Simplii Financial™ Cash Back Visa* Card vs BMO CashBack® World Elite® Mastercard®: Which one is better?
Simplii Financial™ Cash Back Visa* Card
4.4
BMO CashBack® World Elite® Mastercard®
4.2
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
$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
Up to 1 year
Purchase Protection
Up to 90 days
Insurance Included
Extended Warranty
Up to a yearPurchase Protection
90 days
Lost or Stolen Baggage
$500/person, $1000 maximum
Baggage Delay
$500/person, $1000 maximum After 6 hours.svg)
Car Rental Damage & Theft
$65,000 up to 48 days
Travel Accident
$500,000
Hotel Burglary Insurance
$1000
Emergency Out of province Medical
$5M up to 8 days per covered personFlight Delay
$500 After 4 hours delay
Extra Benefits*
N/A
Extra Benefits
Car Rental Discount
25% off base rate of participating National Car Rental and Alamo Rent a Car
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included.svg)
Gas Discount
Get up to seven cents off per litre on Shell® fuel
Roadside Assistance
Includes free battery boosts, flat-tire change, lockout service and towing
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings
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*
Earn up to 10% cash back† for your first 3 months up to $1,000 eligible spend.
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.
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