American Express Gold Rewards Card® vs SimplyCash™ Preferred Card from American Express: Which one is better?
American Express Gold Rewards Card®
4.2
SimplyCash™ Preferred Card from American Express
4.6
Rewards Breakdown
Annual Rewards
$619.03
American Express Membership Rewards
First Year Bonus
$1,260
American Express Membership Rewards
Annual Fee
$250
First Year Value
$1,629.03
$369.03 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$534.23
First Year Bonus
$200
Annual Fee
$119.88
First Year Value
$614.35
$414.35 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500
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Car Rental Damage & Theft
yes
Travel Accident
$500,000
Extended Warranty
Up to 1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$500
Emergency Out of province Medical
15 days
Flight Delay
$500
Trip Cancellation
$1,500 per person, $3,000 combined
Trip Interruption
$1,500 per person, $6,000 combined
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500
Car Rental Damage & Theft
$85K up to 48 days
Travel Accident
$100,000
Extended Warranty
1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$500
Emergency Out of province Medical
$5M/insured Person
Flight Delay
$500
Mobile Device Insurance
$1,000
Extra Benefits*
American Express® Experiences
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Status lift
Hertz Gold Plus Rewards® loyalty program
Extra points
Earn 2 points on Amex Travel Online purchases and extra points on American Express offers
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Travel Credit
$100
Nexus Program Rebate
$50 statement credit every 4 years
Complimentary Hotel Benefits
Hotels booked American Express Travel
Airport Lounge - Priority Pass
Pass only. No Complimentary visits!
Airport Lounge - Plaza Premium
4 Free complimentary visits
Extra Benefits*
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
21.99%2
Cash Advance:
21.99%2
Annual Fee*
$250
Annual Fee*
$119.88
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus*
Earn 5,000 Membership Rewards® points for each monthly billing period in which you spend $1,000 in purchases on your Card in the first Year
Welcome Bonus*
Earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
Rewards Rate*
- 2x points per $1 spent on gas, groceries and drugstore purchases
- 2x points per $1 spent on travel (eligible flights, hotels, tours and more)
- 1x point per $1 spent on all other eligible purchases
Rewards Rate*
- 4% cash back on eligible gas station purchases in Canada
- 4% cash back on eligible grocery purchases in Canada (up to $1,200 cash back annually)
- 2% cash back on all other eligible purchases
Loyalty Program*
Loyalty Program*
N/A
Point Redemption Options*
Most Optimal
Transfer to Airline Partners
2.1¢ / point
Fixed Point Travel Program
1.66¢ / point
Transfer to Hotel Partners
1.66¢ / point
Statement Credits (Cash)
1¢ / point
Gift Cards
0.765¢ / point
Amazon.ca
0.7¢ / point
Merchandise
0.63¢ / point
Point Redemption Options*
Not Applicable
Is this card worth it?
The American Express® Gold Rewards Card is an excellent choice for travelers seeking an entry-level card that offers a strong balance of generous travel benefits without excessive costs. With a relatively low annual fee, this card provides flexibility and a range of perks that make it stand out among other options. It’s ideal for those who want to maximize their travel rewards without being tied to a specific airline or compromising on the benefits offered.
Is this card worth it?
The Simply Cash Preferred is one of the best cashback credit cards in Canada. The base cashback rate of 2% is great for all purchases, but the 4% on groceries and gas, which are two of the highest expenses for most people is the cherry on top of their great cashback program.
Pros
- Flexible Rewards: Enjoy flexible Membership Rewards point conversion with up to 2 points per $1 spent.
- Travel Perks: Includes $100 annual travel credit and 4 free passes to Plaza Premium lounges in Canada.
- Comprehensive Insurance: Comes with 11 types of insurance coverage.
- Multiple Redemption Options: Offers 4 ways to redeem points for maximum value.
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
- 10 different insurance types included
Cons
- High Annual Fee: The card comes with a $250 annual fee.
- Foreign Transaction Fees: A 2.5% fee applies to foreign transactions.
- Limited Travel Insurance for Seniors: No travel medical insurance coverage for those over 65.
- Lower Acceptance: As an American Express card, it may have lower acceptance compared to Visa or Mastercard.
Cons
- Cash back is only paid out to you once a year
- American Express has a lower merchant acceptance compared to Visa or Mastercard
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American Express Gold Rewards Card® vs SimplyCash™ Preferred Card from American Express: When to go for one over the other
Annual Fees and Requirements
The American Express Gold Rewards Card and the SimplyCash Preferred Card both have annual fees, but the SimplyCash Preferred Card has a lower fee. Neither card has a specified income requirement, which makes them accessible to a broad range of applicants. The difference in annual fees may influence the decision depending on how much one values travel benefits versus cashback rewards.
Rewards and Welcome Bonuses
The American Express Gold Rewards Card is focused on offering points for travel-related spending, with higher earn rates for gas, groceries, and travel purchases. It comes with a generous welcome bonus tied to specific spending milestones. The SimplyCash Preferred Card offers a high cashback rate on gas and groceries and provides a welcome bonus in the form of statement credits over the first few months, making it attractive for those prioritizing cashback. In general, the Gold Rewards card may offer higher long-term value for travelers, while the SimplyCash Preferred Card stands out for everyday cashback rewards.
Reward Redemption Options
The American Express Gold Rewards Card offers versatile redemption options, including travel, gift cards, and merchandise. Points can also be transferred to various airline and hotel loyalty programs, adding value for frequent travelers. On the other hand, the SimplyCash Preferred Card is simpler, offering cashback that is automatically applied to your statement. Cashback is more flexible and can be used for any expense, making it more practical for everyday users.
Benefits and Insurance
The American Express Gold Rewards Card includes several travel perks, such as a $100 annual travel credit and free lounge access. Its comprehensive insurance package covers travel delays, trip cancellation, and rental car damage. The SimplyCash Preferred Card also offers solid insurance coverage, including mobile device insurance, which the Gold Rewards Card lacks. However, if travel benefits and insurance are a priority, the Gold Rewards Card provides a broader range of options.
Conclusion
For frequent travelers who value point redemption flexibility and travel perks, the American Express Gold Rewards Card is the better choice due to its generous travel-related benefits and reward options. On the other hand, those who prioritize high cashback rates on everyday expenses like groceries and gas should consider the SimplyCash Preferred Card, which offers simplicity and practical value for non-travel-related spending.
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