American Express SimplyCash Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 19.99% to 21.99%.
  • Purchase intro APR: None.
  • Rewards: 1.25% – 2.5% cash back.
  • Annual fee: $0.
  • Late fee: $25 fee for late or returned payments.
  • Credit score: Good to Excellent (680-850).
  • Compare cards here.

Benefits

The American Express Canada SimplyCash Card offers cash-back rewards without an annual fee.

  • Cash back on all purchases: Cardholders do not have to worry about making purchases in specific categories. They earn 1.25% back when they make any purchase with their SimplyCash card. Other cards offer higher cash-back percentages, but they typically limit these rewards to specific categories. The SimplyCash card is better for people who do not want to shop within particular categories.
  • No annual fee: Some American Express rewards cards come with an annual fee. The SimplyCash card has no such fee, so it is an excellent option for casual credit card users who want to earn cash-back rewards but do not want to have to use their card frequently to make up for an annual fee.
  • A great introductory bonus: Cardholders can currently double their cash-back percentage for the first three months of card ownership. The 2.5% cash-back welcome bonus is good for up to $150 in cash-back rewards.
  • Cardholders get access to American Express perks: If you make purchases with your card, you can get purchase protection. Trips booked with the SimplyCash card also qualify for travel accident insurance. These are valuable perks, especially for a no-annual-fee card like the SimplyCash Card.

Drawbacks

The AmEx Canada SimplyCash card does come with some drawbacks that applicants need to be aware of when choosing the best credit card for their needs.

  • Other cards offer more generous rewards: If you shop within specific categories or are willing to pay an annual fee, you can earn more rewards with other cards. However, the 1.25% cash-back rate is competitive for no-annual-fee cards that do not offer bonus categories.
  • The interest rate can quickly cancel out any cash-back rewards: The interest rate of 19.99% will kick in if you do not pay off the entire balance at the end of each billing cycle. The interest payments can quickly surpass the number of your cash-back rewards.
  • American Express is not as widely accepted as Visa and MasterCard: If you want to use your card everywhere to maximize your cash-back rewards, you may be disappointed. Some small mom-and-pop stores, cafes, or other small businesses, for example, may not accept American Express.
  • You should have a good credit score to get this card: Some cards without an annual fee do not require good credit. However, American Express typically requires a good, very good, or excellent credit score. If you do not qualify, you may need to get a different card to build a more positive credit history.

What Can You Expect From the Amex Canada SimplyCash Card?

American Express offers a suite of account management tools. Cardholders can manage their account, make payments, and track rewards through the online account management portal. They can also use the American Express mobile app for account management purposes.

Both these tools are available to American Express cardholders, whether they have premium cards with annual fees or standard cash-back cards like the SimplyCash card.

Cardholders can also access customer service 24/7 by phone or online.

Despite being a fee-free card, SimplyCash offers access to premium perks, such as travel accident insurance, purchase protection, and access to ticket presales and special events. These perks help the SimplyCash stand out above other fee-free cash-back cards. However, these perks are only worthwhile if you plan to take advantage of them.

Who Should Get the Amex Canada SimplyCash Card?

The American Express Canada SimplyCash Card is a good option for Canadians who want a simple cash-back card for day-to-day purchases.

Other cards with annual fees and category restrictions will offer more rewards or better cash-back percentages. However, you will need to figure out the limitations and be sure to earn more than the annual fee with these other cards. Serious credit card users may find these other cards worthwhile and may balk at the comparatively modest cash-back rate of the SimplyCash card.

However, those who want a simple rewards program that offers a competitive cash-back percentage will find the SimplyCash card a good option. It is an especially logical choice if you can take advantage of the travel insurance, event ticket sales, and purchase protection offered by American Express.

Compare other cash back credit cards and learn more here.


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