BMO CashBack® World Elite® Mastercard® vs SimplyCash® Card from American Express: Which one is better?
BMO CashBack® World Elite® Mastercard®
4.2
RECOMMENDED CREDIT SCORE
SimplyCash® Card from American Express
3.5
RECOMMENDED CREDIT SCORE*
Rewards Breakdown
Annual Rewards
$490.46
Welcome Bonus
$190
Annual Fee
$120
First Year Value
$680.46
$370.46 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$301.46
Welcome Bonus
$100
Annual Fee
$0
First Year Value
$401.46
$301.46 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Travel Accident
$500,000
Purchase Protection
90 days
Extended Warranty
Up to a year
Emergency Out of province Medical
$5M up to 8 days per covered person
Flight Delay
$500 After 4 hours delay
Lost or Stolen Baggage
$500/person, $1000 maximum
Baggage Delay
$500/person, $1000 maximum After 6 hours
Hotel Burglary Insurance
$1000.svg)
Car Rental Damage & Theft
$65,000 up to 48 days
Insurance Included*
Travel Accident
$500,000Purchase Protection
90 daysExtended Warranty
Up to a year
Extra Benefits
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included
Roadside Assistance
Includes free battery boosts, flat-tire change, lockout service and towing
Car Rental Discount
25% off base rate of participating National Car Rental and Alamo Rent a Car
Gas Discount
Get up to seven cents off per litre on Shell® fuel
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings
Boingo Wi-Fi hotspot
Extra Benefits*
American Express Experiences
Front Of The Line® Presales, Front Of The Line® Reserved tickets and more.
Interest Rates
Purchase:
20.99%
Cash Advance:
23.99%
Interest Rates*
Purchase:
21.992
Cash Advance:
21.992
Annual Fee
$120
$0
First Year Waived
Annual Fee*
$0
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus
Get up to 10% cash back in your first 3 months with an incremental cashback value of $200
Welcome Bonus*
Earn up to $100 in Statement Credits by earning a $10 statement credit for each monthly billing period in which you spend $300 on your Card in your first 10 months as a new SimplyCash® Card from American Express Cardmember. This could add up to $100 in statement credits in the first 10 months. Current or former Cardmembers with this Card are not eligible for this offer. Other terms apply.
Rewards Rate
- 5% cashback on groceries (maximum $25 per statement)
- 4% cashback on daily transit (maximum $12 per statement)
- 3% cashback on gas (maximum $9 per statement)
- 2% cashback on recurring payments (maximum $10 per statement)
- 1% cashback on all other credit card purchases.
Rewards Rate*
- 2% cash back on eligible gas and grocery purchases in Canada (up to $300 cash back annually)
- 1.25% cash back on all other eligible purchases
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.
Is this card worth it?
The SimplyCash® Card from American Express stands out for its no annual fee and strong cash-back earning potential, offering up to $100 in statement credits within the first 10 months. What makes it even more appealing are the unique perks, such as early access to concert tickets and extra layers of security for online shopping. These extra benefits, along with the affordability, make it a strong contender for those looking for a reliable cash-back card with no annual fee. It's an excellent choice for everyday spending while still enjoying exclusive Amex advantages.
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.
Pros
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
Cons
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