SimplyCash Card from American Express Review 2024

• In your first 10 months as a new SimplyCash® Card from American Express Cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your Card. This could add up to $100 in statement credits in the first 10 months
• Earn accelerated earn rates on eligible gas and grocery purchases
• Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases
• Access events and special offers curated for Cardmembers with American Express® Experiences
• Insurance coverage and 24/7 Customer Service
• 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

Within the vast selection of credit cards on the market, the SimplyCash Card from American Express stands out. Offering a mix of cash-back rewards, with an accelerating earning on groceries and gas, and a slew of additional benefits, this card is well-suited to modern spending. That said, the card does have some shortcomings. So, is the SimplyCash Card really that great, or does it fall short when held up to scrutiny?

Firstly, cardholders will get a $10 statement credit for each month that they spend $300 with the card, rewarding consistent spending. This applies for the first 10 months, so you can earn up to $100 total. Another notable feature is the lack of an annual fee, and not just for the primary cardholder but for any secondary cardholders as well.

The cash-back earn rates, with 2% on gas and groceries and 1.25% on all other purchases, are decent. These rates are on par with many competitors in the market. However, it’s the additional, non-monetary benefits that give the card its edge. American Express Experiences opens the door to a world of curated events, dining escapades and retail privileges—all for no annual fee.

Still, the SimplyCash Card from American Express is a mixed bag. It leans heavily into lifestyle benefits, making it an excellent companion for anybody who values experiences. If you’re seeking a card that offers more than just monetary perks, this might be a good fit. If not, there are other cash-back credit cards on the market that can reward you more for your spending.

• No annual fee
• No additional card fee
• 2% on gas and groceries
• 1.25% on all other purchases
• Earn up to $100 in statement credits within the first 10 months
• Exclusive access to American Express Experiences, offering curated events, dining specials and retail privileges

Earning rewards

The SimplyCash Card from American Express is a straightforward world of rewards. Users get 2% cash back on gas and groceries and a uniform (and slightly above average) base rate of 1.25% cash back on all other purchases. Without the convoluted reward tiers that come with many cards, the SimplyCash Card from American Express stands out in its clarity. While many cards boast higher cash-back percentages in niche categories, cardholders will appreciate its no-frills approach, especially those who want rewards without the mental gymnastics.

Redeeming Rewards

Redeeming is as simple as earning. Your cash-back rewards manifest as statement credits, automatically applied to your account. No need to visit a separate portal, choose from a myriad of options or deal with confusing point values. Your cash back credit is applied to your September statement each year.

Rewards Potential

Forbes Advisor uses data from multiple government agencies in order to determine both baseline income and credit card spending averages across various categories. The total cash back collected here brings the potential annual earnings to $489.37 per year, based on average Canadian spending, which is impressive, especially for a card with no annual fee.

• No annual fee
• Includes purchase protection and fraud protection
• Includes access to special events
• Front of the Line advance ticket sales and reserved seating

• $100,000 travel accident insurance for loss of life or dismemberment when travelling on a common carrier
• Buyer’s Assurance Protection Plan: extends the manufacturer’s warranty up to one additional year
• Purchase Protection Plan: Covers eligible items for 90 days from the date of purchase in the event of accidental physical damage or theft (up to $1,000)

You must charge the relevant expenses to your card to be eligible for the insurance coverage. Terms and conditions apply. Read your Certificate of Insurance for complete details.

Interest Rates

• Regular APR (Purchases): 21.99%
• Cash Advance APR: 21.99%
• Balance Transfer APR: N/A

Fees

• Cash Advance fee: $2.75
• Balance Transfer fee: 3%
• Foreign Transaction Fee: 2.5%
• Annual Fee: $0
• Over Limit Fee: $29

Eligibility for the American Express SimplyCash Card

To be eligible for the SimplyCash Card from American Express, the following must be true:

• You are a Canadian resident and have a Canadian credit file
• You are the age of majority in the province or territory where you live

SimplyCash® Card from American Express vs. SimplyCash® Preferred Card from American Express

The SimplyCash Card touts no annual fees and an up to $100 in statement credits bonus. It offers 1.25% cash back generally and 2% for gas and groceries. Its standout features include the ability to earn an annual referral bonus of up to $375 cash back but travel insurance is limited and cash back is given yearly. In contrast, SimplyCash Preferred offers up to $400 in statement credits but charges a $119.88 annual fee. It offers 2% as a base cash-back rate and 4% for groceries and gas. It’s distinguished by a higher referral bonus of up to $750 cash back, extensive travel insurance and mobile device coverage. The bottom line? If you don’t mind paying an annual fee, the SimplyCash Preferred might be the better choice, since it earns $655.07 annually based on average Canadian spending, even with the annual fee factored in, far more than SimplyCash’s $489.37 It also has travel insurance and more perks, to boot.

SimplyCash® Card from American Express vs. CIBC Dividend Visa Infinite Card

Both the CIBC Dividend Visa Infinite Card and The SimplyCash Card offer accelerated rewards in two major spending categories: groceries and gas. SimplyCash has no annual fee and earns a 1.25% cash-back rate on everything and 2% on groceries and gas. It also has very limited travel coverage. In contrast, the CIBC Dividend earns 4% on grocery and gas and 1% on everything else, but comes with a $120 annual fee. That said, it also includes more comprehensive travel and consumer insurance, mobile device coverage and exclusive benefits from the Visa Infinite program. Essentially, you can earn more with the CIBC card, to the tune of $537.50 with the annual fee factored in, and get more insurance and perks, compared to the $489.37 earned by the SimplyCash card.

SimplyCash® Card from American Express vs. Tangerine Money-Back Credit Card

The SimplyCash Card from American Express and the Tangerine Money-Back Credit Card both cater to users seeking no annual fees. The SimplyCash Card offers up to $100 in statement credits as a welcome bonus, 2% on gas and groceries and an annual referral bonus. However, its cash back is only available as an annual statement credit, and it provides limited travel insurance. In contrast, Tangerine’s card offers a 15% welcome bonus on up to $1,000 and customizable 2% cash back categories with monthly payouts, lacking some of the broader perks of other cards. The bottom line? The SimplyCash card earns more for most spenders, earning $489.37, compared to the Tangerine card, which earns $302.69, even with its accelerated earn rate set to the high-spend grocery and gas categories.

Card Comparison

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards 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’re someone who values straightforward rewards without the burden of an annual fee, the SimplyCash Card from American Express and you could be a match made in credit card heaven. Its up to $100 in statement credit, 1.25% cash back on all purchases and an attractive 2% on gas and groceries all underscore its appeal. Coupled with a substantial annual referral bonus and the capacity to add multiple cards without extra cost, you have a solid proposition. However, if comprehensive travel insurance is high on your list or you desire a more flexible cash back reward than an annual statement credit, you might want to explore other options. In essence, for uncomplicated, consistent rewards, the SimplyCash® Card is a contender. Still, cardholders seeking extensive perks or flexibility might find this card limiting.

Related: Best American Express Credit Cards