SimplyCash Preferred Card from American Express: Cash back earn rates, welcome bonus, and comparisons
Nerdy Verdict
People who spend heavily on gas and groceries and shop often at places that accept Amex.
Not ideal for:
Those who shop at places that don’t take Amex or do not spend enough to outweigh the annual fee.
Why we like it:
4% on gas and groceries represent some of the best rates in Canada, and any spending outside of that earns 2%, no questions asked. The card also has surprisingly good insurance for a cash back card.
The SimplyCash Preferred Card from American Express has some of the highest cash back rates in Canada with a reasonable monthly fee.
The main reasons why people are turned off are the fact that it’s an Amex card (lower acceptance), and in some cases, the long wait before you can cash out your rewards.
Overall, the cash back rates and its strong insurance package have it ranked as the best cash back credit card in Canada.
View details
cash back on eligible gas station purchases in Canada.
Cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually).
Cash back on all other purchases.
Getting 2% back on everything is very rare, which makes this card one of our favourites. It also offers 4% back on gas and groceries, comes with comprehensive travel coverage and offers up to $60 in statement credits with Instacart. But the $119.88 annual fee ($9.99 a month) may be too steep for some users. Best for: People who value earning cash back over extensive travel perks.
Pros
- Unlimited 2% cash back.
- Up to $60 statement credit with Instacart.
- Comprehensive travel insurance.
Cons
- $119.88 annual fee is higher than average for a cash-back 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.
- Earn accelerated earn rates on eligible gas and grocery purchases.
- Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually) and 2% cash back on all other purchases.
- Access events and special offers curated for Cardmembers with Amex Experiences™
- Extensive insurance coverage and 24/7 Customer Service.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. 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
1. Earn rates are strong for a cash back card
The SimplyCash Preferred card earns 4% cash back on gas (uncapped) and groceries (capped at $30,000 annually). For all other purchases, or after you exceed the grocery cap, you’ll earn 2% — also uncapped.
4% back on gas is nearly unmatched in Canada, with only the CIBC Dividend Visa Infinite being equal (though bonus rates are capped at $20,000 per category per year).
The 2% base rate is quite high, seeing as most cards either don’t hit this ceiling or have caveats that make it less palatable. For instance, the Rogers Red World Elite Mastercard earns 2%, but only for customers of Rogers or one of its affiliates. The Wealthsimple Visa Infinite+* also has a base rate of 2%, but its annual fee is $240 unless you have $100,000 in assets with them or $4,000 in direct deposits each month.
The welcome bonus provides some additional value
The Amex SimplyCash Preferred card has a welcome bonus of 10% back on your first $2,000 spent in 3 months. That comes out to $200. You also will receive a $50 statement credit after making a purchase in month 13, which is an incentive to hang onto the card.
Overall, this is a card that can be a daily driver for those who want to earn cash back instead of travel rewards, and the welcome bonus is more of an extra treat rather than the highlight of the card itself.
2. Is $9.99 per month worth it for you?
The SimplyCash Preferred has a monthly fee of $9.99, which works out to be $119.88 annually. This means if you cancel the card part way through the year, you’ll only have to pay for the months you’ve actually held the card. Quebec residents, however, are charged $119 total.
How does this compare with the no-fee SimplyCash from American Express?
Amex offers a no-fee version of this card as well. If you’re not sure if the monthly fee is worth it, here’s a comparison:
SimplyCash Preferred | SimplyCash | |
|---|---|---|
Monthly fee | $9.99 per month | $0 |
4% (no cap) | 2% (no cap) | |
4% (capped on the first $30,000) | 2% (capped on the first $15,000) | |
Everything else | 2% (no cap) | 1.25% (no cap) |
Welcome bonus | 10% back on your first $2,000 spent in 3 months, $50 statement credit after making a purchase in month 13 | 5% back on your first $2,000 spent in 3 months |
Travel insurance | $5,000,000 emergency medical for the first 15 days (ages 64 and under), flight and baggage delay, lost baggage, hotel burglary, car rental, travel accident | Travel accident coverage |
Other perks | Mobile device coverage, purchase protection and extended warranty, up to $60 Instacart credit | Purchase protection and extended warranty |
As a daily driver, the SimplyCash Preferred is a clear winner unless you spend little or don’t travel. Most cards with an annual fee will beat out the no-fee SimplyCash in groceries and gas, and Amex has no gas partners in Canada either.
