Lena Hayes
The American Express SimplyCash Preferred Card is one of the most straightforward “high return” cash-back cards in Canada. It focuses on one thing and does it very well: delivering strong, predictable cash back without categories to track or points to manage. You earn a high flat cash-back rate on everything you buy, plus an elevated earn rate during the first few months and a welcome bonus that can easily offset the annual fee in year one.
Quick highlights
- 🎁 Earn a welcome cash-back bonus (often around $200) after meeting a minimum spend requirement in the first few months.
- 💰 Earn a high flat cash-back rate on all purchases, with no rotating or capped categories.
- 🚀 Accelerated earn rate on purchases in the first few months, making year one especially rewarding.
- 💳 Simple redemption: cash back is applied as a statement credit.
- 🛡 Includes travel insurance, purchase protection and extended warranty.
- ⭐ Backed by American Express Offers for targeted statement credits and merchant deals.
Why we like the American Express SimplyCash Preferred
This card exists for people who don’t want to think about rewards. There are no grocery caps, no rotating categories, no bonus activations and no complicated redemption rules. You swipe (or tap), you earn cash back, and it shows up as a statement credit. That simplicity is the core appeal.
The SimplyCash Preferred is especially strong in the first year. Between the welcome bonus, the elevated introductory earn rate and American Express Offers, many cardholders earn back far more than the $99 annual fee. Long term, the flat-rate structure continues to make sense for people with varied spending that doesn’t neatly fit into bonus categories.
Pros
- High flat cash-back rate on all purchases.
- Strong welcome bonus and intro earn boost.
- Extremely simple rewards and redemption.
- American Express Offers add extra value.
- Solid insurance package for a cash-back card.
Cons
- $99 annual fee after the first year.
- Not accepted everywhere Amex acceptance is limited.
- No category bonuses for optimizing spend.
- No no-FX feature.
Cash-back program
The SimplyCash Preferred earns a flat cash-back rate on every eligible purchase, regardless of category. This makes it one of the easiest cards to understand and use.
- Flat-rate cash back on all purchases.
- Higher introductory earn rate during the first few months.
- Welcome bonus after meeting minimum spend.
- Redemption: cash back is applied as a statement credit.
How to maximize cash back
- Front-load spending during the introductory bonus period.
- Use this card for uncapped everyday spending.
- Stack American Express Offers whenever available.
- Redeem cash back regularly to offset balances.
Insurance & benefits
- Out-of-province emergency medical insurance.
- Travel accident insurance.
- Car rental theft and damage insurance.
- Purchase protection and extended warranty.
Rates & fees
| Annual fee | $99 |
|---|---|
| Purchase APR | 21.99% |
| Cash advance APR | 21.99% |
| Foreign transaction fee | Typically 2.5% |
Best for
- People who want simple, high flat-rate cash back.
- High spenders outside traditional bonus categories.
- Cardholders who regularly use Amex Offers.
Where it falls short
- Annual fee may not suit light spenders.
- Limited acceptance compared to Visa/Mastercard.
- No travel-focused perks like lounges.
Community insights
In Canadian credit card circles, the SimplyCash Preferred is often recommended as a “default” cash-back card. Many people pair it with a Visa or Mastercard for places that don’t accept Amex, using this card whenever possible to maximize flat-rate returns.
AI review (straight talk)
This is not a flashy card — and that’s the point. If you want one card that quietly earns strong cash back without effort, the SimplyCash Preferred does exactly that. Just make sure your spending level justifies the annual fee.
Alternatives & comparison
| Card | Annual Fee | Earn Structure | Key Advantage |
|---|---|---|---|
| Amex SimplyCash Preferred | $99 | High flat-rate cash back | Simplicity + strong returns |
| No-fee cash-back card | $0 | Lower flat rate | No annual fee |
| Category-based cash-back card | $0–$150 | High capped categories | Optimization potential |
FAQ
Is the annual fee worth it?
If you spend enough to earn more than $99 in extra cash back compared to a no-fee card, yes. Many users cover the fee easily in the first year.
How do I redeem cash back?
Cash back is applied directly as a statement credit, making redemption automatic and flexible.
Is Amex acceptance an issue?
Acceptance is improving, but it’s still smart to keep a backup Visa or Mastercard.
Final verdict & ratings
Our take The American Express SimplyCash Preferred is one of the cleanest cash-back propositions in Canada. It’s not for everyone — but for people who value simplicity and consistent returns, it’s a standout.
| Overall | ★★★★☆ 4.1 / 5 |
|---|---|
| Rewards | 4.4 / 5 |
| Benefits | 4.0 / 5 |
| Fees | 3.8 / 5 |
