American Express Gold Rewards Card®

SimplyCash™ Preferred Card from American Express

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American Express Gold Rewards Card® vs SimplyCash™ Preferred Card from American Express

Which one is better? Both cards worked out on the same spending: rewards, welcome bonus, fees and perks, line by line.

4.3

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4.6

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Welcome bonus

Each offer as the issuer words it. The numbers below show whether your spending reaches it.

The offer

Earn up to 60,000 Membership Rewards^® points
New American Express^® Gold Rewards Cardmembers, earn 5,000 Membership Rewards^® points for each monthly billing period in which you spend $1,000 in net purchases on your Card

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.

What each card is worth

Rewards, the welcome bonus and any Finly rebate in, the annual fee and FX fees out, all on your spending.

Worked out on a typical $2,000 a month of spending. Enter yours to see your own numbers.

$1,427

First-year value

$609

$287

Every year after

$409

Amex Gold is worth $818 more to you in year one.

From year two, Amex SimplyCash™ Preferred pulls ahead by $122 a year.

How the first year adds up

Annual rewards

$536.71

28,248 points a year

Welcome bonus

+ $1,140

first year only

Annual fee

− $250

First-year value

$1,426.71

1.9¢ a pointAmerican Express Membership Rewards, redeemed for Transfer to Airline Partners

Annual rewards

$529.07

cash back a year

Welcome bonus

+ $200

first year only

Annual fee

− $119.88

First-year value

$609.19

Where each card earns

A year of your spending at each card's own reward rates, most first.

2xGas, Groceries, Pharmacy

9,804 pts

$186.28

2xTravel

2,400 pts

$45.6

1xAll other purchases

16,044 pts

$304.84

4%Groceries

$92.88

4%Gas

$79.49

2%All other purchases

$356.82

Fees, rates and eligibility

What each card costs to hold and to use abroad, and who it's for.

$250

Annual fee

$119.88

billed monthly, $119 in Quebec

1st free, $50 thereafter

Additional cards

Interest rates

Purchase:

21.99%¹

Cash Advance:

21.99%¹

¹ Subject to approval. The preferred rate for purchases is 21.99% and funds advances is 21.99%. If you have Missed Payments, the applicable rates for your account will be 25.99% and/or 29.99%. See the information box included with the application for the definition of Missed Payment and which rates apply to charges on your account and other details.

Purchase:

21.99%²

Cash Advance:

21.99%²

² 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 29.99%.

Recommended credit score

300

Poor

693

Fair

743⁎

Good

790⁎

Very Good

833⁎

Excellent

⁎Estimates based on TransUnion scoring

300

Poor

693

Fair

743⁎

Good

790⁎

Very Good

833⁎

Excellent

⁎Estimates based on TransUnion scoring

Income required

Min Personal Income:

N/A

Min Household Income:

N/A

Min Personal Income:

N/A

Min Household Income:

N/A

How each card earns

The earn rates and caps, as each issuer sets them.

2x points per $1 spent on gas, groceries and drugstore purchases
2x points per $1 spent on travel (eligible flights, hotels, tours and more)
1x point per $1 spent on all other eligible purchases

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

Points and how we value them

Points become dollars at each card's best redemption. Here's the value we used, and every other way to spend them.

Loyalty program

American Express Membership Rewards

We count each point at 1.9¢ a point, what it's worth redeemed for Transfer to Airline Partners, its best value. Every dollar figure above uses that value.

Cash back: every dollar it earns counts as a dollar, so there's nothing to convert.

Point redemption options

Most Optimal

Transfer to Airline Partners

1.9¢ / point

Fixed Point Travel Program

1.16¢ / point

Transfer to Hotel Partners

1.08¢ / point

Flexible Points Travel Program

1¢ / point

Statement Credits (Cash)

1¢ / point

Gift Cards

0.91¢ / point

Amazon.ca

0.7¢ / point

Merchandise

0.63¢ / point

Nothing to redeem: it pays cash back.

Insurance and perks

What both cards include comes first in each list.

