Simplii Financial™ Cash Back Visa* 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.
Welcome bonus
Each offer as the issuer words it. The numbers below show whether your spending reaches it.
The offer
The offer
Earn 20% cashback† for your first 3 months on up to $500 spend on eligible gas, groceries, drugstore purchases and pre-authorized payments.
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.
$488
First-year value
$609
$346
Every year after
$409
Amex SimplyCash™ Preferred is worth $121 more to you in year one.
It stays ahead after that, by $64 a year.
How the first year adds up
Annual rewards
$345.68
cash back a year
Welcome bonus
+ $92.5
first year only
Annual fee
− $0
no annual fee
Finly rebate
paid by FinlyWealth
First-year value
$488.18
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.
4%Food and drinks
$168
1.5%Gas, Pharmacy, Groceries, Recurring Transactions
$123.18
0.5%All other purchases
$54.5
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.
Annual fee
Additional cards
Interest rates
Interest rates
Purchase:
20.99%1
Cash Advance:
22.99%1
Balance Transfer:
22.99%1
1 “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
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
Recommended credit score
Income required
Income required
Min Personal Income:
N/A
Min Household Income:
$15,000
Min Personal Income:
N/A
Min Household Income:
N/A
How each card earns
The earn rates and caps, as each issuer sets them.
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other 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
Insurance and perks
What both cards include comes first in each list.
Insurance
Insurance
Extended Warranty
Up to 1 year
Purchase Protection
Up to 90 days
Extended Warranty
1 yearPurchase 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
Mobile Device Insurance
$1,000
Hotel Burglary Insurance
$500
Travel Medical Insurance (64 & under)
$5M/insured PersonFlight Delay
$500
Perks
Perks
No extra perks.
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Our take
Why we like it
Why we like it
If you dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
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
Pros
- High restaurant optimization
- Decent cashback rates
- No annual fee
- High cashback rates
- Solid base rate
- Comprehensive insurance
- Instant decision. No credit impact.
Cons
Cons
- Basic insurance
- No benefits
- Capped rewards
- Annual cashback redemptions
- Lower acceptance
- Annual fee
More comparisons
Other cards we've put each of these up against.
vs Amazon Rewards Mastercard
vs Amex Cobalt
vs Amex Green
vs Amex SimplyCash
vs BMO CashBack World Elite
vs CIBC Aeroplan Visa Infinite
vs CIBC Costco Mastercard
vs MBNA Rewards World Elite
vs PC World Elite Mastercard
vs RBC ION+ Visa
vs Rogers Red
vs Rogers Red World Elite
vs Scotia Momentum Visa
vs Scotia Momentum Visa Infinite +
vs Tangerine Money-Back
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 CIBC Costco Mastercard
vs PC World Elite Mastercard
vs RBC ION+ Visa
vs Rogers Red
vs Rogers Red World Elite
vs Scotia Momentum Visa
vs Tangerine Money-Back
Legal
†This offer applies to the Simplii Financial Cash Back Visa* Card. You can qualify for this offer if you apply and are approved for a new eligible card beginning February 2, 2026.
This 20% cash back offer (applies an incremental 18.5% cashback to the 1.5% cash back already awarded) on eligible gas, groceries, drugstore purchases and pre-authorized payments and is available to new cardholders who apply and are approved for the Simplii Financial Cash Back Visa* Card beginning February 2, 2026. The 18.5% incremental cash back applies on eligible gas, groceries, drugstore purchases and pre-authorized payments made during your first 3 monthly statement periods beginning from your account open date or $500 in total gas, groceries, drugstore purchases and recurring transactions (up to $92.50 bonus cash back), whichever comes first. This offer will not result in any changes to the 1.5% cash back already earned on eligible gas, groceries, drugstore purchases and pre-authorized payments and those purchases will be included within the $15,000 annual spend limit that earns 1.5% cash back.
This offer may be withdrawn or changed without prior notice at any time. Simplii Financial may, in its sole discretion, disqualify, limit or revoke this offer if you are believed to be abusing or manipulating it, or engaging in any suspicious or fraudulent activity. Simplii Financial may approve your application, but you are not eligible to receive this offer if you have opened or cancelled a Simplii Financial Cash Back Visa Card within the last 12 months.
*“Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.
Simplii Financial is not responsible for maintaining the accuracy of content of this website. Please refer to Simplii Financial's official page for the latest information.
*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.
