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Mr. Loonie
SimplyCash® Preferred Card from American Express

SimplyCash® Preferred Card from American Express

8.2
Very good
Expert Score · 17 reviews How we score

Best for: Big gas and grocery spenders who want strong flat cash back on everything else

Your spending a month
What’s in each?
Light:
Groceries $400, restaurants $100, gas $100, recurring bills $100, everything else (base rate) $250, foreign currency $50
Typical:
Groceries $800, restaurants $250, gas $250, recurring bills $250, travel $150, everything else (base rate) $650, foreign currency $150
Big:
Groceries $1,200, restaurants $500, gas $400, recurring bills $400, travel $500, everything else (base rate) $1,600, foreign currency $400
Yours:
Your own amounts, saved on this device only
Every year
$852

Ranked #39 of 176 for year one. See the list

See how we worked it out
Annual fee
$119.88 a year
Apply now on American Express’ site (opens in a new tab)
Needs $15,000 personal income
We may get paid if you apply through this link. It never changes our score.

Have this card?

Details from American Express’ site. Banks can update terms at any time, so give them a quick look before you apply. Source

Is it for me? What you’d earn Can I get it? Fees Similar cards
3 quick questions

Is it for me?

Do you spend $250 or more a month on groceries and gas?

Is your personal income $15,000 or more?

Do you pay your card off in full most months?

Answer the 3 questions to see if it fits.

From the numbers

The good and the bad

Stands out

  • Good: 4% back on groceries and gas

Watch for

  • Watch for: $119.88 a year You need about $250 a month on groceries and gas to earn it back.
  • Watch for: 2.5% on foreign purchases Use a no foreign fee card when you travel.

Worked out from the card’s rates and fees.

Show your work

What you’d earn

With typical spending of $2,500 a month.

  • Groceries $384
    4% back $800 a month · $384 a year
  • Restaurants $60
    2% back $250 a month · $60 a year
  • Gas $120
    4% back $250 a month · $120 a year
  • Recurring bills $60
    2% back $250 a month · $60 a year
  • Travel $36
    2% back $150 a month · $36 a year
  • Everything else $156
    2% back $650 a month · $156 a year
  • Foreign currency $36
    2% back $150 a month · $36 a year
For you Year one Later years
Cash back you earn $852 $852
Annual fee −$120 −$120
Foreign currency fee2.5% on $1,800 a year −$45 −$45
Rental car damage cover1 rental of 3 days at $35 a day $105 $105
Phone insurance$60 a year $60 $60
Total $852 $852

Rows are rounded to the dollar. Insurance counts at what the same cover costs on its own, and only pays when you charge the trip, rental or phone to the card.

What counts in each category
Groceries
4% back Up to $30,000 in spending per year.
Gas
4% back
Everything else (base rate)
2% back

These are example budgets to compare cards side by side, not averages. Your own spending will give a different number.

Checked on Nov 8, 2026. Source

Before you apply

Can I get it?

  • Age 18 or older 19 or older in BC, NB, NL, NS and the territories
  • Where you live Canada
  • Personal income $15,000 or more Issuer says
  • Credit score No minimum on record Most banks don’t publish one, and we don’t guess.

Mr. Loonie’s tip Each application shows up on your credit file. Leave a few months between card applications.

What critics say

Other reviewers on this card

8.2
Very good
Expert Score How we score
  • NerdWallet (opens in a new tab) Sep 2025
    10

    “Getting 2% back on everything is very rare, which makes this card one of our favourites. It also offers 4% back on gas and groceries, comes with comprehensive travel coverage and offers up to $60 in statement credits with Instacart. But the $119.88 annual fee ($9.99 a month) may be too steep for some users.”

  • MoneySense (opens in a new tab) Jan 2024

    “When it comes to cash back cards, the earn rate is arguably the most important metric to consider—and, with a 2% base rate and a 4% bonus rate on gas and groceries, the SimplyCash Preferred card easily climbs the ranks as one the best cash back credit cards in Canada.”

