RBC ION+ Visa vs SimplyCash™ Preferred Card from American Express: Which one is better?
SimplyCash™ Preferred Card from American Express
4.5
RECOMMENDED CREDIT SCORE*
Rewards Breakdown
Annual Rewards
$418.24
RBC ION Avion
Welcome Bonus
$70
RBC ION Avion
Annual Fee
$48
First Year Value
$440.24
$370.24 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$513.59
Welcome Bonus
$400
Annual Fee
$119.88
First Year Value
$793.71
$393.71 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Purchase Protection
90 days
Extended Warranty
Up to a year
Mobile Device Insurance
$1,000
Insurance Included*
Purchase Protection
90 daysExtended Warranty
Up to a yearMobile Device Insurance
$1,000
Emergency Out of province Medical
$5M/insured Person
Flight Delay
$500
Baggage Delay
$500
Hotel Burglary Insurance
$500
Lost or Stolen Baggage
$500
Travel Accident
$100,000.svg)
Car Rental Damage & Theft
$85K up to 48 days
Extra Benefits
Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada
Extra points
50 Be Well points for every $1 spent on eligible products at Rexall
Extra Benefits*
American Express Experiences
Interest Rates
Purchase:
20.99%
Cash Advance:
22.99%
Interest Rates*
Purchase:
21.99%2
Cash Advance:
21.99%2
Annual Fee
$48
Annual Fee*
$119.88
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
Get 12,000 Avion points upon approval
Welcome Bonus*
Earn up to $400 in Statement Credits by earning a $40 statement credit for each monthly billing period in which you spend $750 on your Card in your first 10 months as a new SimplyCash® Preferred Card from American Express Cardmember. This could add up to $400 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
- 3 points for every dollar in Grocery, Dining, Food Delivery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions Purchases
- 1 point for everything else
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
Loyalty Program
Loyalty Program*
N/A
Point Redemption Options
Most Optimal
Transfer to WestJet
1¢ / point
Travel
0.6¢ / point
Financial Products
0.83¢ / point
Gift Cards
0.72¢ / point
Merchandise
0.7¢ / point
Statement Credits
0.58¢ / point
Point Redemption Options*
Not Applicable
Is this card worth it?
This card is not by any means one of our favorite cards. For an annual fee it offers almost no notable benefits, with many no annual fee credit cards offering much more. The points earned are fine, but given the inflexibility of ION Avion points, it's very hard to get good value for the points earned, and it's much easier to earn more and do the same with some other credit card reward programs.
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.
Pros
- Insurance coverage is very little for a card with annual fee. There are cards with no annual fee that offer even better benefits.
- Avion reward points are generally not very flexible and not as valuable if not used for WestJet travel; therefore, if that's not your plan, there are many better cards that can be used.
- The annual fee isn't justifiable based on the reward program this card offers.
Pros
- Highest cashback rate on groceries and gas in Canada
- Great base cashback rate for all purchases
Cons
- Bonus saving of 3 cents per liter on gas at Petro-Canada stations.
- 12,000 avion points welcome bonus.
Cons
- For a card with an annual fee, the insurance coverage could have been higher
- American Express has a lower merchant acceptance compared to Visa or Mastercard
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