If you want a straightforward cash-back credit card, the American Express SimplyCash Preferred is worth considering. It pays 4% cash back on eligible gas and grocery purchases (on the first $30,000 in qualifying purchases each year) and a flat 2% cash back on all other purchases. Along with solid insurance coverage, Amex perks and free additional cards for household members, the SimplyCash Preferred ranks among Canada’s top cash-back cards for everyday spending.
Amex SimplyCash Preferred
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Annual fee: $119.88 ($119 for Quebec residents)
- 4% cash back on eligible gas and grocery purchases (first $30,000 in purchases per year)
- 2% cash back on all other eligible purchases
Welcome offer: Earn an extra 10% cash back on purchases for your first three months (on up to $2,000 in purchases) and receive a $50 statement credit after a purchase in month 13 — total potential value up to $250.
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Card details
| Interest rates | 21.99% on purchases and cash advances; penalty APR 25.99% to 29.99% (variable) |
| Income required | None specified |
| Credit score | 725 or higher |
6 things to know about the SimplyCash Preferred Card from American Express
1. The base earn rate
Many cash-back cards boost a couple of categories while paying only 0.5% or 1% on everything else. The SimplyCash Preferred stands out by offering 4% cash back on eligible gas and groceries (up to the $30,000 cap each year) and a consistent 2% cash back on all other purchases. That steady 2% base rate makes it simple to earn meaningful rewards across a wide range of everyday spending—groceries, utilities, clothing, electronics and more—without tracking rotating categories or activating offers every month.
2. The welcome offer
The card’s welcome offer gives new cardholders 10% additional cash back on purchases during the first three months (up to $2,000 in purchases) and a $50 statement credit after a purchase in the 13th month. Together these components can provide up to $250 in extra value during your first year of card membership.
3. Free supplementary cards
You can add up to nine additional cardholders, aged 13 or older, at no extra cost. This is a convenient way to consolidate household spending and boost cash-back earnings without paying per-user fees. Many competing premium cards charge a fee for each authorized user, so the lack of additional charges here is a practical perk for families.
4. Additional Amex perks
The SimplyCash Preferred includes a selection of American Express benefits such as access to Amex Experiences and pre-sale or priority ticket access through Front of The Line. Cardmembers can also access targeted Amex Offers for discounts on specific retailers and services. There’s a referral incentive too: you can earn $50 for each approved referral, up to a yearly maximum of $750.
5. Travel and purchase protections
This card includes a solid set of insurance protections that many shoppers expect from higher-end cards. Coverage highlights include up to $5 million in emergency medical travel insurance for trips up to 15 days (for cardholders under 65), up to $500 for lost or delayed baggage, car rental theft and damage insurance for vehicles with an MSRP up to $85,000, and hotel/motel burglary insurance. These protections make the card useful for both everyday purchases and short domestic or international trips.
6. American Express acceptance
American Express is widely accepted at many major Canadian retailers and dining establishments, but it’s not as ubiquitous as Visa or Mastercard. Some smaller merchants and certain large retailers—such as stores under the Loblaws banner (excluding Shoppers Drug Mart) and Costco—do not accept Amex. If you frequently shop at merchants that don’t accept American Express, consider carrying a secondary no-fee Visa or Mastercard as a backup.
Are there any drawbacks to the American Express SimplyCash Preferred Card?
Acceptance limitations for American Express can be a drawback for some users, especially when shopping at smaller stores or at merchants that don’t take Amex. Another limitation to note is how rewards are redeemed: cash back is redeemed annually each September. That means you don’t have the flexibility to redeem smaller amounts throughout the year, unlike some competitors that allow redemptions once you hit a low minimum balance.
Bottom line
For shoppers focused on straightforward cash-back returns, the SimplyCash Preferred’s combination of a 4% rate on gas and groceries and a 2% flat rate on all other purchases makes it an attractive choice. Its welcome bonus, free supplementary cards, travel protections and Amex benefits add value for many households. If you want consistent cash back on everyday spending and don’t mind the occasional acceptance limitations of American Express, this card is a strong contender among Canada’s cash-back credit cards.
More about American Express credit cards:
- American Express Cobalt Review
- SimplyCash from American Express review
- The best American Express credit cards in Canada