SimplyCash™ Preferred Card from American Express

BMO CashBack® World Elite®* Mastercard®*

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SimplyCash™ Preferred Card from American Express vs BMO CashBack® World Elite®* Mastercard®*

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

4.6

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Finly rebate

$120

4.1

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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 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.

Get up to $650 in value and the annual fees waived in the first year. Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*

$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 per billing cycle in the first twelve (12) billing cycles after the account open date.*
$139: Annual Fee Waiver: The primary cardholder annual fee of $139 will be rebated in the first year and will appear as a fee and a credit on the primary cardholder’s first statement.*
$75 market value: Roadside Assistance: 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 here: bmo.com/roadsideassistancebasic.*

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.

$609

First-year value

$1,125

$409

Every year after

$386

BMO CashBack World Elite is worth $516 more to you in year one.

From year two, Amex SimplyCash™ Preferred pulls ahead by $23 a year.

How the first year adds up

Annual rewards

$529.07

cash back a year

Welcome bonus

+ $200

first year only

Annual fee

− $119.88

First-year value

$609.19

Annual rewards

$525.28

cash back a year

Welcome bonus

+ $480

first year only

Annual fee

$139− $0

$139 from year two

Finly rebate

+ $120

paid by FinlyWealth

First-year value

$1,125.28

Where each card earns

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

4%Groceries

$92.88

4%Gas

$79.49

2%All other purchases

$356.82

5%Groceries

$212.85

3%Gas

$64.8

2%Recurring Transactions

$48

4%Rental Car & Taxi, Public Transportation

$38.4

1%All other purchases

$142.23

Fees, rates and eligibility

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

$119.88

billed monthly, $119 in Quebec

Annual fee

$139

$0 the first year

Additional cards

$50

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%.

Purchase:

21.99%

Cash Advance:

23.99%

Balance Transfer:

23.99%

Recommended credit score

300

Poor

693

Fair

743⁎

Good

790⁎

Very Good

833⁎

Excellent

⁎Estimates based on TransUnion scoring

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Income required

Min Personal Income:

N/A

Min Household Income:

N/A

Min Personal Income:

$80,000

Min Household Income:

$150,000

How each card earns

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

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

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 and perks

What both cards include comes first in each list.

Insurance

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

Lost or Stolen Baggage

$500/person, $1,000 maximum*

Baggage Delay

$500/person, $1,000 maximum After 6 hours*

Car Rental Damage & Theft

$65K MSRP up to 48 days*

Common Carrier Travel Accident Insurance

$500,000

Extended Warranty

1 year

Purchase Protection

90 days

Hotel Burglary Insurance

$1,000

Travel Medical Insurance (64 & under)

$5M up to 8 days per covered person*

Flight Delay

$500 After 4 hours delay*

Perks

Amex Experiences™

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

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

Complimentary Roadside Assistance Program*; Including battery boosts, flat-tire change, lockout service and towing – a $75/year value.*

Discount

Enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*

Our take

Why we like 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.

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
Instant decision. No credit impact.

Impressive cashback rates
Rare roadside assistance
Comprehensive insurance and benefits
High first-year value

Cons

Annual cashback redemptions
Lower acceptance
Annual fee

Lacks restaurant optimization
Low monthly cashback caps

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.

More comparisons

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

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.

*Terms and conditions apply

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.