Simplycash® Preferred Card from American Express review
Mar 11, 2025
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Overall rating
First year value
$742
Get this card if you:
- want to earn cash back faster
- need comprehensive insurance benefits
- want a generous welcome offer to maximize rewards
At a glance
The SimplyCash® Preferred Card from American Express is a cash back credit card offering elevated earn rates on eligible gas and grocery purchases in Canada, with a standard rate on all other purchases. Cardholders benefit from a welcome bonus, as well as additional perks such as rental car insurance and travel accident coverage; however, the card carries a monthly fee, and cash back is redeemed annually each September.
Highlights
$742
First year value
bonus 10% cash back
Welcome bonus
$119.88
Annual fee
$9.99/month (Equals $119.88 annually) for non-Quebec residents. $119/annual for Quebec residents.
Interest Rates
21.99%
Purchase APR
21.99%
Cash advance APR
Eligibility
Excellent
Recommended credit score
Quick overview
The SimplyCash® Preferred Card from American Express is a great cash back credit card with high earn rates, especially on gas and groceries, with a 119.88 annual fee (paid as $9.99/month (Equals $119.88 annually) for non-Quebec residents. $119/annual for Quebec residents.).
It's consistently ranked one of the top cash back credit cards in Canada because it also comes with purchase insurance, including mobile device protection, and a comprehensive suite of travel insurance, including rental car coverage.
Who's the SimplyCash Preferred Card for?
If you love cash back on everyday purchases that can add up to quick returns and want the flexibility of putting your hard earned rewards towards your needs, be it statement credits or travel, this is a sweet credit card. Keep in mind, you can only cash out once a year, so treat it like saving for a weekend trip away, your monthly grocery bills, or Christmas.
Based on the average Canadian spending, you'll get about $660 cash back per year.
As with all Amex credit cards, there is no minimum income requirement, but you will need an Excellent credit score over 700.
Pros and cons of the SimplyCash card from Amex
Pros
- Competitive cash back rates: Up to 4% on gas and groceries, and more
- Refer-a-friend bonus up to $750 annually
- Extra benefits like rental car insurance and travel accident coverage
- Manufacturer's warranty doubled on purchases
Cons
- $9.99/month fee ($119.88 annually)
- Cash back redeemed annually in September
- Not all benefits may be relevant to all users
- Limited to American Express acceptance
American Express SimplyCash Preferred Card welcome bonus
-
Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates.
Plus, earn a $50 statement credit* when you make a purchase in month 13.*
This could add up to $250 in bonus value in your first 13 months.
*Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.
-
Offer is only available to new SimplyCash® Preferred Card from American Express Cardmembers.
- It could take up to eight weeks for your statement credits to be credited to the account.
It's simple. Earn 4% cash back on eligible grocery purchases in Canada, up to $1,200 cash back annually, 4% cash back on eligible gas in Canada and 2% cash back on everything else.
While some cards like Scotia Momentum Visa Infinite and CIBC Dividend® Visa Infinite* Card have high returns on gas and groceries, the 2% back on everything else really puts this Amex over the top. (We'll compare further down the page).
Bonus: Earn an additional $1,500 per calendar year with their refer-a-friend program where you can earn $100 per referral.
Much like Earth, Wind, and Fire, you'll "Ba-dee-ya, dancin' in September" because that's when your cash is automatically redeemed, every September as a credit to your account.
And if you're Amex and reading this, consider switching this to January when post-holiday credit card bills are at their highest. (*Cough*, please 🙏 )
- Out of province emergency medical insurance: Up to $5 million.
- Travel accident insurance: Up to $100,000in case of accidental death or dismemberment during travel
- Flight delay insurance: Up to $500(combined with baggage delay insurance) for items purchased within 48 hours when delayed or denied boarding for 4 or more hours.
- Baggage delay insurance: Up to $500(combined with flight delay insurance) for items purchased within 48 hours when delayed or denied boarding for 4 or more hours.
- Hotel burglary insurance: Up to $500 of coverage of personal items (not cash) stolen from your accommodations.
- Lost or stolen baggage insurance: Up to $500 for the loss and/or damage to your checked-in or carry-on luggage
- Rental car insurance: For automobiles up to $85,000for 48 days. Decline the collision damage waiver (CDW) and loss damage waive (LDW) and pull in full with your card.
- Mobile device insurance: Up to $1,000 per insurance person in the event of theft, loss, accidental damage anywhere in the world, 2 years from the date of purchase, and past 90 days (otherwise you can use purchase protection).
- Purchase protection: Up to 90 days on your card.
- Buyer's assurance: Extends manufacturer's warranty up to 1 additional year.
