Rewards Calculator Algorithm
You can either estimate rewards by inputting your spending habits manually or creating secure bank connections through our trusted financial partner mx.com and letting Finly analyze your spending in the past year.
Finly factors in all the reward limits and fine prints of every single credit card so you can be sure your results are as accurate as possible.
Note: The bank connections are not perfect, meaning that occasionally the connection may fail. This happens when the MX bank connector is unable to establish the link, which is beyond our control. If this occurs, please feel free to inform us and use the manual method as an alternative.
Your Spending
Modify your spending numbers and click update to get the most accurate reward estimates.
$2,000
Restaurant, Fast Food & Coffee Shop
$
Grocery
$
Recurring Purchases (Bills, Subscriptions, Rent via Chexy)
$
Gas
$
Transportation
$
Entertainment (Movies, Concerts, etc.)
$
Foreign Purchases (Non $CAD)
$
Travel (Flights, Hotels, etc.)
$
Pharmacy
$
Online Shopping
$
Home Improvement (Renovation, Furniture)
$
Purchases at Canadian Tire, Sport Check, Lquipeur, Atmosphere, Party City, SportsRousseau, HockeyExperts, LentrepduHockey
$
Other Purchases Not Specified
$
Linked Credit Cards
Connect your existing credit cards starting with your most used one. After a successful connection, view all Canadian credit cards with their rewards ranked using your true spending habits.
Card Details
Interest Rates
Cash Advance: 21.99*
Purchase: 21.99*
Annual Fee
$0
Annual Income
Personal: N/A
Household: N/A
Credit Score
Good
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.
Card Type
Cash Back
Our Rating
3.8/5
Institution
American Express
Rewards†
- 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
Calculating reward breakdowns
Insurance & Benefits†
Insurance
Coverage
Travel Accident
Up to $100,000
Purchase Protection
90 days or theft up to $1,000 per occurrence
Extended Warranty
1 year
Benefits
Details
Amex Experiences™
Access events and special offers curated for Cardmembers with Amex Experiences™
Pros & Cons
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
- 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.
SimplyCash® Card from American Express Review
If you classify yourself as an everyday spender who’s looking for reliable cashback, no annual fees, and exclusive Amex advantages, then the SimplyCash Card from American Express is the card for you.
Here’s a breakdown of this card’s potential in rewards, benefits and downsides, plus how it compares to other cashback cards on the market.
How You Earn Rewards with the SimplyCash Card from American Express
The SimplyCash Card from American Express has a solid cashback system, with 2% cash back on eligible gas and grocery purchases in Canada, allowing you to accumulate up to $300 in cash back annually. As for the rest of your eligible purchases, like streaming services and travel, you’ll receive a rate of 1.25%.
Add their generous welcome bonus to your annual rewards, and you can expect a first-year value of just over $400.
For a more accurate estimate of your potential earnings, always check your card's terms and conditions on the American Express website.
Redeeming Rewards
With this SimplyCash Card, your rewards turn into bank credits which are typically applied to your September statement each year. You can verify the specifics surrounding redemption timelines through your credit card's terms and conditions.
5 Benefits of The SimplyCash Card from American Express
Before we go any further, let’s review some of the SimplyCash Card benefits:
Free from any Annual Fees
The best part about this cashback card? You don’t have to buy your way in. Simply go about your everyday spending, and get some money back.
A Boast-Worthy Welcome Bonus
Alongside its everyday optimized cashback rewards, in your first 3 months as a SimplyCash cardholder, you can earn a bonus of 5% cash back on all your purchases, capped off at $2,000 (just be sure to check the latest terms on the Amex website).
Qualify with a Good Credit Score
With the SimplyCash card, a “good” credit score is absolutely good enough. If you have a credit score of about 660, you can enjoy amazing cashback and American Express benefits.
Early Access to Concert Tickets
Calling all concert-goers! It’s exciting enough that the SimplyCash Card is admission-free, but what if we told you that it also offers perks in early admission? Get early access to concert tickets through the American Express Front of The Line program.
Tap Into Travel Insurance
A little bit of travel coverage can go a long way, the SimplyCash Card offers up to $100,000 worth of travel accident coverage. Considering that the SimplyCash Card is a no-annual-fee credit card – cards that typically don’t have travel insurance – this is a great feature! Even if you're not a frequent traveler, having some sort of coverage on your trips is always helpful, especially when you don't have to pay for it.
