Review: SimplyCash Preferred Card from American Express

Charlotte Sinclair
by Charlotte Sinclair August 11, 2016 / No Comments

If you have a rewards card and you’ve accumulated a large, you might find it difficult paying it off. Right now, you might be focused on paying off your current balance but in the future you would like to return to a rewards credit card. The SimplyCash Preferred Card from American Express might just be the solution for you.

The SimplyCash card has an optional balance transfer offer. If you choose to transfer your balance at the time of your online application, you’ll enjoy a 0% interest rate on your balance transfer for the first six months. You can transfer the lesser of half your credit limit or $7,500. The catch here is that there is a 1% fee on all balance transfers. But this will be a fraction of what you’d pay if you didn’t pay off your balance on a card with a high interest rate.

Let’s look an example of how you can take advantage of this 0% APR credit card. Here we’ll assume you currently carry a balance of $5,000 on a card with a 19.99% interest rate and you’re making minimum monthly payments of $100. Over the next six months you’d accumulate $495 in interest. However, if you were to transfer the balance to the SimplyCash card, you’d have to pay a 1% fee ($50) but you wouldn’t be charged any interest for the first six months.

If you choose to get a balance transfer credit card, you should have one goal in mind: Pay off your balance by the end of the introductory period. This would require you to make six monthly payments of $841.67 ($5,050 ÷ 6). However, if you can’t make these payments, it’s still a good opportunity to pay down as much debt as possible before you have to start paying a higher interest rate.

The balance transfer offer isn’t the only excellent feature of the SimplyCash Preferred Card from American Express. This card is actually one of our favourite cash back credit cards. If the balance transfer offer isn’t important to you, this card features a second introductory offer. You can earn 5% cash back (up to $400) on all purchases for the first six months. If you’re focused on paying off your balance for the first six months, you’ll still be able to earn 1.5% cash back on up to $100,000 in spending following the six-month period. Additionally, you’ll earn 1.25% cash back if you exceed $100,000 in annual spending. There’s no limit to the amount of cash back you can earn after the introductory period.

All in all, this is a terrific card for both balance transfers and cash back. Pay down your balance now and earn great rewards later. Note that this card does have an annual fee of $79. If you’re looking for a card with no annual fee, there’s also the SimplyCash Card from American Express.

SimplyCash Preferred Card from American Express

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  • 0% interest on all balance transfers for the first six months
  • 5% cash back on all purchases for the first six months (up to $400)
  • No limit to the amount of cash back you can earn, after the introductory period is over
  • $79 annual fee

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