The SimplyCash® Preferred Card from American Express is a top choice for Canadians looking for a credit card that offers robust cash back rewards and a host of valuable benefits.
With competitive rates on everyday purchases, this card is designed to help you maximize your spending power. Here’s everything you need to know about the SimplyCash® Preferred Card, including application requirements, documentation, uses, and more.
The SimplyCash® Preferred Card goes beyond basic credit card offerings, providing cardholders with an impressive 4% cash back on eligible gas and grocery purchases in Canada.
This makes it an ideal card for families and individuals who spend significantly in these categories. Additionally, you earn 2% cash back on all other purchases, ensuring you are rewarded no matter where you shop. The card also includes comprehensive travel insurance, purchase protection, and exclusive American Express® experiences, adding even more value to its robust cash back program.
What are the requirements to apply?
Applying for the SimplyCash® Preferred Card is straightforward, but there are specific criteria you need to meet:
Age and Residency
- You must be at least the age of majority in your province or territory.
- You need to be a Canadian resident.
Employment and Income
- There is no specific minimum income requirement, but a stable source of income is necessary.
- Proof of steady employment or a consistent source of income is preferred.
Credit Score
- A good credit score is advisable, typically a score of 650 or higher to increase your chances of approval.
What documents are needed?
When applying for the SimplyCash® Preferred Card, having the following documents will streamline the process:
Identification
- Government-issued photo ID (e.g., driver’s license, passport).
- Proof of Canadian residency, such as a utility bill or rental agreement.
Financial Information
- Recent pay stubs or other proof of income.
- Bank statements or tax returns for additional income verification.
- Information about any existing debts or credit card accounts.
What are the main uses of this credit card?
The SimplyCash® Preferred Card is designed to offer substantial cash back on various spending categories, making it ideal for a wide range of uses.
Everyday Purchases
Earn up to 4% cash back on eligible gas and grocery purchases in Canada. This card makes your everyday spending more rewarding, particularly on essential items.
Gas
With 4% cash back on eligible gas purchases, this card is perfect for those who commute or travel frequently by car. Save money every time you fill up at the pump.
Groceries
Earn 4% cash back on eligible grocery purchases, up to $1,200 annually. This is a significant benefit for families or individuals who spend a considerable amount on groceries each month.
Other Purchases
For all other purchases, earn 2% cash back. This ensures that you get rewarded no matter where you spend your money, with no limit to the amount of cash back you can earn on these purchases.
Dining and Entertainment
Take advantage of exclusive American Express® Experiences, including early access to tickets and special events, adding extra value to your dining and entertainment expenditures.
Our advice for applicants
If you’re planning to apply for the SimplyCash® Preferred Card, consider these tips to enhance your application experience:
Gather Necessary Documents
Before starting your application, ensure you have all required documents ready. This includes your identification, proof of income, and any other financial documentation. Being prepared will help speed up the process.
Maintain a Good Credit Score
A good credit score significantly increases your chances of approval. Make sure your credit report is accurate and address any discrepancies. Pay down existing debts and avoid applying for multiple credit cards at once.
Understand the Card Benefits
Familiarize yourself with the cash back rates and how they apply to different spending categories. Plan your spending to maximize your rewards. For instance, prioritize using the card for gas and grocery purchases to earn the highest cash back.
Review the Terms and Conditions
Read through the card’s terms and conditions carefully. Understand the interest rates, fees, and cash back redemption policies. Knowing these details will help you use the card more effectively and avoid unexpected charges.
Weigh the pros and cons. Is it worth it?
When deciding whether the SimplyCash® Preferred Card is right for you, it's important to weigh the benefits against any potential drawbacks.
Pros
- High Cash Back Rates: Earn up to 4% cash back on eligible gas and grocery purchases.
- No Limit on Other Cash Back: Earn 2% cash back on all other purchases with no limit.
- Valuable Benefits: Includes travel insurance, purchase protection, and exclusive experiences.
- No Annual Fee for Additional Cards: Add additional cardholders without incurring extra fees.
Cons
- Annual Fee: The card has an annual fee of $119.88 ($9.99 per month).
- Interest Rates: The interest rate is 21.99% on purchases and funds advances, which can add up if you carry a balance.
Conclusion
The SimplyCash® Preferred Card is worth it for those who spend heavily on gas and groceries and can take full advantage of the cash back rates. The annual fee is easily offset by the high rewards rate, making it a valuable addition to your wallet if your spending habits align with the card’s benefits.
Apply once and for all for SimplyCash® Preferred Card on the official website!
Ready to reap the rewards of the SimplyCash® Preferred Card from American Express? Click the button below to start your application on the official American Express website.
With its impressive cash back rates, valuable benefits, and comprehensive coverage, this card is designed to make your spending more rewarding. Don’t miss out on the opportunity to maximize your cash back on everyday purchases!