How to Apply SimplyCash® Preferred Card 

The SimplyCash Card from American Express stands out among the many credit cards available. In addition to cash-back rewards, this card offers accelerated earnings on groceries and gas, as well as a host of other benefits.

It comes with a monthly fee of $9.99, equivalent to an annual fee of $119.88. The card carries an annual interest rate of 20.99% on purchases and 21.99% on cash advances.

One standout feature of this card is that it offers the opportunity to earn up to $40 in statement credits for each month in which you spend at least $750 on purchases, up to a maximum of $400 in cashback during the first 10 months of membership. This introductory offer can be especially appealing for new American Express customers.

Once the introductory period concludes, the card still offers competitive rewards. All purchases, regardless of the amount or category, earn a flat 2% cashback. The SimplyCash Preferred Card from American Express is a valuable choice for those seeking cashback rewards, with the potential to earn generously both during the introductory period and beyond.

Benefits

Listed below are the benefits of American Express’ SimplyCash® Preferred Card.

• Up to $400 in statement credits

In your first 10 months as a new card member, spending $750 or more on eligible purchases each billing period can earn you a $40 statement credit. This adds up to a potential $400 in statement credits within the first 10 months of card membership.

• Competitive Cash Back Rewards

Enjoy a generous 4% cash back on eligible gas station purchases in Canada, allowing you to save on fuel expenses. Get 4% cash back on eligible grocery store purchases in Canada, helping you earn cash back while you shop for your daily essentials (up to $1,200 cash back annually). Earn 2% cash back on all other purchases made with your card, providing rewards for your everyday spending.

• Insurance Benefits

Enjoy insurance coverage against damage and theft of a rental car when you use your card for car rentals. Receive travel accident insurance with a value of $100,000, providing you and your loved ones with added security during your travels. Benefit from foreign medical insurance, giving you peace of mind when traveling abroad.

• Purchase Protection

As well as providing purchase protection against accidental damage or theft, your card provides you with an extra layer of security when you make eligible purchases.

• Convenient Services

Enjoy access to 24/7 customer service, offering worldwide assistance anytime you need it. Whether you have questions about your card or need assistance while traveling, help is just a phone call away.

• Tailored Offers via the Amex App

Access tailored offers for dining, shopping, and more through the Amex App. Enjoy personalized discounts and benefits to enhance your shopping and dining experiences.

The SimplyCash® Preferred Card from American Express not only rewards your spending but also provides convenient services like 24/7 customer support and tailored offers via the Amex App. Review the terms and conditions to maximize these valuable advantages.

Prerequisites

SimplyCash® Preferred Card applications must include the following information:

• Having a Canadian credit file and being a Canadian resident is required.
• Your province or territory must require you to be of majority age.

About the bank/financial institution

As a global services company, American Express connects customers to products, insights and experiences that enhance lives and help businesses succeed. With innovative payment, travel and expense management solutions, the company helps consumers, businesses and merchants conduct their business and sell their wares.

As one of the world’s largest financial services corporations, American Express Company (Amex) specializes in payment cards. In addition to having its headquarters in New York City, it is one of the world’s most valuable companies. The first American Express offices in Canada were opened in Toronto and Hamilton in 1853. The company employs about 1,600 people in Canada, and is known as Amex Canada Inc. and Amex Bank of Canada.

In terms of purchase volume, American Express is behind China UnionPay, Visa, and MasterCard as the fourth largest general-purpose card network. Based on the number of cards it has in circulation, it is the 4th largest card network in the world. Green cards, Gold cards, and Platinum cards are American Express’s most recognized cards.

Who is this card for?

The SimplyCash® Preferred Card from American Express, with its cash back rewards structure, is designed for individuals who spend a significant amount on gas and groceries in Canada and want to maximize their cash back rewards in these categories.

Step by step to apply for the card

It is fairly easy to apply for the SimplyCash® Preferred Card from American Express:

1. You can visit the American Express Canada website.
2. Choosing a card is the first step.
3. Read and agree to the card’s terms and conditions after reading the product information.
4. Providing your personal information, such as your name, address, and date of birth, is required. You are not required to enter your Social Insurance Number, it’s optional.
5. Details about your income and employment should be entered.
6. Verify the information you provided.
7. The terms and conditions must be read and agreed to.
8. Your application needs to be submitted.

Positives and negatives of the card

Pros

• You will save $40 every month for the first ten months when you spend $750
• Gas and groceries are eligible for 4% cash back.
• Other purchases will earn you 2% cash back.
• A total of ten types of insurance are covered.

Cons

• As an American Express, it receives lower acceptance.
• The cash back is paid once a year.

Fees and tariffs

This card entails a regular Annual Percentage Rate (APR) of 19.99%, while cash advances and balance transfers incur a slightly higher APR of 21.99%. Beyond these interest rates, users should be mindful of various fees. Cash advances, for instance, come with a $2.75 fee, and balance transfers incur a 3% charge. For international transactions, there is a 2.5% foreign transaction fee.

Moreover, there’s an annual fee of $119.88 associated with this card. Lastly, a $29 over-limit fee applies if the credit limit is exceeded. These fees and tariffs play a crucial role in managing one’s financial decisions and expenses when utilizing this card, underscoring the importance of understanding them thoroughly.

Customer service

For customers in the US & Canada, the card’s customer service can be reached at 1-800-668-2639. International customers can call collect at (905) 474-9380. This service offers assistance with account inquiries, addressing lost or stolen card issues, and providing general information.