SimplyCash Preferred Card from American Express Review

Last updated:  

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

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
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

The SimplyCash Preferred 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.

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 Card from 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 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 $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 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 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 SSimplyCash 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 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 Welcome Offer Reward Purchase Interest Rate Cash Advance Rate Annual Fee
Receive 2,000 bonus AIR MILES® when you spend $1,500 within the first three months of membership.
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
19.99%
22.99%
$65
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Offers 40,000 bonus Aeroplan Miles when you spend $3,000 within the first three months.
Get free annual partner ticket and unlimited access to Air Canada®** Maple Leaf Lounges as well as Air Canada®** priority check-in.
N/A
N/A
$499
Get free annual partner ticket and unlimited access to Air Canada®** Maple Leaf Lounges as well as Air Canada®** priority check-in.
Offers 5,000 Bonus Aeroplan Miles when you spend $500 in the first three months of membership. For new cardmembers only.
Earn 1 Aeroplan Mile for every dollar spent. Double your miles on purchases at over 150 Aeroplan partner brands.
N/A
N/A
$60
Earn 1 Aeroplan Mile for every dollar spent. Double your miles on purchases at over 150 Aeroplan partner brands.
Offers 2,000 bonus AIR MILES® when you spend $5,000 within the first 3 months of membership.
Earn 1 AIR MILES® for every $10 spent at eligible AIR MILES® Partners* and 1 mile for every $15 spent anywhere else
N/A
N/A
$180
Earn 1 AIR MILES® for every $10 spent at eligible AIR MILES® Partners* and 1 mile for every $15 spent anywhere else.
Receive 2,400 AIR MILES® when you spend $3,000 within first three months of membership.
1.99% balance transfer offer in the first 6 months. No balance transfer fee upon application
19.99%
22.99%
$299
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Receive 40,000 points when you spend $5,000 within first three months of membership.
Earn 1.25 points for every dollar you spend with no limit to the number of points you can accumulate
N/A
N/A
$499
Earn 1.25 points for every dollar you spend with no limit to the number of points you can accumulate.
Offers 150 AIR MILES® when you spend $1,000 within the first 3 months of membership.
Earn 1 mile for every $15 you spend at official sponsors and 1 mile for every $20 you spend anywhere else.
19.99%
22.99%
$0
Earn 1 mile for every $15 you spend at official sponsors and 1 mile for every $20 you spend anywhere else.
Offers 15,000 bonus Aeroplan Miles when you spend $1,500 within your first 3 months of membership.
Earn 1 Aeroplan Mile for every dollar you spend up to $10,000 and 1.25 Aeroplan Miles for every dollar spent over $10,000 per year.
N/A
N/A
$120
Earn 1 Aeroplan Mile for every dollar you spend up to $10,000 and 1.25 Aeroplan Miles for every dollar spent over $10,000 per year.
Offers 50,000 bonus Aeroplan®* Miles when you spend $3,000 within the first three months of card membership.
Earn 1.25 Aeroplan®* Miles for every $1 charged on card purchases and 2 miles on eligible Air Canada purchases.
19.99%
22.99%
$899
Receive a bonus $200 in annual travel credit to use towards flights, car rentals, hotels and more.
Offers 30,000 bonus points when you spend $5,000 within the first three months of card membership.
Earn 1 Membership Rewards point per $1 spent and 1 additional point per $1 spent at three eligible AMEX merchants in Canada.
N/A
N/A
$250
Benefit from purchasing power that adjusts dynamically with your card usage and grows with your business over time when you maintain a good credit.

Compare up to 4 providers

Name Product Welcome Offer Reward Purchase Interest Rate Cash Advance Rate Annual Fee
Receive 2,000 bonus AIR MILES® when you spend $1,500 within the first three months of membership.
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
19.99%
22.99%
$65
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Offers 2,000 bonus AIR MILES® when you spend $5,000 within the first 3 months of membership.
Earn 1 AIR MILES® for every $10 spent at eligible AIR MILES® Partners* and 1 mile for every $15 spent anywhere else
N/A
N/A
$180
Earn 1 AIR MILES® for every $10 spent at eligible AIR MILES® Partners* and 1 mile for every $15 spent anywhere else.
Receive 2,400 AIR MILES® when you spend $3,000 within first three months of membership.
1.99% balance transfer offer in the first 6 months. No balance transfer fee upon application
19.99%
22.99%
$299
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Offers 150 AIR MILES® when you spend $1,000 within the first 3 months of membership.
Earn 1 mile for every $15 you spend at official sponsors and 1 mile for every $20 you spend anywhere else.
19.99%
22.99%
$0
Earn 1 mile for every $15 you spend at official sponsors and 1 mile for every $20 you spend anywhere else.

