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.
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.
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.
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.
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.
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.