Amex SimplyCash™ Preferred vs CIBC Costco Mastercard

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SimplyCash™ Preferred Card from American Express vs CIBC Costco Mastercard: Which one is better?

SimplyCash™ Preferred Card from American Express

4.6

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RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

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CIBC Costco Mastercard

2.8

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

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

Annual Fee

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

Car Rental Damage & Theft

$85K up to 48 days

Travel Accident

$100,000

Hotel Burglary Insurance

$500

Emergency Out of province Medical

$5M/insured Person

Flight Delay

$500

Insurance Included

Mobile Device Insurance

$1000

Extended Warranty

Up to a year

Purchase 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%

Balance Transfer:

22.49%

Annual Fee*

$119.88

Annual Fee

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
3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
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