SimplyCash Preferred Card from American Express Review

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Get more cash back on everyday purchases with the SimplyCash Preferred Card from American Express.

Earn 2.5% cash back on all eligible purchases in your first three months (up to a maximum spend of $6,000, or $150 in cash back). Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application

19.99%

Purchase Interest Rate

$99

Annual Fee

1.99% for the first 6 months (then 22.99%)

Balance Transfer Rate

Details

Product NameSimplyCash Preferred Card from American Express
RewardEarn 2% cash back on all eligible purchases
Welcome OfferEarn 5% cash back on all eligible purchases in your first six months (up to a maximum spend of $6,000, or $300 in cash back). Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application
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
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30-second take

  • Get this card if you want to earn a higher return of cash back on all eligible purchases.
  • Choose something else if you would rather receive less rewards in return for no annual fee.

Key features

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

  • Cash back. Earn 2% cash back on all eligible card purchases.
  • Welcome offer. New cardholders can earn 5% cash back on all eligible purchases during the first six months (up to a maximum spending amount of $6,000, or $300 in cash back).
  • Balance transfer offer. Get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application.
  • Refer a friend. Refer a friend and earn a bonus of $100 cash back for each approved referral (up to a maximum bonus of $1,500 cash back per year).
  • Travel and shopping coverage. Offers extended warranty and insurance coverage on products purchased with your SimplyCash Preferred Card from American Express, 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 $5,000,000. T&C’s apply.

Bonus features

  • 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 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.

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.

The $99 annual fee cuts into cash back 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 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.

Compare other American Express credit cards

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Min. Credit Limit Benefits with this card Description
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Earn 1 AIR MILE for every $5 spent on eligible food, drink, gas and transit purchases (up to an annual spend of $30,000), and earn 1 AIR MILE for every $10 spent on all other eligible purchases (and after the $30,000 annual spend)
Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months. Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application
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American Express AIR MILES Reserve Credit Card
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Earn 1 AIR MILE for every $10 spent on purchases at eligible stand-alone grocery stores, gas stations and drugs stores in Canada, as well as eligible AIR MILES partners, and earn 1 AIR MILE for every $15 spent on all other eligible purchases elsewhere
Earn a Welcome Bonus of 2,400 AIR MILES when you spend at least $3,000 in eligible purchases within the first three months. Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application
Business Platinum Card from American Express
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American Express AeroplanPlus Platinum Card
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Earn 1.25 Aeroplan Miles for every $1 spent up to the first $25,000 annual spend, and earn 1.5 Aeroplan Miles for every $1 spent over $25,000
Receive 40,000 bonus Aeroplan Miles after spending $3,000 in the first three months of card membership
American Express AIR MILES Gold Business Card
19.99%
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Earn 1 AIR MILE for every $15 spent on eligible purchases at AIR MILES Sponsors, and earn 1 AIR MILE for every $20 spent on eligible purchases elsewhere
Earn a Welcome Bonus of 150 AIR MILES when you spend at least $1,000 in eligible purchases within the first three months
American Express AeroplanPlus Gold Card
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Earn 1 Aeroplan Mile for every $1 you spend up to a maximum of $10,000, and earn 1.25 Aeroplan Miles for every $1 spent over $10,000 per year
Earn 15,000 bonus Aeroplan Miles after spending $1,500 in the first 3 months
American Express Business Gold Rewards Card
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Earn 2 Membership Rewards points for every $1 spent on eligible purchases at select American Express merchant suppliers in Canada (choose 3 suppliers), and earn 1 Membership Reward point for every $1 spent on eligible purchases elsewhere
Earn a Welcome Bonus of 30,000 Membership Rewards points when you spend at least $5,000 on eligible purchases within the first three months
American Express Business Edge Card
19.99%
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Earn 3 Membership Rewards points for every $1 spent on eligible business essentials including office supplies, electronics, rides, gas, eats and drinks (up to an annual earn of 75,000 Membership Rewards), and earn 1 Membership Reward point for every $1 spent on all other eligible purchases
Earn up to 42,000 Membership Rewards points in your first year. Earn a Welcome Bonus of 30,000 Membership Rewards points when you spend at least $5,000 on eligible purchases within the first three months, and earn 1,000 Membership Rewards points each month (a total of 12,000 annually) when you spend a minimum of $3,000 on eligible purchases

