SimplyCash Preferred Card From American Express Review (Feb 2023)

January 16, 2023
Reviews

The Simplycash Preferred Card from American Express is a premium cash back credit card that offers an excellent cash back rate of 4% on qualifying grocery and gas purchases. On all other purchases, you'll earn a flat 2% cash back, with no caps. Additionally, with this card, you'll have access to exclusive services like American Express Experiences, and American Express Travel Online.

The SimplyCash Preferred Card from American Express is a great option for anyone looking for comprehensive insurance and one of the best cash back rates in Canada. With the SimplyCash Preferred Card from American Express, you'll be fully covered in case of a medical emergency, when traveling abroad, and when making online purchases.

What Is The SimplyCash Preferred Card From American Express?

The SimplyCash Preferred Card from American Express is a premium cash back credit card issued by American Express, one of the largest credit card networks in Canada and worldwide. This card offers very generous cash back rates – starting at 4% when purchasing at eligible grocery stores or gas stations. This makes the SimplyCash Preferred Card from American Express one of the best cash back credit cards in Canada.

With the SimplyCash Preferred Card from American Express, you will have access to comprehensive medical and travel insurance, and you can earn up to $400 in statement credits within your first ten months by spending at least $750 every month during that same period. The SimplyCash Preferred Card from American Express comes with exclusive access to American Express Experiences, American Express Travel Online, and special Amex Offers.

The American Express credit card network is among the largest in Canada and the world, and it's accepted nationwide.

SimplyCash Preferred Card From American Express Features

#1 Earn Up To $400 In Statement Credits In the First 10 Months

With the SimplyCash Preferred Card from American Express, you can get up to $400 in statement credits during your first ten months of card membership. To qualify, you need to spend a minimum of $750 every month for the first 10 months. For each month, you'll get a $40 statement credit, credited at the end of every billing cycle.

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#2 4% Cashback On Eligible Purchases

The SimplyCash Preferred Card from American Express offers excellent cash back benefits, and one of the best cash back rates in Canada on all grocery and gas purchases. With this card you will earn:

  • 4% cashback from eligible Canadian grocery purchases (up to $1,200 annual cashback)
  • 4% cashback from eligible Canadian gas station purchases 
  • 2% cashback on everything else with no capping

#3 Insurance Coverage For Travel, Purchase, And Mobile Devices

The SimplyCash Preferred Card from American Express shares some features of the SimplyCash Card from American Express but offers a more comprehensive insurance plan that covers medical, travel, and purchases protection. Here's the full breakdown:

  • Out of Province/Country Emergency Medical Insurance offers a maximum of $5,000,000 in coverage for an insured individual below 65 years old for emergency medical expenses.
  • Flight Delay Insurance offers up to $500 coverage for purchases made in 48 hours when delayed or denied boarding for 4 hours.
  • Baggage Delay Insurance provides up to $500 for the covered occurrences. 
  • $100,000 Travel Accident Insurance is provided for accidental death and dismemberment.
  • Lost or Stolen Baggage Insurance offers up to $500 per trip for insured individuals. 
  • Car Rental Theft and Damage Insurance offers 48 days of coverage of rented vehicles with a car rental MSRP of up to $85,000. 
  • Hotel Burglary Insurance provides up to $500 coverage for the loss of most personal items if a room is burglarized. 
  • Mobile Device Insurance covers up to $1,000 per insured individual against theft, loss, or accidental damage of the eligible mobile device.
  • Buyer’s Assurance Protection extends the manufacturer’s warranty to an additional year for the eligible items. 
  • Purchase Protection Plan offers $1,000 coverage per occurrence of accidental physical damage or theft of the eligible purchase. 

#4 Access To Exclusive American Express Programs

The SimplyCash Preferred Card from American Express provides an automatic pass to exclusive programs. These programs include American Express Experiences, Amex Offers, and American Express Travel Online. Cardholders can also access special offers to some of the most significant events, shopping deals, and travel discounts. 

#5 24/7 Emergency And Customer Services

American Express provides cardholders with 24/7 emergency and customer services for credit card-related inquiries. As such, you can replace your card or additional cards with its Emergency Card Replacement if it gets stolen or lost. Additionally, you can manage your credit card account through American Express online services or the American Express mobile app at any time, anywhere. 

