BMO® CashBack World Elite Mastercard®
4.5·Big grocery spenders who want the highest cash back rate
- Annual fee
- $120/yr
- Welcome bonus
- ~$260
- Top reward
- 5% groceries
- Highest headline grocery cash-back rate in Canada
- Strong transit and gas categories
cash back
SimplyCash® Preferred Card from American Express® review
4.4Rated by the CreditCardGuru Editorial Team
The best flat-rate cash back card in Canada: 2% everywhere plus 4% on gas and groceries easily clears the modest monthly fee for most households.
At a glance
- Annual fee
- $120
- Welcome bonus
- ~$200
- Foreign tx fee
- 2.5%
- Network
- AMEX
- Rewards
- cash back
- Purchase APR
- 21.99%
Rewards & earn rates
| Groceries4% up to $1,200 cash back per year (about $30,000 in spend), then 2% | 4% |
| Gas | 4% |
| Everything else | 2% |
Welcome offer: 10% cash back on all purchases for the first 3 months (up to $200), plus a $50 statement credit with a purchase in month 13 (up to $250 total) (10% applies to your first $2,000 in purchases in the first 3 months).
Pros & cons
Pros
- 2% on absolutely everything is the best flat rate in Canada
- 4% gas/grocery rates rival premium cards
- Unusually strong insurance for a cash back card
Cons
- Grocery bonus capped at $1,200 cash back per year
- Cash back is credited annually, not monthly
Perks & insurance
Key perks
- Flat 2% cash back on all purchases with no category juggling
- 4% on gas and groceries in Canada
- Travel medical insurance, rare for a cash back card
- Mobile device insurance up to $1,000
- Free additional cards
Insurance
- Travel emergency medical $5,000,000 (15 days, under age 65)
- Travel accident insurance $100,000
- Flight delay, baggage delay and lost/stolen baggage ($500 each)
- Rental car theft and damage (vehicles up to $85,000, 48 days)
- Hotel/motel burglary $500
- Mobile device insurance $1,000
- Purchase protection (90 days) and extended warranty (+1 year)
Rates & fees
- Annual fee
- $120
- Purchase interest
- 21.99%
- Cash advance
- 21.99%
- Foreign transactions
- 2.5%
Charged as $9.99 per month ($119/year for Quebec residents).
Last updated June 7, 2026Reviewed by CreditCardGuru Editorial Team
Similar cards to consider
CIBC® Dividend® Visa® Infinite Card
4.5·Households with heavy grocery and gas spend who want maximum cash back.
- Annual fee
- $120/yr
- Welcome bonus
- ~$350
- Top reward
- 4% groceries
- 4% on gas and groceries is among the highest in Canada
- Strong 2% middle tier covers dining, transit and bills
Disclaimer: This page is for informational purposes only and does not constitute financial, tax or legal advice. Card terms and offers change and may be out of date — always verify with the issuer before applying, and consult a qualified professional before making financial decisions. CreditCardGuru may earn a commission from cards featured on this site; this never influences our editorial ratings. See our advertiser disclosure.
Written by
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CreditCardGuru Editorial Team
Rewards & Cards Research
Our editorial team independently researches and rates every credit card in Canada using a transparent, data-driven methodology. We update card terms continuously and never let issuer relationships influence our ratings.
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Cite this page
“SimplyCash® Preferred Card from American Express® Review (2026)” — CreditCardGuru, https://creditcardguru.ca/cards/amex-simplycash-preferred, updated June 7, 2026.