SimplyCash™ Preferred Card from American Express vs CIBC Costco Mastercard: Which one is better?
SimplyCash™ Preferred Card from American Express
4.7
CIBC Costco Mastercard
3
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
$347.33
First Year Bonus
$0
Annual Fee
$0
First Year Value
$347.33
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Mobile Device Insurance
$1,000
Extended Warranty
1 year
Purchase Protection
90 days
Lost or Stolen Baggage
$500
Baggage Delay
$500.svg)
Car Rental Damage & Theft
$85K up to 48 days
Travel Accident
$100,000
Hotel Burglary Insurance
$500
Emergency Out of province Medical
$5M/insured PersonFlight Delay
$500
Insurance Included
Mobile Device Insurance
$1000Extended Warranty
Up to a yearPurchase Protection
Up to 90 days
Extra Benefits*
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Extra Benefits
N/A
Interest Rates*
Purchase:
21.99%1
Cash Advance:
21.99%1
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Annual Fee*
$119.88
Annual Fee
$0
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
$15,000
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
N/A
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
- 3% cash back on Restaurants and Costco Gas
- 2% cash back on Costco.ca purchases (Max $160 yearly)
- 2% cash back on Gas (Max $100 yearly)
- 1% on everything else
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?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
- 10 different insurance types included
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
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
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
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Other Comparisons
Other Comparisons
vs American Express Cobalt® Card
vs Rogers Red Mastercard®
vs Scotiabank Gold American Express® Card
vs Rogers Red World Elite® Mastercard®
vs RBC ION+ Visa
vs Simplii Financial™ Cash Back Visa* Card
vs American Express® Green Card
vs PC World Elite Mastercard
vs Scotia Momentum® Visa Infinite* Card
vs Amazon.ca Rewards Mastercard®
vs Tangerine Money-Back Credit Card
vs BMO CashBack® World Elite® Mastercard®
vs CIBC Aeroplan® Visa Infinite* Card
vs Scotia Momentum® Visa* Card
vs SimplyCash® Card from American Express
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