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This update comes as a pleasant surprise, and also a sign of the times we live in. As more Canadians shift their preference from travel redemptions, to earning cashback through their credit card spend, we are seeing credit card providers respond accordingly. The New SimplyCash Preferred Card from Amex Canada, now offers 10% cash back on all eligible purchases, up to $400, for the first 4 months of Cardmembership.

SimplyCash Preferred Card (2020) – Apply Now

SimplyCash Preferred Card

  • Annual Fee: $99
  • Earn Rate:
    • 10% cash back on all eligible purchases (up to $400 cash back) for the first 4 months of Cardmembership
    • 2% cash back when your Welcome Rate ends, no limit
  • Other Key Benefits:
    • Refer a Friend and earn a bonus of $100 cash back for each approved referral up to a maximum annual referral bonus of $1,500 cash back
    • Extensive insurance coverage:
      • Car Rental Theft and Damage Insurance: Covered for theft, loss and damage of your rental car with an MSRP of up to $85,000 for rentals of 48 days or less
      • Travel Accident Insurance: Covered up to $100,000 of Accidental Death and Dismemberment Insurance
      • Out of Province/Country Emergency Medical Insurance (For under age 65)
      • Lost or Stolen Baggage Insurance: maximum of $500 per trip for all insured person(s) combined
      • Flight Delay Insurance (up to $500)
      • Baggage Delay Insurance (up to $500)
      • Hotel Burglary Insurance (up to $500)
      • Buyer’s Assurance® Protection Plan: Automatically extend the manufacturer’s original warranty up to one additional year
      • Purchase Protection® Plan: Insured for eligible items charged to your Card for 90 days from the date of purchase in the event of accidental physical damage or theft for up to $1,000 per occurrence (for all purchased items combined)

Detailed Certificates of Insurance can be found here

    • Access to memorable experiences with American Express Invites 

Detailed list of benefits and perks of the card are listed here

Personal Reflections

A strong cashback card is a must in every wallet, and it does not get better than 10% cashback (up to $400), in addition to the regular 2% return without a limit. Since additional cards come without any annual fee, all household expenses can be put on the card to accelerate the cash back earning. Assuming a conservative household spend of $2000 per month, on the SimplyCash Preferred Card, the annual cash back equals a whopping  $800! If you were in the market for a strong cash back card, I would peg the SimplyCash Preferred Card in my top three cash back cards in Canada, only behind Scotiabank Momentum Visa Infinite, and the CIBC Dividend Visa Infinite Card.