American Express SimplyCash Preferred Card Review

**This post may contain affiliate links. I may be compensated if you use them.

As many of you know, I write a lot about credit cards. I usually focus on bonus points but one card that has caught my attention as of late is the SimplyCash Preferred Card from American Express. The features of the card have changed in the last year, but my American Express SimplyCash Preferred card review is still positive.

What makes this card appealing is the fact that you can balance transfer at a rate of just 1.99% for six months and take advantage of the 5% cash-back (up to $3000) on purchases in the first 6 months. Those are some great features if you’re looking to reduce debt or maximize your rewards.

SimplyCash Preferred benefits

  • $99 annual fee
  • 5% cash-back on purchases for the first 6 months (up to $300)
  • 2% cash-back on purchases after the first 6 months (no limit)
  • 1.99% interest rate on balance transfers for the first 6 months
  • Earn $200 cash back for approved referrals (up to $3,000)
  • Extensive insurance coverage

The 5% cash back is one of the highest amounts you can earn from any credit card. Yes, it lasts for just 6 months, but all you need to spend is $3,000 to earn the maximum reward. I realize that sounds like a lot, but if you know you have a major purchase coming up, you can maximize your earnings. The 2% cash back on all purchases after 6 months is also appealing if you use your credit card on a regular basis.

You should obviously always pay off your full credit card balance every month, but sometimes we end up with some debt. The balance transfer interest rate of 1.99% is one of the best rates available. 1.99% is significantly lower than the average credit card interest rate of 19.99%, so take advantage of it and pay down any outstanding debts that you may have.

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.

Insurance Coverage

The other major benefit of the SimplyCash Preferred Card from American Express (referral link) is the included travel and car rental insurance. This is a pretty comprehensive package and would normally cost you more than $100 per trip. That means the $99 annual fee that you pay for the card gets washed by your insurance as long as you travel at least once a year. Here’s a look at the insurance that comes included:

  • Car Rental Theft and Damage Insurance
  • $100,000 Travel Accident Insurance
  • Emergency Medical Insurance
  • Lost or Stolen Baggage Insurance
  • Flight Delay Insurance
  • Hotel / Motel Burglary Insurance

The insurance is good for up to 15 days of travel and you must charge your tickets to your SimplyCash Preferred Card to be eligible.

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.  

American Express SimplyCash Preferred Card Review

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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