SimplyCash Preferred Card American Express Review

SimplyCash Preferred Card (American Express)

Amex SimplyCash Preferred Card

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SimplyCash Preferred Card From American Express
7 / 10 Our Vote
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Pros
Highest cash back rate
Cashback rate of 1.5% after the promotional period
Free supplementary card
0% balance transfer interest rate
Cons
Annual fee of $79
Cash back rate declines to 1.50% from 5%
Maximum $400 cash back limit During the promotional period
Summary

The American Express offers SimplyCash Preferred Card as part of its cash back rewards lineup of credit cards. To make these cards stand out, they offer the highest rate of cash back of 4% in the first 6 months up to a maximum of $400. Now that is nowhere near the cash back rate that other competing credit card issuers offer. Also, you have no restrictions on the purchases that qualify for cash back. This has increased the ease of earning cash back on most retailer transactions from restaurants, travel to shopping, entertainment etc. This card does come with an annual fee but the cash back potential is simply easy without any tiers, bonuses or category that other competitors may have. With Amex, you do not have to wait to call with a query as their customer service is available 24/7.

Another bonus is the travel insurance from American Express and the front of line access that this card offers. If you refer a friend then they pay you a cash back bonus of $200 when they approve your referral. You may earn up to a maximum $3000 in just referral bonus cash back. American Express may not be the preferred credit payment option on some payment forums and you may see a limited acceptance. When you compare this card with a MasterCard or Visa then you may see there are many merchants who still do not prefer an Amex card.

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Our Review on Amex SimplyCash Preferred Card

SimplyCash Preferred Card (American Express) Pros

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

  • They give the highest cash back rate in the market at 5% for the first 6 months and you may earn up to a maximum $400.
  • Even after the promotional period of 6 months, they have no limit on the cash back that you could earn.
  • The cash back rate of 1.5% after the promotional period on eligible purchases is still a good deal up to a limit of $100000.
  • The travel insurance and emergency medical insurance for out of province claims are an added bonus on this card. This card comes with many benefits that are usually a part of travel rewards card category.
  • No tiers or categories to worry about while you shop and also earn some cash.
  • You pay no fee to request a supplementary card.
  • New card members may enjoy a 0% balance transfer interest rate on balances they opt to transfer when they apply for the card online.
  • You may also enjoy Amex premium invites for entertainment.

SimplyCash Preferred Card (American Express) Cons

  • This card does have an annual fee of $79. Most users prefer to have a card with no annual fee.
  • During the promotional period of 6 months, there is a cash back maximum limit of $400.
  • The cash back rate declines to 1.50% from 5% after the initial promotional period. Once you receive your cash back amount up to $100000 then the cash back rate drops to 1.25%.
  • American Express cards may not be accepted at all point of sale or online payment forums as much as a MasterCard or Visa card.
  • Another drawback is that you have to spend your annual cash back credit as per your statement by shopping with one of their merchants. Amex does not give your annual credit as cash back in the form of a cheque. They give this credit only once in a year.

SimplyCash Preferred Card (American Express) Overview

Annual Fee$79.00
Interest Rate19.99%
Balance Transfer0% in first six months (only on new card applications done online)
Cash Advance21.99%
Credit ScoreGood
Rewards5.00% *maximum up to $400 for the first six months
Referral Bonus$200 cash back up to a maximum limit of $3000 *per approved application as per criteria
OtherPurchase protection and extended warranty, Baggage insurance, Flight delay insurance, Rental vehicle insurance, Travel medical insurance, Travel accident insurance

Features & Benefits Review

Annual Fee

The annual fee for the SimplyCash Preferred Card from American Express is $79.

Interest Rate

They charge an interest rate of 19.99% on purchases per annum.

Balance Transfer

You may transfer balances from another credit issuer at 0% interest rate. This option is only available when you apply for this card online for a time period up to 6 months. They charge a 1% fee for balance transfer and you may transfer up to 50% of your credit limit or up to $7500.

Cash Advances

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

Credit Score Rating

You need to have a good rating for your credit score to apply for this card. The minimum income you may have, to qualify to apply for this card is $15000.

Rewards Points

The rate of cashback is 5% for the first 6 months up to a maximum amount of $400. Thereafter you may earn 1.5% as cash back for up to $100000.

Referral Bonus

You may refer a friend or family member and they may apply for the American Express SimplyCash Preferred Card. Then for each approved application, you may earn cash back. They will approve the application when your referral meets all criteria for eligibility. For every approved friend referral you may earn $200 cash back up to a maximum limit of $3000.

SimplyCash Preferred Card Cash Back Calculator

Spending CategoryMonthly Spending
Total Spending Reward$640 (At 5% Rate first 6 months)
Groceries$400
Gas$300
Restaurants$200
Bills$500
Travel$150
Entertainment$200
Pharmacy$0
Everything Else$250

Insurance Features

Card Benefits

The SimplyCash Preferred Card also has many benefits as follows:

Extended Warranty

The original warranty period doubles up to 1 year when you purchase that product with this card.

Purchase Protection

You do not have to register to get cover for theft and physical damaged caused by accident when you use this card for purchase.

Theft & Damage Insurance for Car Rental

Get cover for theft or damage to a rental car and decline the expensive cover from the rental agency.

Travel Accident Insurance

You may get cover for yourself, your spouse, dependent children less than 23 years and any supplementary cardmember for accident death & dismemberment. The coverage limit is up to $100000 when you purchase your bus, plane or ship tickets with this card.

Emergency Medical Insurance

Card members may also avail medical insurance out of province for a time frame of up to 15 days if they are less than 65 years old.

Travel Insurance

They offer you other comprehensive range of travel insurance. This includes insurance for lost or stolen baggage and flight delay benefits.

Where Can You Use SimplyCash Preferred Card (American Express)

You may use the SimplyCash Preferred Card at all payment terminals and merchant locations that accept Amex cards. These merchant business locations will also display a signage of American Express.

SimplyCash Preferred 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.

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

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/mgm/simplycash-preferred-card/terms-and-conditions.html

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


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