Simplii Financial™ Cash Back Visa* Card

Simplii Financial™ Cash Back Visa* Card

Apply Now
CIBC Costco Mastercard

CIBC Costco Mastercard

Apply Now

Simplii Financial™ Cash Back Visa* Card vs CIBC Costco 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

CIBC Costco Mastercard

CIBC Costco Mastercard

3


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

$347.33


First Year Bonus

$0


Annual Fee

$0


First Year Value

$347.33

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

    Up to 90 days

  • mobile device insurance

    Mobile Device Insurance

    $1000

Extra Benefits*

N/A

Extra Benefits

N/A

Interest Rates*

Purchase:

20.99%1

Cash Advance:

22.99%1

Balance Transfer:

22.99%1

Interest Rates

Purchase:

20.75%

Cash Advance:

22.49%

Annual Fee*

$0

Annual Fee

$0

Income Required*

Min Personal Income:

$15,000

Min Household Income:

$15,000

Income Required

Min Personal Income:

$15,000

Min Household Income:

N/A

Welcome Bonus*

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

Welcome Bonus

N/A

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

  • 3% cash back on Restaurants and Costco Gas
  • 2% cash back on Costco.ca purchases (Max $160 yearly)
  • 2% cash back on Gas (Max $100 yearly)
  • 1% on everything else

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 CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.

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

  • Decent reward rate for a no annual fee credit card
  • One of the highest cashback rates for restaurant purchases in Canada
  • Has Mobile insurance

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

  • Doesn't come with a lot of benefits
  • Doesn't earn much on Costco Warehouse purchases!

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.