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The power of a good cashback card is its simplicity. A card that does not require mental gymnastics to understand the rate of return, and the ability to use those returns however one wishes. Recently, a reader contacted me to ask about the best card for their $300,000 in yearly expense on work related administrative fees. And I had no hesitation in recommending the SimplyCash Preferred Card from Amex Canada. For two simple reasons;

    • A flat rate of 2% cashback on All Expenses (no mental gymnastics)
    • No limit on cashback earned (to accommodate their high expenses)

Better yet, if you are lucky enough to get a ‘Select Offer‘, the New SimplyCash Preferred (SCP) Card earns 10% cash back on all eligible purchases, up to $400, plus a $100 statement credit when you charge $4,000 in net purchases to your Card in your first 4 months of Cardmembership.

SimplyCash Preferred

As for the reader above, with $300,000 in expenses, they are all set to earn $6420 in cashback through the Amex SCP, this year.

SimplyCash Preferred Card (2021)

SimplyCash Preferred

  • Annual Fee: $99
  • Earn Rate:
    • 10% cash back on all eligible purchases (up to $400 cash back), plus (*Select Offer only*) a $100 statement credit when you charge $4,000 in net purchases in 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)
    • Access to memorable experiences with American Express Invites 

Personal Reflections – Amex SCP

A strong cashback card is a must in every wallet, and it does not get better than $500 cashback in sign up offer, 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 $3000 per month on the SimplyCash Preferred Card, the annual cash back can be a whopping  $1020! If you were in the market for a strong cash back card, I would peg the SimplyCash Preferred Card as my top cash back card in Canada.

If you are looking for a no annual fee version instead, the Amex SimplyCash card now offers a 4% cash back on all eligible purchases (up to $200 cash back), and a flat rate return of 1.25% cashback, with no limits. Here’s a look at the details;

American Express SimplyCash Card:

SimplyCash Preferred

  • No Annual Fee
  • Earn Rate:
    • 4% cash back on all eligible purchases (up to $200 cash back) in first six months of Cardmembership
    • 1.25% cash back when your welcome Rate ends, no limit
  • Other Key Benefits:
    • Refer a Friend and earn a bonus of $50 cash back for each approved referral up to a maximum annual referral bonus of $750 cash back
    • Travel Accident Insurance: Covered up to $100,000 of Accidental Death and Dismemberment Insurance
    • Access to memorable experiences with American Express Invites 

Carrying the example above, a conservative household spend of $3000 per month on the SimplyCash Card, would yield a cash back of $625 for the first year – a very strong return on a no fee credit card.