SimplyCash Preferred Card from American Express Review 2025

• Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
• Earn accelerated earn rates on eligible gas and grocery purchases
• 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
• Access events and special offers curated for Cardmembers with Amex ExperiencesTM
• Extensive insurance coverage and 24/7 Customer Service
• American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment

The SimplyCash® Preferred Card from American Express is widely considered one of the best cash back credit cards on the Canadian market. The card offers a solid mix of cash back rewards, useful insurance coverage and exclusive perks. Right out of the gate, cardholders are greeted with a 10% cash back bonus rate on all purchases for the first 3 months (up to $2,000 in purchases) plus a $50 statement credit after making a purchase in month 13. But it’s the cards cash back offerings— 4% cash back on gas and groceries and 2% on all other spending—that make it a go-to card for many.

Beyond cash-back rewards, cardholders gain VIP-level access to exclusive events that are not available to the public thanks to American Express Experiences. It also boasts purchase protections, mobile device insurance and travel insurance coverage.

Of course, no card is without its downsides. There’s an annual fee, which is distributed monthly, and the card’s interest rates lean toward the higher side. Yet, for cardholders who regularly pay off their monthly balances, the rewards could easily eclipse the costs, making this card perfect for elevating experiences and getting something back from your everyday spending.

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• Generous welcome bonus
• 4% cash back on gas and groceries (on up to $30,000 in spending annually)
• 2% cash back on everything else
• Exclusive American Express event access
• Annual fee cost spread out monthly

Earning rewards

This card’s earnings are quite simple: cardholders can earn 4% cash back on everyday essentials like gas and groceries and 2% on other purchases. However, there is a $30,000 per year spending cap on the groceries and gas categories (equal to $1,200 in cash back), which is hard to exceed for most. Even if you do exceed the limit, you’ll still earn the 2% cash-back base rate in those categories for the rest of the year. The 2% base rate has no spending limit.

Redeeming Rewards

The way the cash back is redeemed is also refreshingly simple, since cardholders receive cash back as a statement credit annually in September. That said, other cards allow you to redeem your cash back on demand, when you need it, so this lack of flexibility could be a drawback for some.

Rewards Potential

Cardholders looking for tangible cash-back rewards should find this card hard to overlook. Based on average Canadian spending, Forbes Advisor estimates that the SimplyCash Preferred by American Express could earn $655.07 annually, after you factor in the $119.88 annual fee. Stacked against other cards on the market, this card undeniably offers significant value.

• 4% cash back on groceries and gas (on up to $30,000 per year)
• 2% cash back on all purchases without spending caps
• Purchase protection against accidental damage or theft
• Must have travel insurance coverage for every trip
• No annual fee for additional cards
• Front of The Line access to presale and reserved tickets exclusively for cardmembers
• American Express Experiences offering advance screenings of movies, theatre packages and special access to curated events such as food festivals and the hottest restaurants

The following insurance coverage is included on your American Express SimplyCash Preferred Card when you charge the relevant travel expenses to your card:

• $5 million emergency medical insurance for the first 15 days of a trip (for under age 65)
• $500 lost or stolen baggage insurance
• $100,000 travel accident insurance
• $500 flight delay insurance after four-hour delay
• $500 baggage delay insurance after six-hour delay
• $500 hotel burglary insurance
• Car rental theft and damage insurance for up to 48 days and $85,000 MSRP
• $1,000 Purchase Protection Plan (per occurrence)
• Buyer’s Assurance Protection Plan automatically extends the manufacturer’s original warranty up to one additional year
• $1,000 mobile device insurance

Terms and conditions apply. Complete details are available in the Certificate of Insurance.

Additional Insurance Coverages

You can purchase additional insurance coverage, such as:

• Emergency medical insurance top-up plan: Extends coverage for trips longer than 15 days
• Supplemental lost or stolen baggage insurance plan: Extends coverage up to a maximum of $7,500 per occurrence
• Amex Account Protector Ultimate: Helps protect the balance of your credit card, up to $20,000, after certain circumstances, such as job loss, illness, injury or death
• Amex Travel Insurance Plans offering additional coverage, such as trip cancellation and trip interruption

Interest Rates

• Regular APR (Purchases): 21.99%
• Cash Advance APR: 21.99%
• Balance Transfer APR: N/A

