American Express SimplyCash Preferred Card Review

The American Express SimplyCash Preferred Card is one of the best cash back cards in Canada. What makes it stand out from others is that at 2% cash back on all purchases, it has one of the highest earning rates for a cash back card. If that high flat-rate wasn’t enough to convince you to apply now, you’ll want to read my American Express SimplyCash Preferred Card review as I’ll go over all the benefits you’ll get with this card.

Welcome bonus and earn rate

Let’s start this American Express SimplyCash Preferred Card review by talking about the welcome bonus. Recently, this card has offered a statement credit each month when you’ve met the minimum spend requirement. This structured bonus is typically worth a few hundred dollars. The card does have a monthly fee of $9.99 ($119.88 annually).

The earning rate for this card is 4% cash back on gas and grocery purchases. There is an annual cap of $30,000 in purchases, so that means you’ll earn a maximum of $1,200 for the increased earning rate. On a positive note, all other purchases earn you 2% cash back with no limits. This is a great card for people who want a high earning rate on all their purchases.

Benefits and perks

Although the earning rate for this card is incredible, it doesn’t come with many benefits. That said, you do get some good insurance and access to American Express Experiences.

Mobile device insurance

When you charge the full cost of a mobile device (cellphone or tablet) to your American Express Simply CashCash Preferred Card, you’re insured for up to $1,000. If you’re subsidizing your device with a monthly plan, you must charge your bill to your card for the insurance to apply.

Travel insurance

• Emergency Medical Insurance – $5,000,000 – 15 days / Under 65
• Flight Delay Insurance $500 – 4 hours +
• Baggage Delay Insurance $500 – 6 hours +
• Lost or Stolen Baggage Insurance – $500 combined per occurrence
• Car Rental TheftDamage Insurance – $85,000 – 48 days
• Hotel/Motel Burglary Insurance – $500 per occurrence
• Travel Accident Insurance – Up to $100,000

This travel insurance package is generous, but note that there is no trip cancellation/interruption insurance included.

Purhcase insurance

• Buyer’s assurance – 90 days
• Purchase protection – up to one additional year

Buyer’s assurance covers your goods charged to your AmericanExpress SimplyCash preferred car from loss, damage, or theft for 90 days. With purchase protection, your manufacturer’s warranty is doubled, up to one additional year.

American Express experiences

As long as you hold the AmericanExpress SimplyCash Preferred Card, you’ll get access to American Express experiences. Some things you can look forward to include:

• Front of the line – You can purchase tickets to some of the most popular events before they go on sale to the public.
• Reserved tickets – Get access to reserved tickets at major events when you pay with your American Express card.
• Offers – Throughout the year, you’ll get offers that give you a statement credit when you spend a minimum amount at select retailers.

When your cash back is paid out

American Express cash back cards pay out cash back earned automatically as a statement credit every September. Your cash back calculation will be reset the following statement. Note that if you have an American Express Card that earns you Membership Rewards, you can redeem your points for a statement credit at any time as long as you’re redeeming at least 1,000 points.

American Express SimplyCash Preferred Card Eligibility

• You’re a Canadian resident
• You have a Canadian credit history
• You’re the age of majority in the province or territory where you live

American Express states that you need a Canadian credit file, but they don’t say if there’s a minimum credit score requirement. That said, you’ll likely have a greater chance of being approved if you have a credit score of at least 700. There is no minimum income requirement to be approved.

How the American Express SimplyCash Preferred Card compares

American Express SimplyCash Preferred Card vs. Rogers Mastercard

The Rogers Mastercard is very similar to the American Express SimplyCash Preferred Card. You get 2% cash back on all purchases as long as you have a qualifying service with Rogers, Fido, or Shaw. Although there are no bonus categories, you get 5 Roam Like Home days and 30% more cash back when you redeem with Rogers. If you’re a Rogers customer and want to maximize your cash back, the Rogers Mastercard is the way to go.

American Express SimplyCash Preferred Card vs. American Express Cobalt Card

Although not really a fair comparison, it’s worth mentioning the American Express Cobalt Card. With the Cobalt Card, your earning rate is 5 points per $1 spent on eats and drinks, 3 points on streaming services, 2 points on travel and transit, and 1 point on all other purchases. With American Express Membership Rewards, you can redeem 1,000 points for a $10 statement credit. That essentially makes it a hybrid travel/cash back rewards program.

American Express SimplyCash Preferred Card vs. Tangerine Money-Back Card

One final card worth comparing is the Tangerine Money-Back Card. This arguably isn’t a fair comparison since the Tangerine Money-Back Card gives you 2% cash back on up to three categories of your choice, and 0.5% cash back on all other purchases. I included this card as a comparison because the Tangerine card has no annual fee, so it’s a good alternative if you’re looking to keep your costs down.

Final thoughts

My American Express SimplyCash Preferred Card review is positive. This is one of the best cash back credit cards in Canada and is ideal for anyone in the following situations:

• You want a high flat-rate cash back card – The base earning rate for this card is 2% cash back.
• You spend a lot on gas – Gas purchases earn you 4% cash back, up to $30,000 in spending.
• You want access to American Express experiences – Cardholders can access American Express Front of the Line, Offers, and more.

The flat earning rate of 2% cash back on all purchases is one of the highest you’ll find on the market. If you’re looking to maximize your cash back, this card could be for you.