SimplyCash Preferred Card from American Express
American Express · American Express
High spenders who want maximum flat-rate cash back, including on big one-off purchases.
VaultNerd estimate based on the card's tier and income requirements, not an official issuer cutoff. Approval also depends on income, debt, and credit history.
Our verdict
The best flat-rate cash back card in Canada: 2% everywhere plus 4% on gas and groceries easily clears the modest monthly fee for most households.
Reward rates
Groceries 4% up to $1,200 cash back per year (about $30,000 in spend), then 2% | 4% |
Gas | 4% |
Everything else | 2% |
Welcome bonus
10% cash back on all purchases for the first 3 months (up to $200), plus a $50 statement credit with a purchase in month 13 (up to $250 total)
Requirement: 10% applies to your first $2,000 in purchases in the first 3 months
Pros
- 2% on absolutely everything is the best flat rate in Canada
- 4% gas/grocery rates rival premium cards
- Unusually strong insurance for a cash back card
Cons
- Grocery bonus capped at $1,200 cash back per year
- Cash back is credited annually, not monthly
Perks
- Flat 2% cash back on all purchases with no category juggling
- 4% on gas and groceries in Canada
- Travel medical insurance, rare for a cash back card
- Mobile device insurance up to $1,000
- Free additional cards
Insurance
- Travel emergency medical $5,000,000 (15 days, under age 65)
- Travel accident insurance $100,000
- Flight delay, baggage delay and lost/stolen baggage ($500 each)
- Rental car theft and damage (vehicles up to $85,000, 48 days)
- Hotel/motel burglary $500
- Mobile device insurance $1,000
- Purchase protection (90 days) and extended warranty (+1 year)
Frequently asked questions
Is the SimplyCash Preferred Card from American Express worth it?
It charges a $120 annual fee, and we rate it 4.4 out of 5. It's best suited to high spenders who want maximum flat-rate cash back, including on big one-off purchases. The welcome bonus is worth roughly $200, which covers the first year for many people. Whether it's worth it for you depends on your spending. Run your own numbers through our credit card finder to see the net rewards after the fee.
What does the SimplyCash Preferred Card from American Express earn?
It earns 4% on groceries, 4% on gas and 2% on everything else.
What credit score do you need for the SimplyCash Preferred Card from American Express?
We'd suggest a score of around 680 or higher, which puts approval in our "moderate" band. This is a VaultNerd estimate based on the card's tier and stated requirements. Approval also depends on your income, existing debt and credit history.
Researching and writing about Canadian personal finance since 2026.
Last reviewed June 2026 · How we research
“SimplyCash Preferred Card from American Express Review.” VaultNerd, https://www.vaultnerd.com/ca/credit-cards/amex-simplycash-preferred, updated June 2026.
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