Amex SimplyCash Preferred Canada Review

for the SimplyCash Preferred from American Express

Card Details at a Glance

Welcome Bonus:

Card Type:

Credit Card

Product Type:

Personal Card

Material:

Plastic

Category:

Cash Back

Points Currency:

Cashback

$40 statement credit

for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months.

4% Cash Back

on eligible gas purchases in Canada (up to $1,200 cash back annually).

2% Cash Back

on all other eligible purchases.

Annual Fee:

$119.88 ($9.99/mo)

Extra Card Fee:

No annual fee

Purchase Interest:

20.99%

Cash Advance:

21.99%

Foreign Transfer Fee:

2.50%

Balance Transfer:

n/a

Residency & Age:

A Canadian resident who has reached the provincial age of majority.

Estimated Credit Score:

Good Credit, 600+

Income Requirement:

n/a

Apply Now for the SimplyCash Preferred from American Express!

With two Amex Cash Back Cards in Canada, the SimplyCash Preferred is the top tier Card which offers unlimited potential to earn cash back on everyday purchases.

SimplyCash Preferred Welcome Bonus

In your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months

Like the welcome bonuses on other Amex Cards, this is a once a lifetime bonus. You can only receive this welcome bonus once, so if you cancel the Card and re-apply, you won’t receive the welcome bonus again.

Annual Fee

The annual fee on the SimplyCash Preferred Card is $119.88 ($9.99/month). With no annual fee on a supplementary card, you can meet the minimum spend even easier.

If you’re looking for a no annual fee cash back Card, check out the entry level SimplyCash Amex Card.

Earning Rate

After the 4 month introductory earning rate, you’ll earn 2% Cash Back on all purchases with no limits.

Double Dip on Cash Back Rewards: Join Great Canadian Rebates for Free.

Where is American Express Accepted in Canada?

Cashback rewards on all purchases is a great Card perk, but the biggest downside of Amex in Canada is that it’s not accepted everywhere. You’re best strategy is to also carry a Visa or Mastercard for times when it’s not.

View the Map: Where is Amex accepted in Canada? 

Refer Friends and Earn Cash Back

Potentially the biggest advantage to the SimplyCash Card is the ability to refer friends, family and business associates to also sign up for the Card. You can earn up to $1,500 cash back each year for your approved referrals. You’ll receive $100 for each referral, up to a maximum of 15 per year. So as long as you’re a Cardmember, you can keep the referrals going.

Insurance Coverage

Although the SimplyCash Card isn’t a travel rewards Card, it carries some of the same insurance coverage you’d find on one:

• Out of Province/Country Emergency Medical Insurance
• Flight Delay Insurance
• Baggage Delay Insurance
• Hotel Burglary Insurance
• Lost or Stolen Baggage Insurance
• $100,000 Travel Accident Insurance
• Car Rental Theft and Damage Insurance

This Card comes with up to $100,000 of travel insurance when you charge the full purchase to your SimplyCash Card.

You’ll also be covered under the purchase protection plan for stolen or damaged purchases within the first 90 days of purchase.

As well as the Buyer’s Assurance Protection Plan which extends the manufacturer’s original warranty up to 1 year on eligible items.

Learn More: Amex SimplyCash Preferred Card Insurance Coverage

Access to Exclusive Cardmember Experiences

With your SimplyCash Preferred Card, you’ll get access to the same American Express Experiences that Platinum Cardmembers get:

American Express Invites

American Express often holds exclusive invite-only events for their Platinum Cardmembers across Canada. Make sure to watch your inbox for an invite to the next event. Dinner with a celebrity chef and a luxury hotel stay, advance movie screenings, and weekend getaway packages are just a few of the invites you can expect. You’ll generally need to act fast as tickets can be limited and go very fast.

Front of the Line Presales

Another reason your American Express is a necessary tool in your wallet is the advantage you’ll have at the box office. American Express frequently has Front of the Line presales. That means they reserve a block of seats at concerts, sports, and theatre events just for Amex Cardholders. You’ll have the chance to buy tickets ahead of the general public on Ticketmaster with Front of The Line presales. You can even pay for tickets on Ticketmaster.ca with your American Express points.

Entertainment, Dining Retail, Wellness and Onsite Experiences

You’ll receive a variety of Cardmember offers that include advance movie screenings, and invites to food festivals and the best restaurants. Splurge with private shopping experiences, and take advantage of special Cardmember offers. Or skip the line and get exclusive access to the Amex Lounge at the Budweiser Stage for the next concert in Toronto.

Is the Amex SimplyCash Preferred Card Worth It?

Changes to the welcome bonus on the SimplyCash Preferred Card seem to be less frequent than other Amex Cards. The last update was in May, 2021 when the welcome bonus changed to offer  10% cash back for the first 4 months.

If you’re looking for a Cash Back card, with some impressive benefits for a low annual fee, the SimplyCash Preferred Card is a great fit. This Card is for those that can do without travel rewards and focus on a straightforward earning strategy of cash back.

After paying the annual fee of $99 and hitting the minimum spend requirement of $4,000 in the first 4 months, you’ll receive $500 cash back and be ahead by $400 which is an easy win. If you have a big purchase coming up, be strategic and sign up for this Card to help you save money.

Compare Both Amex Cash Back Cards in Canada

for the SimplyCash Preferred from American Express