American Express SimplyCash™ Preferred Credit Card Review

SimplyCash™ Preferred Card from American Express
SimplyCash™ Preferred Card from American Express
  • Custom entertainment packages.
  • 1.99% balance transfer rate for the first 6 months.
  • 2% flat rate cash back, up to 5% in the first 6 months.
Learn more Go to site

Get more cash back on everyday purchases with the Amex SimplyCash Preferred Credit Card.

The SimplyCash Preferred Credit Card from American Express offers 5% cashback on purchases (up to $300 cashback) in your first 6 months of membership, followed by a 2% flat rate when the welcome offer period ends.

30-second take

  • Get this card if you want to earn a higher return (up to 5% cashback) on purchases.
  • Choose something else if you would rather receive less rewards in return for no annual fee.
Product NameSimplyCash™ Preferred Card from American Express
RewardGet 2% cashback on all purchases. No cap and no limit.
Welcome OfferReceive 5% cashback (up to $300 cashback) in the first six months.
Purchase Interest Rate19.99%
Cash Advance Rate22.99%
Balance Transfer Rate1.99% for the first 6 months (then 22.99%)
Interest Free Period Up to 21 days
Go to site
More Info
Annual Fee$99
Monthly Service FeeN/A
Over Credit Line Fee$29
Penalty APR23.99% - 26.99% Variable
Dishonoured Payment Fee$25
Foreign Currency Conversion Fee2.5%
Late Payment Fee$25
Go to site
More Info
Credit RatingGood, Excellent
Minimum AgeAge of majority in province/territory of residence.
Minimum IncomeN/A
Household IncomeN/A
Go to site
More Info

Key features

If you’re looking to get a bigger slice of the cashback pie and want to make more money on everyday purchases like groceries and gas, then you might like to check out the SimplyCash Preferred Credit Card by American Express. This card comes with an annual fee but translates into more points on average than the fee-free SimplyCash Credit Card.

  • Flat rate cash back. Delivers a whopping 5% cashback rate on all purchases in the first 6 months of card membership (up to $300 cashback), followed by a flat rate of 2% when your welcome offer period ends.
  • Promotional offers. American Express Invites® offers a number of hot-ticket discounts along with special access offers for a wealth of experiences unique to American Express card holders.
  • Travel and shopping coverage. Offers extended warranty and insurance coverage on products purchased with your SimplyCash Preferred Credit Card, along with a whole suite of travel insurance to cover lost or stolen luggage, car rental and theft, flight delays, baggage delays and many other incidentals. This comes on top of complimentary $100,000 Travel Accident Insurance and Emergency Medical Insurance. T&C’s apply.

Optional Balance Transfer Offer

If you have an outstanding balance on other credit cards, you can save a heap of cash by transferring your balance onto the SimplyCash Preferred Credit Card from American Express. The card offers a 1.99% introductory interest rate for 6 months so long as you choose this option when you submit your online application. This offer is valid to new cardmembers, and is only eligible to cover 50% of your assigned credit limit up to a maximum of $7,500.

Bonus features

  • Welcome offer. Get a 5% cashback rate in your first 6 months of membership (up to $300 cashback), followed by a 2% rate in subsequent months.
  • Referral bonus. Receive a bonus of $150 cashback for every approved referral (up to $2,250 annual bonus cashback).
  • Special offers and experiences. Entertainment access with American Express Invites® allows you to purchase early-entry tickets or book seats in advance for in-demand entertainment, including concerts, theatre productions and other special events in addition to deals on dining and shopping.
  • Custom entertainment packages. Get exclusive deals on packages offered to American Express card holders, including discounts on spur-of-the-moment trips, advance screenings of blockbuster movies and online and in-store shopping promotions.
  • World class service. Tap into customer service at any time of day or night by dialing the number on the back of your card. Speak to a customer service agent to report fraudulent charges (largely covered by a Fraud Protection Guarantee) or to cancel or replace lost or stolen cards.
  • Free Additional Cards. Add extra cards to your account for family and friends to help increase your annual cash back balance at no additional charge.

What to watch out for

  • Not as widely accepted overseas. The SimplyCash Preferred Credit Card from American Express may not be accepted in certain location overseas.
  • Penalty APR. Missing or losing track of payments could cost you an arm and a leg with an APR of 23.99% - 26.99% Variable on the outstanding balance.
  • Conditional balance transfer offer. Customers who currently hold a card by Amex Bank of Canada will not be able to take advantage of the balance transfer option on this card.

What do other customers say?

Many customers report that they are happy with the perks and benefits on offer from The SimplyCash Preferred Card from American Express. This card makes sense for new members who plan to make a significant number of purchases in their first six months.

The $99 annual fee cuts into cashback rewards, so if you don’t feel like you can cover your losses it might make more sense to settle for the fee-free version of this card. American Express has been widely praised by many cardholders for a responsive customer service department. New cardmembers report they are pleased with the cost-saving benefits of an introductory interest rate on balance transfers for both the SimplyCash and the SimplyCash Preferred Card from American Express.

What should I know before I apply

  • How to apply

    1. Click Go to site on this page to be securely directed to the American Express website.
    2. Select the SimplyCash Preferred Credit Card from American Express and click Apply now to begin your application.
    3. Complete the application with details that include your name, email address, social insurance number and birth date.
    4. Review and submit your application.

Bottom line

The SimplyCash Preferred Credit Card from American Express is a viable option for new members who are looking to make a high volume of purchases in their first six months of card membership and want to maximize their cashback rewards. This card offers a number of perks and benefits with a relatively low annual fee. It is offered as an upgrade on the SimplyCash Credit Card, which may be a good option for those customers looking for a fee-free cashback option.

Was this content helpful to you? No  Yes

Ask an Expert

You must be logged in to post a comment.

Go to site