SimplyCash™ Preferred Card from American Express vs American Express Platinum Card®: Which one is better?
SimplyCash™ Preferred Card from American Express
4.6
American Express Platinum Card®
4.5
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.
Rewards Breakdown
Annual Rewards
$581.26
American Express Membership Rewards
First Year Bonus
$0
American Express Membership Rewards
Annual Fee
$799
First Year Value
-$217.74
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
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 PersonFlight Delay
$500
Mobile Device Insurance
$1,000
Insurance Included*
Lost or Stolen Baggage
$1,000Baggage Delay
$1,000Car Rental Damage & Theft
YesTravel Accident
$500,000Extended Warranty
1 yearPurchase Protection
120 daysHotel Burglary Insurance
$1000Emergency Out of province Medical
15 daysFlight Delay
$1,000
Trip Cancellation
$2,500
Trip Interruption
$2,500
Extra Benefits*
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Extra Benefits*
Trip and legal Assistance
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Concierge Services
American Express® Experiences
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Status lift
Upgrade to Hilton Honors Gold StatusStatus lift
Upgrade to Marriott BonvoyTM Gold Elite status
Extra points
Earn 2 points on Amex Travel Online purchases and extra points on American Express offers.svg)
Travel Credit
$200
Dining Credit
$200 at Select Restaurants
Nexus Program Rebate
$100 statement credit every 4 years
Airport Lounge - American Express Global Lounge
Take full advantage of The American Express Global Lounge Collection™ which unlocks access to over 1,400 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience.
Complimentary Hotel Benefits
Hotels booked American Express Travel
Priority Travel
At Toronto Pearson Airport get Priority Security lane, Complimentary valet and 15% discount at the Express Park and daily park
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
21.99% - 30%2
Cash Advance:
21.99% - 30%2
Annual Fee*
$119.88
Annual Fee*
$799
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 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.
Welcome Bonus*
New Platinum® Cardmembers, earn 100,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership. Plus, earn 40,000 points when you make a purchase between 14 and 17 months of Cardmembership. Offer ends Jan 28, 2025.
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
Rewards Rate*
- 2x points per $1 spent on eligible dining & food delivery purchases (restaurant, fast food, coffee shop, food delivery)
- 2x points per $1 spent on eligible travel purchases (flights, hotels, tours and more)
- 1x point per $1 spent for all other purchases
Loyalty Program*
N/A
Loyalty Program*
Point Redemption Options*
Not Applicable
Point Redemption Options*
Most Optimal
Transfer to Airline Partners
2.1¢ / point
Fixed Point Travel Program
1.66¢ / pointTransfer 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
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.
Is this card worth it?
If you're a frequent traveler, the Platinum card is an excellent choice. It's highly recommended for its extensive travel benefits, including unlimited lounge access for you and a guest at the American Express Lounge collection, making it the best card for lounge access in Canada. The card also offers unique perks not commonly found with other Canadian cards, such as status upgrades at Marriott Bonvoy and Hilton, dining and travel credits, concierge service, airport benefits, Nexus application reimbursement, and more. These benefits can more than offset the annual fee. However, if you don't travel often or are mainly looking for a card that maximizes rewards, this card may not be the best option for you.
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
- 10 different insurance types included
Pros
- Offers more perks than any other credit card in Canada, catering to premium users who value extensive benefits.
- Enjoy $400 in annual travel and dining credits, which can offset some of the card's cost.
- Gain unlimited access to over 1,400 airport lounges worldwide, enhancing your travel experience.
- Multiple options for redeeming points for high value, giving you flexibility in how you use your rewards.
- Includes 11 types of insurance coverage, offering comprehensive protection for cardholders.
Cons
- Cash back is only paid out to you once a year
- American Express has a lower merchant acceptance compared to Visa or Mastercard
Cons
- As with other American Express cards, it may have lower acceptance in some locations compared to other networks.
- The high annual fee of $799 may be a barrier for some users, especially those who do not fully utilize the card's benefits.
- Some benefits are limited to specific airports and hotels.
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