SimplyCash™ Preferred Card from American Express

SimplyCash™ Preferred Card from American Express

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AmericanExpress Platinum Card

American Express Platinum Card®

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


SimplyCash™ Preferred Card from American Express

SimplyCash™ Preferred Card from American Express

4.7


RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

AmericanExpress Platinum Card

American Express Platinum Card®

4.5


RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

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 baggage

    Lost or Stolen Baggage

    $500
  • hourglass timer

    Baggage Delay

    $500
  • car insurance

    Car Rental Damage & Theft

    $85K up to 48 days
  • heart lock

    Travel Accident

    $100,000
  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    90 days
  • burglar

    Hotel Burglary Insurance

    $500
  • travel accident medical

    Emergency Out of province Medical

    $5M/insured Person
  • hourglass timer

    Flight Delay

    $500

  • mobile device insurance

    Mobile Device Insurance

    $1,000

Insurance Included*

  • lost baggage

    Lost or Stolen Baggage

    $1,000
  • hourglass timer

    Baggage Delay

    $1,000
  • car insurance

    Car Rental Damage & Theft

    Yes
  • heart lock

    Travel Accident

    $500,000
  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    120 days
  • burglar

    Hotel Burglary Insurance

    $1000
  • travel accident medical

    Emergency Out of province Medical

    15 days
  • hourglass timer

    Flight Delay

    $1,000

  • cancel airplane

    Trip Cancellation

    $2,500
  • pause

    Trip Interruption

    $2,500

Extra Benefits*

  • Amex logo

    Amex Experiences™

    Access events and special offers curated for Cardmembers with Amex Experiences™

Extra Benefits*

  • gavel

    Trip and legal Assistance

  • concierge

    Concierge Services

  • Amex logo

    American Express® Experiences

  • star fall

    Status lift

    Upgrade to Hilton Honors Gold Status
  • star fall

    Status lift

    Upgrade to Marriott BonvoyTM Gold Elite status
  • reward cup

    Extra points

    Earn 2 points on Amex Travel Online purchases and extra points on American Express offers
  • travel

    Travel Credit

    $200
  • food location

    Dining Credit

    $200 at Select Restaurants
  • border guard

    Nexus Program Rebate

    $100 statement credit every 4 years
  • alcohol cheers

    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.
  • hotel

    Complimentary Hotel Benefits

    Hotels booked American Express Travel
  • airport waiting room

    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

Point Redemption Options*

Not Applicable

Point Redemption Options*

  • Most Optimal

    plane

    Transfer to Airline Partners

    2.1¢ / point
  • travel - plane

    Fixed Point Travel Program

    1.66¢ / point
  • hotel

    Transfer to Hotel Partners

    1.66¢ / point
  • cash coins

    Statement Credits (Cash)

    1¢ / point
  • gift card

    Gift Cards

    0.765¢ / point
  • amazon logo

    Amazon.ca

    0.7¢ / point
  • online shop

    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.

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 here for full details and current product information.
1 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%.
2 This Charge Card requires full payment of the Due in Full balance each month, with a 30% interest rate on late payments. The Flexible Payment Option balance has a 21.99% interest rate, which increases to 25.99% after two missed payments and 28.99% after three or more within 12 months. A 21-day interest-free grace period applies to new transactions if the full balance is paid by the due date.

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