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SimplyCash Card from American Express

SimplyCash Card from American Express

Earn 5% cash back on all eligible purchases at gas stations, grocery stores and restaurants in Canada (up to $250 cash back)

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Annual Fee Interest Rate Balance Transfer Cash Advance Credit Score Good: -- I've had a credit card, or loan for 6+ years. I've had good credit for the last 7 years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). I haven't opened a new credit card account, loan, or line of credit in the last nine months. I've made the minimum payments on my existing credit cards for the past three months. Rewards Are all rewards created equal? -- From points, to miles, to cash back - how do you know how much you're really getting? To help you find the best rewards card, we've created the Your Reward Return, a rate that lets you know the rate of return from your spending into rewards so that you can compare like for like. Now that's wise thinking!
$0.00 19.99% - 21.99% Good 5.00% *maximum

Annual Fee

Interest Rate

Balance Transfer

Cash Advance

Credit Score Good: -- I've had a credit card, or loan for 6+ years. I've had good credit for the last 7 years (no bankruptcies or no defaults on credit as a result of failing to pay debts back to creditors). I haven't opened a new credit card account, loan, or line of credit in the last nine months. I've made the minimum payments on my existing credit cards for the past three months.

Rewards Are all rewards created equal? -- From points, to miles, to cash back - how do you know how much you're really getting? To help you find the best rewards card, we've created the Your Reward Return, a rate that lets you know the rate of return from your spending into rewards so that you can compare like for like. Now that's wise thinking!

$0.00

19.99%

-

21.99%

Good

5.00% *maximum

  • Card Details Details
  • Our Review Review
  • Best of Finance Winner

Card Details


  • New SimplyCashTM Card from American Express Cardmembers can earn 5% cash back on all eligible purchases at gas stations, grocery stores and restaurants in Canada (up to $250 cash back) for the first 6 months of Cardmembership1

  • Earn 1.25% cash back on all other purchases when your Welcome Rate ends

  • No limit to the amount of cash back you can earn

  • Optional Balance Transfer Offer to new Cardmembers – Enjoy a special 0% introductory interest rate on transferred balances in the first 6 months if you choose to transfer your other credit card balances to this American Express card at time of online application. A 1% balance transfer fee will be charged on the transaction amount and interest is payable on the amount of this fee at the applicable rate for purchase.

  • No annual fee for Supplementary Cards

  • Access to memorable experiences with American Express Invites®

  • Insurance coverage and 24/7 Customer Service

  • You can use Apple Pay on your eligible device to pay for goods and services at participating American Express contactless merchants

  • 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.


Conditions apply


 

Features and Benefits

  • Purchase protection and extended warranty
  • Flight delay insurance
  • Rental vehicle insurance
  • Travel accident insurance

RateSupermarket.ca's Review

Love earning cash back, but want to avoid fees and restrictions? The SimplyCash Card from American Express combines the best of both worlds (and tosses in some very plush perks for a no-fee version), which is why RateSupermarket.ca has crowned it the 3rd best cash back credit card in Canada! Start off with an amped up earning rate of 5% for 6 months (one of the highest on the market), and earn on the purchases you're making daily such as gas, groceries and restaurants. This all-around rewards structure makes this card a perfect fit for families and commuters alike - plus it comes outfitted with free insurance coverage and entertainment access.

Top Features About the SimplyCash Card from American Express

  • Pay no annual fee and enjoy the full value of rewards
  • A 5% cashback earning rate for the first 6 months
  • Earn rewards at restaurants in addition to gas and groceries
  • No cap on cashback earnings after the initial promo period ends
  • Includes very comprehensive insurance and entertainment benefits for a no-fee card option including $100,000 in Travel Accident insurance and rental car collision coverage.

Pros

  • Get 5% cash back at gas stations, grocery stores and restaurants for the first 6 months.
  • No cash back cap after the initial 6-month promotional period./li>
  • Earn 1.25% on eligible purchases after initial 6-month promotional period.
  • Pay no annual fee
  • Get Amex Front of the Line benefits
  • Built-in travel insurance, shopping coverage and World Class Service
  •  

Cons

  • Cash back earnings are capped at $250 during the 6-month promotional period.
  • Cash back earnings rate drops to 1.25% after the promotional period ends - not competitive with other cash back options on the market.
    •   
 

How We Did It: Cash Back Earnings

Income Food Gas Travel Other Total
$72,240 $649.58* $197.42* $84.07*** $100**** $1,031.07

 

* http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil108a-eng.htm
** http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil131a-eng.htm
*** http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil131a-eng.htm
**** http://business.financialpost.com/2012/03/15/canadian-household-debt-declines-as-disposable-income-increases/

RUNNER UP: The Best Cash Back Credit Card in Canada

Think no fee means fewer rewards? The SimplyCash™ Card from American Express® rivals some of the richest cash back offers in Canada - and it won't cost you a cent to carry. In addition to the usual gas and grocery earnings, this card will also earn cash back on restaurant purchases. With 5% in cash back earned during the first six months (up to a cap of $250) and unlimited cash earned at 1.25% therafter, the SimplyCash is a solid cash back option with flexible earning potential.

Why It's Our Winner

*Rewards earned on the average Canadian household expenditure over a 24-month period.

Check out how the SimplyCash™ Card from American Express® stacks up in rewards earnings against Canada's top cash back cards:

This Card Is Great For You If:

  • You want to earn rewards on your grocery, gas and pharmacy purchases
  • You always pay off your balance each month in full
  • You frequently use your credit card for dining out
  • You don't want to pay an annual fee
  • You want built-in basic travel insurance coverage

FAMILY GROCERY GAS ENTERTAINMENT TRAVEL

Want to know how we did it?

Rate and product information are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details.

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