  • Forbes (opens in a new tab) Jan 2024
    6.8

    “The SimplyCash® Preferred Card from American Express is a standout cash back credit card, thanks to its accelerated earnings on gas and groceries and its above average base rate. Plus, it offers the chance to earn $400 in statement credits in the first 10 months, mobile device protection, unique experiences and solid travel insurance coverage. So, while no one card is a perfect fit for everyone, this Amex contender is worth consideration—especially if you’re after solid everyday earning opportunities and deluxe rewards.”

  • Yore Oyster (opens in a new tab) May 2023

    “The SimplyCash Preferred Card from American Express is a great option for anyone looking for comprehensive insurance and one of the best cash back rates in Canada. With the SimplyCash Preferred Card from American Express, you'll be fully covered in case of a medical emergency, when travelling abroad, and when making online purchases.”

  • Rewards Canada (opens in a new tab) Nov 2022

    “The SimplyCash® Preferred Card from American Express is by far the best true cash back rewards card in Canada. There is no matching its earn rates and welcome bonus. Combine this with a good suite of insurance benefits and you have an excellent card to have in your wallet - either as your primary daily driver or as a secondary card to others in your wallet.”

  • Hardbacon (opens in a new tab) Oct 2022
    8

    “Overall, the AMEX SimplyCash Preferred Credit Card is a very good card. It is exceptionally easy to understand. The card rewards you with 2% cash back on all your net purchases. It has a referral system that lets you earn cash back when you refer a friend. There is nothing complicated to remember, like category maximums, schedules, or points calculation.”

What cardholders say

Ratings from people with this card

No ratings yet. If you have this card, tell others what it’s like.

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Insurance and perks

What comes with it

  • Car rental damage Included
  • Extended warranty Included
  • Purchase protection Included
  • Travel accident Included
  • Mobile device $1,000 per device
  • Flight Delay Insurance
  • Baggage Delay Insurance
  • Hotel Burglary Insurance
  • Lost or Stolen Baggage Insurance
  • Mobile Device Insurance
  • American Express Experiences
  • Emergency Card Replacement
  • Mobile wallets Apple Pay, Google Pay
Coverage limits

We haven’t recorded the coverage limits for this card yet. Read American Express’ insurance certificate before you count on any coverage.

Not included

Not listed for this card: travel medical, trip cancellation, trip interruption, flight delay and lost baggage.

Fees and interest

What it costs

Annual fee
$119.88 a year
Purchase interest
21.99%
Cash advance interest
21.99%
Foreign currency fee
2.5%
All fees and rates

Fees

Extra cards
None
Cash advance fee
$2.75
Balance transfer fee
3%, Maximum
Over-limit fee
$29
Late payment fee
None
Source
Issuer page

Interest rates

Balance transfer interest
21.99%
Source
Issuer page

Read the card terms and conditions for the full terms.

Checked on Nov 8, 2026. Source

Before you decide

Similar cards for the same spending

With typical spending. This card: $852 year one, $852 every year after.

See all cards ranked for your spending

Some of these links pay us when you apply, at no extra cost to you. Most don’t, and pay never changes our score. How we make money

Common questions

Questions people ask

What is the annual fee on the SimplyCash® Preferred Card from American Express?

$119.88 a year.

What income do I need?

American Express asks for $15,000 in personal income.

Does it charge a foreign transaction fee?

Yes, 2.5% on purchases in other currencies.

What is the interest rate?

21.99% on purchases. Cash advances are 21.99%.

Does it include insurance?

It lists extended warranty, purchase protection, flight delay insurance and baggage delay insurance. Read the insurance certificate for the limits.

Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.

Spot something wrong? We’ll check it with the bank. Suggest a correction

Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.

Mr. Loonie is independent and supported by affiliate links. We may earn a commission when you apply through some links, at no cost to you. How we make money

$852
a year for you
Apply now on American Express’ site (opens in a new tab)
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