Deal Alert: Get up to $400 in bonuses with the SimplyCash™ Preferred Card from American Express

Hyder Owainati
by Hyder Owainati October 2, 2020 / No Comments

This post was sponsored by Amex Bank of Canada. The views and opinions expressed in this blog, however, are my own. American Express is not responsible for maintaining or monitoring the accuracy of information on this website.

Now, more than ever, cash back is proving to be the rewards program of choice among Canadians. That makes the timing of the brand-new credit card welcome offer from American Express® – which lets you rack up cash back in the double digits – all the more compelling.

The SimplyCash™ Preferred Card from American Express will now earn you a boosted 10% cash back on all your spending for the first four months or up to your initial $4,000 in purchases, whichever milestone you hit first.

That works out to upwards of $400 in bonus cash back on your everyday spending for new Cardmembers – the Card’s highest welcome offer ever. Previously, the welcome offer maxed out at 5% cash back up to $300.

Another great feature of the welcome offer is you can take advantage of the accelerated 10% cash back rate right out of the gate, without having to meet a minimum spend requirement just to unlock the bonus like you do with a typical points credit card.

Once the welcome offer ends, the SimplyCash™ Preferred Card from American Express will earn you an industry-leading 2% cash back on everything you buy, with no limits or caps.

SimplyCash™ Preferred Card from American Express

Apply Now Button-small

    • Annual fee: $99
    • Earn 10% cash back in your first 4 months (up to $400)1
    • Earn 2% cash back when your Welcome Rate ends

Everyday rewards

At a flat 2%, the SimplyCash™ Preferred Card from American Express out earns most cash back credit cards on the vast majority of purchases – from online shopping and food deliveries, to clothes, electronics, furniture, and more. In comparison, most cash back cards typically offer between 0.5% to 1% on otherwise nondescript everyday purchases.

The fact you can earn double the cash back on categories that don’t get a lot of love from other cards makes it one of the best all-in-one cash back cards in Canada. You won’t have to think about maximizing bonus categories, tiered earn rates, or annual rewards caps that could put a limit on your earning potential. Just simply swipe your card and earn the same cash back on everything.

So, how much cash back can you earn with the SimplyCash™ Preferred Card from American Express? Let’s run the numbers assuming you spend an average of $1,550 every month on the following:

Spending Category Monthly Spending
Groceries $240
Gas $180
Restaurants $250
Bills $200
Travel $100
Entertainment  $60
Pharmacies $20
Everything else $500

When factoring in the welcome offer, you would rack up a total of $692 in cash back in the first year and $372 in subsequent years – making the SimplyCash™ Preferred one of the highest-earning cash back cards in the country.

Obviously, the numbers change depending on your spending habits. And the more you charge on the Card, the more cash back you’ll rack up.

Redeeming your cash back is also straightforward, and you’ll get your rewards automatically rebated on your credit card statement once every year in September. No complicated redemptions process, charts, or points value calculations required.

SimplyCash™ Preferred Card from American Express

Apply Now Button-small

    • Annual fee: $99
    • Earn 10% cash back in your first 4 months (up to $400)1
    • Earn 2% cash back when your Welcome Rate ends

Card benefits and perks

Aside from its welcome offer and strong regular rewards rate of 2% cash back, the SimplyCash™ Preferred Card from American Express comes with a suite of benefits.

The Card provides up to $5,000,000 in travel medical emergency insurance – eclipsing the standard coverage amount of $1,000,0000 – for Cardmembers under the age of 65 years old. The Card also comes with hotel / motel burglary insurance, a perk that’s rarely offered even by full-fledged travel points credit cards. You’ll also get complimentary rental car theft / damage / loss insurance, with coverage for vehicles with an MSRP up to $85,000 (as opposed to the standard $65,000), so you can rent a luxury sedan or SUV for your next road trip and still be covered.

The SimplyCash™ Preferred Card from American Express ticks off other common insurance benefits including lost or stolen bag insurance, up to $100,000 in travel accident coverage, and buyer’s assurance protection so you’re protected against fraudulent activity.

The Card also comes with entertainment perks powered by American Express Invites®, which lets you snag presale tickets to major concerts and live events before the general public.

The SimplyCash™ Preferred has a few extra benefits up its sleeve when pitted against other comparable cash back cards. For instance, you won’t need to worry about meeting specific income requirements of $60,000 or $80,000 just to be considered eligible like you commonly do with rewards cards.

Plus, it won’t cost you anything extra to add authorized users, so you can share your account, rack up more rewards, and streamline your finances with a loved one without shelling out more on fees.

The bottom line

 Already widely considered one of the best cash back credit cards in Canada, the SimplyCash™ Preferred Card from American Express has now been elevated with a lucrative welcome offer that’ll let you rack up cash back in the double digits for up to your first four months.

1Terms and conditions apply.


categories: Credit Cards
tags: