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 | $99 |
| Interest rate | 19.99% | 19.99% |
| 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 |
|---|---|
| Earn 2.5% cash back on purchases (up to $150 cash back) for the first 3 months of Cardmembership. Earn 1.25% cash back on purchases when your Welcome Rate ends. No limit to the amount of cash back you can earn after your Welcome Rate ends. | Earn 5% cash back on all eligible purchases (up to $300 cash back) for the first 6 months of Cardmembership. Earn 2.0% cash back when your Welcome Rate ends. No limit to the amount of cash back you can earn after your Welcome Rate ends. |
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 $99 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.
