The Amex SimplyCash Preferred Card is Canada’s best cash back credit card. It offers an unlimited 2% cashback on everything you buy and an extensive suite of travel benefits.
There is no limit or cap on how much cash back you can earn with this card. Plus, cardholders receive premium perks and a 10% cash back bonus for four months.
Are you looking to add this card to your wallet? Check out this SimplyCash Preferred Card from American Express review to make an informed decision.
Amex SimplyCash Preferred Card At A Glance
- A 19.99% interest rate applies to purchases; a 21.99% rate applies to cash advances.
- For the first four months, you’ll receive 10% cash back on all purchases (up to $400).
- 2% cash back on all purchases after the first four months.
- The insurance covers nine different risks, including hospital emergency care, hotel burglary, and purchase protection.
- Access to American Express Invites.
- $99 Annual fee
Amex SimplyCash Preferred Card Benefits
1. Flexible Reward Program
Though it has a $99 annual fee, its cash back rewards structure makes up for it in spades. The most striking feature of this credit card is its flat-rate cash back offer of 2% on all purchases. Hence, you won’t need to worry about choosing any category to maximize your rewards. With 2% cash back on every purchase, this is the best cash back credit card in Canada.
Additionally, the card offers a referral program. For every successful referral, you can earn $100, up to $1,500 a year.
2. Insurance Coverage
Even though it isn’t a travel rewards credit card, the Amex SimplyCash Preferred Card does offer very high levels of insurance.
The following are some of the insurance included in the Amex SimplyCash Preferred Card:
Emergency Medical Insurance: Offers insurance worth $5,000,000 on your first 15 days of an out-of-province trip as long as you’re under 65 years old.
Travel Accident Insurance: Additionally, the card offers $100,000 of coverage for Common Carrier Accidents. This coverage also extends to spouses and dependent children under age 23
Car Rental Insurance: Amex SimplyCash Preferred Card offers flight and baggage delay insurance and theft/damage insurance for rental cars up to $85,000 MSRP.
Along with these travel perks, you also get:
Extended warranties (doubling the manufacturer’s standard warranties, up to an additional year) and purchase protection (against accidental damage or theft within 90 days).
3. Exciting welcome offer
With the SimplyCash Preferred Card, new cardholders can earn 10% cash back the first four months after activation.
During the promotional period, you can earn 10% cash back on spending up to $4,000 with this welcome bonus worth up to $400.
4. Amex Invites Benefits
As a member of American Express Invites, you will have access to the following perks:
- Front of the line reserved tickets
- Front of the line advance access
Moreover, cardholders enjoy easier access to tickets and reservations for premier events such as dining theatre productions, concerts, and many more.
The downsides of the Amex SimplyCash Preferred Card
All American Express cards are not as widely accepted as Visa or Mastercard. And With the SimplyCash Preferred Card from American Express, you can only redeem your cash back once a year. You’ll receive it automatically with your September statement as a credit to your account.
Final Verdict
Most cash back credit cards, like Tangerine, offer higher earn rates on one or two categories, but only 1% on every other purchase. With the SimplyCash Preferred Card from American Express, you’ll get a 2% flat rate across all spending categories for a $99.00 annual fee. This card is a good choice if you’re looking for cash back from an Amex card with a high base rate and the perks of the Amex lifestyle.