SimplyCash Preferred card from American Express review

By Keph Senett on January 12, 2024
Estimated reading time: 4 minutes

Offering 4% cash back on groceries and gas, plus an impressive 2% back on all other purchases, this Amex card is one of the best cash back cards in Canada.

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Amex SimplyCash Preferred

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Annual fee: $120

Rewards: 2% – 4% cash back

4% cash back on eligible gas and grocery purchases
2% cash back on everything else

Welcome offer: Earn a bonus 10% cash back on all purchases for your first three months (up to $2,000 in purchases) and a $50 statement credit when you make a purchase in month 13 (total value of up to $250).

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Card details

Interest rates	21.99% on purchases, 21.99% on cash advances
Income required	None specified
Credit score	725 or higher

6 things to know about the SimplyCash Preferred Card from American Express

1. The base earn rate

Most cash back credit cards offer boosted earn rates in one or two spending categories and only 0.5% or 1% back on everything else. The SimplyCash Preferred Card from American Express offers an excellent earn rate of 4% cash back on gas and groceries (on your first $30,000 in purchases annually) and an impressive base rate of 2% on every other dollar spent, regardless of the spending category. This means cardholders get double or quadruple the return on spending on a host of everyday purchases (like clothes, electronics, and more) when compared to other cash back cards.

2. The welcome offer

New cardholders can earn a bonus 10% cash back on all purchases for the first three months (up to $2,000 in purchases) and a $50 statement credit when they make a purchase in month 13 (for a total value of up to $250).

3. Free supplementary cards

You can add up to nine additional users (aged 13 or older) for no extra fee—an effective, no-cost way to harness other household members’ spends to boost your cash back—which helps make up for the fact that the welcome bonus doesn’t include a first-year fee waiver. In comparison, some premium cards charge an extra annual fee of $29 or $50 for every authorized user you add. The benefit of free authorized users don’t come at the expense of perks or benefits, either.

4. The side perks

SimplyCash Preferred comes with some American Express benefits, including American Express Experiences, such as Front of The Line, which lets you access pre-sale tickets to major live events like concerts and plays. Through Amex Offers, you can get exclusive discounts on certain purchases. Refer friends and family to sign up for the card and earn $50 for each one who’s approved, up to $750 per calendar year.

5. Travel insurance

Travel insurance is a hot benefit for many credit card shoppers, but not all policies are created equal. The good news here is that the SimplyCash Preferred comes with a package that rivals the insurance offerings of most full-fledged travel credit cards. The SimplyCash Preferred covers your for up to $5 million in travel emergency medical insurance for 15 days (for cardholders under the age of 65), up to $500 in lost or delayed baggage insurance, car rental theft and damage insurance for vehicles up to MSRP of $85K (a full $20,000 more than most cards offer), and hotel motel burglary insurance.

6. American Express acceptance

American Express is accepted at tens of thousands of locations across Canada, including most major retail chains and dining establishments. It is important to note, though, that American Express is not as widely accepted as Visa or Mastercard. In addition to not being accepted at some mom-and-pop stores, American Express can’t be used at retailers under the Loblaws banner (except for Shoppers Drug Mart) or at Costco.

Are there any drawbacks to the American Express SimplyCash Preferred Card?

As mentioned above, American Express isn’t as widely accepted as Visa or Mastercard, but you can cover your bases by carrying a second no-fee credit card as a backup. Another downside is that your rewards are only redeemed once annually, in September. Many other cards give you greater flexibility by allowing you to redeem when you want. For example, with the CIBC Dividend Visa Infinite, you can redeem your cash back at any time, as you as you have banked $25 in rewards.

Bottom line

When it comes to cash back cards, the earn rate is arguably the most important metric to consider—and, with a 2% base rate and a 4% bonus rate on gas and groceries, the SimplyCash Preferred card easily climbs the ranks as one the best cash back credit cards in Canada.