SimplyCash Preferred Card from American Express Review

7.5/10

Interest Rate

19.99%

Annual Fee

$99

Balance Transfer

N/A

Network

AMEX

Earn up to $500 cash back in the first 4 months

  • Earn 10% cash back on purchases for the first 4 months of Cardmembership (up to $400 cash back)
  • 2% CASH BACK – No limit – Flat earn rate when your Welcome Offer ends
  • Earn a $100 statement credit when you charge $4,000 in net purchases in the first 4 months
  • $99 Annual Fee
  • 2% Cashback on all of your purchases
  • No limit on the total cashback you can earn
  • Open to residents of Canda

The SimplyCash Preferred is a card from American Express that offers up to 2% cashback rewards. These rewards come when you pay your bills, go shopping, or dine out with your American Express card. The more you use your card, the more cashback you’ll earn.

This card also offers travel accident and car rental insurance. As well as other kinds of travel insurance that last for 15 days. They offer emergency medical insurance out of providence and country for people over 65. The extensive benefits are not just for those who travel, SimplyCash extends the warranty for one additional year and protects all purchases.

The SimplyCash Preferred has an annual interest rate of 19.99% on purchases and 21.99% on funds advances. The annual fee for the card is $99, making it a great card for many different people.

The American Express Preferred Credit Card is truly a low-interest card that also has a 1.99% interest rate on balance transfers for 6 months. You will only be allowed to utilize 50% of your total credit limit as a balance transfer, which is ideal for maintaining a good credit score. The good news is that if you fail to pay off your entire balance in just 6 months, then the average interest rate that sets in later is only 8.99% on purchases, cash advanced, and transfers. There is significantly less pressure and stress for sure.

  • The additional good news is that the regular 3% balance transfer charge is completely lifted off for the preliminary 1.99% offer so there will not be any sudden surprises with this card.
  • This low-interest package is pretty hard to overlook since you get all the benefits with zero annual charge.
  • 95% Balance Transfer & Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.

Sign Up and Welcome Bonus

As with many cards, The SimplyCash Preferred from American Express has welcome bonuses for the new users who sign up. After being approved for the American Express card, new users can experience the welcome bonus for up to four months. New card users can earn up to 10% cash back on purchases for the first four months, or up to $400 cashback.

Once the signup bonus has passed there are still many benefits of the card. Card users get 2% cashback on purchases with no limit to how much cashback users can earn with this card. If you refer a friend, you can receive a maximum annual referral bonus of $1,500.

SimplyCashTM Preferred Card from American Express Details

  • The annual Interest rate is 19.99% on purchases
  • 99% Interest on funds advance
  • Cashback offers come with all purchases
  • Travel insurance for up to 15 days of travel
  • Extends warranty on eligible items when purchased on SimplyCash Card
  • The Purchase Protection Plan insures eligible items for up to 90 days from purchase

This AMEX Card is Best Suited For

This is a card suited for many different people. With the cashback rewards and earning rewards, this is a great card for people who regularly shop and pay bills with their credit card. American Express also has a buyer’s assurance protection plan and a protection plan to keep purchases safe. They also have an emergency card replacement service with 24/7 customer support to help customers all hours of the day.

This is also a great card for people who travel regularly. SimplyCash Preferred from American Express offers travel protection for users in and out of Canada. They offer services that will protect your car rental and luggage. They also offer late flight, hotel, and travel accident insurances that work for up to 15 days. They even have emergency medical insurance for people over 65 that work out of province or country.

7.5 Total Score
SimplyCashTM Preferred Card from American Express Review

PROS
  • Cashback on purchases
  • Extensive insurance coverage
  • Annual fee of $99
  • The American Express Installment Program
  • Purchase protection
  • 24/7 customer service
CONS
  • Must be Canadian to apply
  • Not as accepted by other credit card companies
  • The cashback offered once a year
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