The SimplyCash Card from American Express is a top no-annual-fee cash back credit card. It is a great option if you spend money across a broad range of categories, as you get unlimited 1.25% cash back across all purchases.
So, is this card for you? In this SimplyCash Card from American Express review, we cover the benefits, a few downsides, how to apply, and a few alternate cash back credit cards.
SimplyCash Card from American Express – At a Glance
- No annual fee for main or supplementary cards
- 19.99% interest rate on purchases
- 21.99% interest rate on funds advances
- Earn 1.25% cash back on all purchases with no limits
- Referral bonus of up to $750 cash back annually
- Access to American Express Experiences
- Travel and shopping coverage
SimplyCash Card from American Express Benefits
American Express gives new cardholders a welcome bonus of 4% cash back on purchases for the first six months of owning the card. After getting $200 in cash back rewards, you’ll get 1.25% unlimited cash back on all purchases.
Your cash back rewards are applied as a credit on your account annually and appear on your September statement.
Other benefits of the SimplyCash Card from American Express include:
Travel and Shopping Coverage
This SimplyCash Card from American Express offers three types of insurance, including:
Travel Accident Insurance – get covered for up to $100,000 of Accidental Death and Dismemberment Insurance if you buy your common carrier tickets with your card.
Buyer’s Assurance Protection Plan – get an automatic extension of the manufacturer’s original warranty for up to one additional year.
Purchase Protection Plan – get up to $1,000 in coverage on eligible items in the event of accidental theft or physical damage up to 90 days after purchasing them.
American Express Experiences and Offers
With the SimplyCash Card from American Express, you get access to all the perks and exclusive benefits that American Express has to offer.
Some of the many benefits include:
- Front Of The Line Presale ticket access
- Front Of The Line Reserved tickets
- Dining, entertainment, wellness, and retail perks
With AMEX, you also get exclusive offers tailored to you for shopping, dining, and more through the Amex app or online.
Occasionally, there are deals available for hotel and car rental bookings. Some offers can earn you statement credits on eligible purchases, too.
American Express offers an installment payment program for cardholders. You can pay a portion of your statement balance in monthly installments for both large and small purchases.
They also have a referral program. For every person who signs up, you can receive $50 up to a maximum of $750 yearly. If you know someone looking to apply for a credit card, this is an easy way to earn some extra cash back.
Downsides of the SimplyCash Card from American Express
With the unlimited cash back earn rate and no annual fee, this is one of the best cash back credit cards. However, there are a few downsides:
The SimplyCash Card from American Express allows you to earn no more than 1.25% cash back. Some cards, like the Tangerine Money-Back Credit Card, allow you to earn 2% cash back or more.
Your cash back rewards are only applied as a statement credit once per year, and you cannot redeem them for anything else. There is also no spending category to earn extra cash back.
Unlike other similar credit cards, this card does not include comprehensive travel insurance or benefits. If you’re looking for a cash back card that includes travel benefits, consider the Scotia Momentum Visa Infinite Card or the American Express Cobalt Card.
How To Apply for the SimplyCash Card from American Express
To apply for the SimplyCash Card from American Express, you must be a Canadian resident with a Canadian credit file and be the age of majority in your province or territory.
You can apply online here and get a response within just 60 seconds.
Alternatives to the SimplyCash Card from American Express
To compare, here are a few alternate cash back credit cards:
SimplyCash Card from American Express vs Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is another great no-annual-fee cash back credit card.
You can earn 2% cash back in up to three categories of your choice and an unlimited 0.50% cash back on all other purchases.
Cash back rewards are earned automatically and paid out monthly, which is arguably better than the SimplyCash Card.
The interest rate is 19.95% on both purchases and cash advances.
See the full review here.
SimplyCash Card from American Express vs Scotia Momentum Visa Infinite Card
The Scotia Momentum Visa Infinite Card is a top cash back credit card. It has a $120 annual fee which is waived in the first year, along with a 20.99% purchase interest rate and 22.99% interest rate on cash advances.
The minimum credit limit is $5,000. To qualify, you must have a minimum annual income of $60,000 or a minimum household income of $100,000.
The cash back earning structure is as follows:
- 4% on groceries and recurring payments
- 2% on gas and transit
- 1% on everything else with no limit
It also includes comprehensive travel insurance and new mobile device insurance, which the SimplyCash Card does not.
See our full review of the Scotia Momentum Visa Infinite Card.
SimplyCash Card from American Express vs RBC Cash Back Mastercard
The RBC Cash Back Mastercard costs $0 annually for the first and supplementary cards.
The interest rate for purchases is 19.99% and 22.99% for cash advances.
You earn 2% cash back on grocery purchases (up to a limit of $6,000 annually) and up to 1% cash back on all other purchases with no limits.
You save on fuel at Petro-Canada, earn additional points with Rexall, and get a free 3-month DashPass subscription.
Insurance benefits are not included with this credit card, but you have the option to add travel insurance, RBC Road Assist, and more.
Here’s a summary of the four credit cards to compare:
|SimplyCash Card from American Express||Tangerine Money-Back Credit Card||Scotia Momentum Visa Infinite Card||RBC Cash Back Mastercard|
|Annual Fee||$0||$0||$120 (waived for the first year)||$0|
|Supplementary Card Annual Fee||$0||$0||$50 (waived for the first year)||$0|
|Purchase Interest Rate||19.99%||19.95%||20.99%||19.99%|
|Funds Advance Interest Rate||21.99%||19.95%||22.99%||22.99%|
|Cash Back Rewards||Unlimited 1.25% cash back on all purchases, plus an annual referral bonus up to $750||2% cash back in up to 3 Money-Back Categories, 0.50% cash back on everything else||4% cash back on groceries and recurring payments, 2% cash back on gas and daily transit purchases, 1% cash back on all other purchases||2% cash back on groceries (up to $6,000 annually), and up to 1% cash back on everything else|
Is the SimplyCash Card from American Express For You?
If you’re looking for a starter credit card or one with no annual fees and want to earn cash back across a broad range of categories, the SimplyCash Card from American Express is a good choice.
However, there are quite a few other credit cards that offer a higher maximum cash back earn rate, like the Tangerine Money-Back Credit Card.
If you travel often, this card may not be for you as it does not include comprehensive travel coverage or benefits; however, this is not unusual for a no-fee credit card.
Also, if you tend to spend more in certain categories, like groceries or transportation, the Tangerine Money-Back Credit Card or a similar one could work better for you.
The 1.25% cash back earn rate is respectable, so if you’re considering applying, we would say go for it.
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