SimplyCash Preferred Card from American Express Review
Get a head start on paying your balance and receive cash back in the process with the SimplyCash Preferred card from American Express. This double-edged bonus of 5% cash back and an interest rate of 1.99% gives customers who are transferring a balance from one card to another an extra boost to pay off their bills.
The SimplyCash Preferred At a Glance
- 5% cash back in the first 6 months
- 2% cash back after welcome rate ends, no limits
- 1.99% interest rate for 6 months on balance transfers
- $99 annual fee
Why We Like It
- 5% Cash Back Bonus: For the first 6 months after the card’s activation, the customer will enjoy an impressive 5% cashback on purchases, up to a maximum value of $300. This means that cardholders who spend $6,000 during the first six months will get the cash back on every dollar.
- Competitive Post-Bonus Cash Back: After the initial bonus period of six months, customers receive 2% cash back for the life of their account, applicable with absolutely no limits on spending. *Note that accrued cash back is applied as a statement credit to your account each September.
- Balance Transfer Bonus: Approved applicants who transfer their balance from one card to the American Express SimplyCash Preferred card pay only 1.99% interest for 6 months after activation. This bonus allows for a maximum of $7,500 or 50% of the customer’s existing credit limit to be transferred and paid off monthly at a near-zero rate, saving hundreds of dollars in interest payments.
Extra Benefits of the SimplyCash Preferred Card from American Express
American Express offers customers some truly advantageous benefits on top of the already great balance transfer and cash back rates. One that stuck out was the refer-a-friend bonus, which rewards customers with up to $2,250 annually for referring friends to sign up for the same valuable card. A cash payment of $150 for each individual referral is a nice incentive to get others the same benefits that you enjoy.
These additional features also apply:
1) American Express Front of the Line Service:
- Special invites
- A reservation system and advanced access to some of the best shows and events
- Insurance against damage and theft of a rental car
- Travel accident insurance value of $100,000
- Foreign medical insurance
- Theft of baggage and lost item insurance
3) For Shoppers:
- Products that are bought with the American Express SimplyCash card have their manufacturer’s warranty doubled, extending protection for expensive purchases.
- Insurance against theft or accidental damage on eligible new purchases made with the card.
For those who want an advantage when paying off their balance and need a reason to keep the card once they have repaid their outstanding amounts, the American Express SimplyCash Preferred card is especially suitable. An initial 6 months of beneficial bonuses on balance transfers, a competitive cash back rate with no limits, plus an array of nice features courtesy of American Express make this card very worthwhile for many individuals with outstanding credit card balances.
*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 link.
**This post was not sponsored. The views and opinions expressed in this review are purely my own.