Simplii Credit Card Review: How Good Is This Card?

March 24, 2020
Blog
use the simplii card if you often dine out" class="img-responsive wp-image-731235 wp-post-image" alt="" />
At Yore Oyster, we strive to help you make wise financial decisions. We're committed to giving you the most relevant, actionable advice anywhere.

If you are looking for a no-annual-fee credit card and a card that rewards all your dining out adventures, the Simplii Credit Card might just be exactly what you need.

Simplii Credit Card

Welcome Bonus1
Rewards Program6
Earning Rates7
Travel Benefits0
Annual Benefits vs. Annual Fee5
Referral Program0
Travel Insurance0
Purchase Coverage0
Foreign Transaction Fees7
Customer Service & Online Experience0
Total26
We recommend the Simplii Credit Card: This card is ideal if you dine out a lot, as it pays you up to $200 per year on this category alone, i.e: $5,000 x 4%. that exceed the limit of $5,000, you earn 0.5% in cashback.

 

We don’t recommend the Simplii Credit Card: The biggest drawback would be the 4% cash that you will not benefit from if you do not eat out regularly. If you spend more on groceries instead, then you might want to consider the PC Financial Mastercard as it has better cashback value in this category. Another great choice is the Tangerine Money Back card which doesn’t have a annual fee and let´s you choose 3 categories of your liking for the highest cashback rate.

Features & Benefits

Welcome BonusFor the first 4 months, enjoy a bonus cashback rate of 10% at restaurants and bars up to $500 spend. 
Annual FeeNo Annual Fee but there is minimum income eligibility of $15,000
Earn Rates 4% on your restaurant, bar, coffee shop spending up to $5,000 per year.
1.5% on gas, groceries, drugstore purchases, and pre-authorized payments up to $15,000 per year.
0.5% on all other purchases with no limit on how much you can earn
Interest Rates19.99% on purchases
22.99% on Cash Advances, Balance Transfers, and Convenience Cheques
Foreign Transaction Fee 2.5%

#1 Welcome Bonus

For the first 4 months, you get to enjoy a bonus cashback rate of 10% at restaurants, bars, coffee shops and take away even for up to $500 spent. This means that you get an additional 6% cashback on the regular 4% offer in this spending category, which is worth a maximum of $30.

Simplii Credit Card Welcome Bonus Score: 1/10

#2 Rewards Program

The Simplii Credit Card is a cashback card, which means you get cash which you can use to pay for groceries, restaurants and more. The cashback you earn is based on net card purchases and not on cash advances, interests, fees, balance transfers, payments or convenience cheques. when you open your account.

Cashback is calculated as follows:

Cashback is earned on net card purchases (purchases less returns) when your account is open and in good standing and not on cash advances, interest, fees, balance transfers, payments or Convenience Cheques.

Cashback is calculated as follows:

  • You earn 4% on your first $5,000 in net annual card purchases made on restaurant, bar and coffee shop, bars, cocktail lounges, and even at fast food places
  • You earn 1.5% on the first $15,0000 in net annual card purchases made at groceries, gas, and drugstores
  • For every other net annual card purchases you make, you earn 0.5% when the $5,000 and $15,000 limits are exceeded.
  • If a transaction fits under more than one cash back category, you will be rewarded the cash back of the higher category, subject to the $5,000 and $15,000 limits.

The calculator option on the Simplii website can help you calculate your estimated rewards for the first year and on average, you can get $354. 

Simplii Credit Card Rewards Program Score: 6/10

#3 Earn Rates

Spending CategoryPoints Earned Per Dollar Spent
Travel0.5%
Food & Drinks4%
Gas & Groceries1.5%
Other0.5%

Essentially, you can earn 1.5% on everyday basics such as groceries, gas, recurring bills and drugstore purchases. This is an amazing earn rate if you often spend within these categories. For everything else, the earn rate is 0.5%. Where getting your cashback is concerned, you will get it once a year as part of your statement in December. This feature can be a little disappointing as most people would prefer a redeem-on-demand basis for their cash backs. 

Simplii Credit Card Earn Rates Score: 7/10

#4 Travel Benefits

The Simplii Credit Card is not intended as a travel card. Therefore, it doesn’t bring any special benefits for frequent flyers like travel insurance, lounge access and the like. This is only to be expected from a card that doesn’t have an annual fee.

Simplii Credit Card Travel Benefits Score: 0/10

#5 Annual Benefits vs. Annual Fee

Firstly, this card has no annual fee but there is a minimum income threshold you need to fulfill which is $15,000. Since this card is completely free and you can get three additional supplementary cards for free as well, this is a win-only scenario. Every time you swipe this card you will get cashback, and if you use it frequently on Food & Drinks you could easily save $200 every year on this category alone.

Simplii Credit Card Annual Benefits vs. Annual Fee Score: 5/10

#6 Referral Program

Simplii Credit Card users can add up to three additional cards and this speeds up the cashback earnings. Primary cardholders can also add a spending limit on each of the additional cards. However, as of now, there are no specific referral programs that come with the card. 

Simplii Credit Card Referral Program Score: 0/10

#8 Purchase Coverage

The purchase coverage that comes with this card is not the best but it is also not the worst, so we’ll leave it on average. You have coverage over certain items charged to your card if any of these items have been stolen or if it is lost or damaged. You also get coverage up to one additional year from the original manufacturer’s warranty of any covered item charged to your card. Here’s a breakdown of the purchase coverage:

  • The purchase security is up to 90 days from the date of purchase
  • Extended protection of up to 1 additional year. 
  • Does not cover items purchased for commercial purposes, traveler’s cheques, cash, tickets, animals, living plants, used and pre-owned items such as antiques
  • A maximum total limit of liability per cardholder of $60,000 for claims

Simplii Credit Card Purchase Coverage Score: 3/10

#9 Foreign Transaction Fees

This card does not have any stellar differences or benefits. It charges 2.5% like all other cards in Canada, so we will leave this as average.

The card does not have any special benefits on foreign transaction fees. At the time the transaction is made, you will be charged a fee of 2.5% on the converted amount.

There is also a $5 cash advance fee. If you are looking for a card with zero foreign transaction fees, check out our ultimate guide on cards with no foreign transaction fees.

Simplii Credit Card Foreign Transaction Fees Score: 7/10

Alternatives To The Simplii Credit Card

If you are looking for a cashback card with no annual fees, and better rewards for dining out, the Simplii Card is worth checking out. But if you want to try other cards with better cashback rates on other categories, the Tangerine Money-Back Credit Card and the PC Financial Mastercard are great alternatives.

The Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is considered to be one of the best credit cards to build your score. This makes it especially ideal for recently graduated professionals or people with modest salaries since its minimum income requirement isn’t high. It offers a great 2% cashback rate on up to three categories of your choosing, which is great value for this card.

The PC Financial Mastercard

This credit card will help you boost your earning potential in the PC Optimum loyalty program, one of the biggest in Canada. With the PC Financial Mastercard you can get twice the points as with the plain membership card, plus you can get awesome earn rates on Esso/Mobil stations and Shoppers Drugmart, to name a few.

Who Should Get The Simplii Card?

For a no-annual-fee card, the cashback offered is pretty good especially if you spend within its specific categories. On an average monthly spend of $400 on dining out, $700 on gas, recurring bills and groceries and $100 on other purchases, you get a cashback of $324 which is a really good deal. With a 4% cashback rate on Food & Drink that can save you up to $200 every year, this is a card you definitely want to consider.