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SimplyCash™ Preferred Card from American Express review

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Advertiser Disclosure

Interest Rate: Purchases
Balance Transfer
21.99% (1.99% for the first 6 months)
2% cashback
Signup Bonus

Informr score
The SimplyCash™ Preferred Card from American Express currently has an Informr score of 8.5 out of 10. This score is based on our evaluation of 10 sources including reviews from users and the web's most trusted critics.

Am I eligible?

SimplyCash™ Preferred Card from American Express is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be at least 18 years of age (AB, MB, ON, PE, QA, SK). 19 in all other provinces.
Yes Be a permanent or temporary resident of Canada
Yes Have a minimum personal income of $15000.

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...

This is a card suited for many different people. With the cashback rewards and earning rewards, this is a great card for people who regularly shop and pay bills with their credit card. American Express also has a buyer’s assurance protection plan and a protection plan to keep purchases safe. They al...


The American Express SimplyCash Preferred came in at 4.7 stars. It scored high marks for having a generous welcome bonus, a solid cash back earn rate, a good insurance package, no income requirements, free additional cards, and access to American Express Invites. On the other hand, this card isn’t p...

Money We Have

Offers incredible benefits that suit a variety of consumers. The 5% cash–back for the first 6 months is one of the highest rates available while the 1.99% interest rate for balance transfers will help you reduce your debt.

- Barry Choi, Money We Have

The SimplyCash Preferred card is a terrific all around high-end cash back card. And the SimplyCash card is great on its own – but also pairs well with a category card (as they typically give 1% on non-category purchases) giving you a little increase in your annual rewards.

- Jonathon, creditcardGenius

Essentially, this card allows you to get a premium level card with great rewards and good insurance coverage and perks without being a high roller.

- Stephen Weyman,


Interest Rates
Regular APR Interest Rate 19.99%
Balance Transfer Interest Rate 21.99% (1.99% for the first 6 months)

Intro rate is optional

Cash Advance Interest Rate 21.99%
Rates & Fees
Annual Fee $99.00
Balance Transfer Fee 3%


Cash Advance Fee $2.75
Foreign Transaction Fee 2.5%

Transactions made in a foreign currency will be converted and posted to your account in Canadian currency.

Over Limit Fee $29.00
Late Payment Fee $0.00
Sign up bonus
  • Earn 10% cash back on purchases for the first 4 months of Cardmembership (up to $400 cash back)
  • Plus, earn a $100 statement credit when you charge $4,000 in net purchases to your Card in your first 4 months of Cardmembership
All Purchases 2% cash back
Restaurants No
Gas No
Groceries No
Hotels No
Travel No
Pharmacy No
Bills No
Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance Yes
Car Rental Insurance Yes
Car Rental Discount No
Extended Warranty Yes
Purchase Protection Yes
Zero Liability Yes
No Foreign Transaction Fees No
Emergency Assistance Yes
Concierge Service No
Price Protection No
Fraud Protection Yes
Free Credit Scores No
Wireless Payments Apple Pay
Virtual Cards No
Additional Benefits
  • Lost or Stolen Baggage Insurance
  • Flight Delay Insurance
  • Hotel / Motel Burglary Insurance
  • Emergency Card Replacement
  • American Express Invites®
  • Emergency Card Replacement
Minimum Security Deposit $0
Minimum Age

18 years in AB, MB, ON, PE, QA, SK. 19 years in all other provinces.

Minimum Personal Income $15,000 per year

Temporary Residents No
Additional comments
Terms & Conditions Official Terms & Conditions
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Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.

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