cash back

SimplyCash Preferred Card from American Express

Name: SimplyCash Preferred Card from American Express
Brand: American Express

4.4

Welcome bonus

Up to $200 cash back

4% groceries — 4% up to $1,200 cash back per year (about $30,000 in spend), then 2%
4% gas
2% everything else

Annual fee: $120
Interest rates: Purchases
21.99%
Cash advances
21.99%
Foreign transactions: 2.5%

Rated 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: Up to $200 cash back (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

Terms & conditions

Rates and offers change. Every rate, fee, welcome offer and benefit on this page was accurate when last reviewed, but American Express can change or withdraw any of them at any time — sometimes without notice. Confirm the current terms on American Express's own website before you apply.

Eligibility is theirs to decide. Approval, credit limits, interest rates and welcome offers depend on your credit history and American Express's own criteria. Bonuses often exclude anyone who has held the card before, and usually require a minimum spend within a set period.

This is not advice. The reviews and ratings here are our editorial opinion, not financial, tax or legal advice, and not a recommendation for your circumstances. Speak to a qualified professional before making a financial decision.

How we make money. CreditCardGuru may earn a commission when you apply through links on this page. It never affects our ratings or what we write — see our advertiser disclosure and rating methodology.

CreditCardGuru is not affiliated with American Express. Trademarks belong to their respective owners.

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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

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.