approved before you apply, without impacting your credit score. To make this decision, Amex runs a soft credit check instead of a hard credit check.
Most lenders perform a hard credit check when you apply for a new card, which can temporarily impact your credit score. A soft credit check, however, does not affect your credit score.
Instant decisions are only available for personal card applications and the soft credit check process is not available for applications done by phone.
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.
Just when you thought it couldn’t get any better, allow us to bring up the SimplyCash Preferred Card’s welcome bonus, earning it a place in our best sign-up bonus credit cards in Canada blog. 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.
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.
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.
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.
Drawbacks and Considerations
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:
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.
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.
Compare to Similar Cards
Here's some insight into how the SimplyCash Preferred Card ranks amongst other popular cash back cards in Canada, specifically those that also optimize gas and groceries:
American Express
4.6
Scotiabank
4.6
Annual Fee
$119.88
$180
$120
$0 first year
$139
$0 first year
Interest Rates
Purchase
21.99%*
Cash advance
21.99%*
Rate details
Purchase
19.99% - 26.99%*
Cash advance
22.99% - 28.99%*
Rate details
Purchase
20.99%
Cash advance
22.99%
Balance transfer
22.99%
Purchase
21.99%
Cash advance
23.99%
21.99%
Balance transfer
23.99%
21.99%
Welcome Bonus
Up to $250 ($200 in first year)
Up to 35,000 Asia Miles
Earn 15% Cash Back on all purchases for the first 3 months, a 0% introductory interest rate on balance transfers, and no annual card fees in the first year
Get up to $650 in value*
Rewards
$609.19
First year rewards
$647.18
First year rewards
$731.33
First year rewards
$1,005.28
First year rewards
on American Express' website
Apply with Confidence — won't impact your credit score
on Scotiabank's website
on BMO's website
Welcome Bonus Details
Earn Rates
Insurance Coverage
Extra Benefits
Requirements
SimplyCash Preferred Card vs Neo World Elite Mastercard
For a slightly higher annual fee, applicants can also opt for the Neo World Elite Mastercard, one of the best Neo credit cards in Canada. This card collects better cashback on groceries and recurring purchases, plus slightly less initial cashback on gas. That said, these categories (among others) can be boosted when you purchase from Neo Partners. The coverage on this card is also superior, adding car rental, trip interruption, and trip cancellation insurance. Instead of Amex Experiences, cardholders can expect a Dragon Pass airport lounge membership as an added perk. Unlike the SimplyCash Preferred Card, however, the Neo World Elite Mastercard comes with income requirements.
Verdict: Those who qualify for the Neo World Elite Mastercard unlock better earning opportunities in similar categories and beyond, plus better insurance coverage.
SimplyCash Preferred Card vs Scotia Momentum Visa Infinite + Card
Recognized as one of the best grocery credit cards in Canada, the Scotia Momentum Visa Infinite + Card earns similar reward rates on groceries, less cashback on gas, and solid cashback on recurring payments. The coverage on this card is also slightly more extensive, offering valuable trip interruption and trip cancellation insurance. Cardholders can expect more perks too, including car rental discounts. While the annual fee is slightly higher, it's waived for the first year of membership. That said, this card comes with annual income requirements.
Verdict: The Scotia Momentum Visa Infinite + Card is great for groceries, recurring payments, and better coverage. The SimplyCash Preferred card remains superior for accessibility and gas cash back.
SimplyCash Preferred Card vs BMO CashBack World Elite Mastercard
Known as one of the best BMO credit cards in Canada, the BMO CashBack World Elite Mastercard is also comparable to the SimplyCash Preferred Card. With this card, earn higher cashback on groceries, but less cashback on gas. This competitor also optimizes transit and recurring payments. While the SimplyCash Preferred Card has more coverage, the BMO CashBack World Elite Mastercard has more perks, including car rental discounts, rare roadside assistance, and a Dragon Pass airport lounge membership. Although slightly pricier overall, the annual fee is waived for the first year. Unfortunately though, to qualify, you'll need to meet some high annual income requirements.
Verdict: The BMO CashBack World Elite Mastercard is better for groceries and perks, but comes with a higher fee and income requirements.
Frequently Asked Questions
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.
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).
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.
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.
About the author
Sara Skodak
Lead Writer
Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
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SimplyCash™ Preferred Card from American Express
4.6
FinlyWealth Rating
Apply with Confidence — won't impact your credit score
on American Express' website
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