SimplyCash Card from American Express Review
Looking for a rewards credit card that’s simple, has no tricks and is exceptionally rich? The new no annual fee SimplyCash card from American Express has the highest no-fee flat cash back rate of 1.25% in Canada, on everything you buy, with unlimited earning potential.
Need another incentive to try it out? American Express is now offering 2.5% cash back for the first 3 months on eligible purchases spend in Canada! With no annual fee, the 2.5% promotion itself makes the card a bargain, and worth trying – even if you plan on only using it for the 3 month promo.
|Credit Card||Earn Rate||Bonus Categories|
|The NEW SimplyCash Card from American Express||1.25%||2.5% on gas, grocery & restaurants for first 6 months|
|ATB Gold Cash Rewards||1%|
|RBC Visa Cash Back||1%|
|BMO Cash Back MasterCard||1%|
|TD Cashback Mastercard||0.75%|
|ScotiaBank Momentum||0.5%||1% on gas, grocery, drugstore & recurring payments|
|National Bank Edition||0.5%|
|Van City Enviro Classic||0.5%|
SimplyCash At A Glance:
- 1.25% cash back on all spend with no caps – unlimited earning potential
- Bonus of 2.5% cash back on all eligible purchases at gas stations, grocery stores and restaurants (up to $150 back) for the first 3 months
- No annual fee
- No annual fee on additional cards
- 1.99% interest rate on balance transfers for 6 months, 0% balance transfer fee at time of application!
- Insurance coverage including Travel Accident, Buyers Assurance, Purchase Protection, Car Rental Theft & Damage
- Front of the line access to the hottest entertainment
Why It’s A Winner:
We like the no fee SimplyCash card a lot because it hits on the features most Canadians are looking for in a cash back credit card: no annual fee, the richest cash back rate of 1.25% on all purchases in Canada, the simplicity of a flat earn rate on ALL spend with no limits on earnings, and a sign-up bonus of 2.5% cash back on gas, groceries and restaurants in the first 3 months is unparalleled.
With no annual fee, it makes for a great complimentary card. You can use the Amex card to get 2.5% cash back in the first 3 months on eligible purchases, while using another cash back or rewards card that offers more in other categories. Likewaise, you can use the SimplyCash card to earn 1.25% on all your spend, and another no fee cash back card to earn 1% where Amex isn’t accepted – maximizing your rewards.
To top it off, Amex is offering a 1.99% interest rate on balance transfers for the first 6 months, with no balance transfer fee at time of application.
Card Type and Interest Rate
The SimplyCash Card is classified by Amex as a ‘credit card,’ rather than a charge card (which has higher interest rates). The card comes with a 19.99% interest rate on purchases and 22.99% on cash advances.*
Purchase interest rates can increase to 23.99% and/or 26.99% in the event that multiple payment dates are missed. Be sure to read through the card’s other relevant interest rates before you apply.
SimplyCash Credit Card Fees
|Additional Card Fee||$0 each|
|Foreign Transaction Fee||2.5%|
|Funds Advanced||$2.75 each|
|Cash Back Balance Reinstatement||$20/$30|
|Balance Transfer/Amex Cheque||0% each|
Eligibility requires Canadian residency, a Canadian credit file and age of majority in the province or territory where you live.
How Does The SimplyCash Card Stack-Up?
We did a competitive comparison with other flat rate, no fee credit cards and we found the SimplyCash card offered 25% more rewards than its next closest competitor and it’s 2.5% cash back on purchases for the first 3 months was simply unmatched.
*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link.
**This post was not sponsored. The views and opinions expressed in this review are purely my own.