If you’ve ever wished for a credit card that truly rewards you for every purchase, the American Express SimplyCash Preferred Card might just be the answer. With impressive cashback rates and a host of added benefits, this card isn’t just another piece of plastic in your wallet—it’s a tool designed to help you maximize your spending potential.
Packed with perks like exclusive access to experiences, robust travel coverage, and mobile device insurance, the SimplyCash Preferred Card caters to those who value convenience, flexibility, and reliability. Let’s take a closer look at why this card has become a favorite among savvy shoppers.
Main features of the American Express SimplyCash Preferred Card
The SimplyCash Preferred Card is issued by American Express, a name synonymous with premium financial products and exceptional service. This card is tailored for individuals who appreciate high-value rewards without the hassle of complex point systems.
Whether you’re a busy parent managing household expenses, a professional juggling work and travel, or someone who simply wants to earn more for every purchase, this card has something for everyone. The card’s standout feature is its generous cashback program, offering tiered rewards that make it easy to earn on daily essentials.
Beyond cashback, the SimplyCash Preferred Card comes with features like mobile device insurance, travel protections, and exclusive access to concerts and events through American Express Experiences. It’s designed for anyone who wants to streamline their spending while enjoying premium benefits.
Understanding the annual fee
When it comes to annual fees, transparency is key, and the SimplyCash Preferred Card is upfront about its cost. For $9.99 a month—equivalent to $119.88 annually—you unlock access to a range of impressive benefits. This structure makes it easier to budget, as the monthly fee is manageable for most users.
What sets this card apart is the value you get in return. The high cashback rates, travel insurance, and premium perks far outweigh the modest fee. Plus, with no additional annual fees for supplementary cards, you can extend these benefits to family members at no extra cost. Whether you’re earning cashback on groceries or enjoying exclusive experiences, the fee quickly pays for itself through the card’s rewards and protections.
Deciphering credit limits
American Express takes a personalized approach to determining your credit limit, ensuring it aligns with your financial situation. Factors like your income, credit score, and existing financial obligations play a crucial role in setting the initial limit. This tailored evaluation ensures that your limit supports your spending needs without overextending your credit capacity.
As you use the card responsibly, such as paying off balances on time and keeping your credit utilization low, you may qualify for an increase. American Express monitors your account activity and may offer adjustments over time, giving you more flexibility for larger purchases or unexpected expenses. The process is designed to promote financial health while giving you room to grow.
Advantages of the American Express SimplyCash Preferred Card
- Cashback Rewards: 4% cashback on eligible gas station purchases in Canada; 4% cashback on grocery purchases (up to $1,200 cashback annually); 2% cashback on all other purchases with no limit.
- Travel Insurance: Up to $5 million in emergency medical coverage for eligible travelers under 65; Flight and baggage delay insurance to ease travel disruptions; Hotel burglary insurance for peace of mind on your trips.
- Shopping Protection: Mobile device insurance for theft, loss, or damage, covering up to $1,000; Purchase protection and extended warranties on eligible items.
- Exclusive Experiences: Access to presale tickets, reserved seating, and special events through Amex Experiences.
- Convenience and Security: 24/7 customer support; Fraud protection and emergency card replacement.
Standout advantage
The cashback structure of the SimplyCash Preferred Card is its crown jewel. Offering 4% cashback on both gas and grocery purchases in Canada is a game-changer for households with regular expenses in these categories. While many cards impose strict caps or complicated tiers, this card keeps it simple.
Addressing potential drawbacks
- Annual Fee: Although reasonable, the $9.99 monthly fee might deter some users.
- Foreign Transaction Fee: Purchases made outside Canada incur a standard fee.
- Spending Cap on Groceries: The 4% cashback on groceries is capped at $1,200 annually.
- High Interest Rate: With an APR of 21.99%, carrying a balance can be costly.
Standout disadvantage
The cap on grocery cashback may feel restrictive for larger families or those with significant grocery expenses. While earning 4% cashback is generous, the $1,200 annual cap limits the rewards you can accumulate in this category. After reaching the cap, purchases revert to the standard 2% cashback rate, which, while still rewarding, might not fully satisfy high-volume grocery shoppers.
Eligibility criteria
The SimplyCash Preferred Card is available to Canadian residents with a Canadian credit file. Applicants must meet the age of majority in their province or territory and demonstrate creditworthiness based on their financial profile. Having a stable income and a strong credit history increases the likelihood of approval.
American Express also evaluates applicants’ existing obligations and spending patterns to ensure the card is a good fit. With straightforward eligibility criteria, the SimplyCash Preferred Card welcomes individuals who are ready to enjoy a rewarding financial tool.
How to apply for the BMO Ascend World Elite Mastercard
Applying for the SimplyCash Preferred Card is a seamless experience. American Express offers multiple application methods to suit your preferences, ensuring the process is quick and hassle-free. Whether you prefer applying online, through the app, or exploring options, you’re just a few steps away from unlocking unparalleled rewards.
Via website
The most convenient way to apply is through the American Express website. Begin by navigating to the SimplyCash Preferred Card page and clicking “Apply Now.” Fill out the online form with your personal and financial details. The website’s intuitive interface ensures you won’t miss a step, and in most cases, you’ll receive a decision within 60 seconds.
Through the mobile application
For those who prefer managing everything on their phone, the American Express app offers a smooth application process. Download the app, navigate to the card section, and complete your application with just a few taps. The app also allows you to track your application status and provides tools for managing your card once it’s approved.
Through the store/branch
American Express operates as a digital-first institution, meaning there are no physical branches for in-person applications. This approach simplifies the process and eliminates geographical barriers, allowing anyone to apply from the comfort of their home. If you require assistance, Amex’s 24/7 customer service is ready to guide you through the online or app-based application process.
