SimplyCash™ Card from American Express

RateSupermarket.ca's Review

Among the ever-popular lineup of cash back credit cards is the SimplyCash™ Card from American Express. This card comes with an intro bonus and rewards structure that rivals market leaders, but with a few key differences (think greater flexibility and plusher perks) that make it a unique option. Available in both a no-fee and Preferred version, consumers can choose between pure cash earnings, or pay a fee for additional features. For pure cash rewards, however, greater value is provided over time by the no-fee option, assuming all purchases are made at eligible retailers.

The SimplyCash™ Card from American Express offers one of the highest sign up cashback offers on the market. It even won the Best Rewards Card with No Fee at our 2017 Best of Finance Awards.

Cardholders earn 2.5% cash back on eligible gas, grocery and restaurant purchases - up to $150 cash back – in the first three months of cardmembership. In addition, you earn 1.25% cash back on all other purchases, so you're not limited to earning at eligible vendors only. There's also no cap on potential earnings after the initial three-month period.

And of course, as with most American Express cards, the SimplyCash™ Card gives you access to a slew of entertainment perks.

Earning Potential: $366.53 in cash back*

How does this card stack up to other cash back options? We crunched the numbers using our Best of Finance methodology to see how much you could earn over a 24-month period.

Assuming $1,119 is spent on the card monthly, in the following categories**:

Cash back earned over a 24-month period: $366.53

*/**Source: Statistics Canada
***Based on $1.00/litre gas prices

That's enough cash back to buy a one-way plane ticket! In comparison to many reward cards where it takes several years to earn enough cash back to buy as much as some groceries, this card earns rewards fast – especially in that first-three-month period. Cash back is awarded on an annual basis, and applied as a credit directly to your credit card balance.

Pros

• The 2.5% cash back you earn in the first three months on eligible purchases is more than decent, especially for a card with no annual fee.
• No cap on potential earnings after the initial six-month period.
• Supplementary cards are free. Get one for your spouse or sibling so you can both work faster towards rewards!
• If you have outstanding debt on another credit card and want the opportunity to pay it off at a lower interest rate, you can get 1.99% interest in first 6 months of cardmembership on balance transfers to this card.

Cons

• One of the biggest downsides to this card is the inflexibility and waiting period until you can redeem your cash back. Cash back is awarded on an annual basis, and applied as a credit directly to your credit card balance. And after that, your cash back earned will reset to $0. But at least you can see the cash back earned on each of your monthly statements, year-to-date.
• Cash back earnings are capped at $150 during the three-month promotional period.
• Cash back earnings rate drops to 1.25% after the promotional period ends, which is not as competitive with other cash back options on the market, but can still earn a pretty penny if you use the card right at eligible vendors.
• The balance transfer deal is only available if you apply for the transfer at the time of online application for this card. But at least there is no balance transfer fee at time of application.
• Not as many travel insurance coverages in comparison to its fee counterpart.

Additional Benefits

• Though the card doesn't come with many different types of coverage, it does include Purchase Protection and Extended Warranty, Travel Accident Insurance up to $100,000, and Car Rental Theft and Damage Insurance.
• Access to American Express Front Of the Line entertainment perks like advance sales for great seats at concerts, plays, events, and experiences.
• Access to American Express 24/7 helpline and emergency card replacement if you lose your card.