Why do we recommend the Simplii Financial™ Cash Back Visa Card?
The Simplii Financial™ Cash Back Visa Card stands out for its attractive features and rewards, making it a strong contender for anyone looking to maximize their cash back without incurring annual fees. The card offers up to 10% cash back on eligible purchases at restaurants, bars, and food delivery services during the first four months, up to $500. After the promotional period, you can still enjoy a solid 4% cash back on these categories, up to $5,000 per year.
Moreover, the card provides 1.5% cash back on eligible gas, grocery, drugstore purchases, and pre-authorized payments, up to $15,000 annually. For all other purchases, you earn 0.5% cash back with no limit. This tiered cash back structure is ideal for those who spend regularly in these categories, ensuring that everyday purchases contribute significantly to your rewards.
Another compelling reason to choose the Simplii Financial™ Cash Back Visa Card is its lack of an annual fee, which is a considerable advantage over many competitors. Additionally, you can add up to three supplementary cardholders at no extra cost, allowing you to maximize your rewards as a family or household.
Security and convenience are also highlights of this card. It includes purchase security and extended protection insurance, doubling the manufacturer's warranty up to an additional year. The card's integration with mobile wallets like Apple Pay, Google Pay, and Samsung Pay enhances its usability for contactless payments.
When can the Simplii Financial™ Cash Back Visa Card be useful?
The Simplii Financial™ Cash Back Visa Card is particularly useful for individuals and families who have significant spending in the card’s higher cash back categories, such as dining out and groceries. If you frequently dine at restaurants, buy food from delivery services, or visit bars, the initial 10% cash back rate and ongoing 4% rate can lead to substantial savings. This card is also advantageous for drivers and those with regular grocery expenses, thanks to the 1.5% cash back on gas and grocery purchases.
Furthermore, the card's no annual fee makes it an excellent choice for budget-conscious consumers who want to avoid additional costs while still earning rewards. This feature also makes it a suitable option for students and young adults who are new to credit cards and want to build their credit history without the burden of fees.
Additionally, the ability to add supplementary cardholders at no extra charge is useful for families aiming to consolidate their spending and maximize their cash back rewards. The card’s purchase security and extended protection insurance offer peace of mind for major purchases, making it a practical choice for those who want to protect their investments.
Overall, the Simplii Financial™ Cash Back Visa Card is a versatile and cost-effective option for anyone looking to earn rewards on everyday purchases while enjoying the benefits of a fee-free credit card.
Benefits of the Simplii Financial™ Cash Back Visa Card
The Simplii Financial™ Cash Back Visa Card offers several notable benefits. First, it has no annual fee, making it accessible to a wide range of users. Cardholders can earn up to 10% cash back on restaurant, bar, and food delivery purchases for the first four months, up to a $500 spend. After this period, the card offers 4% cash back on these categories up to $5,000 per year, 1.5% on gas, groceries, drugstore purchases, and pre-authorized payments up to $15,000 per year, and 0.5% on all other purchases without limit.
Additional benefits include the ability to add up to three supplementary cardholders for free, which helps in maximizing rewards. The card also provides purchase security and extended protection insurance, doubling the manufacturer's warranty by up to an additional year. Moreover, it supports mobile wallet payments through Apple Pay, Google Pay, and Samsung Pay, offering convenience for users who prefer contactless transactions.
Disadvantages of the Simplii Financial™ Cash Back Visa Card
Despite its many benefits, the Simplii Financial™ Cash Back Visa Card has some disadvantages. The higher cash back rates are capped at specific spending limits, which might not suit heavy spenders. The 4% cash back on restaurants and bars is limited to $5,000 annually, and the 1.5% cash back on gas, groceries, and drugstore purchases is capped at $15,000 per year. Additionally, the card’s high-interest rates on purchases and cash advances can be a drawback if you carry a balance.
How is the credit analysis done for the Simplii Financial™ Cash Back Visa Card?
When you apply for the Simplii Financial™ Cash Back Visa Card, the credit analysis involves several key steps. Simplii Financial evaluates your creditworthiness based on your credit history, which is accessed through a credit bureau. They look for a positive credit score, a clean credit report with no recent bankruptcies, and a history of on-time payments.
Income verification is another crucial aspect. Applicants must meet the minimum annual household income requirement of $15,000. This ensures that you have the financial capacity to handle credit card payments. Simplii Financial also considers your debt-to-income ratio, assessing whether your existing debts are manageable relative to your income.
In addition to your credit and income information, Simplii Financial evaluates your overall financial stability. This might include an analysis of your banking history with them, if applicable, to gauge your financial behaviour over time. The decision is usually quick, and if additional information is needed, they will reach out to you directly.
Is there a maximum and minimum amount for this credit card?
The Simplii Financial™ Cash Back Visa Card does not specify a maximum credit limit publicly, as it varies based on individual credit assessments. However, new applicants under the New to Canada Banking Program may receive a credit limit of up to $10,000.
The minimum credit limit is typically determined during the approval process, considering the applicant's creditworthiness and financial situation. For more specific details, it’s best to contact Simplii Financial directly.
Do you want to apply? Learn how to get the Simplii Financial™ Cash Back Visa Card here
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