SimplyCash from American Express Credit Card Review

SimplyCash from American Express Credit Card Review

Last Updated on August 30, 2021 by Borche Stefanov

The SimplyCash Credit Card from American Express is possibly one of the most favorable cards for users now available. You can look forward to features like $0 annual fee with a Purchase Interest Rate of 19.99%. However, if you use the cash advance facility, expect to pay interest rates of 21.99%. If you’ve been looking for a great debt consolidation solution, you can transfer balances to the card and pay off your debt at 1.99% interest. Purchasing the card does not require you to show a minimum income, but the recommended credit score for getting SimplyCash is 660 and above.

For the first six months, each purchase you make using the SimplyCash card will earn you cash back rewards equivalent to 2.5%. Of course, this benefit is only available on qualified purchases such as groceries, gas, and dining at restaurants. You can qualify for purchasing this credit card if you’re a Canadian resident with a Canadian credit file. You’ll also provide proof of age to show that you’re an adult in the province or territory where you’re applying for the card. Possibly the most interesting feature of the SimplyCash is the referral bonus. Introduce a friend to the program and you could earn up to $750 cash back.

  • Credit cards available at $0 annual fee
  • $0 annual fee on additional cards
  • Offers the maximum rate of 2.5% cash back on purchases, which is the highest out of all cards available today
  • Base 1.25% rewards earning rate
  • Insurance coverage offered

Specification: SimplyCash Card from American Express

Annual Fees

$0

Interest Rate

19.99%

Balance Transfer

22.99%

Cash Advance

22.99%

Network
Card Type

Cashback, No Annual Fee, Travel Rewards

0

SimplyCash from American Express Details

  • Annual Interest Rate is 19.99% on purchases and 21.99% on cash advances
  • Promotional Interest Rate is 0%
  • Balance Transfer Rate is 1.99% for the first six months. However, if you don’t pay off the full balance by the time the promotional period ends, you’ll incur interest at the rate of 22.99%.
  • Cash Advance Rate is 22.99%
  • Annual Fee is 0%
  • Card Best Suited for debt consolidation
  • Signup/Welcome Bonus Offers – You’ll earn 2.5% cash back on all purchases for the initial 3 months after purchasing the card. Or, on the first $6,000 you spend using this card.

SimplyCash from American Express is Best Suited For

The SimplyCash is best suited for users looking to consolidate their debt and earn cash back with their purchases. You can transfer balances to this card at a promotional interest rate of 1.99% for the first six months. Not only does the card charge you $0 annual fee, but you won’t be asked to provide your income details for getting approved. Making regular payments toward the credit card bill will help you build a good credit score rating while getting out of debt. Of course, the best benefit of getting the SimplyCash card is the cash back you can earn that can potentially translate into significant savings.

If you intend to make big purchases like a laptop or a flat-screen TV, charging them to the SimplyCash entitles you to an additional one-year warranty. In addition, you also get Purchase Protection to secure the items you buy from the risk of damage and theft. This protection is valid for 90 days. Users who intend to travel a lot would also want to invest in the SimplyCash card. As long as you charge the entire cost of the ticket to the card, you can get up to $100,000 in travel insurance against the possibility of serious bodily injury when flying with a common airline.

8 Total Score
SimplyCash from American Express Review

PROS
  • SimplyCard adds new offers and benefits regularly. Users should check for new benefits they can avail.
  • Travelers can make use of the car rental and hotel booking deals to make savings on their total expenses.
  • If you're making any major purchases, SimplyCash offers the PlanIt facility so you can pay in small, easy installments.
  • Advantages like the Buyers Assurance Protection Plan, Travel Insurance, and Car Rental Insurance are also available.
  • American Express provided efficient customer care service. You can contact them 24/7 with any queries you may have.
CONS
  • Although you can earn cash back on your purchases, redeeming the cash is not permitted until the first statement period. You may have to wait for up to a year to use the cash earned.
  • If you intend to purchase this card for debt consolidation, you must clear the balance within 6 months. Once the 1.99% low-interest period ends, you'll pay interest of 22.99% on the balance.
  • Smaller, non-branded stores that typically accept Visa or Mastercard credit cards may not accept American Express SimplyCash cards.
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