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Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Min. Credit Limit Benefits with this card Description
American Express AIR MILES Platinum Credit Card
20.99%
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Earn 1 AIR MILE for every $5 spent on eligible food, drink, gas and transit purchases (up to an annual spend of $30,000), and earn 1 AIR MILE for every $10 spent on all other eligible purchases (and after the $30,000 annual spend)
Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months. Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application
American Express AIR MILES for Business Card
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American Express AIR MILES Reserve Credit Card
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Earn 1 AIR MILE for every $10 spent on purchases at eligible stand-alone grocery stores, gas stations and drugs stores in Canada, as well as eligible AIR MILES partners, and earn 1 AIR MILE for every $15 spent on all other eligible purchases elsewhere
Earn a Welcome Bonus of 2,400 AIR MILES when you spend at least $3,000 in eligible purchases within the first three months. Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application
American Express AIR MILES Gold Business Card
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Earn 1 AIR MILE for every $15 spent on eligible purchases at AIR MILES Sponsors, and earn 1 AIR MILE for every $20 spent on eligible purchases elsewhere
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American Express AIR MILES for Business Card
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American Express AIR MILES Gold Business Card
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Earn a Welcome Bonus of 150 AIR MILES when you spend at least $1,000 in eligible purchases within the first three months
Marriott Bonvoy Business American Express Card
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American Express Business Gold Rewards Card
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Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Min. Credit Limit Benefits with this card Description
The Platinum Card from American Express
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Earn 3 Membership Rewards points for every $1 spent on eligible dining in Canada, 2 Membership Rewards points for every $1 spent on eligible travel purchases as well as hotel and car rental bookings made with American Express Travel, and earn 1 Membership Reward point for every $1 spent on all other eligible purchases
As a new Platinum Cardmember, earn up to 60,000 Membership Rewards points in the fist six months. Earn a Welcome Bonus of 50,000 Membership Rewards points when you spend at least $3,000 on eligible purchases within the first three months. Receive an additional 10,000 Membership Rewards points after six months of cardmembership
American Express AIR MILES Platinum Credit Card
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Earn 1 AIR MILE for every $5 spent on eligible food, drink, gas and transit purchases (up to an annual spend of $30,000), and earn 1 AIR MILE for every $10 spent on all other eligible purchases (and after the $30,000 annual spend)
Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $1,500 in eligible purchases within the first three months. Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application
American Express AeroplanPlus Platinum Card
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Earn 1.25 Aeroplan Miles for every $1 spent up to the first $25,000 annual spend, and earn 1.5 Aeroplan Miles for every $1 spent over $25,000
Receive 40,000 bonus Aeroplan Miles after spending $3,000 in the first three months of card membership
Business Platinum Card from American Express
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Earn 1.25 Membership Rewards points for every $1 spent on eligible purchases
Earn a Welcome Bonus of 40,000 Membership Rewards points when you spend at least $5,000 on eligible purchases within the first three months

Compare up to 4 providers

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Min. Credit Limit Benefits with this card Description
SimplyCash Preferred Card from American Express
19.99%
22.99%
$99
N/A
N/A
Earn 2% cash back on all eligible purchases
Earn 5% cash back on all eligible purchases in your first six months (up to a maximum spend of $6,000, or $300 in cash back). Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application
SimplyCash Card from American Express
19.99%
22.99%
$0
N/A
N/A
1.25% cash back rate on all purchases when your welcome offer ends. No cap
Earn 2.5% cash back on all eligible purchases in your first three months (up to a maximum spend of $6,000, or $150 in cash back). Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application

Compare up to 4 providers

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Min. Credit Limit Benefits with this card Description
SimplyCash Card from American Express
19.99%
22.99%
$0
N/A
N/A
1.25% cash back rate on all purchases when your welcome offer ends. No cap
Earn 2.5% cash back on all eligible purchases in your first three months (up to a maximum spend of $6,000, or $150 in cash back). Plus, get a rate of 1.99% on balance transfers for the first six months with no balance transfer fee. Transfer up to 50% of your credit limit or $7,500, whichever is less. This offer is only available at the time of online application
American Express AIR MILES Gold Business Card
19.99%
22.99%
$0
N/A
N/A
Earn 1 AIR MILE for every $15 spent on eligible purchases at AIR MILES Sponsors, and earn 1 AIR MILE for every $20 spent on eligible purchases elsewhere
Earn a Welcome Bonus of 150 AIR MILES when you spend at least $1,000 in eligible purchases within the first three months

Compare up to 4 providers

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

Bottom line

The SimplyCash Preferred Card from American Express is a viable option for new members who are looking to make a high volume of purchases in their first few months of card membership and want to maximize their cash back 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 Card from American Express, which may be a good option for those customers looking for a fee-free cash back option.

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