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SimplyCash™ Preferred Card from American Express vs BMO CashBack® World Elite® Mastercard®: Which one is better?
SimplyCash™ Preferred Card from American Express
4.6
BMO CashBack® World Elite® Mastercard®
4
Finly Rebate
N/A
Finly Rebate
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
$500.78
First Year Bonus
$184
Annual Fee
$120
$0
First Year Waived
First Year Value
$684.78
$380.78 in years after
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
$500/person, $1,000 maximumBaggage Delay
$500/person, $1,000 maximum After 6 hoursCar Rental Damage & Theft
$65K up to 48 daysTravel Accident
$500,000Extended Warranty
1 yearPurchase Protection
90 daysHotel Burglary Insurance
$1,000Emergency Out of province Medical
$5M up to 8 days per covered personFlight Delay
$500 After 4 hours delay
Extra Benefits*
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Extra Benefits*
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool
Airport Lounge - Dragon Pass
Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit..svg)
Gas Discount
Get up to 7 cents off per litre on Shell® fuel, only for BMO cardholders.
Roadside Assistance
Including battery boosts, flat-tire change, lockout service and towing – a $69/year value.
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
Global Data Roaming plan
With FlexiRoam, stay connected around the world without a SIM card and get up to 15% off a Global Data Roaming plan plus up to 3GB of data, without any additional charges, if apply.
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates*
Purchase:
21.99%
Cash Advance:
23.99%
Balance Transfer:
23.99%
Annual Fee*
$119.88
Annual Fee*
$120
$0
First Year Waived
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required*
Min Personal Income:
$80,000
Min Household Income:
$150,000
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*
Get up to 10% cash back in your first 3 months with an incremental cashback value of $194
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*
- 5% cash back on groceries (capped at $500 spending per statement, maximum of $25 in cashback per statement cycle)
- 4% cash back on daily transit (capped at $300 spending per statement, maximum of $12 in cashback per statement cycle)
- 3% cash back on gas (capped at $300 spending per statement, maximum of $9 in cashback per statement cycle)
- 2% cash back on recurring payments (capped at $500 spending per statement, maximum of $10 in cashback per statement cycle)
- 1% cash back on all other eligible purchases.
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 seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to 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 one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
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
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
- Monthly limits on cash back could be higher
vs American Express Cobalt® Card
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vs Tangerine Money-Back Credit Card
vs CIBC Aeroplan® Visa Infinite* Card
vs CIBC Costco Mastercard
vs Scotia Momentum® Visa* Card
vs American Express® Aeroplan®* Card
vs SimplyCash® Card from American Express
vs American Express Platinum Card®
vs American Express Cobalt® Card
vs TD Aeroplan® Visa Infinite* Card
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vs Scotiabank Gold American Express® Card
vs Scotiabank Passport® Visa Infinite* Card
vs Rogers Red World Elite® Mastercard®
vs American Express Gold Rewards Card®
vs Simplii Financial™ Cash Back Visa* Card
vs American Express® Green Card
vs PC World Elite Mastercard
vs MBNA Rewards World Elite® Mastercard®
vs Scotia Momentum® Visa Infinite* Card
vs Tangerine Money-Back Credit Card
vs CIBC Costco Mastercard
vs SimplyCash® Card from American Express
vs Neo World Elite® Mastercard®
SimplyCash™ Preferred Card from American Express vs BMO CashBack® World Elite® Mastercard®: When to go for one over the other
Annual Fees and Requirements
The annual fees for the SimplyCash Preferred Card from American Express and the BMO CashBack World Elite Mastercard are nearly identical, but the BMO card requires a significantly higher personal or household income. Both cards offer competitive welcome bonuses, and the BMO card includes a first-year fee waiver for BMO customers, which adds extra value for new customers.
Rewards Comparison
Both cards offer strong rewards on groceries and gas. The BMO CashBack World Elite Mastercard provides a higher cashback rate on groceries but a lower rate on gas compared to the SimplyCash Preferred Card. Additionally, the BMO card rewards transit and recurring purchases, making it more attractive for those with diverse spending habits. For any purchases outside of these bonus categories, the SimplyCash Preferred Card offers double the cash back of the BMO card, making it better for general purchases.
Benefits and Insurance
Both cards offer extensive insurance coverage, including travel and purchase protection. However, the BMO CashBack World Elite Mastercard edges ahead with additional perks such as complimentary roadside assistance, airport lounge access, and discounts on gas and hotel bookings. These extra features make the BMO card slightly better in terms of overall benefits. The SimplyCash Preferred Card offers perks like exclusive American Express events and travel discounts, but the added insurance benefits of the BMO card, especially for frequent travelers and drivers, makes it the better card in this area.
Network Comparison
The SimplyCash Preferred Card is part of the American Express network, which is less widely accepted than Mastercard. The BMO CashBack World Elite Mastercard, on the Mastercard network, is accepted at major retailers like Costco and Walmart, where American Express often isn’t. Additionally, Mastercard treats Walmart as a grocery store for reward purposes, adding extra value for BMO cardholders when shopping there.
Conclusion
The SimplyCash Preferred Card from American Express is ideal for those who want higher cashback on gas and superior rewards for general purchases. On the other hand, the BMO CashBack World Elite Mastercard is better suited for individuals who spend heavily on groceries and transit and for people who value additional perks like airport lounge access and roadside assistance. Frequent drivers and travelers will find the BMO card’s extra benefits and wider acceptance more appealing, while those seeking higher overall cashback on general spending should opt for the SimplyCash Preferred Card.
Legal
**Terms and conditions apply.
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%.
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.
*BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information. 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%.