Simplii Financial™ Cash Back Visa* Card vs SimplyCash® Card from American Express: Which one is better?
Simplii Financial™ Cash Back Visa* Card
4.4
SimplyCash® Card from American Express
3.8
Finly Rebate
Finly Rebate
N/A
Rewards Breakdown
Annual Rewards
$346.79
First Year Bonus
$84.95
Annual Fee
$0
First Year Value
$431.74
$346.79 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$311.78
First Year Bonus
$100
Annual Fee
$0
First Year Value
$411.78
$311.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Extended Warranty
Up to 1 year
Purchase Protection
Up to 90 days
Insurance Included*
Extended Warranty
1 yearPurchase Protection
90 days or theft up to $1,000 per occurrence
Travel Accident
Up to $100,000
Extra Benefits*
N/A
Extra Benefits*
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Interest Rates*
Purchase:
20.99%1
Cash Advance:
22.99%1
Balance Transfer:
22.99%1
Interest Rates*
Purchase:
21.992
Cash Advance:
21.992
Annual Fee*
$0
Annual Fee*
$0
Income Required*
Min Personal Income:
$15,000
Min Household Income:
$15,000
Income Required*
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus*
Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.
Welcome Bonus*
In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.
Rewards Rate*
- 4% cash back on eligible restaurant, bar, and coffee shop purchases up to $5,000 spent per year†
- 1.5% cash back on gas, groceries, drugstore, and pre-authorized payments up to $15,000 spent per year†
- 0.5% cashback on all other 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 dine out a lot and don't want to pay an annual fee for your credit card, the Simplii Financial™ Cash Back Visa* Card will undoubtedly be one of your best friends with its 4% cashback. Additionally, the card offers a decent cashback rate (1.5%) for gas, pharmacy, and groceries, making it one of the best no-annual-fee cashback credit cards in Canada. However, there are limits on how much you can earn in these categories. Therefore, you need to be careful not to exceed those limits; otherwise, your cashback rate will drop to 0.5% after those spending limits are reached.
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
- Highest cashback rate on restaurant purchases in Canada!
- Decent cashback rate on high spent categories such as groceries and gas.
- No annual fee for a card with great rewards.
Pros
- No annual fee: The card does not charge an annual fee, making it accessible and cost-effective.
- Attractive cash-back rates: Offers a solid structure for earning cash-back on eligible purchases.
- Exclusive Amex perks: Provides benefits such as access to concert tickets and enhanced security for online shopping.
Cons
- No insurance and benefits other than the standard purchase protection and extended warranty.
- Cap on the rewards that can be earned on each category.
Cons
- Annual cash-back cap: Limits the total amount of cash-back you can earn within a year.
- Limited travel and shopping insurance: The card lacks comprehensive travel and shopping coverage compared to other premium cards.
- American Express acceptance: Amex is not accepted as widely as Visa or Mastercard.
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