If you find that you aren’t getting value out of the SimplyCash Preferred, you can also always downgrade it to the no-fee SimplyCash to keep your cash back balance.
View details
Cash back on eligible gas purchases in Canada.
Cash back on eligible grocery purchases in Canada (up to $300 cash back annually).
Cash back on all other eligible purchases.
The most noticeable feature of the SimplyCash Card from American Express is the 1.25% cash-back base rate — higher than most cash-back cards in Canada. But the perks are fairly thin on the ground — travel accident insurance and access to Amex Offers and Experiences. Best for: Everyday spenders who want a simple cash-back card without the frills.
Pros
- No annual fee.
- Travel accident insurance.
- High 1.25% cash-back base rate.
Cons
- Highest cash-back rate is just 2%.
- No travel perks outside of accident insurance.
- In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.
- Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases.
- Access events and special offers curated for Cardmembers with Amex Experiences™
- Insurance coverage and 24/7 Customer Service.
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. 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
3. Excellent travel insurance for a cash back card
Cash back cards don’t usually have the best travel insurance packages, but this card punches well above its weight.
The first standout point is its emergency medical coverage. $5,000,000 for 15 days is well above average, even with travel credit cards, but the coverage stops the minute you turn 65. Other cash back cards like the TD Cash Back Visa Infinite have limited coverage (4 days) for travellers age 65 and older.
Other insurance that comes with the card:
Flight or baggage delay ($500)
Hotel burglary ($500)
Lost or stolen baggage ($500)
Travel accident ($100,000)
Mobile device ($1,000)
Purchase protection for up to 90 days and extended warranty.
Car rental insurance (for cars valued up to $85,000 for up to 48 consecutive days)
What’s missing is trip cancellation and trip interruption, which comes with travel credit cards.
4. Cash back only comes once a year
Unlike some other cash back cards, your cash back rewards are credited once a year, on your September statement. This is a major problem because if you cancel the card, you will forfeit any cash back you’ve earned up to that point with no way of getting it back. Cancel in July and you’ll leave behind 11 months worth of cash back.
To add to the confusion, the cap on grocery spending has a different reset date — your card’s anniversary date.
If you are planning on cancelling the card, it’s best to cancel it in September after you get your cash back rewards, unless you don’t plan on using the card and the $9.99 monthly fee will quickly exceed what you earn anyway. Better yet, you can downgrade your card to the no-fee version and keep your cash back balance.
5. The issue of Amex acceptance
The most common red flag when it comes to getting an American Express card is acceptance. Because Amex charges higher interchange fees to businesses per transaction, businesses are reluctant to accept their cards.
Small businesses are less likely to accept Amex, and some notable chains like Costco and Loblaws won’t take them either.
It’s not all bad though, as of 2023, over 110,000 businesses across Canada accepted Amex and the number is continuing to grow.
Alternatives to the SimplyCash Preferred Card
Choose the BMO Cash Back World Elite Mastercard if you have moderate spending across more categories:. 5% on groceries and 4% on transit all beat out the Amex. That said, the low spending caps ($500 per statement cycle at best) mean the value fades quickly if you exceed them.
Choose the TD Cash Back Visa Infinite for wider coverage across more categories. You’ll get 3% across more categories, including groceries, gas, EV charging, transit, recurring bills and streaming, all with $15,000 annual caps, which gives you more wiggle room than BMO.
Choose the Capital One Quicksilver World Elite Mastercard for top value with no annual fee. This card earns 3% back on groceries and gas with no cap at all, which is amazing value since it gets you close to what you can earn with the Amex option with no annual fee. Where it loses out is the “everything else” rate: Quicksilver earns 1% vs. Amex's 2%.
Nerdy Verdict
Best for:
People who spend heavily on gas and groceries and shop often at places that accept Amex.
Not ideal for:
Those who shop at places that don’t take Amex or do not spend enough to outweigh the annual fee.
Why we like it:
4% on gas and groceries represent some of the best rates in Canada, and any spending outside of that earns 2%, no questions asked. The card also has surprisingly good insurance for a cash back card.
DIVE EVEN DEEPER
Shannon Terrell
Shannon Terrell
