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Published January 1, 2024
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Simplii Financial Credit Card Review 2024: Is It Worth It?

People who frequently swipe their credit card at gas stations, grocery stores, drugstores and restaurants will likely get the most value from the Simplii Financial Cash Back Visa.

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4.7

NerdWallet Rating

Best for strategic spenders seeking cash-back rewards.

Interested in earning cash back without the annual fee? If you spend frequently at restaurants, bars or coffee shops, the Simplii Financial Credit Card may be worth a look.

Learn more about our star rating methodology.

    The Simplii Financial Cash Back Visa is a no-frills cash-back card without an annual fee. Accelerated cash-back rates of up to 4% are available but subject to annual spending caps.

    Simplii Financial™ Cash Back Visa Card

    Simplii Financial™ Cash Back Visa Card
    • Annual Fee
      $0
    • Interest Rates
      20.99% (Purchase)‡ / 22.99% (Cash advance)‡
    • Rewards Rate
      0.5%-10%
    • Intro Offer
      Up to 10% Cash Back
    Product Details
    • Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year†.
    • Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year†.
    • Earn 0.5% on all other credit card purchases with no limit on how much you can earn†.
    • For your first 4 months with a Simplii Financial Cash Back Visa* Card, enjoy 10% cash back on eligible restaurants, food delivery and bar purchases. Up to $500 spend †.
    • Redeem cash back as a statement credit in December.†
    • No annual fee.
    • Cash back when you send money abroad with a Simplii Financial Global Money Transfer. No transaction fees and no interest charges.†
    • Purchase security and extended protection insurance provided.†
    • Interest rates: 20.99% for purchases‡, 22.99% for cash advances‡.
    • To be eligible, a $15,000 (individual/household) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.
    • †Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec.
    • ‡ “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

    Simplii Financial Credit Card full review

    The Simplii Financial Credit Card is a cash-back credit card with no annual fee. Cardholders earn cash back on eligible dollars spent with accelerated rates on restaurant, bar, coffee shop, gas, grocery, and drugstore purchases and pre-authorized payments.

    Benefits of the Simplii Financial Cash Back Visa Card

    Cash-back rates of up to 4% with no annual fee are what help the Simplii Financial Credit Card shine. You can even earn cash back on global money transfers and pre-authorized payments.

    Drawbacks of the Simplii Financial Cash Back Visa Card

    The Simplii Financial Credit Card’s accelerated cash-back rates have strict spending limits — some as low as $5,000 per year. After that, the cash-back rate drops to 0.5%. The card also lacks mobile device protection. CIBC Travel Medical Insurance can be added for a fee but doesn’t come standard.

    Who should get the Simplii Financial Credit Card?

    Everyday spenders who can take advantage of this card’s elevated earn rates on restaurant, bar and coffee shop spending, as well as gas, grocery and drugstore purchases,are the ideal Simplii Financial Cash Back Visa cardholder. To get the most from this card, cardholders must be intentional about how and where they use it.

    Is the Simplii Financial Cash Back Visa Card worth it?

    Whether the Simplii Financial Cash Back makes sense for you depends on your spending habits and lifestyle. Folks who frequently swipe their credit card at places the card offers elevated rewards — restaurants, coffee shops and bars (4% cash back), and gas stations, grocery stores and drug stores (1.5% cash back) — will get the most value. There’s no annual fee to recoup, but the card is missing some insurance protection and travel perks that may be a dealbreaker, depending on what you look for in a credit card.

    Simplii Financial customer ratings

    Simplii Financial Credit Card eligibility

    Who qualifies for the Simplii Financial Cash Back Visa Card?

    To qualify for the Simplii Financial Credit Card, 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. We know that 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.

    Simplii Financial Credit Card rewards

    Earn up to $150 within the first four months of card membership. 

    • Earn a $50 statement credit after you make your first qualifying purchase.
    • Earn a $50 statement credit by spending at least $2,000 or a $25 statement credit by spending at least $1,000 within your first three months of card membership.
    • Receive 10% cash back on restaurant, bar and takeout purchases during the first four months of card membership on spending of up to $500.

