Amex
American Express SimplyCash Preferred Card
Cash Back1.0¢ exact
$120 annual feeCredit tier: Good
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The SimplyCash Preferred is Amex Canada's flagship cash-back card, earning a market-leading 4% on gas and groceries (combined $30,000/yr cap, then 2%) and 2% on everything else. The fee is easily offset by a few thousand dollars of gas/grocery spend, and the card adds a meaningful insurance bundle the no-fee version lacks.
Earn Rates
🛒 Groceries — Amex accepted4x⛽ Gas4x🍽️ Dining2x🚇 Transit2x✈️ Travel2x💊 Drugstore2x📺 Streaming2x📄 Bills2x🛍️ Everything Else2x·Everything else2x
💡 4% cash back on gas and groceries on a combined $30,000/yr spend cap (then 2%); 2% on everything else with no cap. Applies at standalone gas stations and grocery stores (warehouse clubs/superstores excluded). Annual fee billed as $9.99/month. Cash back credited once a year. 2.5% foreign transaction fee.
Best For
Households with heavy gas and grocery spending who can clear the annual fee and want one of the highest cash-back rates in Canada on those categories.
Strengths
- ✓4% on gas & groceries — among the best in Canada
- ✓High $30,000 combined cap
- ✓2% base everywhere else
- ✓Strong insurance bundle (travel medical + mobile device)
Weaknesses
- ×$120 annual fee not waived first year
- ×4% limited to gas + groceries
- ×Amex acceptance gaps in Canada
- ×Only 2% outside gas & groceries
Welcome Bonus
Smart Bonus Strategy — Earn 4,000 points
Spend $2,000 within 3 months
Minimum spend bonus
Spend $2,000 in 3 months
optimal stopcash back bonus+$200Min. spend earnings4,000 pts × 1.0¢+$40
Annual fee-$120
Net first-year value+$120
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