American Express SimplyCash Card Review Canada

American Express SimplyCash Card Canada

Amex SimplyCash Card Canada

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American Express SimplyCash Card
7 / 10 Our Vote
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Pros
No annual fee
5% Cash back rate (1.25% after 6 months)
Emergency medical insurance
Supplementary card for no charge
Cons
1.25% cash back after the promotional period
Many merchants do not accept American Express cards
Summary

The SimplyCash Card is offered by American Express as cash back rewards category credit card. This card is famous for a high rate of 5% cash back rate in the first 6 months and is higher than the competitor rates.  You may get this cash back up to a limit of $250 in restaurants, gas stations and grocery stores in Canada. However, this promotional rate of 5% declines to 1.25% after six months. Another great highlight of the card is that it has no annual fee. When you transfer a balance from your creditors then you pay no interest charge for the first 6 months. You save money on interest charges that you were paying to other creditors and the limit is up to $7500 or 50% of the credit limit.

The card also has many insurance benefits and the Amex customer service is available to assist you 24/7. This includes travel insurance and many priority line perks. Now Apple Pay can also be used to pay for American Express invites. However, there are still many payment forums and merchants who do not accept American Express cards as widely as a Visa or MasterCard.

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Our Review on Amex SimplyCash Card

SimplyCash Card (American Express) Pros

The SimplyCash Card (American Express) has many advantages as follows:

  • No annual fee is a big plus point of this cash back rewards card as this category does have other competitors with an annual fee.
  • The cash back rate in the market is highest at 5%. They give this promotional rate for the first six months and you may earn up to a maximum $250.
  • After the 6 months promotional period you may still earn cash back at the rate of 1.25% which is still good.
  • The emergency medical insurance for out of territory & province and travel insurance are some added benefits on this card. Usually, you find these rewards on a travel rewards card.
  • There is no confusion in categories or tiers when you enjoy shopping and earn some cash back.
  • You get a supplementary card for no charge so more people in your household may use the card and you earn more rewards.
  • When you open a new account you may transfer card balances on other higher interest creditors to this card at a 0% interest rate. They charge only 1% transfer fee for these balance transfers.
  • Get American Express invites for shopping and entertainment.
  • The customer service is available 24/7.

SimplyCash Card (American Express) Cons

  • You may earn only up to $250 during the promotional period of 6 months with the 5% cash back rate. This drops to 1.25% after the promotional period which is lower than other competitors.
  • There are many merchants and point of sale terminals that do not accept American Express cards. So ease of acceptance of this card may not be as good as a Visa or MasterCard.

SimplyCash Card (American Express) Overview

Annual Fee:$0
Interest Rate:19.99%
Balance Transfer:0% in first six months
Cash Advance:21.99%
Credit Score:Good
Rewards:5.00%
*maximum up to $250 for the first six months
Referral Bonus: $100 cash back up to a maximum limit of $1500

*per approved application as per criteria

Other:Rental vehicle insurance, Purchase protection, Travel medical insurance, Extended warranty, Baggage insurance, Flight delay insurance and Travel accident insurance

SimplyCash Card Annual Fee, Features & Benefits

The SimplyCash Card by American Express has no annual fee.

Rate of Interest on Purchases

The interest rate for purchases is 19.99% per year.

Interest Rate on Balance Transfers

You may transfer at 0% the balances that you carry on other cards or loans. This can be done for up to 6 months from the time you open the account. The fee for a balance transfer is 1% only and that is calculated on the amount you transfer. You may transfer the lesser of $7500 or 50% of your credit limit.

Cash Advances Rates

The annual interest charge on cash advances is 21.99%. You may pay a charge of $2.75% when you take a cash advance from an American Express Dispenser or automated banking machine.  The minimum amount you may get as cash advance is $20.

Credit Score Rating

It is necessary to have a good credit rating to qualify for this card and with a minimum income of $15000.

Rewards

You may get a cash back rate of 5% during the promotional period of six months from the time you open the account. And you may earn up to $250 during this period. After the promotion is over you may earn 1.25% rate on cash back.

(Referral) Bonus

When you refer someone to apply for this card and their application is approved then you may get a bonus. The bonus is for a maximum of $1500 and $100 per application that they approve as per the applicant’s eligibility.

Insurance Features

BenefitsLimits
Extended warrantyup to 1 year
Protection for Purchase90 days
Medical Emergency15 days
Travel Accident Insuranceup to $100000
Flight Delay$500
Baggage Delay$500
Stolen or Lost Baggage$500

Card Benefits

The following are the benefits that SimplyCash Card offers to users:

Extended Warranty

The original period for warranty from the manufacturer extends for an additional year when you buy a product using this card.

Purchase Protection

There is no need to register for physical damage or theft perils when you use this card for the purchase of the product.

Theft & Damage Insurance for Car Rental

Get insurance cover for theft or damage when you use a rental car. So you do not have to buy separate insurance coverage from the rental agency.

Travel Accident Insurance

This card also offers accident death & dismemberment benefits to you and your spouse, dependent kids aged less than 23 years and even a supplementary card user. The coverage limit is up to $100000 when you purchase your bus, plane or ship tickets with this card.

Emergency Medical Insurance

There is emergency medical insurance for card members when they travel out of their territory or province. This is valid for up to 15 days when the card member is under 65 years of age.

Travel Insurance

They offer you some travel insurance benefits such as flight delay and stolen or lost baggage coverage.

Where Can You Use SimplyCash Card (American Express)

The SimplyCash Card is accepted at all merchant terminals that accept American Express Cards. They will also display signage for American Express.

SimplyCash Card (American Express) Contact Information

  • Card Application Number: 1800-567-2639
  • Customer Service Number: 1800-869-3016 and 1866-549-6426 (Canada or U.S.). You may call 905-474-0870 from outside U.S. and Canada.
  • Mailing Address: P.O, Box 3204 STN ‘F’, Toronto, Ontario M1W 3W7.

Disclaimer

We are not directly affiliated and make no representations or warranties, recommendations or endorsements of SimplyCash Card (American Express). This article is our review of SimplyCash (American Express) for information purposes only. The logos, trademarks, and copyrights mentioned in this article belong to the SimplyCash Card (American Express).

*Rate and product information are subject to change at any time and does not constitute financial advice. Please contact the supplier for complete details.

SimplyCash Card (American Express) is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://www.americanexpress.com/ca/en/content/search/

https://www.americanexpress.com/ca/en/content/simply-cash/

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