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Credit Card Review - SimplyCash Card from American Express
Among the ever-popular lineup of cash back credit cards, American Express offers two competitive daily spending-focused options. The SimplyCash™ Cards from American Express come with an intro bonus and rewards structure that rivals market leaders, but with a few key differences (think greater flexibility and plusher perks) that make it a unique option. Available in both a no-fee and Preferred version, consumers can choose between pure cash earnings, or pay a fee for additional features.
Card Details
| SimplyCash™ Card from American Express | SimplyCash™ Preferred Card from American Express | |
|---|---|---|
| Annual fee | $0 | $120 |
| Interest rate | 20.99% | 20.99% |
| Balance transfer rate | N/A | N/A |
| Cash advance rate | 21.99% | 21.99% |
| Supplementary card fee | $0 | $0 |
Earning Potential: Good
During the Welcome Rate period, both iterations of the SimplyCash™ card offer one of the highest reward earning rates on the market, and include insurance and customer service features not usually offered in the cash back category.
Reward Breakdown:
| SimplyCash™ Card from American Express | SimplyCash™ Preferred Card from American Express |
|---|---|
| In your first 10 months, earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your Card. This could add up to $100 in statement credits in the first 10 months. | In your first 10 months, earn a $40 statement credit for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to $400 in statement credits in the first 10 months. |
It’s also worth noting that both cards come with access to American Express Front Of the Line entertainment perks as well as American Express 24/7 helpline and Emergency Card Replacement.
Point Redemption: Average
Cash back is awarded on an annual basis and applied as a credit directly to your credit card balance.
This is a less flexible model than provided by similar cards on the market, which awards monthly or provides actual cash payouts on a regular basis.
Insurance Features: Great
Cash back card features tend to be on the utilitarian side, forgoing plush perks to focus on earning potential. But this is an area where American Express, which has a reputation for pushing the customer service envelope, stands out with its travel insurance and purchase protection options.
| SimplyCash™ Card from American Express | SimplyCash™ Preferred Card from American Express | |
|---|---|---|
| Purchase Protection and Extended Warranty | x | x |
| Travel Medical Insurance (out-of-country and province) | N/A | x |
| Travel Accident Insurance up to $100,000 | x | x |
| Flight Delay Insurance | N/A | x |
| Baggage Delay Insurance | N/A | x |
| Lost or Stolen Baggage Insurance | N/A | x |
| Hotel/ Motel Burglary Insurance | N/A | x |
| Car Rental Theft and Damage Insurance | x | x |
So… which one should you choose?
The insurance features are likely the culprit when it comes to the Preferred card’s $120 annual, making it a good hybrid option for those who travel often. For pure cash rewards, however, greater value is provided over time by the no-fee option, assuming all purchases are made at eligible retailers.
This post has been updated.
RATESDOTCA Team,
The RATESDOTCA editorial team are experienced writers focused on sharing stories and bringing you the latest news in insurance and personal finance. Our goal is to provide Canadians with the information and resources they need to make better insurance and financial decisions.
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