Cash Back
Rewards
SimplyCash Preferred Card from American Express
American Express(Canada)
Welcome Bonus:
10% cash back bonus (up to $200)
Annual Fee
$119.88
Purchase APR
21.99%
Cash Advance
21.99%
Bonus Value
$250
RateBuddy Verdict
The Good
- The 2% base cash back rate on non-category spending is one of the highest flat rates in Canada.
- Impressive insurance package for a cash-back card, including travel medical and mobile device coverage.
- The 4% rate on groceries and gas is industry-leading for a mid-tier fee card.
The Trade-offs
- The 4% grocery category has an annual cash back cap of $1,200.
- American Express is not as widely accepted at all discount grocery chains (like Loblaws/No Frills) compared to Visa or Mastercard.
Rewards & Earnings
Groceries
4%
Dining
2%
Gas
4%
Travel
2%
Recurring Bills
2%
Base Rate
2%
Rewards Summary:
Earn 4% cash back on eligible gas and grocery purchases in Canada; 2% cash back on all other purchases with no limit.
Welcome Bonus Details
Earn 10% bonus cash back for the first 3 months. Earn 4% on gas and groceries thereafter. Fee is $9.99 monthly.
Estimated Value: $250
Features & Benefits
Travel Medical Insurance
Up to $5,000,000 for 15 days (under 65)
Mobile Device Insurance
Mobile Device Insurance up to $1,000
Car Rental Collision/Loss Damage Waiver
Coverage for vehicles up to $85,000 MSRP
Extended Warranty Insurance
Buyer's Assurance extends warranty 1 year
Purchase Security Insurance
Purchase Protection for 90 days
Flight Delay Insurance
Flight delay up to $500
Baggage Delay/Loss Insurance
Baggage delay up to $500
Special Event Access (e.g., Front Of The Line)
Front Of The Line® access
Common Carrier Accident Insurance
Travel Accident Insurance up to $100,000
Hotel/Motel Burglary Insurance
Hotel Burglary up to $500
Insurance Coverage
Includes Emergency Medical ($5M, 15 days), Flight/Baggage Delay, Hotel Burglary, Car Rental Theft/Damage, Mobile Device ($1k), and standard Shopping protections.
Rates, Fees & Eligibility
| Purchase APR | 21.99% |
|---|---|
| Cash Advance APR | 21.99% |
| Annual Fee | $119.88 |
| Grace Period | 21 days |
| Income Required | No specific requirement listed. |
| Recommended Credit Score | — |
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Filed Under
Cash Back
Rewards
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