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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
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Annual Fee$119.88$9.99 monthly fee.
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Interest Rates20.99% / 21.99%20.99% on purchases, 21.99% on cash advances.
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Rewards Rate2%-4%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.
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Intro OfferUp to $400In 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.
- 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
- High base rewards rate (2% cashback on all purchases).
- Sizable referral bonuses of up to $750 when you refer approved friends and family members.
- Extensive suite of insurance coverage, as well as memorable experiences and events.
Drawbacks of the SimplyCash Preferred Card from American Express
- Decreasing earn rate on gas and groceries after a $30,000 annual spend (drops from 4% to 2%).
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
- High in customer satisfaction: American Express ranks first out of 13 brands in J.D. Power’s 2023 Credit Card Satisfaction Study[1].
- Low Trustpilot rating: American Express received 1.6 out of 5 possible stars based on over 3,900 customer reviews, as of this writing.
- Low Better Business Bureau rating: American Express received 1.08 out of 5 possible stars based on over 400 customer reviews, as of this writing.
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:
- Be a Canadian resident and have a Canadian credit file.
- Be the age of majority in the province or territory where you live.
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:
- Visit the American Express Canada home page.
- Select the card you wish to apply for.
- Read the product information, then read and agree to the card’s requirements.
- Provide your personal information, including your name, address and date of birth. Entering your Social Insurance Number is optional but encouraged.
- Enter your employment and income details.
- Confirm your information.
- Read and agree to the terms and conditions.
- Submit your application.
SimplyCash Preferred Card vs TD Cash Back Visa Infinite Card
| SimplyCash Preferred Card from American Express | TD CASH BACK VISA INFINITE | |
|---|---|---|
| Annual fee | $119.88. | $139. |
| Minimum annual income | Not known. | $60,000 (individual) or $100,000 (household). |
| Rewards |
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| Benefits |
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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 type | Cash back credit card. |
| Fees and interest rates | |
| Annual fee | $119.88. |
| Regular/purchase APR | 20.99%. |
| Penalty APR | If you miss two payments in a 12-month period, your interest rate will increase to 24.99%. If you miss three or more payments in a 12-month period, your interest rate will increase to 26.99%. |
| Cash advance APR | 21.99%. |
| Cash advance fee | $2.75 per transaction. |
| Balance transfer APR | 3%. |
| Foreign transaction fee | 2.5% of the transaction amount. |
| Rewards and benefits | |
| Intro offer | Get a $40 statement credit when you spend $750 in a month, for the first 10 months (up to $400 in rewards). |
| Reward earn rates |
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| Other perks |
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| Insurance coverage | |
| Travel accident | Up to $100,000. |
| Travel medical | Up to $5 million per insured person per trip. |
| Flight delay | Up to $500. |
| Baggage delay | Up to $500. |
| Lost or stolen baggage | Up to $500 of coverage per trip for all insured persons. |
| Hotel burglary | Up to $500 of coverage for personal items (excluding cash). |
| Rental car theft/damage | For up to 48 days. |
| Extended warranty | Up to one additional year. |
| Purchase Protection | 90 days. |
| Mobile Device Protection | Up 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
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.
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
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J.D. Power, “J.D. Power 2023 Canada Credit Card Satisfaction Study,” accessed October 12, 2023.
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