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Published January 10, 2024
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SimplyCash Preferred Card from American Express Review 2024: Is It Worth It?

The American Express SimplyCash Preferred Card offers 4% cash back on gas and groceries, and 2% back on everything else.

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4.0

NerdWallet Rating

Best for shoppers who want cash back on every purchase.

The SimplyCash Preferred Card from American Express will please consumers looking for a straightforward cash-back credit card that earns more than the typical 1%.

Learn more about how we evaluate cards.

    The SimplyCash Preferred Card from American Express is a cash-back credit card that offers cardholders a higher-than-usual earn rate on everyday purchases.

    SimplyCash® Preferred Card from American Express

    SimplyCash® Preferred Card from American Express
    • Annual Fee
      $119.88
    • Interest Rates
      21.99% / 21.99%
    • Rewards Rate
      2%-4%
    • Intro Offer
      Up to $400
    Card details
    • 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.
    • 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 American Express® 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. Conditions apply.

    SimplyCash Preferred Card from American Express full review

    The SimplyCash Preferred Card from American Express is one of two cash back credit cards from American Express. The cash back you earn (outside of any promotional offers) when using the SimplyCash Preferred Card is typically applied to your account annually, rather than every month.

    Benefits of the SimplyCash Preferred Card from American Express

    Drawbacks of the SimplyCash Preferred Card from American Express

    Who should get the SimplyCash Preferred Card from American Express?

    The SimplyCash Preferred Card from American Express should satisfy consumers looking for a straightforward cash-back credit card that has an earn rate higher than 1%.

    Is SimplyCash Preferred Card from American Express worth it?

    Considering the SimplyCash Preferred Card from American Express’s modest annual fee of $119.88 ($9.99 per month), elevated cash-back earn rates of 4% on gas and groceries, and 2% on all purchases, and extensive insurance coverage, frequent credit card users should be able to get their money’s worth — if they consistently pay off their balances every month.

    American Express customer ratings

    SimplyCash Preferred Card from American Express eligibility

    Who qualifies for the SimplyCash Preferred Card from American Express?

    To apply for the SimplyCash Preferred Card from American Express, you must:

    There is no publicly available income requirement for the SimplyCash Preferred Card from American Express at the time of this writing.

    Approximate credit score needed for approval

    Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for.

    Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.

    SimplyCash Preferred Card from American Express rewards

    Earn a $40 statement credit when you spend at least $750 per month for the first 10 months (up to $400).

    • Earn 4% cash back on eligible gas station purchases in Canada.
    • Earn 4% cash back on eligible grocery store purchases in Canada.
    • Earn 2% cash back on all other purchases.’

    Note: The cash back rate for gas and groceries drops from 4% to 2% after you spend $30,000 in these categories, total.

    In your first 10 months of having a SimplyCash Preferred Card from American Express, you can earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases — equalling a potential $400 in credit.

    The total monetary value of the SimplyCash Preferred Card from American Express will depend on how often you make use of its 4% cash-back earn rate on gas and groceries and 2% on everything else. 

    A quick example: When just using the cash back from gas and grocery purchases, you’d need to spend at least $2,997 to cover the card’s annual fee ($119.88).

    Point value breakdown

    Two percent cash back on one CAD is equal to $0.02. So for each dollar you spend that’s eligible for 2% cash back with the SimplyCash Preferred Card from American Express, you’ll earn $0.02.

    Similarly, 4% cash back on one CAD is equal to $0.04. So for each dollar you spend that’s eligible for 4% cash back, you’ll earn $0.04.

    How to apply for the SimplyCash Preferred Card from American Express

    The application process for the SimplyCash Preferred Card from American Express is fairly straightforward:

    SimplyCash Preferred Card vs TD Cash Back Visa Infinite Card

    SimplyCash Preferred Card from American ExpressTD CASH BACK VISA INFINITE
    Annual fee$119.88.$139.
    Minimum annual incomeNot known.$60,000 (individual) or $100,000 (household).
    Rewards

    • Earn a $40 statement credit when you spend $750 per month for the first 10 months (up to $400).

    • Earn 4% cash back on eligible gas station purchases.

    • Earn 4% cash back on eligible grocery store purchases.

    • Earn 2% cash back on all other purchases.


    • Earn a cumulative 10% on gas and grocery purchases, as well as pre-authorized payments in the first three months of card ownership, up to a total spend of $3,500. (offer ends March 4, 2024).

    • Earn 3% on gas, groceries and recurring bills.

    • Earn 1% on everything else.

    Benefits

    • Access to American Express Experiences.

    • Travel insurance coverage.


    • Access to Visa Infinite Concierge services.

    • Travel insurance coverage.

    Reasons you might want a different card

    If you’re looking for higher earn rates on travel-related purchases like flights or hotels, or you’d like a card without an annual fee, you may want to consider other options.

    SimplyCash Preferred Card from American Express facts

    SimplyCash Preferred Card from American Express
    Card typeCash back credit card.
    Fees and interest rates
    Annual fee$119.88.
    Regular/purchase APR21.99%.
    Penalty APRIf you miss two payments in a 12-month period, your interest rate will increase to 25.99%. If you miss three or more payments in a 12-month period, your interest rate will increase to 28.99%.
    Cash advance APR21.99%.
    Cash advance fee$2.75 per transaction.
    Balance transfer APR3%.
    Foreign transaction fee2.5% of the transaction amount.
    Rewards and benefits
    Intro offerGet a $40 statement credit when you spend $750 in a month, for the first 10 months (up to $400 in rewards).
    Reward earn rates

    • 4% cash back on eligible gas station purchases in Canada.

    • 4% cash back on eligible grocery store purchases in Canada.

    • 2% cash back on all other purchases.

    Other perks

    • Access to American Express Experiences, including exclusive dining, retail, and entertainment events.

    • Savings on everyday purchases through Amex Offers.

    • Savings on travel purchases made through American Express Travel Online.

    Insurance coverage
    Travel accidentUp to $100,000.
    Travel medicalUp to $5 million per insured person per trip.
    Flight delayUp to $500.
    Baggage delayUp to $500.
    Lost or stolen baggageUp to $500 of coverage per trip for all insured persons.
    Hotel burglaryUp to $500 of coverage for personal items (excluding cash).
    Rental car theft/damageFor up to 48 days.
    Extended warrantyUp to one additional year.
    Purchase Protection90 days.
    Mobile Device ProtectionUp to $1,000. Conditions apply.

    Rating Methodology

    NerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.

      Frequently asked questions about the SimplyCash® Preferred Card from American Express

      How is American Express different from Visa and Mastercard?

      While Visa, Mastercard and American Express are all credit card networks, American Express is the only one out of the three to also issue credit cards directly to consumers. Another difference is that American Express offers charge cards in Canada, while Visa and Mastercard do not.

      How do I get my SimplyCash Preferred Card from American Express cash back rewards?

      Once a year, the cash back you’ve earned with your SimplyCash Preferred Card from American Express will appear as a credit on your monthly statement.

      Review Sources

      Works Cited
      1. J.D. Power, “J.D. Power 2023 Canada Credit Card Satisfaction Study,” accessed October 12, 2023.

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