❌ Does not include: Trip cancellation or Trip interruption insurance
- Access events and special offers curated for Cardmembers with American Express® Experiences including Front Of The Line Presales, Reserved tickets, dining, retail and wellness experiences.
- Onsite benefits at Budweiser Stage, Royal Alex, Princess of Wales and Ed Mirvish theatres.
- 24/7 customer service
- Plan It™ the American Express installment program that breaks larger purchases into installments.
On Reddit, many were blown away by the high earn rate on gas and groceries and the points on everything else...with no limit. Another Redditor said they'd have to spend $5,000 per year to pay for its annual fee, but this was three years ago when the earn rate wasn't as strong.
That said, the annual fee may be a downside if you can't reach a certain level of spending and instead you might opt for one of the best no-fee credit cards, such as it's sister card, the Amex Simply Cash (see the table below).
SimplyCash vs. SimplyCash Preferred
| Features | SimplyCash® Card from American Express |
Simplycash®
Preferred Card from American Express |
|---|---|---|
| Annual fee | $0 | $119.88($9.99/month (Equals $119.88 annually) for non-Quebec residents. $119/annual for Quebec residents.) |
| Welcome bonus | Earn a bonus 5% cash back on purchases in your first 3 months (up to $2,000 in purchases). | Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases). |
| Earn rate | Earn 2% cash back on eligible gas station purchases in Canada; Earn 2% cash back on eligible grocery purchases in Canada, up to $300 cash back annually; 1.25% cash back on everything else | Earn 4% cash back on eligible gas station purchases in Canada; Earn 4% cash back on eligible grocery purchases in Canada, up to $1,200 cash back annually; Earn 2% cash back on everything else |
| Monthly math ($250 on gas, $500 on groceries, $1,100 on everything else. | $345 cash back per year | $624 cash back per year - $119.88 annual fee = $504.12 |
| Review | Amex SimplyCash review | You're reading it! |
| Get started |
The BMO CashBack World Elite generally offers higher cash-back rates for specific categories like groceries, transit, gas, and recurring bills compared to the Amex SimplyCash Preferred card. In terms of insurance, BMO’s card is more comprehensive, covering travel medical, trip cancellation, baggage, and roadside assistance—far beyond Amex’s more limited coverage. For a similar annual fee, you get more value from the BMO CashBack World Elite.
Disclosures:
-
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
- *Terms and conditions apply.
up to $650 in value†
Welcome Bonus
$1,220
First Year Value
$570
Annual Value
Welcome Bonus: Get up to $650 in value including $40 cash back each month in your first year. Plus get the $120 annual fee waived in the first year.†
Get this card if you...
- are a high-earner looking to earn cash back
- want great perks like travel insurance and concierge services
- value a great welcome offer
Annual Fee & Annual Interest Rates
$120
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
Eligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
- Valuable sign-up bonus
- High 5% cash back rate on groceries
- Free roadside assistance
- Excellent extended warranty and purchase protection terms
Cons
- Restrictive spending limits for most cash back categories
- Sign-up bonus structure is head-scratchingly complicated
- High minimum income requirements
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
2.50%
Foreign Transaction
Rewards cash back
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Get up to $650 in value including $40 cash back each month in your first year. Plus get the $120 annual fee waived in the first year.†
Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*
Also, enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions apply,
Our Take
The BMO CashBack® World Elite®* Mastercard®* is a premium credit card offering elevated cash back rates on categories such as groceries, transit, gas, and recurring bill payments. Cardholders benefit from complimentary roadside assistance, comprehensive insurance coverage, and flexible cash back redemption options, so you can maximize your rewards on everyday spending.
Eligibility
Excellent (740+)
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Pros
- Valuable sign-up bonus
- High 5% cash back rate on groceries
- Free roadside assistance
- Excellent extended warranty and purchase protection terms
Cons
- Restrictive spending limits for most cash back categories
- Sign-up bonus structure is head-scratchingly complicated
- High minimum income requirements
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$120
Annual Fee
2.50%
Foreign Transaction
Rewards cash back
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Insurance Benefits
$2,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Get up to $650 in value including $40 cash back each month in your first year. Plus get the $120 annual fee waived in the first year.†
Plus, get a 0% introductory interest rate on Balance transfers for 12 months with a 2% transfer fee.*
Also, enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
*Terms and Conditions apply,
The Amex SimplyCash Preferred and the CIBC Dividend® Visa Infinite* provide similar cash back rates. Both cards include comprehensive insurance coverage, including travel-related protections and purchase assurances. The choice between them depends on your spending habits and preference for specific cash-back categories. If you spend a lot on groceries and gas, CIBC Dividend Visa Infinite is likely the better choice. For consistent cash back on all spending, go with Amex SimplyCash Preferred.
Disclosures:
- †Terms and Conditions Apply. This offer is not available for the residents of Quebec.