3 Downsides of the SimplyCash Card from American Express
This wouldn’t be a fair assessment without the inclusion of the SimplyCash Card’s cons. Here’s an overview of the card’s downsides:
Caps Annual Cashback
Unfortunately, with this card, cash flow is limited regarding cashback, with a $300 cap on gas and grocery purchases annually. Keep in mind though that you can get this category's 2% cashback rate on your first $6,000 worth of purchases which is something larger households might reach in a year.
Limited Travel and Shopping Insurance
While the card does offer some benefits, it could provide more comprehensive travel and shopping coverage. There are other no-annual-fee cards, like the Rogers World Elite Mastercard, that offer more benefits. However, these cards typically come with higher credit score and income requirements, making them harder to qualify for.
American Express Network
American Express isn’t always the best in terms of being widely accepted. There are still limitations to where you can use cards under this network, especially when traveling.
Comparing the SimplyCash Card from American Express to other Cashback Credit Cards
Feeling like this isn’t quite the right fit for you? There are a couple of higher-rated cashback cards with similar features, but better perks in certain categories. It all depends on what type of spender you are.
| SimplyCash® Card from American Express | SimplyCash™ Preferred Card from American Express | Rogers Red World Elite® Mastercard® | |
|---|---|---|---|
Welcome Bonus | Up to $100 in Statement Credits | Up to $250 ($200 in first year) | N/A |
Earn Rates |
|
|
|
Insurance Included | 3 types
| 10 types
| 7 types
|
Perks | 1 perk
| 1 perk
| 2 perks
|
Annual Fee | $0 | $119.88 | $0 |
Income Requirements | N/A | N/A | $80,000 personal or $150,000 household |
Apply Now | Apply Now | Apply Now | Apply Now |
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SimplyCash Preferred Card
If you’re an avid American Express credit card user, a bigger spender and it’s the best cashback you’re after, you might want to consider the SimplyCash Preferred Card from American Express.
The best part about this card is that it’s got the highest cashback rate on eligible grocery and gas purchases in all of Canada.
Pair that with its impressive welcome bonus cash back percentage on all purchases within the first few months, and an enticing statement credit when you make a purchase in month 13, and you’ve got yourself a nice first-year bonus to add to your first-year value. Needless to say, the SimplyCash Preferred Card beats the SimplyCash Card in both cashback and welcome bonus value – but it's not as budget friendly for those who are trying to avoid annual fees. If you’re a traveler, you’ll also like the SimplyCash Preferred Card's extra travel coverage features for things like lost or stolen baggage, flight delays, and hotel burglary.
However, for people who spend less, the annual fee on the card may not be justifiable, as the rewards earned might not offset the cost of the fee. On the other hand, for those with higher spending levels, the rewards they earn can easily outweigh the annual fee, making it more worthwhile fee to pay.
Rogers World Elite Mastercard
We can’t talk about cashback credit cards without bringing up the Rogers World Elite Mastercard.
If you want to avoid being turned down for trying to tap an American Express Card in certain establishments, you might be interested in this Mastercard alternative. The Rogers World Elite Mastercard is more widely accepted, earns the highest overall cashback rate on all purchases, and like the SimplyCash Card, has no annual fee – in fact, it’s voted the Best No Annual Fee Credit Card in Canada by FinlyWealth.
That said, the rewards are best if you have a qualifying Rogers, Shaw or Fido service. Without one of these these services, you'll earn less in cash back on your purchases.
Another thing to consider is that you’ll need a high personal income and a “very good” credit score to qualify, making this card a bit more difficult to qualify for than the SimplyCash Card.
For a no-annual-fee card, the travel benefits and first-year value exceed those of the SimplyCash Card, but keep in mind that it's harder to qualify for this card.
Final Verdict
If you want a cashback credit card with no annual fees, great rewards, and Amex perks, then the SimplyCash Card from American Express matches your criteria. Our advanced algorithm has given this card a rating of 3.5/5 which tells you that it’s a pretty standard card, especially if you’re not looking to overcomplicate things.
If you’re willing to pay a reasonably-priced annual fee for better cashback rates, a higher welcome bonus, and a little extra coverage, then you might want the upgraded SimplyCash Preferred Card.