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Side by Side Credit Cards Comparison
SimplyCash™ Preferred Card from American ExpressVSBMO CashBack® World Elite® Mastercard®
Which one is better?
SimplyCash™ Preferred Card from American Express
4.6
RECOMMENDED CREDIT SCORE*
300Poor
693Fair
743⁎Good
790⁎Very Good
833⁎Excellent
BMO CashBack® World Elite® Mastercard®
4.1
RECOMMENDED CREDIT SCORE*
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
Welcome Bonus
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.
Welcome Bonus
Get up to $650 in value including $40 cash back each month in your first year. Plus we’ll waive the $120 annual fee in the first year.1 Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*
Our Cash Offer
N/A
Our Cash Offer
$125 Cash Rebate offer from FinlyWealth
Rewards Breakdown
Annual Rewards
$589.38
First Year Bonus Value
+
$200
Annual Fee
-
$119.88
First Year Value
$669.5
$469.5 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$543.24
First Year Bonus Value
+
$480
Annual Fee
-
$120
$0
First Year Rebated
Finly Rebate
+
$125Exclusive Offer
First Year Value
$1,148.24
$423.24 in years after
Based on a hypothetical $2,000/mo average spending. Calculate your rewards.
How to Earn 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
How to Earn Rewards
- 5% cash back on groceries (capped at $500 spending per statement, maximum of $25 in cashback per statement cycle)
- 4% cash back on daily transit (capped at $300 spending per statement, maximum of $12 in cashback per statement cycle)
- 3% cash back on gas (capped at $300 spending per statement, maximum of $9 in cashback per statement cycle)
- 2% cash back on recurring payments (capped at $500 spending per statement, maximum of $10 in cashback per statement cycle)
- 1% cash back on all other eligible purchases.
Insurance Included
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
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
$5M/insured PersonFlight Delay
$500
Mobile Device Insurance
$1,000
Insurance Included
Lost or Stolen Baggage
$500/person, $1,000 maximumBaggage Delay
$500/person, $1,000 maximum After 6 hoursCar Rental Damage & Theft
$65K MSRP up to 48 daysCommon Carrier Travel Accident Insurance
$500,000Extended Warranty
1 yearPurchase Protection
90 daysHotel Burglary Insurance
$1,000Travel Medical Insurance
$5M up to 8 days per covered personFlight Delay
$500 After 4 hours delay
Extra Benefits
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Extra Benefits
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool
Airport Lounge - Dragon Pass
Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit.
Roadside Assistance
Including battery boosts, flat-tire change, lockout service and towing – a $69/year value.
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.Discount
Enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Global Data Roaming plan
With FlexiRoam, stay connected around the world without a SIM card and get up to 15% off a Global Data Roaming plan plus up to 3GB of data, without any additional charges, if apply.
Interest Rates
Purchase:
21.99%1
Cash Advance:
21.99%1
1 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%.
Interest Rates
Purchase:
21.99%
Cash Advance:
23.99%
Balance Transfer:
23.99%
Annual Fee
$119.88 (paid monthly)⁕
⁕ For Quebec residents, $119/year.
Annual Fee
$120
$0$
First Year Rebated
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
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?
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
Pros
- High cashback rates
- Solid base rate
- Comprehensive insurance
Pros
- Impressive cashback rates
- Rare roadside assistance
- Comprehensive insurance and benefits
- High first-year value
Cons
- Annual cashback redemptions
- Lower acceptance
- Annual fee
Cons
- Lacks restaurant optimization
- Low monthly cashback caps
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SimplyCash™ Preferred Card from American Express vs BMO CashBack® World Elite® Mastercard®: When to go for one over the other
Annual Fees and Requirements
The annual fees for the SimplyCash Preferred Card from American Express and the BMO CashBack World Elite Mastercard are nearly identical, but the BMO card requires a significantly higher personal or household income. Both cards offer competitive welcome bonuses, and the BMO card includes a first-year fee waiver for BMO customers, which adds extra value for new customers.
Rewards Comparison
Both cards offer strong rewards on groceries and gas. The BMO CashBack World Elite Mastercard provides a higher cashback rate on groceries but a lower rate on gas compared to the SimplyCash Preferred Card. Additionally, the BMO card rewards transit and recurring purchases, making it more attractive for those with diverse spending habits. For any purchases outside of these bonus categories, the SimplyCash Preferred Card offers double the cash back of the BMO card, making it better for general purchases.
Benefits and Insurance
Both cards offer extensive insurance coverage, including travel and purchase protection. However, the BMO CashBack World Elite Mastercard edges ahead with additional perks such as complimentary roadside assistance, airport lounge access, and discounts on gas and hotel bookings. These extra features make the BMO card slightly better in terms of overall benefits. The SimplyCash Preferred Card offers perks like exclusive American Express events and travel discounts, but the added insurance benefits of the BMO card, especially for frequent travelers and drivers, makes it the better card in this area.
Network Comparison
The SimplyCash Preferred Card is part of the American Express network, which is less widely accepted than Mastercard. The BMO CashBack World Elite Mastercard, on the Mastercard network, is accepted at major retailers like Costco and Walmart, where American Express often isn’t. Additionally, Mastercard treats Walmart as a grocery store for reward purposes, adding extra value for BMO cardholders when shopping there.
Conclusion
The SimplyCash Preferred Card from American Express is ideal for those who want higher cashback on gas and superior rewards for general purchases. On the other hand, the BMO CashBack World Elite Mastercard is better suited for individuals who spend heavily on groceries and transit and for people who value additional perks like airport lounge access and roadside assistance. Frequent drivers and travelers will find the BMO card’s extra benefits and wider acceptance more appealing, while those seeking higher overall cashback on general spending should opt for the SimplyCash Preferred Card.
Legal
*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%.
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.
**BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
*Terms and conditions apply
- BMO CashBack World Elite Mastercard applications must be received between December 15, 2025, and October 31, 2026, to be eligible for this offer. This offer is not available to current or former cardholders who reinstate a closed account or open a new account for the same card during the Offer Period. If you cancel your card within ninety (90) days from the date your account is opened, all CashBack rewards earned within that period will be cancelled. This offer may be withdrawn or changed without notice.
$650 in value is made up of:
Up to $480 Welcome Offer Cash Back
- Receive $40 Bonus Cash Back when you spend a minimum of $2,000 on net card purchases (less refunds and excluding cash advances, cash-like transactions, interest charges, fees, credit or debit adjustments) per billing cycle in the first twelve (12) billing cycles after the account open date.
$120: Annual Fee Waiver
- The primary cardholder annual fee of $120 will be rebated in the first year and will appear as a fee and a credit on the primary cardholder’s first statement. After the first year, the annual fee will appear on your Credit Card statement twelve (12) months after the Credit Card open date. The annual fee waiver Offer does not apply to the Additional Card annual fee.
The first-year annual fee waiver offer is limited to new BMO CashBack World Elite Mastercard accounts and will not be awarded to current or former cardholders who reinstate a closed account, product transfer, or who open a new account for the same card during the Offer Period.
$69: Roadside Assistance
- With the BMO CashBack World Mastercard and BMO CashBack World Elite Mastercard, you will receive a complimentary membership in the Dominion Automobile Association (DAA) and the benefits of their BMO Roadside Assistance Program (Basic Coverage). Membership terms and plan features are described in the Certificate you will receive.
DAA requires that BMO provide any information reasonably required solely for the purpose of confirming that you are covered by the Program.