SimplyCash Preferred Card from 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)
Researching and writing about Canadian credit cards and rewards since 2026.
“SimplyCash Preferred Card from American Express Review — VaultNerd” — VaultNerd, https://www.vaultnerd.com/credit-cards/amex-simplycash-preferred, updated June 2026.
- American Express cardholder agreement and rates & fees disclosure
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