SimplyCash® Preferred Card from American Express
- Earn a 10% bonus cash back on purchases in the first three months.
- Long-term yield of 4% cash back on eligible gas and grocery purchases in Canada (grocery is capped at $1,200 cash back annually).
- High base earn rate of 2% cash back on all other eligible purchases with no earning limit.
- Premium travel insurance bundle including $5M travel medical and mobile device coverage.
This card is built for straightforward cashback on everyday spending, with elevated returns on eligible gas and grocery purchases in Canada. It stands out for pairing a strong flat ongoing earn rate with a rich short-term introductory offer.
Welcome bonus
Earn up to $200 in bonus cash back plus $50 anniversary bonus.
worth approximately $300
~$300 first-year value
Earn rates
Estimate annual rewards
You'd earn ~$480/year
Key facts
Annual fee
$119.88 ($9.99/month)
Billed monthly at $9.99.
Purchase APR
21.99%
Cash advance APR
21.99%
Foreign transaction fee
2.5%
Income required
No minimum income requirement disclosed
Credit score
725+
Quebec residents — terms may differ
The $9.99 monthly fee is disclosed as an annual total of $119.88 in Quebec, and a 5% minimum monthly payment applies.
Rates and fees sourced from American Express Canada's official card page →
Perks & benefits
Earn a 10% bonus cash back on purchases in the first three months.
Long-term yield of 4% cash back on eligible gas and grocery purchases in Canada (grocery is capped at $1,200 cash back annually).
High base earn rate of 2% cash back on all other eligible purchases with no earning limit.
Premium travel insurance bundle including $5M travel medical and mobile device coverage.
Insurance coverage
- Travel medical ($5M, 64 & under).
- Flight and baggage delay ($500).
- Hotel burglary ($500).
- Lost/stolen baggage ($500).
- Common carrier travel accident ($100K).
- Car rental damage/theft ($85K up to 48 days).
- Mobile device ($1,000).
- Purchase protection (90 days) and extended warranty (1 year).
Pros & cons
Pros
- Strong 4% cash back rate on gas and groceries in Canada
- High introductory 10% cash back offer for new cardmembers
- Useful insurance coverage beyond a basic cashback card
- Simple cash back structure without points conversions
Cons
- American Express acceptance is lower than Visa or Mastercard
- Monthly card fee adds up if spending is not high enough
- Cash back redemption flexibility is more limited than points
- Foreign transaction fee details are not clearly published here
Eligibility requirements
- Canadian resident, age of majority.
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SimplyCash® Preferred Card from American Express
$119.88 ($9.99/month)/year