The Simplii Financial Cash Back Visa Card is a top no-fee credit card that earns you up to 4% cash back. If you want a credit card where you can earn money back on all purchases, this is definitely worth looking into.
Although it doesn’t include many perks besides earning cash back, it is a top choice for many Canadians.
This Simplii Financial Cash Back Visa Card review covers the benefits, pros and cons, how to apply, and a few alternative cash back credit cards.
Simplii Financial Cash Back Visa Card – At a Glance
- No annual fee
- Add up to 3 additional cardholders (with spending limits)
- 19.99% purchase interest rate
- 22.99% cash advance interest rate
- $15,000 annual household income requirement
- Earn 4% cash back on restaurant, bar, and coffee shop purchases
- Earn 1.5% cash back on gas, drugstore, groceries, and pre-authorized payments
- Earn 0.5% unlimited cash back on all other purchases
- Earn $50 for referring a friend
Simplii Financial Cash Back Visa Card Benefits
Simplii Financial offers two welcome bonuses for new cardholders.
First, you can earn 10% cash back instead of the regular 4% on restaurants and bars for the first 4 months (up to $500 spend).
Second, get a 9.99% interest rate on purchases for the first 6 months of using the card.
Other benefits include:
Earn and Redeem Cash Back Rewards
With the Simplii Financial Cash Back Visa Card, you can earn three tiers of cash back rewards:
- Get 4% cash back on eligible coffee shop, bar, and restaurant purchases (up to a maximum of $5,000 per year)
- Get 1.5% cash back on eligible groceries, drugstore, gas, and recurring payments (up to a maximum of $15,000 per year)
- Get 0.5% cash back on everything else (with no limits!)
You can use the cash back calculator on Simplii’s website to estimate how much you can earn within a year.
All cash back is accumulated each month, beginning with your January statement or when you first opened your account. On the last day of your December statement, your cash back balance is automatically applied as a credit on your next statement.
If you send money abroad with a Simplii Financial Global Money Transfer and pay with your Cash Back Visa Card, you’ll earn cash back.
You will not pay any transaction fees or be charged interest, as long as you pay your balance by the due date.
You can add this credit card to Apple Pay, Google Pay, or Samsung Pay, and use Click to Pay online.
Additionally, Purchase Security and Extended Warranty Insurance is included with this card, which means you’ll get double the manufacturer’s original warranty for up to one additional year.
Downsides of the Simplii Financial Cash Back Visa Card
The Simplii Financial Cash Back Visa Card does not include any travel insurance or benefits, as it is a no-fee credit card that almost anyone can qualify for.
If you eat out a lot, you’ll earn 4% cash back – which is a high earn rate. However, the cash back rewards are capped at a maximum of $5,000 per year.
There are a few other cash back credit cards with more benefits, and a better cash back earn rate with no cap, like the Tangerine Money-Back Credit Card and the SimplyCash Card from American Express.
How To Apply for the Simplii Financial Cash Back Visa Card
To apply for the Simplii Financial Cash Back Visa Card, click here.
To qualify, you must:
- Have a minimum household income of $15,000
- Be a Canadian resident (excluding Quebec)
- Have reached the age of majority in your province or territory
- Have not declared bankruptcy in the past 7 years
Alternatives to the Simplii Financial Cash Back Visa Card
A few alternate cash back credit cards include:
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Simplii Financial Cash Back Visa Card vs Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is a no-annual fee cash back credit card that earns you 2% cash back in up to 3 categories and 0.50% cash back on everything else, with no spending limits.
The cash back rewards are arguably better than Simplii’s, as there are no limits. Rewards are earned automatically on purchases and paid monthly.
With this credit card, you pay a 19.95% interest rate on purchases and cash advances.
As with the Simplii Financial Cash Back Visa Card, you also get Purchase Assurance and Extended Warranty benefits, up to a maximum of $60,000.
Simplii Financial Cash Back Visa Card vs Neo Financial Mastercard
The Neo Financial Mastercard earns you an average of 5% cash back at thousands of Neo partners and a 0.50% cash back guarantee across all purchases. If it falls below that, Neo will top you up.
There is no annual fee. The interest rate for purchases is a bit higher at 19.99% to 24.99%, and for cash advances, it is 21.99% to 26.99%.
It includes a mobile app where you can easily track and manage your finances.
Simplii Financial Cash Back Visa Card vs BMO Cash Back Mastercard
With the BMO Cash Back Mastercard, there are three categories of cash back rewards:
- Earn 3% cash back on groceries
- Earn 1% cash back on recurring bill payments
- Earn 0.5% cash back on all other purchases
You can redeem your cash back at any time, as long as you have $1 or more.
This card costs $0 annually, has a 20.99% purchase interest rate, and a 22.99% cash advance interest rate.
Here’s how to apply for a credit card.
Comparison Table – At a Glance
|Annual Fee||Supplementary Card Fee||Purchase Interest Rate||Funds Advance Interest Rate||Cash Back Rewards|
|Simplii Financial Cash Back Visa Card||$0||$0||19.99%||22.99%||4% cash back on restaurant, bar, and coffee shop purchases; 1.5% cash back on gas, drugstore, groceries, and pre-authorized payments; 0.5% unlimited cash back on all other purchases|
|Tangerine Money-Back Credit Card||$0||$0||19.95%||19.95%||2% cash back on 2 or 3 Money-Back Categories of your choice, 0.50% cash back on all other purchases, plus other travel benefits|
|Neo Financial Mastercard||$0 or $2.99 to $8.99 per month for additional benefits||N/A||19.99% to 24.99%||21.99% to 26.99%||1% average cash back on all purchases (up to $5,000 monthly), average of 5% cash back at Neo partners|
|BMO CashBack Mastercard||$0||$0||19.99%||22.99%||3% cash back on groceries, 1% cash back on bill payments, 0.5% cash back on everything else|
Is the Simplii Financial Cash Back Visa Card For You?
The Simplii Financial Cash Back Visa Card is a great choice for those who don’t earn a high income each year and want a credit card with cash back benefits. It has no annual fee, and you can earn up to 4% cash back up to an annual spend limit.
However, if you spend more than $5,000 on food or $15,000 on groceries, drugstore, and gas, you may want to look for another cash back credit card, like the Neo Financial Mastercard or Tangerine Money-Back Credit Card.
If you often travel or want any kind of insurance benefits, this card will not provide it, and you may want to look elsewhere. Consider taking a look at the American Express Cobalt Card instead.