American Express Gold Rewards Card® vs SimplyCash™ Preferred Card from American Express: Which one is better?

American Express Gold Rewards Card®

4.25

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RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

SimplyCash™ Preferred Card from American Express

4.5

More Details

RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Rewards Breakdown

Annual Rewards

$597.35

American Express Membership Rewards

Welcome Bonus

$1,260

American Express Membership Rewards

Annual Fee

$250

First Year Value

$1,607.35

$347.35 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$513.59

Welcome Bonus

$400

Annual Fee

$119.88

First Year Value

$793.71

$393.71 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included*

Emergency Out of province Medical

15 days

Flight Delay

$500 after 4 hour delay

Baggage Delay

$500 after 6 hour delay

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$500,000

Car Rental Damage & Theft

$85K, up to 48 days

Purchase Protection

90 days, Up to $1,000

Extended Warranty

1 year

Trip Cancellation

$1,500 per person, $3,000 combined

Trip Interruption

$1,500 per person, $6,000 combined

Insurance Included*

Emergency Out of province Medical

15 days

Flight Delay

$500 after 4 hour delay

Baggage Delay

$500 after 6 hour delay

Hotel Burglary Insurance

$500

Lost or Stolen Baggage

$500

Travel Accident

$500,000

Car Rental Damage & Theft

$85K, up to 48 days

Purchase Protection

90 days, Up to $1,000

Extended Warranty

1 year

Mobile Device Insurance

$1000

Extra Benefits*

American Express Experiences

Travel Credit

$100

Nexus Application

$50 statement credit every 4 years

Airport Lounge - Priority Pass

Pass only. No Complimentary visits!

Airport Lounge - Plaza Premium

4 Free complimentary visits

Complimentary Hotel Benefits

Hotels booked American Express Travel

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

Extra Benefits*

American Express 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 up to $400 in Statement Credits by earning a $40 statement credit for each monthly billing period in which you spend $750 on your Card in your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember. This could add up to $400 in statement credits in the first 10 months. Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.

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*

American Express Membership Rewards

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

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

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

For a card with an annual fee, the insurance coverage could have been higher
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.

Annual Fees and Requirements
Rewards and Welcome Bonuses
Reward Redemption Options
Benefits and Insurance
Conclusion

Legal

^*American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment. Check for full details and current product information.

^1,2 If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 28.99%.