First year value
$0
Get this card if you:
- want to earn cash back on everyday purchases
- want to avoid paying an annual fee
- appreciate a good welcome offer
Highlights
10% cash back†
Welcome bonus
Interest Rates
20.99%
Purchase APR
‡ Purchase Interest Rate
22.99%
Balance transfer APR
‡ Balance Transfer Interest Rate
22.99%
Cash advance APR
‡ Cash Advance Interest Rate
Eligibility
Good
Recommended credit score
$15,000
Required annual household income
†Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec
‡"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.
Quick overview of the Simplii Financial™ Cash Back Visa* Card
Cashback cards are a dime a dozen. But like their point-accruing kin, the quality (read: actual cash you actually get back) varies wildly between institutions. Notably, legacy banks like the big six in Canada tend to rely on institutional inertia – people are going to take what card they’re offered because they've been at the same bank since their grandparent took them to open a chequing account. What incentive is there for these banks to actually offer a quality product if people keep taking what they’re handed?
This is where the Neobank disruptors like Simplii come in. Aimed squarely at appealing to younger, less change-averse demographics, they know to peel away customers they’re going to have to offer interesting entry level products, and that is exactly what the Simplii Financial™ Cash Back Visa* Card is.
It offers an extremely compelling 4% cash back on restaurants and bars†, a damn decent 1.5% cashback on gas, grocery, drug and pre-payments†, plus a competitive-though-uninspired 0.5% back on everything else†. There are not many other frills, and the cashback is frustratingly only applied as a year-end statement credit. But this card is refreshing in just how targeted it is – and the demographic it's aimed at should find it compelling.
Who’s the Simplii Financial™ Cash Back Visa* Card for?
Fond of dining out? Got a big friend group you’re often picking up the bar tab for (before invoicing for e-transfers of course)? Young urban professional who wants a daily driver card that doesn’t feel like you’re getting ripped off? The Simplii Financial™ Cash Back Visa* Card is right up your alley. Earn 4 % on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†. The cash back on bars and restaurants is wild if you’re going out in the city. Not including anything else, if you’re dropping $600 a month on dining and drinks (and in a big city, that is hardly jaw dropping) you’re getting $300 back at the end of the year before every other category is considered.
Simplii Financial™ Cash Back Visa* Card pros and cons
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
$0 annual fee
-
Up to three additional cards free of charge
Cons
-
Not many additional benefits
-
Very niche appeal for yuppies who love dining out
-
Cash back applied as year-end statement credit
Welcome bonus
- Up to 10% cash back† for your first 3 months up to $1,000 eligible spend
How to earn cash back on the Simplii Financial™ Cash Back Visa* Card
The best possible way to earn cash back is going out to bars and restaurants frequently. Love cooking at home? This card might not be just right for you. But if your biggest line item is frequently how much you spent going out, the 4% cash back is hard to beat.
Plus, when you do eat in, you’ll need to drive to pick up groceries, and the 1.5% on gas and groceries is quite competitive, especially when compared to the big bank cards.
For non-categorized purchases, you’ll also have the trickle-in 0.5%, which is fine.
How to redeem cash back from Simplii Financial
And here we arrive at one of the downsides. I think the “cash back, but like, not as actual cash – more like, credit, oh – and only at the end of the year” is pretty darn weak. And that’s precisely how you get your “cash” back with this Simplii card. Once a year, as a statement credit. Luckily, it’s automatic, so no action is required from you.
Simplii Financial™ Cash Back Visa* Card key benefits
- Great cash back on categories relevant to young urban professionals
- Three additional cards for no additional fee
- All the perks and flexibility of a Visa card
Simplii Financial™ Cash Back Visa* Card insurance coverage
- Purchase security†: Protects purchases from being lost, damaged or stolen for 90 days after purchase.
- Extended Protection Insurance†: Doubles the length of the manufacturer warranty for items purchased with the Simplii Cash Back Visa.
- Optional travel insurance: Option to add on travel insurance coverage offered through CIBC (for a fee).
Extra benefits
- Send money abroad with a Global Money Transfer, and pay no transaction fee or interest if you pay off your balance on time.
What people have to say about this card
Simplii credit card offers 4% cash back on all expenses in restaurants and cafes so if you do spend a decent amount on eating out, then I would strongly recommend getting this card (plus as you would already know by now, it has no annual fee).
/u/Best-Maintenance4082
Bingo! The 4% is relatively niche, but given that it spans not only bars and restaurants, but also cafes, it is one of the most compelling cash back offers on the market for fans of going out (and those that grab their ridiculously pricey coffee daily).
And, as /u/Best-Maintenance4082 pointed out, there’s no annual fee eating into your hard-earned cash back. What’s not to like?
How Simplii Financial™ Cash Back Visa* Card compares
$20 sign-up bonus
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Get a 30-day free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.
Get this card if you...