    Cardholders earn cash-back rewards at the following rates:

    • 4% cash back from restaurant, bar and coffee shop spending, up to $5,000 annually.
    • 1.5% cash back from gas, grocery store, drugstore spending and pre-authorized payments of up to $15,000 annually.
    • 0.5% unlimited cash back on all other purchases.

    The Simplii Financial Credit Card’s welcome bonuses could be worth up to $150, though you’d need to spend at least $2,000 to unlock the offers.

    Outside the card’s welcome offers, ongoing cash-back rewards offer additional value. If you meet the cash-back spending caps in the card’s accelerated rate categories, you could earn an additional $425 annually. And that doesn’t include the 0.5% cash back you earn on all other purchases throughout the year.

    All told, the Simplii Financial Cash Back Credit Card could be worth hundreds of dollars per year and doesn’t charge an annual fee, so cardholders have little to lose.

    How to apply for the Simplii Financial Cash Back Visa Card

    To apply for the Simplii Financial Cash Back Visa Card, you must be an existing Simplii Financial customer. 

    Simplii customers can log into their Simplii online banking account to access the Simplii Financial Cash Back Visa Card application. 

    New customers can join Simplii by applying for a Simplii bank account. Applications for Simplii bank accounts can be completed online or by calling 1-888-723-8881.

    Simplii Financial Credit Card vs Tangerine Money-Back Credit Card

    Simplii Financial Cash Back Visa CardTangerine Money-Back Credit Card
    Annual fee$0.$0.
    Cash-back rates• Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year.
    • Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year.
    • Earn 0.5% on all other credit card purchases with no limit on how much you can earn.
    • 2% unlimited cash back from up to three money-back categories of the cardholder's choice.
    • 0.5% unlimited cash back on all other purchases.
    Benefits• Cash back on global money transfers.
    • Mobile wallet payments.
    • Purchase protection and extended warranty coverage.
    • Free cards for authorized users.
    • Mobile wallet payments.
    • Cardholders pick their own money-back categories.
    • Purchase protection and extended warranty coverage.

    Reasons you might want a different card

    The Simplii Financial Credit Card may not be ideal if:

    Simplii Financial Credit Card facts

    Simplii Financial Cash Back Visa Card
    Card TypeCash-back credit card.
    Fees and interest rates
    Annual fee$0.
    Regular/purchase APR20.99%.
    Penalty APR24.99% if you miss two payments within 12 months, as of January 2024. This penalty APR will stay in place for at least 12 months.
    Cash advance APR22.99%.
    Cash advance fee$5 per transaction.
    Balance transfer APR22.99%.
    Balance transfer feeUp to 3% of the transaction amount.
    Foreign transaction fee2.5% of the transaction amount.
    Rewards and benefits
    Intro offersFor your first 4 months with a Simplii Financial Cash Back Visa* Card, enjoy 10% cash back on eligible restaurants, food delivery and bar purchases. Up to $500 spend †.
    Reward earn rates• Earn 4% on eligible restaurant, bar and coffee shop purchases up to $5,000 spend per year.
    • Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year.
    • Earn 0.5% on all other credit card purchases with no limit on how much you can earn.
    • For your first 4 months with a Simplii Financial Cash Back Visa* Card, enjoy 10% cash back on eligible restaurants, food delivery and bar purchases. Up to $500 spend †.
    Other perksCash back on global money transfers. Earn cash back on international money transfers sent from your Simplii Financial credit card.
    Mobile wallet compatible. Pay by Google Pay, Samsung Pay or Apple Pay.
    Insurance coverage
    Extended warrantyUp to one additional year.
    Purchase protection90 days.

    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 Simplii Financial Credit Card

      How do you get your cash back from the Simplii Visa?

      Simplii Financial cash-back rewards accumulate monthly and are automatically redeemed on the last day of December as an annual credit to the following January’s statement.

      Is the Simplii credit card easy to get?

      To qualify for the Simplii Financial Cash Back Visa, you must be a Canadian resident of the age of majority in your province or territory who hasn’t declared bankruptcy in the past seven years. You must also have an annual income of at least $15,000.

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