A look at the new and improved Amex SimplyCash Preferred Card

Amex Canada recently announced significant changes to one of the strongest cashback cards in Canada – The SimplyCash Preferred Card (SCP) and SimplyCash Card from American Express, now offer an increased earn rate on eligible gas station and grocery store purchases. The annual fee for SCP card increases from $99, to $119.88 (annually) with a monthly fee structure, where new cardmembers earn $40 in statement credit  for each month with $750 in purchases (for first 10 months, up to $400).  Both SimplyCash cards also get a much needed facelift, with new Card art  – lets look at the card benefits in further detail;

SimplyCash® Preferred Card from American Express – Apply Now

• Annual Fee: $9.99/month (equals $119.88 annually)
• Welcome Bonus: Earn a $40 statement credit for each monthly billing period with $750 in purchases on the Card (for first 10 months as Cardmember, up to $400)
• Earn Rate:
  • 4% cash back on eligible gas station puchases
  • 4% cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually)
  • 2% cash back on all other purchases (no limit)
• Other Key Benefits:
  • Refer a Friend and earn a bonus of $100 cash back for each approved referral up to a maximum annual referral bonus of $1,500 cash back
  • Extensive insurance coverage:
    • Car Rental Theft and Damage Insurance: Covered for theft, loss and damage of your rental car with an MSRP of up to $85,000 for rentals of 48 days or less
    • Travel Accident Insurance: Covered up to $100,000 of Accidental Death and Dismemberment Insurance
    • Out of Province/Country Emergency Medical Insurance (For under age 65)
    • Lost or Stolen Baggage Insurance: maximum of $500 per trip for all insured person(s) combined
    • Flight Delay Insurance (up to $500)
    • Baggage Delay Insurance (up to $500)
    • Hotel Burglary Insurance (up to $500)
    • Buyer’s Assurance® Protection Plan: Automatically extend the manufacturer’s original warranty up to one additional year
    • Purchase Protection® Plan: Insured for eligible items charged to your Card for 90 days from the date of purchase in the event of accidental physical damage or theft for up to $1,000 per occurrence (for all purchased items combined)
  • Access to memorable experiences with American Express Invites 

Detailed list of benefits and perks of the card are listed here

Personal Reflections 

A strong cashback card is a must in every wallet, SimplyCash Preferred Card becomes particularly attractive with the 4% return on gas stations, and grocery stores (up to $1200 in cash back annually). For a household that can maximize the monthly spend bonus of $400 statement credits (in 10 months), in addition to the $1200 on grocery store spends, it is hard to look past the annual returns this card has to offer.  If you are looking for a strong cash back card, look no further.

If you are looking for a no annual fee version instead, the SimplyCash Card from American Express now offers $100 in statement credits for new cardmembers. Here’s a look at the details on that card;

SimplyCash® Card from American Express – Apply Now

• No Annual Fee
• Welcome Bonus: Earn a $10 statement credit for each monthly billing period with $300 in purchases on the Card (for first 10 months as Cardmember, up to $100)
• Earn Rate:
  • 2% cash back on eligible gas station puchases
  • 2% cash back on eligible grocery store purchases in Canada (up to $300 cash back annually)
  • 1.25% cash back on all other purchases
• Other Key Benefits:
  • Refer a Friend and earn a bonus of $50 cash back for each approved referral up to a maximum annual referral bonus of $750 cash back
  • Travel Accident Insurance: Covered up to $100,000 of Accidental Death and Dismemberment Insurance
  • Access to memorable experiences with American Express Invites 

• Detailed list of benefits and perks of the card are listed here