SimplyCash from American Express review

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SimplyCash from American Express

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Annual fee: $0

Rewards: 1.25% – 2% cash back

• 2% cash back on gas and groceries
• 1.25% cash back on all other purchases

Welcome offer: Earn a bonus 5% cash back on your first $2,000 in purchases during your first three months (up to $100 in bonus cash back).

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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

Amex SimplyCash benefits: 9 things to know

1. An impressive base earn rate

With the SimplyCash, you earn rewards on every purchase. What’s even more impressive is the minimum earn rate of 1.25%. This means you’ll earn on purchases in categories that often don’t get much love with other cards, like online shopping, clothing and electronics. And by comparison, most no fee cards typically only earn you 0.5% cash back on those same purchases. The boosted earn rate of 4% on groceries and gas (on the first $15,000 spent annually) sweetens the pot, making this one of the best cash back and best no-fee cards in Canada.

2. No limit on the cash back you can earn

There’s no cap on your annual rewards—something that can’t be said for all no-fee credit cards. So, regardless of how much you spend per year, your earn rate will remain at 1.25% (assuming your account is in good standing). The boosted rates of 4% on groceries and gas apply to the first $15,000 spent annually. After that, you’ll earn an unlimited amount of cash back at 1.25%. .

3. Cash back is rewarded once per year 

The one small catch with the SimplyCash from Amex is that the cash rewards are granted once per year, on your September statement. This is a slight drawback compared to other cash-back cards, like the BMO CashBack Mastercard or TD CashBack Visa, that allow you to redeem rewards any time you like. 

4. There’s no annual fee or income requirement

One of the biggest draws of the SimplyCash from American Express is the fact that there’s no annual fee. That means it’s completely free to use (provided you pay off your balance in full every month, of course). So, all the rewards go right into your pocket instead of offsetting an annual fee. As well, there’s no strict income requirement to be eligible for the card, making SimplyCash from Amex accessible to the majority of Canadians.

5. You’ll get access to American Express Experiences

As you might expect with a no-fee card, SimplyCash from American Express doesn’t have the most impressive suite of benefits. But it does offer something you won’t get with other no-fee cards from Visa or Mastercard: American Express Experiences. This is a serious entertainment perk that gives you access to presale tickets to major events, shows and concerts, as well as early bookings to some of the country’s hottest restaurants and even specially curated private shopping experiences.

5. It comes with insurance

The SimplyCash offers up to $100,000 in travel accident insurance when you charge your plane, train, ship or bus tickets to your card. You’ll also get purchase protection and automatic extended warranties for up to one year (which is the norm for most credit cards).

6. The SimplyCash is a credit card, not a charge card

It’s commonly thought that all American Express cards are charge cards, meaning it must be paid off every month no matter what. But that’s not actually the case; SimplyCash from Amex is a conventional credit card, just like any Visa or Mastercard. Once you apply, you’ll be approved for a set credit limit, and as long as you pay off your balance in full every month, you won’t owe any interest. The card does allow you to carry a balance from month to month, but an interest rate of 21.99% will kick in if you do that. Again, that is just like any other credit card.

7. More places are now accepting Amex

While it’s true that American Express isn’t as widely accepted as Visa and Mastercard, the difference is not as significant as you might think—depending on your shopping habits. It’s accepted at more than 90,000 locations across Canada, including most major department stores and restaurant chains, many prominent grocery stores and virtually all online-delivery and ride-share apps. That said, it’s true Amex isn’t accepted at several places, such as Loblaws, discount grocers and many smaller local stores, restaurants and cafes. A common strategy among Amex cardholders is to carry a debit card or a second credit card from Visa or Mastercard in case a retailer doesn’t accept Amex. You can always check out American Express Maps to see if a business accepts Amex, too.

9. It’s one of the best no-fee cards on the market

Considering all of the above, the SimplyCash card from Amex is arguably the best no-fee cash-back card on the market. The only other card that comes close is the Rogers World Elite Mastercard, which comes with 1.5% cash back on all purchases; however, Rogers cardholders must have an annual income of at least $80,000 and spend a minimum of $15,000 on the card every year just to qualify. SimplyCash has no such requirements, making it more accessible.

Are there any drawbacks to the Amex SimplyCash card?

There’s the restriction that cash-back rewards are only redeemable once per year, on your September statement. With many other cash back cards, you can redeem your rewards monthly or at any time of the year. The only other downside is that American Express isn’t accepted quite as widely as Visa or Mastercard, particularly at discount groceries and smaller independently-run shops, cafes, and restaurants.

Final word

If avoiding an annual fee on a credit card is a priority for you, then this option is hard to beat. It has one of the highest earn rates among no-fee credit cards. As well, SimplyCash card holders have access to American Express Experiences, a pretty great perk unique to Amex. Overall, this is one of the best no-fee rewards cards in Canada and a great option for those who aren’t looking for premium perks or won’t earn enough rewards to offset an annual fee.

More about American Express credit cards:

• American Express Cobalt Review
• SimplyCash Preferred card from American Express review
• The best American Express credit cards in Canada