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SimplyCash Preferred Card from American Express review

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SimplyCash Preferred Card from American Express
Welcome Offer
$400 in statement credits
Rewards
Up to 4% cash back
Annual Fee
$119.88
Purchase Interest Rate
20.99%
Cash Advance Rate
21.99%

Our verdict

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

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.

Best for: Those who want to earn a higher return of cash back on all eligible purchases.

Pros

  • Earn up to 4% cashback
  • Enjoy a welcome bonus
  • Refer a friend bonus available
  • Travel and shopping coverage

Cons

  • You'll pay an annual fee of $119.88
  • American Express is not as widely accepted as Visa or Mastercard

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In your first 10 months, earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases. This could add up to $400 in statement credits in the first 10 months.

Key features of the SimplyCash Preferred Card from American Express

  • Cash back. Earn 4% cash back on eligible gas station purchases in Canada, 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually), and 2% cash back on all other purchases.
  • Welcome offer. In your first 10 months, earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases. This could add up to $400 in statement credits in the first 10 months.
  • Refer a friend. Earn up to a maximum annual referral bonus of $750 cash back for approved referrals.
  • 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 with up to $5,000,000 Out-of-Province/Country Emergency Medical Insurance. Terms and conditions apply.

Bonus features

  • Special offers and experiences. Access events and special offers curated for Cardmembers with American Express Experiences.
  • 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 24.99% - 26.99% Variable on the outstanding balance.

SimplyCash Preferred Card from American Express interest rates

Interest TypeInterest Rate
Purchase interest rate20.99%
Cash advance rate21.99%

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 $119.88 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.

What should I know before I apply

How to apply for the SimplyCash Preferred Card from American Express

  1. Click on the Go to Site button above or on this secure link to be 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 Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
American Express Cobalt Card
15,000 points
Up to 5x points per $1 spent
20.99%
$155.88
Min. recommended credit score: 700
Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 towards a weekend getaway or concert tickets.
American Express Green Card
10,000 points
1 point per $1 spent
20.99%
$0
Min. recommended credit score: 700
Earn a Welcome Bonus of 10,000 Membership Rewards points when you charge $1,000 in purchases to your card in the first 3 months as a new Cardmember. That’s $100 towards groceries or concert tickets.
SimplyCash Card from American Express
$100 in statement credits
Up to 2% cash back
20.99%
$0
Min. recommended credit score: 700
In your first 10 months, earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases. This could add up to $100 in statement credits in the first 10 months.
American Express Aeroplan Reserve Card
85,000 points
Up to 2x points
20.99%
$599
Min. recommended credit score: 700
Earn up to 85,000 welcome bonus Aeroplan points. That's a value of up to $2,600 or more when you combine your welcome bonus points and card benefits.
American Express Aeroplan Card
40,000 points
Up to 2x points
N/A
$120
Min. recommended credit score: 700
Earn up to 40,000 welcome bonus Aeroplan points. That's a value of up to $900 in your first year.
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Bottom line on the Amex SimplyCash Preferred Card

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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Claire Finder

Associate editor

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