Compare up to 4 providers

Name Product Welcome Offer Reward Purchase Interest Rate Cash Advance Rate Annual Fee
Offers 40,000 bonus Aeroplan Miles when you spend $3,000 within the first three months.
Get free annual partner ticket and unlimited access to Air Canada®** Maple Leaf Lounges as well as Air Canada®** priority check-in.
N/A
N/A
$499
Get free annual partner ticket and unlimited access to Air Canada®** Maple Leaf Lounges as well as Air Canada®** priority check-in.
Offers 5,000 Bonus Aeroplan Miles when you spend $500 in the first three months of membership. For new cardmembers only.
Earn 1 Aeroplan Mile for every dollar spent. Double your miles on purchases at over 150 Aeroplan partner brands.
N/A
N/A
$60
Earn 1 Aeroplan Mile for every dollar spent. Double your miles on purchases at over 150 Aeroplan partner brands.
Offers 15,000 bonus Aeroplan Miles when you spend $1,500 within your first 3 months of membership.
Earn 1 Aeroplan Mile for every dollar you spend up to $10,000 and 1.25 Aeroplan Miles for every dollar spent over $10,000 per year.
N/A
N/A
$120
Earn 1 Aeroplan Mile for every dollar you spend up to $10,000 and 1.25 Aeroplan Miles for every dollar spent over $10,000 per year.
Offers 50,000 bonus Aeroplan®* Miles when you spend $3,000 within the first three months of card membership.
Earn 1.25 Aeroplan®* Miles for every $1 charged on card purchases and 2 miles on eligible Air Canada purchases.
19.99%
22.99%
$899
Receive a bonus $200 in annual travel credit to use towards flights, car rentals, hotels and more.

Compare up to 4 providers

Name Product Welcome Offer Reward Purchase Interest Rate Cash Advance Rate Annual Fee
Offers 2,000 bonus AIR MILES® when you spend $5,000 within the first 3 months of membership.
Earn 1 AIR MILES® for every $10 spent at eligible AIR MILES® Partners* and 1 mile for every $15 spent anywhere else
N/A
N/A
$180
Earn 1 AIR MILES® for every $10 spent at eligible AIR MILES® Partners* and 1 mile for every $15 spent anywhere else.
Receive 40,000 points when you spend $5,000 within first three months of membership.
Earn 1.25 points for every dollar you spend with no limit to the number of points you can accumulate
N/A
N/A
$499
Earn 1.25 points for every dollar you spend with no limit to the number of points you can accumulate.
Offers 150 AIR MILES® when you spend $1,000 within the first 3 months of membership.
Earn 1 mile for every $15 you spend at official sponsors and 1 mile for every $20 you spend anywhere else.
19.99%
22.99%
$0
Earn 1 mile for every $15 you spend at official sponsors and 1 mile for every $20 you spend anywhere else.
Receive 50,000 Marriott Bonvoy™ points when you charge $1,500 in the first 3 months of card membership.
Earn 5 Marriott Bonvoy™ points per dollar spent at participating Marriott Bonvoy™ properties, 3 points on eligible gas, dining and travel and 2 points on all other spend.
19.99%
22.99%
$150
Earn 5 Marriott Bonvoy™ points per dollar spent at participating Marriott Bonvoy™ properties, 3 points on eligible gas, dining and travel and 2 points on all other spend.
Offers 30,000 bonus points when you spend $5,000 within the first three months of card membership.
Earn 1 Membership Rewards point per $1 spent and 1 additional point per $1 spent at three eligible AMEX merchants in Canada.
N/A
N/A
$250
Benefit from purchasing power that adjusts dynamically with your card usage and grows with your business over time when you maintain a good credit.

Compare up to 4 providers

Name Product Welcome Offer Reward Purchase Interest Rate Cash Advance Rate Annual Fee
Receive 2,000 bonus AIR MILES® when you spend $1,500 within the first three months of membership.
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
19.99%
22.99%
$65
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Offers 40,000 bonus Aeroplan Miles when you spend $3,000 within the first three months.
Get free annual partner ticket and unlimited access to Air Canada®** Maple Leaf Lounges as well as Air Canada®** priority check-in.
N/A
N/A
$499
Get free annual partner ticket and unlimited access to Air Canada®** Maple Leaf Lounges as well as Air Canada®** priority check-in.
Receive 50,000 bonus Membership Rewards points when you spend $3,000 within the first three months of membership.
Earn 3 Membership Rewards points for every $1 spent on eligible dining, 2 points on eligible travel purchases and 1 point on all other spend
N/A
N/A
$699
Earn 3 Membership Rewards points for every $1 spent on eligible dining, 2 points on eligible travel purchases and 1 point on all other spend.
Receive 40,000 points when you spend $5,000 within first three months of membership.
Earn 1.25 points for every dollar you spend with no limit to the number of points you can accumulate
N/A
N/A
$499
Earn 1.25 points for every dollar you spend with no limit to the number of points you can accumulate.

Compare up to 4 providers

Name Product Welcome Offer Reward Purchase Interest Rate Cash Advance Rate Annual Fee
Receive 5% cashback (up to $300 cashback) in the first six months.
Get 2% cashback on all purchases. No cap and no limit.
19.99%
22.99%
$99
Offers 1.99% balance transfer rate in the first 6 months to new cardmembers. No balance transfer fee upon application.
Earn 2.5% cash back (up to $150 cash back) in the first three months.
1.25% cash back rate on all purchases when your welcome offer ends. No cap.
19.99%
22.99%
$0
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.

Compare up to 4 providers

Name Product Welcome Offer Reward Purchase Interest Rate Cash Advance Rate Annual Fee
Earn 2.5% cash back (up to $150 cash back) in the first three months.
1.25% cash back rate on all purchases when your welcome offer ends. No cap.
19.99%
22.99%
$0
Offers 1.99% balance transfer rate in the first 6 months. No balance transfer fee upon application.
Offers 150 AIR MILES® when you spend $1,000 within the first 3 months of membership.
Earn 1 mile for every $15 you spend at official sponsors and 1 mile for every $20 you spend anywhere else.
19.99%
22.99%
$0
Earn 1 mile for every $15 you spend at official sponsors and 1 mile for every $20 you spend anywhere else.

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 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.

Ask an expert

You must be logged in to post a comment.

Go to site