SimplyCash Preferred Card from American Express review

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Advertiser Disclosure

Interest Rate: Purchases
19.99%
Balance Transfer
22.99% (1.99% for the first 6 months)
Rewards
2% cashback
Signup Bonus
-


Am I eligible?


SimplyCash Preferred Card from American Express is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be at least 18 years of age (AB, MB, ON, PE, QA, SK). 19 in all other provinces.
Yes Be a permanent or temporary resident of Canada
Yes Have a minimum personal income of $15000.

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


Money We Have

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.

- Barry Choi, Money We Have
creditcardGenius

The SimplyCash Preferred card is a terrific all around high-end cash back card. And the SimplyCash card is great on its own – but also pairs well with a category card (as they typically give 1% on non-category purchases) giving you a little increase in your annual rewards.

- Jonathon, creditcardGenius
HowToSaveMoney.ca

Essentially, this card allows you to get a premium level card with great rewards and good insurance coverage and perks without being a high roller.

- Stephen Weyman, HowToSaveMoney.ca
Ratehub.ca

With the strongest welcome cash back rate currently on the market and a competitive 2% earn rate after that, plus the low balance transfer offer, this card delivers a one-two punch on value.

- Jane Switzer, Ratehub.ca
LowestRates.ca

The SimplyCash Preferred Card is a great cash back card if you spend at least $1,100 a month on your credit card — that’s where its 2% rate really shines. However, because of its $99 annual fee, if you’re spending less than that, its non-preferred counterpart is the way to go.

- Dominic Licorish, LowestRates.ca

Details


Interest Rates
Regular APR Interest Rate 19.99%
Balance Transfer Interest Rate 22.99% (1.99% for the first 6 months)

Intro rate is optional

Cash Advance Interest Rate 22.99%
Rates & Fees
Annual Fee $99.00
Balance Transfer Fee 3%

Maximum

Cash Advance Fee $2.75
Foreign Transaction Fee 2.5%

Transactions made in a foreign currency will be converted and posted to your account in Canadian currency.

Over Limit Fee $29.00
Late Payment Fee $0.00
Promotions
Sign up bonus

Earn 5% cash back on purchases for the first 6 months of Cardmembership (up to $300 cash back).

Rewards
All Purchases 2% cash back
Restaurants No
Gas No
Groceries No
Hotels No
Travel No
Pharmacy No
Bills No
Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance Yes
Car Rental Insurance Yes
Car Rental Discount No
Extended Warranty Yes
Purchase Protection Yes
Zero Liability Yes
No Foreign Transaction Fees No
Emergency Assistance Yes
Concierge Service No
Price Protection No
Fraud Protection Yes
Free Credit Scores No
Wireless Payments Apple Pay
Additional Benefits
  • Lost or Stolen Baggage Insurance
  • Flight Delay Insurance
  • Hotel / Motel Burglary Insurance
  • Emergency Card Replacement
Eligibility
Minimum Security Deposit $0
Minimum Age

18 years in AB, MB, ON, PE, QA, SK. 19 years in all other provinces.

Minimum Personal Income $15,000 per year


Temporary Residents No
More
Additional comments
Terms & Conditions Official Terms & Conditions
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Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.

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Critic Reviews


Money We Have

Great features if you’re looking to reduce debt

from Money We Have

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.

Read full review

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.

Read full review

Less

creditcardGenius

A great cash back credit card

from creditcardGenius

The SimplyCash Preferred card is a terrific all around high-end cash back card. And the SimplyCash card is great on its own – but also pairs well with a category card (as they typically give 1% on non-category purchases) giving you a little increase in your annual rewards.

Read full review

The SimplyCash Preferred card is a terrific all around high-end cash back card. And the SimplyCash card is great on its own – but also pairs well with a category card (as they typically give 1% on non-category purchases) giving you a little increase in your annual rewards.

Read full review

Less

HowToSaveMoney.ca

A great card for people who have higher spending

from HowToSaveMoney.ca

Essentially, this card allows you to get a premium level card with great rewards and good insurance coverage and perks without being a high roller.

Read full review

Essentially, this card allows you to get a premium level card with great rewards and good insurance coverage and perks without being a high roller.

Read full review

Less

Ratehub.ca

One of the best cash-back credit cards in Canada

from Ratehub.ca

With the strongest welcome cash back rate currently on the market and a competitive 2% earn rate after that, plus the low balance transfer offer, this card delivers a one-two punch on value.

Read full review

With the strongest welcome cash back rate currently on the market and a competitive 2% earn rate after that, plus the low balance transfer offer, this card delivers a one-two punch on value.

Read full review

Less

LowestRates.ca

Great cash back card if you spend at least $1,100 a month on your credit card

from LowestRates.ca

The SimplyCash Preferred Card is a great cash back card if you spend at least $1,100 a month on your credit card — that’s where its 2% rate really shines. However, because of its $99 annual fee, if you’re spending less than that, its non-preferred counterpart is the way to go.

Read full review

The SimplyCash Preferred Card is a great cash back card if you spend at least $1,100 a month on your credit card — that’s where its 2% rate really shines. However, because of its $99 annual fee, if you’re spending less than that, its non-preferred counterpart is the way to go.

Read full review

Less

GreedyRates.ca

Great for customers some truly advantageous benefits on top of the already great balance transfer and cash back rates

GreedyRates.ca

For those who want an advantage when paying off their balance and need a reason to keep the card once they have repaid their outstanding amounts, the American Express SimplyCash Preferred card is especially suitable.

Read full review

For those who want an advantage when paying off their balance and need a reason to keep the card once they have repaid their outstanding amounts, the American Express SimplyCash Preferred card is especially suitable.

Read full review

Less

Rewards Canada

Best for casual travellers

from Rewards Canada

With a 2% return it is encroaching the realm of the best returns seen on higher end Travel Rewards cards. That being said it does seem like a very decent return when compared to other cash back cards.

Read full review

With a 2% return it is encroaching the realm of the best returns seen on higher end Travel Rewards cards. That being said it does seem like a very decent return when compared to other cash back cards.

Read full review

Less

RateSupermarket

Greater flexibility and plusher perks

RateSupermarket

It’s these insurance features that likely validate the $79 annual fee the Preferred card is saddled with, making it a good hybrid option for those who travel often. For pure cash rewards, however, greater value is provided over time by the no-fee option, assuming all purchases are made at eligible retailers.

Read full review

It’s these insurance features that likely validate the $79 annual fee the Preferred card is saddled with, making it a good hybrid option for those who travel often. For pure cash rewards, however, greater value is provided over time by the no-fee option, assuming all purchases are made at eligible retailers.

Read full review

Less

User Reviews


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