American Express SimplyCash Preferred Card
Earn 4% cash back on gas and groceries, 2% on everything else. No minimum income requirement, $120 annual fee and top-tier travel insurance.
The SimplyCash Preferred Card from American Express stands out in Canada’s competitive credit card market thanks to its flat, high-rate rewards and broad accessibility. Cardholders can earn 4% cash back on eligible gas and grocery purchases and a solid 2% back on all other purchases, making it one of the best options for maximizing everyday spending. The annual fee is $120, billed monthly at $9.99. There is no set minimum income requirement, opening access for a wider range of applicants. Interest rates and credit limits may vary based on individual applications and credit assessments.
How to Apply
To apply, simply visit the American Express application page for the SimplyCash Preferred Card. You will need to provide your personal, employment, and financial details. Approval typically requires a good credit score, and once approved, you’ll receive your new card by mail. Be prepared to upload or verify your identity and income if requested during the application process.
Key Benefits
The top benefit is the generous cash-back structure: 4% on gas and groceries is rare among Canadian cards, while 2% unlimited on other purchases ensures every transaction rewards you. Notably, this card includes premium insurance coverage, such as up to $5M in emergency medical insurance, purchase protection, and mobile device insurance. Cardholders also get exclusive early access to tickets via Front Of The Line, making it appealing for entertainment seekers.
Potential Drawbacks
Acceptance of American Express in Canada is not as widespread as Visa or Mastercard, meaning some merchants may not take this card. The $120 annual fee is justified by high rewards but may not suit those spending less on gas and groceries. Higher spenders or frequent international travellers will still find significant value.
Final Verdict
The SimplyCash Preferred Card from American Express is ideal for those seeking high cash-back on groceries and gas with strong insurance perks. Its accessibility, combined with rare benefits, means excellent overall value for many Canadian households, especially those seeking to optimize reward returns year after year.
