SimplyCash® Preferred Card from American Express Review

Updated October 14, 20266 min read

The SimplyCash Preferred is the card I'd point to when someone wants cash back without thinking about categories. Everything earns at least 2% with no cap, and gas stations and grocery stores in Canada earn 4%, up to $30,000 in purchases a year. For a household that does not want to juggle cards, that 2% floor does most of the work.

The catches are about timing and acceptance. Cash back lands once a year, on the September statement, so you wait for it, and the fee is billed at $9.99 a month. It is also an American Express, so I'd keep a Visa or Mastercard alongside it for the places that do not take Amex.

The bonus

Welcome offer

The SimplyCash Preferred is offering up to $250 in bonus value, verified on the Amex page on October 13, 2026. For your first 3 months, every purchase earns a bonus 10% cash back on up to $2,000 in spending, which is up to $200 on top of the regular rates. Then a $50 statement credit arrives when you make any purchase in month 13.

The bonus window closes at 3 months or $2,000 in purchases, whichever comes first, and current or former SimplyCash Preferred Cardmembers are not eligible. The bonus cash back is paid with the rest of your cash back on the September statement. No end date is published, so confirm the current offer on the issuer's page before applying.

Insider tip

The 10% bonus stops at $2,000, so there is no reason to rush past it: about $667 a month for 3 months maxes it out. The month-13 credit only needs a single purchase, but it does mean keeping the card into a second year of fees.

What it costs

Fees & eligibility

The fee is billed monthly: $9.99 a month, which Amex says equals $119.88 a year. Quebec residents pay $119 once a year instead. There is no first-year waiver, and supplementary cards have no annual fee, up to 9 per account.

No minimum income is published; Amex lists Canadian residency, a Canadian credit file and the age of majority in your province or territory. The interest rate is 21.99% on purchases and funds advances, rising to 25.99% or 29.99% after missed payments, which would erase the cash back quickly. The product page does not state a foreign transaction fee, so check the cardholder agreement before using the card abroad.

Annual fee$119.88

Supplementary card$0

Points per dollar

Earning rewards

Earning is three rates. Stand-alone gas stations and grocery stores in Canada earn 4%, everything else earns 2%, and the 2% has no limit.

The 4% rate is capped at $30,000 in purchases a year, or $1,200 in cash back, after which those purchases earn 2%; the count resets on your card anniversary. Superstores, wholesale clubs, alcohol retailers and general merchandise retailers do not count as gas or grocery, so a big-box grocery run earns the 2% base.

GasStand-alone gas stations in Canada, inside the $30,000 annual 4% cap4%

GroceriesStand-alone grocery stores in Canada; up to $1,200 cash back a year at 4%4%

Everything elseNo cap; also applies to gas and groceries once the 4% cap is reached2%

The product page shows the $1,200 cap beside groceries, but the terms word the $30,000 limit as covering the 4% gas and grocery category together, so plan around one shared cap. Cash back is credited once a year and appears on the statement issued in September.

Getting value out

Redeeming rewards

There is nothing to redeem. Cash back builds up over the year and is applied as a credit to your account once a year, on the statement issued in September, so it simply reduces your balance.

The trade-off for that simplicity is the wait: cash back earned in October sits for almost a year before it shows up. There are no points to convert, no transfer partners and no portal to learn.

Annual statement creditAll cash back, including the 10% welcome bonus, is credited once a year on the September statement.

No points to manageCash back is earned in dollars; there is nothing to convert or transfer.

Beyond the points

Perks & benefits

The perks are modest, which is normal for a cash back card. The most useful is up to $60 in Instacart statement credits within a 12-month period: $5 back each month on an Instacart order of at least $10 charged to the registered card, until December 31, 2027. Basic Cardmembers can also earn up to $750 a year in referral bonuses for approved referrals of friends and family.

Beyond that you get Amex Experiences (Front Of The Line tickets, plus the Cardmember Entrance and American Express Lounge at Rogers Stadium and RBC Amphitheatre), Amex Offers and Plan It installments. There is no lounge access and no travel credit.

Instacart creditsUp to $60 in statement credits within a 12-month period, $5 a month on a $10+ order, until December 31, 2027.

Referral bonusesUp to $750 cash back a calendar year for approved referrals.

Front Of The LinePresale and reserved tickets for concerts, theatre and special events.

Amex OffersTargeted statement-credit offers in the Amex App and Online Services.

