SimplyCash Preferred Card from American Express Review: Is It Worth It?
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.
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cash back on eligible gas station purchases in Canada.
Cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually).
Cash back on all other purchases.
Getting 2% back on everything is very rare, which makes this card one of our favourites. It also offers 4% back on gas and groceries, comes with comprehensive travel coverage and offers up to $60 in statement credits with Instacart. But the $119.88 annual fee ($9.99 a month) may be too steep for some users. Best for: People who value earning cash back over extensive travel perks.
Pros
- Unlimited 2% cash back.
- Up to $60 statement credit with Instacart.
- Comprehensive travel insurance.
Cons
- $119.88 annual fee is higher than average for a cash-back card.
- Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 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 Amex 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. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
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.
This card should satisfy consumers looking for a straightforward cash-back credit card that has an earn rate higher than 1%.
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.
Decreasing earn rate on gas and groceries after a $30,000 annual spend (drops from 4% to 2%).
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
Ranked above average in customer satisfaction: American Express ranks first out of 14 issuers in J.D. Power’s 2025 Canada Credit Card Satisfaction Study.
Low Trustpilot rating: 1.4 out of 5 possible stars based on over 4,800 customer reviews, as of this writing.
Low Better Business Bureau customer rating: 1.1 out of 5 possible stars based on over 550 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.
American Express Canada now lets you check your eligibility for a personal card before you apply. You’ll get an instant decision through a soft credit check, with no impact to your credit score — a smart, easy way to apply with confidence.
SimplyCash Preferred Card from American Express rewards
Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
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.
Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
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.
SimplyCash Preferred Card vs TD Cash Back Visa Infinite Card
Rewards breakdown
Rewards breakdowncash back on eligible gas station purchases in Canada.
Cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually).
Cash back on all other purchases.
NerdWallet's take
NerdWallet's takeGetting 2% back on everything is very rare, which makes this card one of our favourites. It also offers 4% back on gas and groceries, comes with comprehensive travel coverage and offers up to $60 in statement credits with Instacart. But the $119.88 annual fee ($9.99 a month) may be too steep for some users. Best for: People who value earning cash back over extensive travel perks.
Pros
- Unlimited 2% cash back.
- Up to $60 statement credit with Instacart.
- Comprehensive travel insurance.
Cons
- $119.88 annual fee is higher than average for a cash-back card.
Card details
Card details- Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 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 Amex 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. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
Rewards breakdown
Rewards breakdownCash back on all purchases for the first 3 months†.
Cash Back Dollars on Grocery, Gas & Electric Vehicle Charging, Public Transit Purchases†.
Cash Back Dollars on Recurring Bill Payments, and Streaming, Digital Gaming & Media Purchases†.
Cash Back Dollars on all other Purchases.†
NerdWallet's take
NerdWallet's takeThis card offers a good selection of perks, such as travel insurance, rental car discounts and free roadside assistance. Plus, you can earn 3% on a range of everyday purchases — from groceries to digital gaming. But the insurance offerings are limited and the 3% earn rate is capped at $15,000 a year. Best for: Occasional travellers who want to earn accelerated cash back across multiple categories.
Pros
- Medical, baggage and car rental coverage.
- Free Deluxe TD Auto Club Membership.
- Solid 3% earn rate on everyday categories.
Cons
- Higher than average $139 annual fee for a cash-back card.
- 3% earn rate is capped at $15,000 per year.
Card details
Card details- Earn up to $600 in value†, includes 10% in Cash Back Dollars in the first 3 months on Bonus Eligible Purchases up to a total spend of $3,500† and receive an Annual Fee rebate for the first year†. Conditions apply.
- 24/7 Emergency Roadside Assistance with Free Deluxe TD Auto Club membership†.
- Get an annual fee rebate for the first year†.
- To receive the first-year annual fee rebate for the Primary Cardholder, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening. To receive the first Additional Cardholder first-year annual fee rebate, you must add your first Additional Cardholder while the offer is in effect.
- Offer may be changed, withdrawn, or extended at any time and cannot be combined with any other offer unless otherwise indicated.
- Earn 3% in Cash Back Dollars on Grocery, Gas & Electric Vehicle Charging, Public Transit Purchases†.
- Earn 3% in Cash Back Dollars on Recurring Bill Payments, and Streaming, Digital Gaming & Media Purchases†.
- Earn 1% Cash Back Dollars on all other Purchases.†
- Redeem your Cash Back Dollars to help pay down your Account balance whenever you please - the choice is yours!†
- Earn more at Starbucks: Link your eligible Card to earn more Starbucks Stars at participating Starbucks stores. Conditions apply.
- Your Cash Back Dollars never expire as long as your account is open and in good standing.
- Interest Rates: 21.99% on purchases and 22.99% on cash advances.
- Travel Medical Insurance† - Up to $2 million of coverage for the first 10 days. If you or your spouse is aged 65 or older, you are covered for the first 4 days of your trip. Additional top-up coverage is available.
- Delayed and Lost Baggage Insurance† - Up to $1,000 overall coverage per insured person toward the purchase of essentials such as clothes and toiletries if your baggage is delayed more than 6 hours or lost.
- Emergency Travel Assistance Services† - Help is just a call away. Toll-free access to help in the event of a personal emergency while travelling.
- Complimentary Visa Infinite* Concierge†: On call, 24 hours a day, seven days a week, to help you get the most from life whenever you travel, shop and use your Card.
- Emergency Road Services with Deluxe TD Auto Club Membership† is included with the product.
- To be eligible, $60,000 (individual) or $100,000 (household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
- †Terms and conditions apply.
- This offer is not available for residents of Quebec.
- The Toronto-Dominion Bank (TD) is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any TD product, please click the Apply Now button.
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 | |
Fees and interest rates | |
Annual fee | For non-Quebec residents, $9.99/month (Equals $119.88 annually). For Quebec residents, $119/year. |
Regular/purchase APR | 21.99%. |
Penalty APR | If 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 29.99%. |
Cash advance APR | 21.99%. |
Funds advance fee | $0 each. |
Foreign transaction fee | 2.5% of the transaction amount. |
Rewards and benefits | |
Intro offer | Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months. |
Reward earn rates |
|
Other perks |
|
Insurance coverage | |
Travel accident | Up to $100,000. |
Travel medical | Up to $5 million per insured person per trip. |
Flight and baggage delay | Up to $500. |
Lost or stolen baggage | Up to $500 of coverage for personal items (excluding cash). |
Hotel burglary | Up to $500. |
Rental car theft/damage | Up to 48 days. |
Extended warranty | Up to one additional year. |
Purchase Protection | 90 days. |
Mobile Device Protection | Up to $1,000. Conditions apply. |
Methodology
BACK TO TOPFrequently asked questions
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.
How do I apply for the SimplyCash Preferred Card from American Express?
You can complete the application for the SimplyCash Preferred Card from the American Express website.
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