Fees

• Cash Advance Fee: $2.75
• Balance Transfer Fee: 3%
• Foreign Transaction Fee: 2.5%
• Annual Fee: $119.88
• Over Limit Fee: $29

Eligibility

Before applying for the SimplyCash Preferred Card from American Express, ensure the following are both true:

• You are a Canadian resident and have a Canadian credit file
• You are the age of majority in the province or territory where you live

SimplyCash® Preferred Card from American Express vs. SimplyCash® Card from American Express

The main difference between these cards are the annual fees, the welcome bonus and the earning potential. The SimplyCash Preferred Card has a superior welcome bonus of 10% cash back on all purchases for the first 3 months plus a $50 statement credit after making a purchase in month 13, charges a $119.88 annual fee and earns 4% cash back on groceries and gas and 2% on all other spending. On the other hand, the SimplyCash Card has a 5% cash back bonus on all purchases (up to $2,000 in purchases), no annual fee and earns 2% cash back on gas and groceries and 1.25% on all other spending. The Preferred Card’s $750 referral bonus also dwarfs the SimplyCash Card’s $375 bonus. The Preferred version also comes with travel insurance and other benefits that can add value.

Even factoring in the annual fee, Forbes Advisor still projects higher annual rewards for the Preferred card ($655.07, after deducting the annual fee) compared to the SimplyCash Card (which earns $489.37 and has no annual fee).

In effect, the SimplyCash Preferred Card is superior thanks to its valuable benefits like travel insurance and a higher cash-back reward rate. Still, if avoiding annual fees is a priority, the SimplyCash Card becomes attractive, albeit with more limited benefits.

SimplyCash® Preferred Card from American Express vs. CIBC Dividend® Visa Infinite* Card

Both the SimplyCash Preferred Card from American Express and the CIBC Dividend® Visa Infinite* Card stand out in their unique way.

The SimplyCash Preferred Card offers a sizable welcome bonus, a consistent 2% cash back on all expenses and an impressive $750 annual referral bonus. Plus, it’s well-rounded with extensive travel insurance that meets the needs of the average Canadian spender.

On the other hand, the CIBC card boasts a 10% cash back welcome bonus of up to $250 for the first four statements†. The card’s tiered cash back system also covers groceries, gas, EV charging, dining and transportation, offering cardholders greater flexibility. Plus, the $120 annual fee for the CIBC Dividend Visa Infinite Card is rebated the first year†, and its Visa Infinite perks add luxury to the mix (Purchase Interest Rate†:20.99%; Cash Interest Rate†:22.99%).

That said, Forbes Advisor estimates that the CIBC Dividend Visa Infinite Card would earn $537.50 in cash back after factoring in the annual fee, which is slightly lower than the $655.07 earned by the SimplyCash Preferred with the annual fee factored in.

SimplyCash® Preferred Card from American Express vs. BMO CashBack World Elite Mastercard

The SimplyCash Preferred Card from American Express offers a tempting welcome bonus, a consistent 2% cash back on all purchases, a noteworthy $750 referral bonus, and comprehensive travel insurance, potentially offsetting its annual fee.

In contrast, the BMO CashBack World Elite Mastercard has a structured tiered earning system, allowing users to earn up to 5% on specific categories like groceries. Plus, it’s one of the few cards on the market that offers built-in roadside assistance—which can add a lot of value should you ever have to use this perk. Combined with the first-year fee waiver and extensive travel insurance coverage, the BMO card’s overall appeal might justify its high-income requirement for some cardholders.

Overall, Forbes Advisor estimates that the SimplyCash Preferred Card earns $655.07 and the BMO CashBack World Elite Mastercard earns $490.07 with the annual fee factored in. Thus, on earnings alone, the SimplyCash Preferred is the better card, however, you can’t underestimate the potential value the BMO card offers with its roadside assistance perk.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonuses and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

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The SimplyCash Preferred Card from American Express offers a straightforward 2% cash-back rate on all purchases—ideal for cardholders who prefer straightforward earning opportunities and simple reward structures. Another plus is its substantial welcome bonus and lucrative $750 annual referral program, which can quickly earn you rewards. There’s also the card’s comprehensive travel and mobile device insurance coverage—for added peace of mind during trips, daily commutes and errands. Still, if you spend heavily in specific categories such as dining or travel, or dislike annual fees, other cards might bring you more value. And if you’re concerned about capped rewards on categories like groceries, you really should explore options with unlimited cash back.

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