SimplyCash Preferred Card from American Express Review

Annual Fee
$99
Purchase Interest Rate
19.99%
Min Personal Income Required
$0
Recommended Credit Score
740 850 670 739 580 669 0 579
Good-Excellent
Card type: credit card.
Earn 5% cash back on ALL purchases in the first 6 months (up to $300 cash back).

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If you have a running balance on an old credit card with a high interest rate, it becomes more and more difficult to pay it off, and you end up paying extra in interest due over time. Credit cards that empower customers with a lower initial rate after transferring their balance exist to help, but rarely give lasting bonuses that provide value over time after the balance has been paid. Take advantage of one of these beneficial offerings from American Express with the SimplyCash Preferred Card.

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

  1. 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.
  2. 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.
  3. 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
  • E-updates
  • A reservation system and advanced access to some of the best shows and events

2) Insurance:

  • 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.

Conclusion

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.

Article comments

8 comments
Lana says:

I’m interested in doing exactly as suggested here: transferring my current balance from my Visa card to this Amex one. I’m just afraid Amex cards aren’t always accepted everywhere… Is this still true?

Thanks!

The GreedyRates Team says:

Hey Lana!

Thanks for posting your comment about balance transfers. Remember that you don’t need to cancel your other credit cards when you transfer a balance from them, and in many cases, it’s recommended not to do so. This is to preserve your credit score, because if you close an account then you’ll get dinged temporarily, so it’s best to keep the cards open and to minimize their use so that you don’t put yourself back in a hole. That said, you can use your old cards while the new card shelters your balance, just make sure to make timely payments on both cards and anything extra saved should be used to chip away at the balance itself.

Accordingly, you can use the Amex as a consolidation tool exclusively, and not have to worry about its acceptance rate with local merchants. Another thing to be aware of is that as an Amex card, you’ll only be able to transfer 50% of your approved credit limit as a balance transfer, so if your debt is $5,000 and Amex approves you for a limit of $10,000, then transferring the full amount is possible. If the limit is less, you’ll have to leave some of your balance on your old card anyway. Best of luck!

GreedyRates

Phil says:

when is the annual fee charged? ie on your first statement or a set month during the year?

The GreedyRates Team says:

Hi Phil,

Each card issuer charges the annual fee in a different way, it seems like. For Amex, they typically charge your account for the annual fee (in this case it would be the $99 for your Simplycash Preferred card) on the anniversary date of your account opening. If your application was approved and your account opened on May 7th, for example, then that $99 fee will hit your statement on May 7th of the following year.

Thankfully, Amex has a 30-day annual fee grace period that allows you to cancel your card and avoid the fee within 30 days of it being charged to your account. Amex also used to prorate your fee if you cancelled after the 30-day window, but it no longer does this unfortunately, so make sure to cancel in time. Thanks again for the question and if you need us to make a few suggestions as to what card would best replace your Simplycash Preferred, let us know!

GreedyRates Staff

dee pada says:

This article says the max spend is “spend $6,000 a month” for a max of $300 per month. However I just called amex and they said the max bonus of $300 is for the whole 6 months (not each month). So I spent $6000 the first month and am now only earning 2% cash back from month 2 onwards.

The GreedyRates Team says:

Hey Dee,

Appreciate the comment and the correction that needed to be made in our review. As we stated in the review, the promotion for 5.00% cash back from the SimplyCash card lasts for 6 months up to a maximum of $300 cash back accrued. Our mistake was in indicating that this was a monthly spending limit rather than the limit for the whole 5 months. As soon as you collect $300 or the 6 months is over, the 5.00% promotion ends and the cash back rate returns to 2.00%. Sorry our typo muddled the point a bit, but we’ll fix it so that other readers don’t get the wrong idea. Have a nice day!

GreedyRates

Eli Goldberg says:

Is there a way to get the annual fee waived, even if only for the first year?

GreedyRates says:

Hello again Eli,

Thanks for your question. As far as we know, it’s not possible to waive the first year’s annual fee unless it’s been expressly advertised by the issuer.

However, most issuers are generally flexible when it comes to things like continuing promotional rates and other benefits, so it’s worth a try. Give customer service a ring and ask, and be prepared with a reason why you deserve a waiver (great credit, etc). Good luck!

GreedyRates Staff