Plan It installmentsSplit purchases into monthly installments for a fixed monthly fee.

Coverage included

Insurance

For a cash back card the insurance is broad. You get $5,000,000 in out-of-province emergency medical for the first 15 days of a trip for insured persons 64 or under, without charging the trip to the card. There is no trip cancellation or interruption coverage, and no medical cover for travellers 65 and over.

Flight delay and baggage delay share $500 per occurrence, lost baggage and hotel burglary each pay up to $500, and travel accident cover is $100,000. Car rental theft and damage is primary on vehicles up to $85,000 MSRP for rentals of 48 days or less, and Mobile Device Insurance covers up to $1,000, alongside 90-day Purchase Protection and a one-year warranty extension.

Emergency medicalUp to $5,000,000 per insured person for the first 15 days of a trip; insured persons must be 64 or under on departure. The trip does not need to be charged to the card.

Flight delayDelays or denied boarding of 4 hours or more, and missed connections: up to $500 per occurrence, shared with baggage delay.

Baggage delayChecked bags 6 or more hours late: essential clothing and items bought within 4 days, inside the same $500 limit.

Lost or stolen baggageUp to $500 per trip for all insured persons combined; jewellery capped at $300 and golf clubs at $250.

Hotel burglaryUp to $500 per occurrence when the accommodation is charged to the card.

Travel accidentUp to $100,000 when the full fare for a plane, train, ship or bus is charged to the card.

Car rental theft and damagePrimary coverage with no deductible on vehicles up to $85,000 MSRP, for rentals of 48 days or less; decline the agency's CDW/LDW.

Purchase Protection and warranty90 days against theft or damage, up to $1,000 per occurrence; manufacturer's warranty extended up to 1 extra year ($10,000 per item, $25,000 a year).

Mobile Device InsuranceUp to $1,000 per occurrence for theft, loss or damage, at depreciated value less a 10% deductible; one claim per 12 months.

Opinion

My take

JasonRated 7.5 / 10

I'd get the SimplyCash Preferred if you want one card that earns 2% on everything without tracking categories; I'd skip it if waiting until September for your cash back bothers you, or if much of your spending happens where Amex is not taken.

The 2% floor is the reason to pay the fee. At $9.99 a month, the card covers its $119.88 once you put about $6,000 a year through it at 2%, before counting the 4% on gas and groceries. Past that point, every purchase keeps paying 2% with no cap.

What I'd weigh is the payout schedule and the cap wording. Cash back arrives once a year, in September, and the 4% stops at $30,000 a year in gas and grocery purchases, so very large grocery budgets drop to 2%. For most households, though, it is a simple card that earns well everywhere it is accepted.

The good

Unlimited 2% cash back on everything
4% at gas stations and grocery stores in Canada
Medical, primary rental car and mobile device insurance

The catch

Cash back pays out once a year, in September
$9.99 monthly fee with no first-year waiver
4% capped at $30,000 a year; superstores earn 2%

— Jason

Questions

Frequently asked

When do I get my cash back?

Once a year. Cash back, including the welcome bonus, is applied as a credit to your account and appears on the statement issued in September.

How much is the SimplyCash Preferred fee?

$9.99 a month, which Amex says equals $119.88 a year, for residents outside Quebec. Quebec residents pay $119 a year. Supplementary cards have no annual fee.

Is the 4% on gas and groceries capped?

Yes. The 4% applies to up to $30,000 in purchases a year ($1,200 cash back), and then those purchases earn 2%. The count resets on your card anniversary.

Do superstores and wholesale clubs count as groceries?

No. Superstores, wholesale clubs, alcohol retailers and general merchandise retailers are excluded from the 4% gas and grocery rates, so those purchases earn 2%.

How does the welcome offer work?

You earn a bonus 10% cash back on purchases in your first 3 months, up to $2,000 in purchases ($200), on top of the regular rates. A $50 statement credit follows when you make a purchase in month 13.

Does the SimplyCash Preferred include travel insurance?

Yes: emergency medical up to $5,000,000 for the first 15 days of a trip (insured persons 64 or under), flight and baggage delay, lost baggage, hotel burglary, $100,000 travel accident and primary rental car theft and damage. There is no trip cancellation or interruption coverage.

Is there a minimum income requirement?

Amex does not publish one. The listed requirements are Canadian residency, a Canadian credit file and reaching the age of majority in your province or territory.