SimplyCash™ Preferred Card from American Express vs CIBC Costco Mastercard
Which one is better? Both cards worked out on the same spending: rewards, welcome bonus, fees and perks, line by line.
Welcome bonus
Each offer as the issuer words it. The numbers below show whether your spending reaches it.
The offer
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.
No welcome bonus right now.
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
$350
$409
Every year after
$350
Amex SimplyCash™ Preferred is worth $259 more to you in year one.
It stays ahead after that, by $59 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
$349.91
cash back a year
Welcome bonus
+ $0
no welcome offer
Annual fee
− $0
no annual fee
First-year value
$349.91
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
3%Food and drinks
$126
2%Gas
$39.74
3%CostcoGas
$5.18
2%COSTCOonline
$5.16
1%All other purchases
$173.82
Fees, rates and eligibility
What each card costs to hold and to use abroad, and who it's for.
Annual fee
Additional cards
Interest rates
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:
20.75%
Cash Advance:
22.49%
Balance Transfer:
22.49%
Recommended credit score
Recommended credit score
Income required
Income required
Min Personal Income:
N/A
Min Household Income:
N/A
Min Personal Income:
$15,000
Min Household Income:
N/A
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
- 3% cash back on Restaurants
- 3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
- 2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
- 1% on everything else
Insurance and perks
What both cards include comes first in each list.
Insurance
Insurance
Mobile Device Insurance
$1,000
Extended Warranty
1 year
Purchase Protection
90 days
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
Hotel Burglary Insurance
$500
Travel Medical Insurance (64 & under)
$5M/insured PersonFlight Delay
$500
Mobile Device Insurance
$1,000Extended Warranty
Up to a yearPurchase Protection
Up to 90 days
Perks
Perks
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
No extra perks.
Our take
Why we like it
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.
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Pros
Pros
- High cashback rates
- Solid base rate
- Comprehensive insurance
- Instant decision. No credit impact.
- Decent overall reward rates
- High dining optimization
- Mobile device insurance
Cons
Cons
- Annual cashback redemptions
- Lower acceptance
- Annual fee
- Limited benefits
- No Costco warehouse optimization
More comparisons
Other cards we've put each of these up against.
vs Amazon Rewards Mastercard
vs Amex Aeroplan Reserve
vs Amex Aeroplan®
vs Amex Cobalt
vs Amex Gold
vs Amex Green
vs Amex Marriott Bonvoy
vs Amex Platinum
vs Amex SimplyCash
vs BMO CashBack World Elite
vs CIBC Aeroplan Visa Infinite
vs PC World Elite Mastercard
vs RBC ION+ Visa
vs Rogers Red
vs Rogers Red World Elite
vs Scotia Momentum Visa
vs Simplii Financial Visa Card
vs Tangerine Money-Back
vs Amazon Rewards Mastercard
vs Amex Cobalt
vs Amex Green
vs Amex SimplyCash
vs BMO CashBack World Elite
vs CIBC Aeroplan Visa Infinite
vs PC World Elite Mastercard
vs RBC ION+ Visa
vs Rogers Red
vs Rogers Red World Elite
vs Scotia Amex Gold
vs Scotia Momentum Visa
vs Scotia Momentum Visa Infinite +
vs Simplii Financial Visa Card
vs Tangerine Money-Back
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.
