The American Express SimplyCash™ Preferred Card is a standout option in the Canadian market for anyone looking to maximize cash-back rewards while enjoying a range of premium benefits. With an annual fee of $119.88 (just $9.99 per month), this card provides generous rewards for everyday spending, making it ideal for families, commuters, and frequent shoppers.

Cardholders earn 4% cash back on eligible gas and grocery purchases in Canada, up to an annual limit of $1,200 in cash back for these categories. Beyond that, you can earn 2% cash back on all other eligible purchases with no annual cap, ensuring consistent rewards no matter your spending habits.

The card also offers an enticing welcome bonus: earn 10% cash back on all purchases up to $2,000 in the first three months, along with a $50 statement credit after making a purchase in the 13th month. Additionally, cardholders can refer friends and earn up to $750 annually in referral bonuses.

Qualification requirements

To qualify for the American Express SimplyCash™ Preferred Card, you must meet the following eligibility criteria:

1. Be a Canadian resident with a Canadian credit file.
2. Be the age of majority in your province or territory of residence.

Applicants should also have a solid credit history, as American Express typically seeks individuals with good to excellent credit scores for approval.

Benefits

This card delivers a suite of benefits beyond cash-back rewards, appealing to a broad range of consumers. It includes:

• Mobile device insurance: Coverage of up to $1,000 for eligible mobile devices when the purchase is fully charged to the card.
• Travel coverage: Travel accident insurance and other protections when you book trips using the card.
• Shopping coverage: Purchase protection and extended warranty on eligible items.
• Exclusive experiences: Access to Amex Experiences™, including exclusive ticket offers, virtual events, and live performances.
• World-class customer service: 24/7 support for card-related inquiries or emergencies.

Pros

The SimplyCash™ Preferred Card excels in several areas, making it a strong contender in the cash-back category.

• High cash-back rates: 4% on gas and groceries, and 2% on everything else.
• Unlimited 2% cash back: No cap on rewards for non-category spending.
• Low monthly fee: Affordable for a premium rewards card.
• Comprehensive insurance: Mobile device, travel accident, and shopping protection.
• Easy application process: Quick online approval, often within 60 seconds.
• Flexible redemption: Cash-back rewards can be applied directly to your statement.

Cons

Despite its numerous advantages, the card has a few downsides that potential applicants should consider.

• Annual fee: $119.88 may deter those seeking no-fee options.
• Interest rates: 21.99% on purchases and advances, with penalties for missed payments.
• Category cap: 4% cash-back rate applies only to gas and grocery purchases up to $1,200 annually.
• Limited acceptance: American Express is not as widely accepted as Visa or Mastercard in some areas.

How to apply

Applying for the SimplyCash™ Preferred Card is straightforward and can be completed online in minutes. Follow these steps:

1. Visit the official website: Go to the American Express Canada page for the SimplyCash™ Preferred Card.
2. Check eligibility: Ensure you meet the qualification requirements outlined earlier.
3. Fill out the application: Provide personal and financial details, including your income and credit history.
4. Submit your application: Once completed, you may receive a decision in as little as 60 seconds.

Is the card worth it after all?

The SimplyCash™ Preferred Card from American Express stands out as an excellent choice for individuals and families who value earning cash-back rewards while enjoying additional perks such as comprehensive insurance coverage and exclusive access to experiences. With a competitive cash-back structure of 4% on eligible gas and grocery purchases and 2% on all other purchases, the card offers significant savings potential.

For households that spend regularly on these necessities, the rewards can quickly add up, making it a cost-effective option. Moreover, the unlimited 2% cash-back rate on non-category spending provides unmatched flexibility, ensuring you continue to earn rewards on all purchases without worrying about caps.

However, the card may not suit everyone. Those who don’t spend heavily on gas and groceries or prefer a no-fee credit card might find better alternatives. Additionally, limited merchant acceptance of American Express could pose a challenge for frequent shoppers at locations that don’t accept the card.

Conclusion

The American Express SimplyCash™ Preferred Card is an excellent option for Canadian consumers who want a rewarding and cost-effective credit card. Offering high cash-back rates of 4% on eligible gas and grocery purchases, as well as an unlimited 2% on all other purchases, it stands out as one of the most attractive cash-back cards on the market.

Its low monthly fee of $9.99 makes it accessible, while the extensive benefits package—including mobile device insurance, purchase protection, and access to exclusive experiences—adds significant value. However, it’s essential for potential applicants to evaluate their spending patterns and consider the acceptance of American Express among merchants they frequent.

For those who align well with its features and spending categories, the card provides excellent value and rewards, making it a practical addition to any wallet. If earning maximum cash-back rewards and enjoying premium benefits is your goal, the SimplyCash™ Preferred Card is a compelling choice.