American Express SimplyCash Preferred Card Review

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Reading my American Express SimplyCash Preferred Card review is essential for anyone looking to get a cash back card. With so many options out there, you’ll want to know what’s available to you.

Overall, the American Express SimplyCash Preferred Card is solid. You get a strong base earn rate and a few accelerated earn rates. That said, it also comes with a monthly fee of $9.99 (119.88), which makes it a premium cash back credit card.

Read my American Express SimplyCash Preferred Card review now and find out why this card could be ideal for your wallet.

SimplyCash Preferred Card from American Express

  • $9.99 monthl fee ($119.88 annually)
  • Spend $750 each month and get a $40 statement credit for 10 months ($400 total)
  • 4% cash back on groceries ($1,200 cash back max)
  • 4% cash back on gas purchases
  • 2% cash back on all other purchases
  • Travel & mobile device insurance
  • Buyer’s assurance & purchase protection

Let’s start off this American Express SimplyCash Preferred Card review by talking about the welcome bonus. You’ll usually get increased cash back or statement credit offer for multiple months. If you have a major purchase coming up, then the welcome offer can be quite good.

Since this card comes with a monthly fee of $9.99, consumers will expect some good benefits. Fortunately, the American Express SimplyCash Preferred Card doesn’t disappoint. You’ll earn 4% cash back on gas and grocery purchases which is quite good. That said, the cash back earned on grocery purchases is capped at $1,2000 each year. On a positive note, your base earn rate is 2% cash back on all other purchases.

Most cash back credit cards rely on accelerated earn rates to attract consumers, but with the American Express Preferred Card, you get a strong earn rate on all of your spending.

If you’re approved for this card, you’ll also get access to American Express perks. For example, American Express Invites gets you presale access to some of the most popular music, theatre, entertainment, and dining events across the country. There’s also American Express offers where you can earn statement credits at select retailers.

The American Express SimplyCash Preferred card is one of the best American Express credit cards in Canada and one of the best cash back credit cards in Canada which is quite impressive.

American Express Simply Cash Preferred Insurance

The SimplyCash Preferred Card from American Express (referral link) comes with a pretty impressive insurance package. The included insurance is worth more than the monthly fee, so holding this card just for the insurance could be worth it. Here are the types of insurance you get.

  • Travel medical insurance
  • Extended travel insurance
  • Mobile device insurance
  • Buyer’s assurance
  • Purchase protection

The included travel insurance is what many people will be attracted to. Not only do you get travel medical insurance, but you also get flight delay insurance, baggage delay insurance, hotel burglary insurance, lost or stolen baggage insurance, travel accident insurance, and car rental theft and damage insurance. Note that you must charge your airfare and hotels you your American Express SimplyCash Preferred Card for your insurance to apply.

With mobile device insurance, tablets and phones are insured for up to $1,000, in the event of theft, loss or accidental damage. A deductible applies, and the insurance is only good for two years.

Buyer’s assurance is an interesting type of insurance. If your goods are stolen, lost, or damaged, you can claim the cost for up to 90 days from the time of purchase. Note that you must charge the purchases to your credit card for the insurance to apply.

Finally, the purchases protection doubles your manufacturer’s warranty, up to one additional year.

Final word

My American Express SimplyCash Preferred card review is positive. The SimplyCash Preferred Card from American Express offers incredible benefits that suit a variety of consumers. The 5% cash-back for the first 6 months is one of the highest rates available while the 1.99% interest rate for balance transfers will help you reduce your debt. You could also consider the American Express Platinum card if you prefer something that offers more points.  

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

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