American Express SimplyCash Preferred Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 19.99% to 21.99%.
  • Purchase intro APR: None.
  • Rewards: 5% to 2% cash back.
  • Annual fee: $99.
  • Late fee: APR increases to 23.99% on the remaining balance.
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Benefits

  • Interest-free grace period: If you’re attempting to pay off your balance by the statement due date, you have a grace period with no interest. For purchases, you have an additional 21 days to pay off your balance before the 19.99% APR applies to the unpaid balance. If you don’t pay off the entire balance within this grace period, you have a 25-day interest-free grace period on your next statement. There’s no interest-free grace period for funds advances or balance transfers.
  • Cash-back rewards program: When you make purchases using your Amex Canada SimplyCash Preferred card, you earn 5% in the first six months and 2% thereafter. When you refer a friend and they’re approved for a card, you may be eligible to earn a $100 cash-back bonus up to a maximum of $1,500 in referral cash-back rewards. Once a year, you can opt to receive this cash from American Express or it can be applied to your statement balance.
  • Special offers: As an American Express cardholder, you’re eligible for special offers, including access to advanced or reserved tickets for film, dining, and live music experiences. You may also receive exclusive offers for theater tickets and fashion or shopping experiences.

Drawbacks

  • APR increases with missed payments: When you don’t pay off your entire balance at the end of your statement period, your purchases are susceptible to a 19.99% APR. If you miss two separate payments, this APR increases to 23.99% for the next 12 billing cycles. If you miss three or more payments, the APR increases to 26.99% for the next 12 billing cycles.
  • Other fees: You owe a $2.75 fee for each funds advance you request and a $25 fee if your payment is rejected or considered dishonored. It costs $3 to reprint your statement and a balance transfer costs up to 3% of the transaction. If you move your balance to the installment program, you’ll pay a monthly fee of up to 1.2%. If you exceed your credit limit, you’re charged a $29 fee each month your balance remains over this limit.
  • Redeem cash-back rewards annually: While you can earn cash back quickly when using the Amex Canada SimplyCash Preferred Card, you’re only allowed to redeem these rewards once per year. Your annual cash-back redemption can be applied to your statement balance or you may request payment from American Express.

What Can You Expect From the Amex Canada SimplyCash Preferred Card?

Online Application Process

You can apply for the AmEx Canada SimplyCash Preferred Card by phone or online. To apply online, simply agree to the card’s terms and conditions and provide your personal information as requested. The system reviews your credit and other financial factors to determine your eligibility. If you’re approved for the card, it’s mailed to you so you can start making purchases and earning your cash-back rewards.

You’re able to create an online account to review your transaction history, make payments, and check on your cash-back rewards. When you download the smartphone app, you can also sign into your account and keep track of your balance from anywhere.

Travel and Shopping Coverage

The AmEx Canada SimplyCash Preferred Card includes travel coverage at no cost, such as the following:

  • $100,000 in travel accident insurance.
  • Car rental theft and damage insurance.
  • Flight and baggage delay insurance.
  • Out-of-country or province emergency medical insurance for cardholders 65 and older.
  • Hotel burglary insurance.

The card also includes coverage for purchases, such as a buyer’s assurance protection plan and purchase protection plan.

Customer Service

American Express customer service is available by phone 24 hours a day, seven days a week. The card also comes with fraud protection coverage. You’re not responsible for fraudulent charges that appear on your statement if you’ve done your due diligence to protect your identity, card, personal information, and PIN. If your card is lost or stolen, you can request an emergency card replacement, even if you’re traveling.

Who Should Get the Amex Canada SimplyCash Preferred Card?

The AmEx Canada SimplyCash Preferred Card is best for Canadians with good credit who want a card with a simple cash-back plan. Since the APR is high, this card is ideal for consumers who plan to pay off all or most of their statement balance each month.

While there is an annual fee, it isn’t high when compared to other cards. A supplementary card is provided at no cost so it may also be best for consumers who plan to have a second cardholder.

If you’re looking for an American Express credit card that helps you earn cash-back rewards, consider the AmEx Canada SimplyCash Preferred Card. Review the fees, including the balance transfer fee and APR, before deciding if the card is right for you.

Compare other cash back credit cards and learn more here.


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