#6 Secured Online Transactions

The SimplyCash Preferred Card from American Express cardholders is protected with Fraud Protection Guarantee, which prevents cardholders from any liabilities if fraudulent activity occurs using their account. Meanwhile, the American Express SafeKey adds an extra layer of security for online shopping using this credit card. 

#7 Access Lending And Installment Options

You can access lending and installment programs if you are a SimplyCash Preferred Card from American Express cardholder. These include:

  • American Express Personal Loans offers loans from $3,500 to $40,000 with 12, 24, or 36 loan terms.
  • Plan It Installment Programs allow you to pay a part of your balance in an installment plan
  • Cardholders can request a credit limit increase in the American Express Online services account.
  • Flexible Payment Option offers various benefits and products from American Express, allowing you to pay a part of your balance over time. 

SimplyCash Preferred Card From American Express Pros And Cons

Pros 

  • High welcome bonus (up to $400 statement credit)
  • High earn rate (up to 4% cashback rate)
  • Comprehensive travel insurance coverage with the purchase and mobile device insurance
  • Access to various lending and installment programs
  • Exclusive access to American Express programs
  • 24/7 emergency and customer services for all cardholders
  •  Secured online transactions with American Express SafeKey and Fraud Protection Guarantee

Cons

  • Some merchants do not widely accept American Express credit cards.
  • You can only redeem the cashback as a statement credit once a year.

Pricing

FeesRate/Cost
Basic Card $9.99/month ($199.88 annually)
Supplementary Cards $0/each per year
Interest Rate20.99% on purchases
21.99% on funds advances
Funds advance$2.75 each
Dishonored Payment$25 each
Statement Reprint$3 per statement
Points Reinstatement$20 each through online services
$30 each through other service channels
Overlimit$29 
Balance Transfer or Amex Cheque3% of the amount of the balance transfer and Amex cheque
Installment Program1.2% monthly fee on each balance moved to installment program

Eligibility

SimplyCash Preferred Card from American Express doesn’t require a minimum annual income to qualify. However, you must possess the following before applying: 

  • You must be a Canadian resident with a Canadian credit file
  • You must have the majority of age in your province or territory. For reference, the age of the majority in Manitoba, Alberta, Ontario, Quebec, Saskatchewan, and Prince Edward Island is 18 years old, while 19 years old in all other provinces.

In Summary

The Simplycash Preferred Card from American Express is a premium cash back credit card that offers an excellent cash back rate of 4% on qualifying grocery and gas purchases. On all other purchases, you'll earn a flat 2% cash back, with no caps. Additionally, with this card, you'll have access to exclusive services like American Express Experiences, and American Express Travel Online.

The SimplyCash Preferred Card from American Express is a great option for anyone looking for comprehensive insurance and one of the best cash back rates in Canada. With the SimplyCash Preferred Card from American Express, you'll be fully covered in case of a medical emergency, when traveling abroad, and when making online purchases.

SimplyCash Preferred Card From American Express FAQs

How much does the SimplyCash Preferred Card from American Express cost?

The SimplyCash Preferred Card from American Express has an annual fee worth $9.99. Other than this fee, it also charges transaction fees such as funds advance fee of $2.75 each, dishonored payment fee of $25 each, over limit fee of $29, and more.

Is the SimplyCash Preferred Card from American Express worth it?

Yes, the SimplyCash Preferred Card from American Express is worth it. It has an earning rate of up to 4% on eligible purchases with a generous welcome bonus of up to $400 statement credit in the first year. You are entitled to $1,500 cashback for approved referrals for this credit card. 

Is the SimplyCash Preferred Card from American Express safe?

Yes, the SimplyCash Preferred Card from American Express is safe because it is protected with American Express SafeKey and Fraud Protection Guarantee. Cardholders are prevented from any liabilities caused by fraudulent activities in their account. 

Is the SimplyCash Preferred Card From American Express legit?

Yes, the SimplyCash Preferred Card from American Express is legit. It is issued by one of the leading credit card companies, American Express, and is currently accepted by various merchants and service providers worldwide. 

Is the Blue Cash Preferred Card issued by American Express?

Yes, the Blue Cash Preferred Card is issued by American Express. It offers generous cash back rewards of up to 6% on eligible purchases with an annual fee of $95, but it is waived on the first year. 

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