Insurance

Lost or Stolen Baggage

$500

Baggage Delay

$500

Car Rental Damage & Theft

yes

Common Carrier Travel Accident Insurance

$500,000

Extended Warranty

Up to 1 year

Purchase Protection

90 days

Hotel Burglary Insurance

$500

Travel Medical Insurance (64 & under)

15 days

Flight Delay

$500

Trip Cancellation

$1,500 per person, $3,000 combined

Trip Interruption

$1,500 per person, $6,000 combined

Lost or Stolen Baggage

$500

Baggage Delay

$500

Car Rental Damage & Theft

$85K up to 48 days

Common Carrier Travel Accident Insurance

$100,000

Extended Warranty

1 year

Purchase Protection

90 days

Hotel Burglary Insurance

$500

Travel Medical Insurance (64 & under)

$5M/insured Person

Flight Delay

$500

Mobile Device Insurance

$1,000

Perks

American Express® Experiences

Status lift

Hertz Gold Plus Rewards® loyalty program

Extra points

Earn 2 points on Amex Travel Online purchases and extra points on American Express offers

Travel Credit

$100

Nexus Program Rebate

$50 statement credit every 4 years

Complimentary Hotel Benefits

Hotels booked American Express Travel

Airport Lounge - Priority Pass

Pass only. No Complimentary visits!

Airport Lounge - Plaza Premium

4 Free complimentary visits

Amex Experiences™

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

Our take

Why we like it

The American Express® Gold Rewards Card is an excellent choice for travelers seeking an entry-level card that offers a strong balance of generous travel benefits without excessive costs. With a relatively low annual fee, this card provides flexibility and a range of perks that make it stand out among other options. It’s ideal for those who want to maximize their travel rewards without being tied to a specific airline or compromising on the benefits offered.

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

Flexible rewards
Travel perks
Comprehensive insurance
Multiple redemption options
Instant decision. No credit impact.

High cashback rates
Solid base rate
Comprehensive insurance
Instant decision. No credit impact.

Cons

High annual fee
Foreign transaction fees
Limited senior travel insurance
Limited acceptance

Annual cashback redemptions
Lower acceptance
Annual fee

American Express Gold Rewards Card® vs SimplyCash™ Preferred Card from American Express: When to go for one over the other

Annual Fees and Requirements

The American Express Gold Rewards Card and the SimplyCash Preferred Card both have annual fees, but the SimplyCash Preferred Card has a lower fee. Neither card has a specified income requirement, which makes them accessible to a broad range of applicants. The difference in annual fees may influence the decision depending on how much one values travel benefits versus cashback rewards.

Rewards and Welcome Bonuses

The American Express Gold Rewards Card is focused on offering points for travel-related spending, with higher earn rates for gas, groceries, and travel purchases. It comes with a generous welcome bonus tied to specific spending milestones. The SimplyCash Preferred Card offers a high cashback rate on gas and groceries and provides a welcome bonus in the form of statement credits over the first few months, making it attractive for those prioritizing cashback. In general, the Gold Rewards card may offer higher long-term value for travelers, while the SimplyCash Preferred Card stands out for everyday cashback rewards.

Reward Redemption Options

The American Express Gold Rewards Card offers versatile redemption options, including travel, gift cards, and merchandise. Points can also be transferred to various airline and hotel loyalty programs, adding value for frequent travelers. On the other hand, the SimplyCash Preferred Card is simpler, offering cashback that is automatically applied to your statement. Cashback is more flexible and can be used for any expense, making it more practical for everyday users.

Benefits and Insurance

The American Express Gold Rewards Card includes several travel perks, such as a $100 annual travel credit and free lounge access. Its comprehensive insurance package covers travel delays, trip cancellation, and rental car damage. The SimplyCash Preferred Card also offers solid insurance coverage, including mobile device insurance, which the Gold Rewards Card lacks. However, if travel benefits and insurance are a priority, the Gold Rewards Card provides a broader range of options.

Conclusion

For frequent travelers who value point redemption flexibility and travel perks, the American Express Gold Rewards Card is the better choice due to its generous travel-related benefits and reward options. On the other hand, those who prioritize high cashback rates on everyday expenses like groceries and gas should consider the SimplyCash Preferred Card, which offers simplicity and practical value for non-travel-related spending.

More comparisons

Other cards we've put each of these up against.

Legal

*Terms and conditions apply.

Subject to approval. The preferred rate for purchases is 21.99% and funds advances is 21.99%. If you have Missed Payments, the applicable rates for your account will be 25.99% and/or 29.99%. See the information box included with the application for the definition of Missed Payment and which rates apply to charges on your account and other details.

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.

*Terms and conditions apply.

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 29.99%.