Simplii Financial Cash Back Visa Review 2024: A Credit Card To Go With Your Simplii No-Fee Banking Package

• Get 10% cashback in your first 4 months on restaurants, food delivery and bar purchases (up to $500 spend)†.
• Get a 20.99% interest rate on purchases‡.
• Get a 22.99% interest rate on cash advances ‡.
• Earn 4% cash back at bars, coffee shops and restaurants up to $5,000 annually, after that 0.5% unlimited†.
• Earn 1.5% on eligible gas, groceries, and drugstore purchases, as well as pre-authorized payments up to $15,000 per year, after that 0.5% unlimited†.
• Earn 0.5% on all other purchases†.
• Purchase security and extended protection insurance are included†.
• No annual fee.
• †Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec.”
• ‡ “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

The Simplii Financial™ Cash Back Visa* is a low maintenance credit card that can be a great addition to one of Simplii’s no-fee banking packages. Frankly, it’s not the best card on the market—but it gets the job done and earns you rewards that can easily add up.

With one of the highest cash-back earn rates on the Canadian market for restaurant, bar and coffee shop purchases, this card is naturally suited toward city-dwellers who enjoy the finer things—or just drink a lot of coffee. Considering the average Canadian spends $2,775 on food from restaurants per year, according to Statistics Canada, this card could earn you $111 in cash back in that category alone.

The Simplii Financial Cash Back Visa’s earning potential on other purchases is a bit more subdued, earning only 1.5% cash back on high-spend categories like gas, groceries and pre-authorized payments. There are other cards on the market, like the CIBC Dividend Visa Infinite, that earn 4% on gas and groceries, though that card has an annual fee. Even still, considering Canadians tend to spend substantially more in those areas than they do at restaurants and bars, it seems worth it to also have a card that can reward those purchases.

The spending caps on the accelerated earn rates are also a factor when considering the Simplii Cash Back Visa. The 4% rate on dining, bars and coffee shops will be downgraded to the 0.5% base rate once you surpass $5,000 in spending per year. The same goes for the 1.5% rate on gas, groceries and payments. Half a percentage point as a base rate isn’t unheard of, but plenty of other cards offer 1% as a base—with the SimplyCash® Preferred Card from American Express even giving a generous 2% base rate.

Another potential drawback to the Simplii Cash Back Visa is the way its cash back is paid out. Unlike other cards, you’ll receive your cash back at the end of the year as a statement credit, so you’re not able to cash it out whenever you want. This can either be seen as an inconvenience or, on the other hand, a nice boon to cover your holiday expenses. Plus, you’ll be able to keep easy track of exactly how much the card earned you each year.

One of the main drawbacks of this card is its insurance coverage. It only offers extended warranty and purchase security. You’ll get no travel insurance coverage, rental car insurance (or discounts) and no cell phone insurance.

So, while this card does have no annual fee, your earnings and benefits are hindered by the declared earn rate, caps on spending and what you may end up having to spend on travel coverage, since it’s not included. That said, if you prefer to make most of your purchases using a debit card, so the spending caps won’t impact you as much, or if dining, drinks and coffee are some of your main indulgences, this card could be great as a supplementary card. Besides, with no annual fee, there’s really no downside.

• No annual fee
• 4% cash back at restaurants, bars and coffee shops†
• Cash back is paid out once per year as a credit on your January statement†

Earning Rewards

Earn 4% cash back at restaurants, bars and coffee shops up to a limit of $5,000 per year, after which you’ll earn the 0.5% base rate†. You’ll also earn 1.5% cash back on groceries, gas and recurring bills up to a limit of $15,000 per year, after which those purchases revert to the base rate of 0.5% that you’ll also earn on everything else†.

Redeeming Rewards

Your yearly cash back earnings are redeemed once annually as a credit on your January statement. Throughout the year, you’ll be able to see exactly how much cash back you’re accumulating via the Simplii online banking portal or mobile app.

Rewards Potential

Forbes Advisor Canada estimates that total annual credit card spending to be $27,851.70. Of that amount, restaurant purchases amount to $2,775. Considering this card earns 4% cash back on dining (including coffee and bars), this would amount to $111 in cash back per year for this category.

Grocery purchases add up to $7,536 annually, earning $113.04 in cash back at the 1.5% rate. Gas amounts to $3,360 annually — earning $50.40 in cash back at the 1.5% rate. Recurring bills add up to $2,436 — earning $36.54 at the 1.5% rate.

