Simplii Financial™ Cash Back Visa* Card

Simplii Financial™ Cash Back Visa* Card

Apply Now
BMO CashBack® World Elite® Mastercard®

BMO CashBack® World Elite® Mastercard®

Apply Now

Simplii Financial™ Cash Back Visa* Card vs BMO CashBack® World Elite® Mastercard®: Which one is better?


Simplii Financial™ Cash Back Visa* Card

Simplii Financial™ Cash Back Visa* Card

4.2


RECOMMENDED CREDIT SCORE*

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

BMO CashBack® World Elite® Mastercard®

BMO CashBack® World Elite® Mastercard®

4.2


RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent

Finly Rebate

N/A

Rewards Breakdown

Annual Rewards

$346.79


First Year Bonus

$30


Annual Fee

$0


First Year Value

$376.79

$346.79 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$500.78


First Year Bonus

$190


Annual Fee

$120


First Year Value

$690.78

$380.78 in years after

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included*

  • extended warranty

    Extended Warranty

    Up to 1 year
  • purchase protection

    Purchase Protection

    Up to 90 days

Insurance Included

  • extended warranty

    Extended Warranty

    Up to a year
  • purchase protection

    Purchase Protection

    90 days

  • lost baggage

    Lost or Stolen Baggage

    $500/person, $1000 maximum
  • hourglass timer

    Baggage Delay

    $500/person, $1000 maximum After 6 hours
  • car insurance

    Car Rental Damage & Theft

    $65,000 up to 48 days
  • heart lock

    Travel Accident

    $500,000
  • burglar

    Hotel Burglary Insurance

    $1000
  • travel accident medical

    Emergency Out of province Medical

    $5M up to 8 days per covered person
  • hourglass timer

    Flight Delay

    $500 After 4 hours delay

Extra Benefits*

N/A

Extra Benefits

  • car rental

    Car Rental Discount

    25% off base rate of participating National Car Rental and Alamo Rent a Car
  • alcohol cheers

    Airport Lounge - Dragon Pass

    Pass only, complimentary visits not included
  • gas station

    Gas Discount

    Get up to seven cents off per litre on Shell® fuel
  • tire

    Roadside Assistance

    Includes free battery boosts, flat-tire change, lockout service and towing
  • discount

    Hotel Booking Discount

    Save up to 7% on your Booking.com prepaid hotel or property rental bookings
  • wifi signal

    Boingo Wi-Fi hotspot

Interest Rates*

Purchase:

20.99%1

Cash Advance:

22.99%1

Balance Transfer:

22.99%1

Interest Rates

Purchase:

20.99%

Cash Advance:

23.99%

Annual Fee*

$0

Annual Fee

$120

$0

First Year Waived

Income Required*

Min Personal Income:

$15,000

Min Household Income:

$15,000

Income Required

Min Personal Income:

$80,000

Min Household Income:

$150,000

Welcome Bonus*

10% cash back on eligible restaurants, food delivery and bar purchases for the first 4 months, up to $500†.

Welcome Bonus

Get up to 10% cash back in your first 3 months with an incremental cashback value of $200

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

  • 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.

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?

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.

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

  • 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.

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

  • Does not include restaurant purchases as a reward category, which is one of the most important spending categories.

Legal


*This offer is not available for residents of Quebec. Check here for full details and current product information.
1 “Purchase” means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. “Cash” means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

We may earn a commission for some of the products featured on this site. The content and reviews on FinlyWealth are independent and not influenced by advertisers. For the latest details on any product, please visit the advertiser's official website. The content provided on this website, including any credit card recommendations, is for informational and entertainment purposes only and does not constitute financial, legal, or tax advice. The owner and author(s) of this website are not financial, legal, or tax professionals. All views and opinions expressed herein are solely those of the author(s) and may not reflect the best choice for your unique situation. Always consult with a qualified professional before making any financial decisions. The owner and author(s) of this website shall not be held liable for any inaccuracies, errors, or omissions in the content or any resulting actions taken by readers.

Copyright © FinlyWealth 2024 All Rights Reserved.