The SimplyCash® Preferred Card from American Express is a versatile credit card that offers a range of rewards and benefits tailored to your spending habits. With competitive cashback rates, premium services, and protection for your purchases, it is designed to meet the needs of modern cardholders.

Whether you’re paying for everyday expenses or planning for something bigger, this card is built to make your financial journey rewarding and straightforward. From generous cashback on essential categories to exclusive access to events and experiences, the SimplyCash® Preferred Card delivers value beyond expectations. Let’s explore everything this card has to offer, from its standout features to the simple application process.

Main details about the SimplyCash® Preferred Card

How does the annual fee work?

The SimplyCash® Preferred Card comes with a monthly fee of $9.99, which amounts to $119.88 annually. This fee is billed conveniently to your account, allowing you to spread the cost over the course of the year. Although there is no option to waive the fee, the cashback rewards and additional benefits you receive make it a valuable option for many cardholders.

If you frequently spend in categories like gas and groceries, the cashback you earn can quickly offset the annual fee. With the potential to earn significant rewards in these everyday categories, the card provides strong value, making it a great choice for those who want to maximize their spending in high-reward areas.

How is the credit limit determined?

American Express determines the credit limit for the SimplyCash® Preferred Card based on a thorough evaluation of your financial profile. Key factors, including your income, credit score, and existing debt obligations, are all taken into account during this process. Once approved, your credit limit is set in a way that reflects your financial capacity, offering you both flexibility and control over your spending.

This personalized approach ensures that your credit limit is tailored to your individual financial situation, making it easier to manage your purchases while maintaining a healthy balance. Whether you’re using the card for everyday expenses or larger purchases, this system helps you stay within your means, offering peace of mind and financial security.

Benefits of the SimplyCash® Preferred Card

Enjoy a suite of benefits that cater to your financial needs and lifestyle preferences. With the SimplyCash® Preferred Card, you can take advantage of the following:

• Generous cashback rates: Earn 4% cash back on eligible gas and grocery purchases in Canada (up to $1,200 annually for groceries) and 2% cash back on all other purchases with no cap.
• Referral bonuses: Invite your friends to apply for the card and earn up to $750 annually in bonus cash back for approved referrals.
• Exclusive experiences: Access premium events, early ticket sales, and unforgettable experiences with American Express® Experiences.
• Mobile device insurance: Get coverage of up to $1,000 for eligible mobile devices purchased using your card.
• Shopping and travel protection: Enjoy additional peace of mind with protection for eligible purchases and travel bookings.
• World-class service: Benefit from 24/7 customer support that is ready to assist you anytime, anywhere.
• Flexible borrowing options: With features like the Plan It® Installment Program, you can split large purchases into manageable monthly payments without additional interest.

A standout benefit: cashback rewards

The SimplyCash® Preferred Card stands out for its cashback program, which offers 4% cash back on gas and groceries and 2% on everything else. These rates are competitive and can make a significant difference in your financial management. Additionally, new cardholders can earn a bonus of up to $200 in the first three months, making it a great option for maximizing rewards early on.

Disadvantages

While the SimplyCash® Preferred Card has many advantages, it’s important to consider some potential drawbacks:

• Annual fee: The $9.99 monthly fee may not suit everyone’s budget.
• Limited high-cashback categories: The 4% cashback rate applies only to gas and groceries, with a cap on the grocery category.
• Interest rates: The 21.99% annual interest rate on purchases and cash advances can become costly if you carry a balance.
• No fee waivers: Unlike some other cards, there’s no option to waive the annual fee based on spending.

A notable disadvantage: limited high-cashback categories

While the 4% cashback rate is attractive, it’s limited to gas and grocery purchases, with the grocery category capped at $1,200 annually. This can be a downside for cardholders who spend significantly in other categories, as they won’t earn as much cash back compared to these specific purchases.

Who can apply for the SimplyCash® Preferred Card?

To apply for the SimplyCash® Preferred Card, applicants must meet several key criteria:

• Be a Canadian resident with a valid Canadian credit file.
• Be of legal age in their province or territory (the age of majority).
• Maintain a good credit score and a positive credit history.
• Provide proof of income and employment, if requested.

The card is not available to individuals with poor credit or recent delinquencies. While the application process is generally straightforward, American Express may request additional documentation to verify your eligibility. Ensuring that you meet these requirements will increase your chances of approval and help streamline the application process.

How to apply for the SimplyCash® Preferred Card

Applying for the SimplyCash® Preferred Card is easy and convenient, with multiple application options available:

Through the website

• Visit the American Express Canada website.
• Navigate to the SimplyCash® Preferred Card page.
• Click on “Apply Now” and fill out the online application form.
• Provide personal and financial information as requested.
• Submit your application and receive a response within 60 seconds.

Using the mobile app

• Download the American Express app from your device’s app store.
• Log in or create an account to access the card application feature.
• Follow the guided steps to complete and submit your application.
• Track the status of your application directly within the app.

In person

While the card is primarily available through online channels, you can visit select American Express-affiliated financial institutions for assistance with your application. This option may be helpful if you have specific questions or prefer in-person support.