Why do we recommend the SimplyCash® Preferred?
The SimplyCash® Preferred Card is highly recommended for several reasons. First and foremost, it offers an exceptional cashback rate. Cardholders earn 4% cashback on eligible gas station and grocery store purchases in Canada.
This is particularly beneficial for families and individuals who spend a significant amount on these essentials. Moreover, you earn 2% cashback on all other purchases, with no limit on the amount of cashback you can earn. This ensures that every dollar spent with the card is rewarded, making it a valuable addition to your wallet.
Another compelling reason to choose this card is the welcome offer. New cardholders can earn up to $400 in statement credits within the first 10 months, provided they meet the spending requirements. This can significantly offset the annual fee of $119.88, which is split into a manageable monthly fee of $9.99.
The SimplyCash® Preferred Card also includes several insurance benefits that enhance its value. These benefits include out-of-province/country emergency medical insurance, travel accident insurance, and mobile device insurance. These features provide peace of mind when traveling and ensure your purchases are protected.
Lastly, the card offers access to exclusive American Express experiences, including early access to concerts, special events, and dining experiences. This adds an extra layer of value for those who enjoy exclusive perks and events.
When can the SimplyCash® Preferred be useful?
The SimplyCash® Preferred Card can be particularly useful in several scenarios. For frequent travelers, the card’s travel insurance benefits are invaluable. The out-of-province/country emergency medical insurance covers up to $5,000,000 for eligible emergency medical expenses, ensuring you are protected during your travels. Additionally, travel accident insurance provides coverage of up to $100,000, adding another layer of security when you’re on the go.
For daily use, the high cashback rates on gas and groceries make this card ideal for families and individuals who regularly spend on these categories. The 4% cashback rate is one of the highest available in Canada for these types of purchases, making it an excellent choice for maximizing rewards on everyday spending.
Moreover, the 2% cashback on all other purchases makes the SimplyCash® Preferred Card versatile and rewarding for all types of expenses. Whether you’re dining out, shopping, or paying for services, you’re guaranteed to earn cashback on every purchase. This makes it a practical card for those who want a straightforward, rewarding credit card for all their spending needs.
The card is also useful for tech-savvy individuals who frequently purchase new gadgets. The mobile device insurance covers up to $1,000 in the event of theft, loss, or accidental damage when you charge the device to your card. This ensures that your investments in technology are protected, providing additional peace of mind.
Benefits of the SimplyCash® Preferred
The SimplyCash® Preferred Card comes with a plethora of benefits:
- High Cashback Rates: Earn 4% cashback on eligible gas and grocery purchases and 2% on all other purchases.
- Welcome Offer: Up to $400 in statement credits in the first 10 months.
- Insurance Benefits: Includes travel accident insurance, emergency medical insurance, and mobile device insurance.
- Exclusive Experiences: Access to American Express experiences like early access to events and special dining experiences.
- 24/7 Customer Service: Dedicated support for cardholders at any time.
These benefits make the SimplyCash® Preferred Card a well-rounded choice for anyone looking to maximize their cashback and enjoy premium perks.
Disadvantages of the SimplyCash® Preferred
While the SimplyCash® Preferred Card offers numerous benefits, there are a few drawbacks:
- Annual Fee: The card has an annual fee of $119.88, which may be a consideration for some users.
- High-Interest Rate: The card carries an interest rate of 21.99% on purchases and funds advances, which can add up if you carry a balance.
Despite these drawbacks, the benefits and rewards can far outweigh the costs for many users.
How is the credit analysis done for the SimplyCash® Preferred?
When you apply for the SimplyCash® Preferred Card, American Express conducts a thorough credit analysis to determine your eligibility. This process involves reviewing your credit history, credit score, and financial stability. A good to excellent credit score is typically required to qualify for this card, reflecting your ability to manage credit responsibly.
The application process includes submitting personal and financial information, which is then used to assess your creditworthiness. American Express looks at factors such as your income, employment status, and existing debt levels to ensure you can handle the credit limit and repayment obligations. This detailed analysis helps minimize the risk of default and ensures that cardholders can manage their accounts effectively.
Approval for the SimplyCash® Preferred Card also depends on your history with American Express. Existing or former cardholders may have a different application experience based on their previous interactions with the company. Overall, the credit analysis is designed to ensure that applicants are financially stable and capable of meeting the card’s requirements.
Is there a maximum and minimum amount for this credit card?
The SimplyCash® Preferred Card does not have a specified maximum credit limit; instead, the limit is determined based on the applicant’s creditworthiness and financial situation. This personalized approach ensures that each cardholder receives a credit limit that aligns with their ability to repay. There is no minimum amount required to apply, making it accessible to a wide range of applicants who meet the credit criteria.
Do you want to apply? Learn how to get the SimplyCash® Preferred here
If you’re ready to enjoy the benefits of the SimplyCash® Preferred Card, applying is simple. Click the button below to go to the application page and follow the instructions.
With its high cashback rates, valuable insurance benefits, and exclusive experiences, the SimplyCash® Preferred Card is an excellent choice for Canadians looking to make the most of their credit card.