-
prefer earning cash back with the flexibility of a prepaid card
-
want to build out your credit history
-
want to track your spending
Annual Fee & Annual Interest Rates
$48
Annual Fee
-
Our Take
KOHO Essential Mastercard® Prepaid Card ReviewThe KOHO Prepaid Mastercard® is a reloadable card paired with a mobile app, offering features such as cash back on purchases, interest on account balances, and budgeting tools to help users manage their finances effectively. It provides options for credit building and has tiered plans to cater to different financial needs, making it a versatile alternative to traditional credit cards.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
-
Pros
-
A no-fee account option
-
Accepted worldwide, wherever Mastercard is accepted
-
Three account tiers, so there’s something for everyone
-
Earn interest on your account
-
RoundUps feature helps you save
-
Financial coaching is available
-
Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)
-
Compatible with Apple Pay, Samsung or Google Pay
-
Joint account option for families and couples
Cons
-
No physical branches or tellers
-
No RRSP, TFSA or RESP accounts
-
Customer service not on par with the big banks
-
Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance
-
-
Fees
$48
Annual Fee
$1.5
Foreign Transaction
-
Rewards cash back
1%
cash back on groceries, eating & drinking, and transportation
50%
extra cash back from select merchants
2.5%
interest on both your spending and savings account (Your funds will also be eligible for CDIC insurance)
0%
Get access to a cash advance of up to $250 at 0% interest with Cover.
30-day trial
All KOHO plans come with a free 30-day trial so you can see if it suits you.
-
Get 30 days of free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.
Only the users who successfully register a new KOHO account and make their first $20 purchase using their KOHO card within 30 days of registration are eligible for the offer and may claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer is not applicable in conjunction with other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Our Take
The KOHO Prepaid Mastercard® is a reloadable card paired with a mobile app, offering features such as cash back on purchases, interest on account balances, and budgeting tools to help users manage their finances effectively. It provides options for credit building and has tiered plans to cater to different financial needs, making it a versatile alternative to traditional credit cards.
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
A no-fee account option
-
Accepted worldwide, wherever Mastercard is accepted
-
Three account tiers, so there’s something for everyone
-
Earn interest on your account
-
RoundUps feature helps you save
-
Financial coaching is available
-
Features like Credit Building (to help you build your credit history) and Cover (to protect you from overdrawing your account)
-
Compatible with Apple Pay, Samsung or Google Pay
-
Joint account option for families and couples
Cons
-
No physical branches or tellers
-
No RRSP, TFSA or RESP accounts
-
Customer service not on par with the big banks
-
Missing some banking features, like wire transfers, currency exchanges and multiple lines of business like financial planning, mortgages and insurance
Fees
$48
Annual Fee
$1.5
Foreign Transaction
Rewards cash back
1%
cash back on groceries, eating & drinking, and transportation
50%
extra cash back from select merchants
2.5%
interest on both your spending and savings account (Your funds will also be eligible for CDIC insurance)
0%
Get access to a cash advance of up to $250 at 0% interest with Cover.
30-day trial
All KOHO plans come with a free 30-day trial so you can see if it suits you.
Get 30 days of free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.
Only the users who successfully register a new KOHO account and make their first $20 purchase using their KOHO card within 30 days of registration are eligible for the offer and may claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer is not applicable in conjunction with other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Simplii Financial™ Cash Back Visa* Card vs. KOHO Essential Mastercard® Prepaid Card
The KOHO card “plans” have definitely stepped way outside the rigamarole of traditional cashback cards. The Essential KOHO plan is billed as more of a subscription than a classic card, and has some pluses and drawbacks.
For the good, you have the option to earn 2.5% annual interest on the balance you maintain on your card. I can’t recall a credit card ever actually marketed towards people who don’t (can’t?) pay off their balance, but here you go. The 1% cash back is kind of a snooze fest, and that only applies to specific categories. All this could be yours… for a fee.
If that sounds, like, way worse than the Simplii card it’s because it is. I’d say KOHO essentially loses in just about every conceivable head-to-head.
$484
First Year Value
$384
Annual Value
Welcome Bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
Get this card if you...
-
want flexible cash back categories
-
want unlimited cash back
-
want to avoid paying an annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
-
Our Take
Tangerine Money-Back Credit Card ReviewThe Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
-
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
-
-
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
-
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
-
Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.
The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.
Simplii Financial™ Cash Back Visa* Card vs. Tangerine Money-Back Credit Card
This is a more competitive comparison. Full disclosure – my daily driver is a Tangerine card, but I’ll try to remain objective. While the Tangerine card only offers 2% back on two categories, you get to pick which ones you want. Get a Tangerine Savings account and add a third 2% cash back category.. And that money gets paid back monthly, either as actual cash into your savings account or as a statement credit.
Fundamentally, the Tangerine vs. Simplii comes down to how much value you place on flexibility. Want your money monthly and want to change which categories drive your cash back? Tangerine gets the nod. Spend almost all your money on dining out and have the patience for an annual pay out? Go Simplii.
Simplii Financial™ Cash Back Visa* Card vs. Neo Standard
| Feature | Simplii Financial™ Cash Back Visa* | Neo Standard |
|---|---|---|
| Annual fee | $0 | Base: $0; Premium: $4.99 |
| Welcome offer |
Up to 10% cash back† for your first 3 months up to $1,000 eligible spend
|
N/A |
| Insurance | Purchase Security†, Extended Protection Insurance†, Optional Travel | Available to purchase as an add on |
| Benefits | 4% cash back† on dining and drinking out | Earn cash back when spending at Neo partners |
Is the Simplii Financial™ Cash Back Visa* Card worth it?
For no annual fee and compelling cash back opportunities, I would say absolutely. I would say absolutely, underlined three times with several exclamation points if your primary monthly expenditure is at bars, cafes and restaurants.
FAQs
Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.
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†Terms and Conditions apply.