American Express SimplyCash Preferred Card
Earn up to 4% unlimited cashback, benefit from no minimum income requirement, and enjoy purchase protection. $9.99/month fee, 20.99% interest (applies to purchases).
The American Express SimplyCash Preferred Card is a top choice for Canadians looking to maximize their cashback rewards on everyday purchases. This card grants you a flat 4% cashback rate on eligible categories and 2% on all other purchases, making it ideal for efficient earners.
The annual fee is broken down into a manageable $9.99 monthly charge, perfect for budgeting. The interest rate stands at 20.99% on purchases, while cash advances are charged at 21.99%. Credit limits are determined based on personal creditworthiness and financial details.
With no minimum income requirement and a straightforward application, most Canadians will find approval to be within easy reach, especially if they have steady credit and income. Beyond cashback, cardholders enjoy purchase protection and extended warranty benefits—an added value for families and professionals.
How to Apply for the American Express SimplyCash Preferred Card
1. Go to the official American Express Canada website.
2. Select the SimplyCash Preferred Card from the available credit card options.
3. Fill in your personal, financial, and contact information as prompted in the online form.
4. Consent to a credit check and submit your application.
5. If approved, your card will be mailed to you, ready for activation and use.
Key Pros of the SimplyCash Preferred Card
The standout feature is the unlimited 4% cashback on eligible purchases, which is higher than many other Canadian cards. There’s no cap on how much cashback you can earn.
Also, there’s no minimum income requirement, making this card accessible to a broader range of applicants, including students and newcomers to Canada.
Potential Drawbacks
The monthly fee, while easy to manage, may add up over the year. It is not ideal for those seeking a no-fee card.
Additionally, American Express is not accepted everywhere, particularly at smaller merchants and some national retailers across Canada, which can be inconvenient.
Verdict: Is the SimplyCash Preferred Card Right for You?
If you want strong cashback rewards and don’t mind a modest monthly fee, the SimplyCash Preferred Card is a fantastic choice for everyday purchases. It stands out for its accessibility and perks.
However, if widespread acceptance or avoiding annual fees is your priority, you might consider another card. For most Canadian consumers, though, it offers excellent value with straightforward rewards.
