As far as cash-back credit cards go, the SimplyCash Preferred Card from American Express has a welcome rate that can’t be beat: 10% cash back on all eligible purchases (up to $400 cash back) for the first four months. Once the welcome rate ends you’ll get 2% cash back on all purchases, with no limit on the amount of rewards you can earn at that rate – easily making it one of the best cash-back credit cards in Canada.
Whereas many cards have spending categories and tiers (for example, 2% cash back on gas and groceries and 1% back on everything else), the SimplyCash Preferred is a straightforward card with a decent overall return. Another advantage this card has is that it comes with comprehensive travel insurance coverage you would usually only get with a travel rewards credit card, including travel emergency medical and accident, flight delay, baggage loss, car rental collision/loss damage waiver.
- Annual fee: $99
- Earn 10% cash back on eligible purchases for the first four months (up to $400 cash back)
- Earn 2% cash back on all purchases after that, with no limit on how much you can earn
With the strongest welcome cash back rate currently on the market and a competitive 2% earn rate after that, plus the low balance transfer offer, this card delivers a one-two punch on value.
If you’re looking for a card with no annual fee, there’s also the SimplyCash Card from American Express.