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Published February 10, 2023

SimplyCash Preferred Card from American Express Review

The American Express SimplyCash Preferred Card is a Canadian cash-back credit card with no spending limits or rewards categories to track.

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Best for shoppers who want cash back on every purchase without having to manage spending limits or categories.

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

    4.5

    NerdWallet Rating

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    SimplyCash® Preferred Card from American Express

    SimplyCash® Preferred Card from American Express
    • Annual Fee
      $119.88
    • Interest Rates
      20.99% / 21.99%
    • Rewards Rate
      2%-4%
    • Intro Offer
      Up to $400
    Apply Now
    Product 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 pros and cons

    Pros:

    Cons:

    SimplyCash Preferred Card from American Express full review

    The SimplyCash Preferred Card from American Express is a cash-back credit card. With no spending limits to adhere to or rewards categories to track, the SimplyCash® Preferred Card from American Express provides cardholders with a reliable, straightforward way to score cash-back benefits on every purchase.

    Benefits of the SimplyCash® Preferred Card from American Express

    The SimplyCash Preferred Card from American Express SimplyCash Preferred Card currently offers the ability to earn up to $40 in statement credits for each month in which you spend at least $750 in purchases, to a maximum of $400 cash back, for the first 10 months of membership. This introductory earn rate can make the card especially worthwhile for new American Express customers.

    After the introductory period ends, all purchases earn 2% cash back — regardless of how much you spend or what you spend it on. Groceries and gas purchases earn 4% cash back (groceries have a spending cap of $30,000 in annual purchases, for a max of $1,200 cash back).

    Eligible cardholders who refer approved friends and family members can earn up to $1,500 in annual referral bonuses, which can give a legitimate jolt to your cash-back earnings.

    The SimplyCash Preferred Card from American Express also offers an extensive suite of insurance coverage, and access to memorable experiences and events.

    Drawbacks of the SimplyCash® Preferred Card from American Express

    The SimplyCash Preferred Card from American Express charges a $9.99 monthly fee, for a total of $119.88 annually.

    The bonus rewards rate on gas and groceries drops down to 2% after a $30,000 annual spend.

    The SimplyCash Preferred Card from American Express also lacks some of the intriguing travel rewards offered by other cash-back credit cards, though those cards charge a slightly higher annual fee.

    Is American Express reliable and secure?

    With American Express being one of the world’s biggest credit card issuers, their products typically provide a secure way of making purchases in person and online.

    If someone steals your credit card information or makes fraudulent purchases with your card, American Express’s Fraud Protection Guarantee ensures you won’t be held responsible for any of the charges.

    There have been minor security scares involving American Express customer information in recent years that were either the result of security breaches at third-party sites storing American Express customer data or the work of disgruntled former employees.

    American Express customer satisfaction ratings

    American Express ranks third (and above industry average) in customer satisfaction with credit card issuers, according to J.D. Power’s 2022 Canada Credit Card Satisfaction Study, a survey of 6,478 cardholders in Canada [1]. Card issuers were rated on their benefits and services, communication, card terms, customer support and rewards. The credit card issuers with the highest customer satisfaction ratings in the survey were Tangerine Bank and Canadian Tire.

    American Express had a Trustpilot rating of 1.6 out of a possible 5 stars, based on more than 2,900 reviews, at the time of this writing.

    American Express had a 1.06 out of a possible 5 stars, according to nearly 300 customer reviews on the Better Business Bureau website, at the time of this writing. American Express is accredited and has an A+ rating by the BBB itself.

    American Express had a Customer Service Scoreboard rating of 36.90 out of a possible 200, based on over 300 ratings, at the time of this writing.

    SimplyCash Preferred Card from American Express details and eligibility

    Who qualifies for the SimplyCash® Preferred Card from Amex?

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

    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. It also means any score suggestion we make would be our best guess — which may not be accurate and could result in card application rejections. We don’t want that.

    Suggesting that you’d need a “good” or “excellent” score is also confusing, because the meaning of those terms can vary depending on the rating system card issuers use.

    Instead, we’ll tell you what we do know: higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.

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

    » MORE: How to Check Your Credit Score 

    Income requirements

    There is no publicly available income requirement for the SimplyCash® Preferred Card from American Express.

    Who should get the SimplyCash® Preferred Card from Amex?

    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%.

    How to know if the SimplyCash® Preferred Card from Amex is right for you

    If you typically use a credit card to pay for most of your day-to-day expenses, you should have no problem recouping the monthly fee and earning a decent amount of cash back from the SimplyCash® Preferred Card from American Express. It’s also a great choice if you make a lot of gas or grocery purchases since you’ll benefit from a 4% earn rate in those categories.

    Value of the SimplyCash Preferred Card’s intro offer

    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 on your card. This could add up to $400 in statement credits.

    The total monetary value of the American Express SimplyCash Preferred Card will depend on how often you make use of its 4% cash-back earn rate on gas and groceries — essentially $0.04 for every dollar you spend in those categories. You’ll earn 2% cash back (or $0.02 for each dollar) on all other purchases.

    Is the SimplyCash Preferred Card from Amex 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 users should be able to get their money’s worth — if they consistently pay off their balances every month.

    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:

    1. Visit the American Express Canada home page.
    2. Select the card you wish to apply for.
    3. Read the product information, then read and agree to the card’s requirements.
    4. Provide your personal information, including your name, address and date of birth. Entering your Social Insurance Number is optional but encouraged.
    5. Enter your employment and income details.
    6. Confirm your information.
    7. Read and agree to the terms and conditions.
    8. Submit your application.

    How to maximize the benefit of the SimplyCash Preferred Card from Amex

    Maximizing the benefit of your SimplyCash Preferred Card from American Express means using it as much as possible without carrying a balance that results in interest charges. Interest can make short work of cash-back benefits.

    You’ll also want to take full advantage of the card’s welcome offer in the first 10 months. Earning up to $400 in statement credits will be a boon for your wallet, especially if you’d be making those purchases anyway.

    Alternatives to the SimplyCash Preferred Card from American Express

    Reasons you might want a different card

    » MORE: Read our full review of the American Express Green Card

    SimplyCash Preferred Card from American Express vs. TD Cash Back Visa Infinite Card

    Amex SimplyCash Preferred CardTD Cash Back Visa Infinite
    Annual fee$119.88$139 (waived first year)
    Cash-back earn rateEarn a $40 statement credit when you spend $750/month for the first 10 months (up to $400 in rewards).
    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.    		Earn 10% on all purchases for the first 3 months following card activation for a total spend of $2,000. (ends May. 28, 2023).
    After that, you’ll earn 6% on gas, groceries and pre-authorized payments for a total spend of $3,500 for the first three months.
    Earn 3% on eligible grocery and gas purchases as well as on regularly recurring bill payments set up on your account and 1% on everything else.
    Additional perksAccess to American Express Experiences.
    Insurance coverage.    		Complimentary access to Visa Infinite Concierge services.
    Insurance coverage.
    Minimum income requirement.Not known.$60,000 (individual) or $100,000 (household).

    SimplyCash Preferred Card from American Express facts

    SimplyCash® Preferred Card from American Express facts
    Card TypeCash Back Credit Card
    Interest Rates
    Regular/purchase APR20.99%
    Cash advance APR21.99%
    Penalty APRIf you miss two payments in a 12-month period, your interest rate will increase to 24.99%. If you miss three payments in a 12-month period, your interest rate will increase to 26.99%.
    Fees
    Annual fee$119.88.
    Balance transfer3% of the amount of each balance transfer.
    Cash advance$2.75 for each cash advance transaction in addition to the interest rate of 21.99% charged on cash advances.
    Foreign transaction2.5% of the transaction amount.
    Reward Earn Rates
    Signup Bonus or Welcome OfferGet a $40 statement credit when you spend $750 per month for the first 10 months (up to $400 in rewards).
    Rewards and benefitsEarn 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).

    Earn 2% cash back on all other purchases.

    Cash back is paid out as a credit on your account once a year in September.
    Other perks
    Access to American Express Experiences, including exclusive dining, retail, and entertainment events.
    Access to Front Of The Line reserved tickets and presales.
    Savings on everyday purchases through Amex Offers and on travel purchases through American Express Travel Online.
    Insurance coverage
    Travel insurance
    Up to $5 million in out of province/country emergency medical insurance for an insured person under the age of 65, for the first 15 consecutive days of a covered trip.
    Up to $500 in flight delay insurance to cover eligible expenses incurred within 48 hours of a flight that’s been delayed at least four hours. Available only to cardholders who charge the full cost of their airline tickets to their American Express SimplyCash Preferred Card.
    Up to $500 in baggage delay insurance for eligible purchases made within four days of arrival if checked-in baggage is delayed for six or more hours. Available only to cardholders who charge the full cost of their airline tickets to their American Express SimplyCash Preferred Card.
    Up to $500 in hotel burglary insurance against the loss of most personal items if an accommodation is burglarized. Available only to cardholders who charge the full cost of their accommodations to their American Express SimplyCash Preferred Card.
    Up to $500 per trip in lost or stolen baggage insurance for checked or carry-on baggage. Available only to cardholders who charge the full cost of their airline tickets to their American Express SimplyCash Preferred Card.
    Up to $100,000 in accidental death and dismemberment insurance. Available only to cardholders who charge the full cost of their common carrier (plane, train, ship or bus) tickets to their American Express SimplyCash Preferred Card.
    Extended warrantyUp to one additional year.
    Purchase protectionUp to 90 days against accidental damage or theft for up to $1,000 per occurrence.
    Mobile Device ProtectionUp to $1,000 of mobile device protection in case of loss, theft and accidental damage or mechanical issues for two years from the date of purchase.
    Rental Car Theft & DamageUp to 48 days of rental car theft, loss and damage protection for cars with a retail price of up to $85,000.

    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 from American Express

      How is American Express different from Visa and Mastercard?

      Unlike Visa and Mastercard, which issue their cards through banks, American Express issues its credit cards both directly and through banks, like Scotiabank. Another difference is that American Express offers charge cards, while Visa and Mastercard do not.

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

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

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