- The information for the CIBC Dividend® Visa Infinite* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.
10% cash back†
Welcome Bonus
$878
First Year Value
$558
Annual Value
Welcome Bonus: Earn 10% cash back for the first 4 statements on net purchases of up to $2,000.† Plus, get a first-year annual fee rebate for you and up to three Authorized Users.†
Get this card if you...
- want high cash back rates on groceries, gas and recurring bills
- value comprehensive insurance benefits
- value a great welcome offer
Annual Fee & Annual Interest Rates
$120
Annual Fee
20.99%†
Purchase
22.99%†
Cash Advance
22.99%†
Balance Transfer
Our Take
The CIBC Dividend® Visa Infinite* Card is a cash back credit card offering elevated earn rates on categories such as groceries, gas, transportation, dining, and recurring payments. Cardholders benefit from features like purchase security, extended protection, and optional insurance coverages. It's a good option for those seeking to maximize cash back on everyday spending.
Eligibility
Good (620 - 670)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
- First-year annual fee rebate†
- 10% cash back welcome bonus up to $2,000† spend
- 4% cash back on gas, electric vehicle charging and grocery stores
- 2% cash back on transportation, dining and recurring payments
- High annual spending cap on benefits ($20,000 in bonus categories or $80,000 total)
Cons
- High income requirement
- Sparse travel insurance offering
Annual Interest Rates
20.99%†
Purchase
22.99%†
Cash Advance
22.99%†
Balance Transfer
25.99%†
Penalty
Fees
$120
Annual Fee
2.50%†
Foreign Transaction
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards cash back
4%
cash back on eligible gas, EV charging, and grocery purchases.†
2%
cash back on eligible transportation, dining purchases and recurring payments†
1%
cash back on all other purchases†
10 cents
save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
Insurance Benefits
$1,000
Mobile device insurance amount
$5,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Get a first-year annual fee rebate for you and up to three Authorized Users† and earn 10% cash back for the first 4 statements on net purchases of up to $2,000†.
Our Take
The CIBC Dividend® Visa Infinite* Card is a cash back credit card offering elevated earn rates on categories such as groceries, gas, transportation, dining, and recurring payments. Cardholders benefit from features like purchase security, extended protection, and optional insurance coverages. It's a good option for those seeking to maximize cash back on everyday spending.
Eligibility
Good (620 - 670)
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Pros
- First-year annual fee rebate†
- 10% cash back welcome bonus up to $2,000† spend
- 4% cash back on gas, electric vehicle charging and grocery stores
- 2% cash back on transportation, dining and recurring payments
- High annual spending cap on benefits ($20,000 in bonus categories or $80,000 total)
Cons
- High income requirement
- Sparse travel insurance offering
Annual Interest Rates
20.99%†
Purchase
22.99%†
Cash Advance
22.99%†
Balance Transfer
25.99%†
Penalty
Fees
$120
Annual Fee
2.50%†
Foreign Transaction
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards cash back
4%
cash back on eligible gas, EV charging, and grocery purchases.†
2%
cash back on eligible transportation, dining purchases and recurring payments†
1%
cash back on all other purchases†
10 cents
save up to 10 cents per litre† at participating Pioneer, Fas Gas, Ultramar and Chevron gas stations.†
Insurance Benefits
$1,000
Mobile device insurance amount
$5,000,000
Emergency medical insurance amount
$500,000
Travel accident insurance amount
$65,000
Rental car insurance amount
Get a first-year annual fee rebate for you and up to three Authorized Users† and earn 10% cash back for the first 4 statements on net purchases of up to $2,000†.
Is it worth it?
The Amex SimplyCash Preferred can definitely be worth it if you value straightforward cash back on everyday purchases and don’t mind the once-a-year redemption. However, the annual redemption policy means it’s not ideal if you prefer frequent cash-back payout. Think of it as a way to build up savings for bigger expenses or treats, like a vacation or holiday shopping. If you’re okay with the once-a-year cash-out and want simple, steady rewards on all spending, it’s a solid option!
- 1 Visit the Amex SimplyCash Preferred Card page: Click the "Apply Now" button below to go directly to the application page.
- 2 Fill out your personal information: Provide your full name, date of birth, and contact details. Make sure all information is accurate, your credit score will weigh heavily in your approval.
- 3 Submit your application: Once you’ve filled in all the required information, review your application for accuracy and click "Submit".
- 4 Wait for approval: After submitting, you will receive a confirmation email. The approval process may take a few days.
This post was not sponsored. The views and opinions expressed in this review are purely my own.
Disclosures:
-
Contact American Express for the most up-to-date referral bonus figures.
American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.
FAQ
Tyler Wade
Personal finance content strategist & writer
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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†Terms and Conditions apply.