In the world of financial products, credit cards remain a cornerstone of modern personal finance. The Simplii Financial™ Cash Back Visa Card stands out as a versatile and accessible option, offering competitive cash-back rewards and a straightforward user experience. Whether you’re dining out, filling up your car, or making everyday purchases, this card provides an excellent way to earn while you spend.

Simplii Financial’s card combines value, flexibility, and no annual fee, making it an appealing choice for Canadians seeking to maximize their rewards. Below, we’ll delve into the key aspects of this credit card, outlining its fees, limits, benefits, and application process, ensuring you have all the information needed to decide if it’s the right fit for you.

Key information about the credit card

How does the annual fee work?

One of the most significant advantages of the Simplii Financial™ Cash Back Visa Card is its lack of an annual fee. This feature is particularly appealing for those looking to enjoy the benefits of a cash-back credit card without the burden of recurring costs. Many credit cards charge annual fees ranging from modest amounts to hundreds of dollars, which can eat into the rewards you earn.

By eliminating this expense, Simplii Financial ensures that every dollar of cash back stays in your pocket. This no-fee structure makes the card accessible to a broader audience, including students, newcomers to Canada, or anyone with a modest budget. It also simplifies financial planning—no need to calculate whether your rewards will offset a yearly fee.

How is the credit limit determined?

The credit limit for the Simplii Financial™ Cash Back Visa Card is tailored to your financial situation. For conventional credit cards like this one, the limit is primarily determined based on factors such as your credit score, income, and existing financial obligations. Simplii evaluates these parameters during the application process to assign a credit limit that aligns with your ability to repay.

For those applying through the New to Canada Banking Program, the credit limit can go up to $10,000, offering an excellent opportunity to build or enhance credit history. Simplii’s approach ensures that users are equipped with a limit that balances purchasing power with responsible borrowing.

Advantages of the credit card

• Generous cash-back rates: Earn up to 4% cash back on eligible restaurant and bar purchases, 1.5% on gas, groceries, and pre-authorized payments, and 0.5% on everything else.
• No annual fee: Enjoy all these perks without worrying about additional costs.
• Global acceptance: Use your card at millions of locations worldwide, both online and offline, wherever Visa is accepted.
• Secure transactions: Benefit from chip and PIN technology, fraud alerts, and zero liability for unauthorized transactions.
• Convenient payment options: Pay with Apple Pay, Google Pay™, or Samsung Pay® for seamless mobile transactions.
• Additional cardholders: Add up to three authorized users to your account and set individual spending limits, helping you earn cash back faster.

Standout advantage

The standout advantage of this card is undoubtedly its cash-back structure. With up to 4% cash back on restaurant and bar purchases, Simplii Financial offers one of the most competitive rates in this category. This high reward rate, combined with no annual fee, makes it particularly attractive for foodies and frequent diners. Whether you’re enjoying a meal at a local restaurant or grabbing a coffee, you can earn substantial rewards on your everyday spending.

Disadvantages

• Limited bonus categories: Higher cash-back rates are limited to specific categories like dining and bars, with lower rewards for other purchases.
• Interest rates: Like most credit cards, the card carries a relatively high purchase interest rate of 20.99% and 22.99% for cash advances.

A standout disadvantage

The primary drawback of this card lies in its limited cash-back categories. While the 4% rate on dining is impressive, it may not appeal to users who spend heavily on other categories like travel or entertainment. If your spending habits don’t align with these categories, you might find the rewards less compelling.

Who can apply for this card?

The Simplii Financial™ Cash Back Visa Card is designed for Canadians aged 18 or older (19 in some provinces) with a minimum household income of $15,000 per year. Applicants should have a valid credit history, a clean credit record, and meet Simplii’s financial criteria.

The card is also accessible to newcomers through the New to Canada Banking Program, which offers a generous credit limit and tailored support. While the card is not specifically marketed to those with poor credit, its lack of an annual fee and straightforward eligibility requirements make it a viable option for individuals building or rebuilding their credit profile.

How to apply for the Simplii Financial™ Cash Back Visa Card

Simplii Financial provides a seamless and user-friendly application process for its Cash Back Visa Card. Whether you prefer to apply online, through their mobile app, or by visiting a branch, the process is straightforward and accessible. Here’s how you can get started:

For the website

To apply through the Simplii Financial website, start by visiting their official page. Navigate to the Cash Back Visa Card section and click “Apply Now.” You’ll be prompted to create an account if you’re a new user or sign in if you’re an existing client. The application form requires details such as your name, address, income, and employment status. Once submitted, Simplii will assess your eligibility and provide a decision, often within minutes.

Through the app

Applying through the Simplii Financial mobile app is a convenient option for users who prefer handling financial matters on the go. Download the app from the App Store or Google Play, log in or create an account, and select the Cash Back Visa Card from the product menu. The application process mirrors the online method but is optimized for mobile devices. You’ll receive notifications and updates directly through the app, making it easy to track your application.

At the branch

For those who prefer face-to-face interaction, Simplii Financial offers in-branch application services. Visit a Simplii branch near you, where a representative will guide you through the application process. Bring necessary documents, such as proof of income, government-issued ID, and your Social Insurance Number (SIN), to ensure a smooth experience. Applying in person allows you to ask questions and receive immediate assistance, making it a preferred option for first-time applicants.