Simplycash® Preferred Card from American Express review

It's simple. Earn 4% cash back on eligible grocery purchases in Canada, up to $1,200 cash back annually, 4% cash back on eligible gas in Canada and 2% cash back on everything else. 

While some cards like Scotia Momentum Visa Infinite and CIBC Dividend® Visa Infinite* Card have high returns on gas and groceries, the 2% back on everything else really puts this Amex over the top. (We'll compare further down the page). 

Bonus: Earn an additional $1,500 per calendar year with their refer-a-friend program where you can earn $100 per referral. 

Much like Earth, Wind, and Fire, you'll "Ba-dee-ya, dancin' in September" because that's when your cash is automatically redeemed, every September as a credit to your account. 

And if you're Amex and reading this, consider switching this to January when post-holiday credit card bills are at their highest. (*Cough*, please 🙏 )

• Out of province emergency medical insurance: Up to $5 million.
• Travel accident insurance: Up to $100,000in case of accidental death or dismemberment during travel
• Flight delay insurance: Up to $500(combined with baggage delay insurance) for items purchased within 48 hours when delayed or denied boarding for 4 or more hours. 
• Baggage delay insurance: Up to $500(combined with flight delay insurance) for items purchased within 48 hours when delayed or denied boarding for 4 or more hours. 
• Hotel burglary insurance: Up to $500 of coverage of personal items (not cash) stolen from your accommodations. 
• Lost or stolen baggage insurance: Up to $500 for the loss and/or damage to your checked-in or carry-on luggage
• Rental car insurance: For automobiles up to $85,000for 48 days. Decline the collision damage waiver (CDW) and loss damage waive (LDW) and pull in full with your card. 
• Mobile device insurance: Up to $1,000 per insurance person in the event of theft, loss, accidental damage anywhere in the world, 2 years from the date of purchase, and past 90 days (otherwise you can use purchase protection). 
• Purchase protection: Up to 90 days on your card. 
• Buyer's assurance: Extends manufacturer's warranty up to 1 additional year. 

❌ Does not include: Trip cancellation or Trip interruption insurance

• Access events and special offers curated for Cardmembers with American Express® Experiences including Front Of The Line Presales, Reserved tickets, dining, retail and wellness experiences. 
• Onsite benefits at Budweiser Stage, Royal Alex, Princess of Wales and Ed Mirvish theatres. 
• 24/7 customer service 
• Plan It™ the American Express installment program that breaks larger purchases into installments. 

On Reddit, many were blown away by the high earn rate on gas and groceries and the points on everything else...with no limit. Another Redditor said they'd have to spend $5,000 per year to pay for its annual fee, but this was three years ago when the earn rate wasn't as strong.

That said, the annual fee may be a downside if you can't reach a certain level of spending and instead you might opt for one of the best no-fee credit cards, such as it's sister card, the Amex Simply Cash (see the table below). 

The BMO CashBack World Elite generally offers higher cash-back rates for specific categories like groceries, transit, gas, and recurring bills compared to the Amex SimplyCash Preferred card. In terms of insurance, BMO’s card is more comprehensive, covering travel medical, trip cancellation, baggage, and roadside assistance—far beyond Amex’s more limited coverage. For a similar annual fee, you get more value from the BMO CashBack World Elite.

Disclosures:

• BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
• *Terms and conditions apply.

The Amex SimplyCash Preferred and the CIBC Dividend® Visa Infinite* provide similar cash back rates. Both cards include comprehensive insurance coverage, including travel-related protections and purchase assurances. The choice between them depends on your spending habits and preference for specific cash-back categories. If you spend a lot on groceries and gas, CIBC Dividend Visa Infinite is likely the better choice. For consistent cash back on all spending, go with Amex SimplyCash Preferred.

Disclosures:

• †Terms and Conditions Apply. This offer is not available for the residents of Quebec.

• The information for the CIBC Dividend® Visa Infinite* Card has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.

1. 1 Visit the Amex SimplyCash Preferred Card page: Click the "Apply Now" button below to go directly to the application page.
2. 2 Fill out your personal information: Provide your full name, date of birth, and contact details. Make sure all information is accurate, your credit score will weigh heavily in your approval.
3. 3 Submit your application: Once you’ve filled in all the required information, review your application for accuracy and click "Submit".
4. 4 Wait for approval: After submitting, you will receive a confirmation email. The approval process may take a few days.

This post was not sponsored. The views and opinions expressed in this review are purely my own.

Disclosures:

• Contact American Express for the most up-to-date referral bonus figures.

  American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.