American Express SimplyCash Review

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

If you’re looking for a no annual fee cash-back card, then the American Express SimplyCash card will likely appeal to you. Not only do you get a decent welcome bonus, but you also get a decent earn rate which is impressive.

In case you’re not familiar with cash back cards, you earn a fixed amount based on your purchases. This is a great benefit to have if you’re not as interested in travel rewards which are offered by the best travel credit cards in Canada. Cash-back rewards are easy to understand but read my American Express SimplyCash review now for my full thoughts on the card.

SimplyCash Card from American Express

  • No annual fee
  • Spend $300 each month and get a $10 statement credit for 10 months ($100 total)
  • 2% cash back on groceries ($300 cash back max)
  • 2% cash back on gas purchases
  • 1.25% cash back on all other purchases
  • Buyer’s assurance
  • Purchase protection

For a no fee card, the American Express SimplyCash card (referral link) comes with a good amount of features and benefits. While the base earn rate is 1.25% on all purchases, the card now offers an enhanced earn rate of 2% on gas and grocery purchases. That said, the cash back you can earn on grocery purchases is capped at $300.

This card often comes with a welcome bonus where you can earn increased cash back or statement credit for a few months. While this sign up bonus won’t blow your mind, it’s still not bad for a no fee card.

Your cash-back rewards are issued as a yearly statement credit. If you happen to charge a lot to your credit card, it’s worth considering the American Express SimplyCash Preferred card since it gives you 2% in cash-back on all purchases (4% on gas and groceries), but it comes with a monthly fee of $9.99.

$100,000 for travel accident insurance is nice, but it only pays out in the event of death, so this is a benefit you never want to use.

Buyer’s assurance & purchase protection are much more useful benefits since it doubles your manufacturer’s warranty (up to one year) and protects your purchases from being lost, stolen, or damaged.

Another perk of holding this card is the additional benefits you get exclusively from American Express. With Amex offers, you get special offers sent right to your account. For example, it might be spend $75 at a retailer and get a $25 statement credit. Another perk is American Express Invites, where you get presale or exclusive access to some of the hottest concerts, shows, and theatre productions in the country.

How the American Express SimplyCash card compares to others

Overall, the American Express SimplyCash card is strong since it offers 1.25% cash-back on all purchases, but there are other cards out there that offer higher rewards for specific categories.

The Tangerine Money-Back Credit Card (referral link) allows you to choose up to three categories where you can earn 2% in cash-back with all other purchases giving you 0.50% in cash-back. Read my Tangerine Money-Back Credit Card review now for the full details.

There’s also the Rogers Platinum Mastercard which gives you 2% cash-back on Rogers products and services and 1.25% cash back on all other purchases. You even get 3% cash back on purchases made in foreign currencies which is why it’s one of the best credit cards without foreign transaction fees. Read my Rogers Platinum Mastercard review now to find out what else you get included with the card.

As you can see, the competition is tough, but neither the Tangerine or Rogers card has a balance transfer option, so you need to take that into consideration if debt reduction is one of your priorities.

Final thoughts

My American Express SimplyCash card review is positive. For a straightforward no-fee, cash-back card, you really can’t complain too much about it. If you want to reduce your debt, then you should consider using the optional balance transfer.

American Express SimplyCash 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

2 Comments

  1. Brian So on July 17, 2018 at 4:23 PM

    I’ve had it for a few years now since they first offered a $50 gift card for signing up. I still use it for purchases in the ‘other’ category because of the extra 0.25% it has over my other cards. It’s a pretty good card, no complaints about it for a free card.

    • Barry Choi on July 17, 2018 at 7:44 PM

      Brian,

      For a no-fee card, it gets the job done.

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