Choosing the right credit card can make a significant difference in your financial management, whether you’re looking to maximize rewards, earn cashback, or simply enjoy exclusive benefits. The SimplyCash™ Preferred Card from American Express stands out as a solid choice for individuals who want to earn cash back on their everyday purchases while benefiting from premium perks.

With competitive cashback rates, a straightforward rewards structure, and additional protections, this card is designed to provide value to cardholders in multiple ways. In this article, we’ll explore the key details of the SimplyCash™ Preferred Card, including its benefits, drawbacks, and how you can apply for it.

Key information about the credit card

How does the annual fee work?

The SimplyCash™ Preferred Card comes with a monthly fee of $9.99, which amounts to $119.88 annually. While this fee might seem like an extra cost, it is relatively modest compared to the cashback potential and benefits that come with the card. Since the charge is divided into monthly payments, cardholders do not need to worry about a large one-time fee at the start of the year.

How is the credit limit determined?

The credit limit for the SimplyCash™ Preferred Card is determined based on several factors, including the applicant’s credit history, income level, and overall financial profile. American Express evaluates these aspects during the application process to determine a limit that aligns with the cardholder’s financial standing and ability to repay.

Advantages of the credit card

• High cashback rate on gas and groceries: Earn 4% cash back on eligible gas and grocery purchases in Canada, making it an excellent choice for everyday spending.
• Unlimited 2% cashback on all other purchases: Unlike some other cards that cap cashback earnings, the SimplyCash™ Preferred Card offers unlimited 2% cashback on all other transactions.
• Referral bonus program: Cardholders can earn up to $750 per year by referring friends and family who get approved for the card.
• Mobile device insurance: Provides coverage of up to $1,000 on eligible mobile devices purchased using the card.
• Exclusive American Express experiences: Enjoy access to pre-sale tickets, exclusive live events, and special dining experiences through Amex’s entertainment perks.
• Travel coverage: Protection when booking flights or road trips using the card, ensuring peace of mind while traveling.

Standout advantage

One of the standout features of the SimplyCash™ Preferred Card is its high cashback rate on everyday essentials like gas and groceries. Unlike many other cashback credit cards, which often have lower rates for these categories or impose spending caps, this card allows users to earn 4% cashback on eligible purchases at gas stations and grocery stores in Canada. This can lead to significant savings, especially for families and individuals who frequently spend on these necessities.

Disadvantages

• Monthly fee: Although not a high annual fee, the $9.99 monthly charge could be a downside for those looking for a no-fee option.
• Limited acceptance in some places: American Express cards are not accepted as widely as Visa or Mastercard, which may be inconvenient in certain stores or businesses.
• High-interest rate: With a 21.99% APR on purchases and cash advances, carrying a balance on this card can be expensive.

A standout disadvantage

The biggest drawback of this card is its limited acceptance compared to competitors like Visa and Mastercard. While American Express has expanded its merchant network, some retailers and smaller businesses still do not accept Amex, making it slightly less convenient in certain locations. This can be a hassle for individuals who rely on their credit card for all purchases and want a universally accepted payment method.

Who can apply for this card?

To be eligible for the SimplyCash™ Preferred Card from American Express, applicants must be Canadian residents and meet specific financial requirements. The applicant must be of the age of majority in their province or territory and have a Canadian credit file. While American Express does not publicly disclose a minimum income requirement, approval is generally easier for individuals with a strong credit score and a stable source of income.

Applicants cannot have had this card previously to qualify for the welcome bonus, and those with a history of missed payments may face higher interest rates. Since this is a conventional credit card, approval is not guaranteed for individuals with bad credit or those who are currently in a financial hardship situation. Providing proof of income may be required for applicants who are self-employed or have an inconsistent earnings history.

How to apply for the American Express SimplyCash™ Preferred Card

For the website

To apply online, visit the American Express Canada website and navigate to the SimplyCash™ Preferred Card page. Click on the “Apply Now” button, and you will be directed to the application form. Here, you will need to enter personal details, such as your name, date of birth, and residential address. You will also be required to provide financial information, including your annual income and employment status.

Once all details are filled out, review the terms and conditions before submitting your application. If you meet the eligibility criteria, you may receive an instant approval decision, allowing you to start using your card as soon as it arrives. If additional verification is needed, American Express may contact you for further documentation.

Through the app

Applying via the Amex mobile app is another convenient way to get the card. First, download the American Express Canada app from the Apple App Store or Google Play Store. Open the app, navigate to the credit card section, and select the SimplyCash™ Preferred Card.

The application process is similar to the website, requiring personal and financial information. The app may also allow you to scan documents for identity verification. Once submitted, you can track your application status directly from the app and receive notifications about the decision. If approved, the card will be sent to your registered address.

At the branch

While American Express primarily operates online, some authorized financial institutions or partner locations may assist with credit card applications. If you prefer an in-person process, visit a participating branch that supports American Express applications. Bring a valid government-issued ID, proof of income, and credit history information.

A representative will guide you through the application, ensuring all details are correctly entered. While approval may not be instant in some cases, you will receive a notification regarding your application status within a few business days. Once approved, your card will be mailed to you, and you can activate it online or via the Amex app.