From there, other purchases (like entertainment, online purchases. airline tickets, hotel stays and miscellaneous spending) make up the remaining $11,744.70. Assuming you earn the 0.5% base rate on those, this adds another $58.72 to your yearly cash back.

All of this brings the grand total for yearly earnings to $369.70. Considering there’s no annual fee to factor in, this number is pure profit.

• No annual fee
• Welcome offer of up to 10% cashback in the first 4 months on restaurants, food delivery and bar purchases (up to $500 spend)†
• Earns 4% cash back at restaurants, bars and coffee shops†
• Earns 1.5% on groceries, gas and recurring bills†

Interest Rates

• Purchases: 20.99%‡
• Cash Advances: 22.99%‡
• Balance Transfers: 22.99%‡

Fees

• Annual Fee: $0

Simplii Financial Cash Back vs. Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is probably the card on the market that’s closest to the Simplii Cash Back Visa. Both pride themselves on being a no annual fee card. They also have cash-back perks with limited benefits in other areas (both only offer purchase assurance and extended warranty). Both of the issuing banks also offer no-fee banking plans that their cards pair well with. Tangerine wins in terms of flexibility though. The card allows you to earn 2% cash back in two categories that you choose and 0.5% cash back on everything else. There are no caps on spending categories and your rewards are paid out monthly. In terms of earnings, the Tangerine Money-Back earned $302.69 based on average Canadian spending when Forbes Advisor Canada selected gas and groceries as the 2% categories. Meaning, the Simplii card still trumps the Tangerine in terms of earnings, with $369.70.

Simplii Financial Cash Back vs. CIBC Dividend Visa Infinite

It may be unfair to compare the Simplii Financial Cash Back Visa to the CIBC Dividend Visa Infinite, especially considering we ranked it as the top cash back credit card in Canada. But, if you’re looking for a cash back card, you may as well consider the best. The main (and perhaps only) drawback to the CIBC card is its annual fee, which is $120. Aside from that, it’s pretty much all benefits: A 4% cash back rate on gas and groceries, 2% cash back on dining, recurring bills and transportation, and 1% cash back on everything else. The 4% and 2% categories are capped at $20,000 per year and the “all other purchases” earn rate is capped at $80,000. The CIBC Dividend Visa Infinite Card also saves $0.10 per litre at select gas stations, offers extensive travel insurance coverages, mobile device insurance and rental car discounts. While the Simplii Cash Back Visa does have no annual fee, the CIBC Dividend Visa Infinite Card still out earns it, bringing in an estimated $537.50 per year (even factoring in its annual fee) compared to Simplii’s $369.70 in annual earnings. However, if you’re into no-fee banking and want to keep your credit card in the same place you bank, the Simplii card is the better choice. Aside from some moderate earnings though, the CIBC Dividend Visa Infinite is the superior card.

Simplii Financial Cash Back vs. Neo Standard Mastercard

The Neo Standard Mastercard mirrors the Simplii Financial Cash Back Visa in many ways. Both have no annual fee, offer solid cash-back earn rates on select spending categories and have a relative lack of perks. That said, both have the option to add on additional travel insurance for a cost. Neo offers up to 5% cash back at its 10,000 retail partners across Canada, but their website doesn’t explicitly state which retailers they are. Like with the Simplii card, you can earn 0.5% cash back as a base rate. That said, Forbes Advisor Canada estimates Neo can earn up to $577.22 per year, depending on where you spend. Its cash back is also available on demand and can be redeemed whenever. Overall, the Neo card may be worth exploring even though its potential earnings can vary widely depending on where you shop.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With rewards, the scoring model used takes into account factors such as, but not limited to, reward rates and categories, fees, welcome bonuses, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

If you spend primarily at restaurants, bars and coffee shops , this card is for you. Its earn rate in those categories is probably the best in Canada, at 4% cash back, though it comes with a $5,000 annual cap. Since this card has no annual fee, it can be beneficial to pair it with another card and take advantage of both earning categories. For instance, the CIBC Dividend Visa Infinite offers 4% on gas and groceries, has a better earn rate for bills and transportation and a better base earn rate of 1%, plus offers travel insurance and other perks. If you use both cards strategically—meaning the Simplii card for restaurants, nights out and coffee and the CIBC card for everything else—you could maximize your earnings and still get some great perks.

Related: Best Credit Cards To Have in Canada

†Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec.
‡ “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.