SimplyCash™ Card from American Express Review

  • 4 min read

SimplyCash™ Card from American Express is a credit card that offers instant rewards in the form of cash back that is taken off your credit card balance. Their welcome bonus to new clients offers 2.5% cash back on all purchases that are charged within the first 90 days of the account opening, up to $150. After that, cardholders earn 1.25% cash back on all purchases, and there are no limits to how much cash back rewards someone can earn.

There is no annual fee linked to the card, or for added cardholders. Plus, SimplyCash American Express clients also gain Travel Accident Insurance coverage, Buyer’s Assurance Protection, as well as Purchase Protection Plan, among other perks and benefits. They also gain access to the AMEX “Front of the Line” program where customers get exclusive opportunities for theatre, dining, music, fashion, shopping, and film experiences. SimplyCash offers an interest rate on purchases of 19.99%, and 21.99% on cash advances.

For individuals looking for something a little “more” from their credit card, there’s also the SimplyCash™ Preferred Card from American Express. The welcome bonus includes 10% cash back on purchases for the first four months the account is opened (up to $400), and 2% cash back on all spending after the offer is over. There’s also no cap on how much cash back clients can earn.

While there is an annual fee of $99 attached to it, added cardholders to the account are free. In addition to the benefits offered to SimplyCash clients, Preferred customers also gain access to a wide variety of travel-related coverage, including Out-of-Province/Country Emergency Medical, Stolen or Lost Baggage Insurance, Flight Delay coverage, and much more. SimplyCash Preferred not only offers more opportunities for cash back earnings, but also enhanced coverage for those who travel. The purchase and cash advance interest rates for the Preferred are the same as those for the standard SimplyCash.

Rewards credit cards are very popular; however, the concept of earning cash back that can be placed against a credit balance has gained popularity in recent years. The Scotia Momentum no-fee Visa card offers comparable cash back rewards to the AMEX cards highlighted above. As the title implies, there’s no annual fee linked to this credit product, and clients can earn 1% cash back on grocery, drug store, and gas station purchases, as well as pre-authorized payments made through the account. Customers earn 0.5% on all other spending. There’s also an introductory interest rate of 7.99% on purchases in the first six months; after that, the rate goes up to 19.99%. Scotiabank offers the very same Momentum credit card in a Mastercard option, with the same interest intro offer.

Clients can also upgrade to the Scotia Momentum Visa with an annual fee of $39. This credit card offers 2% in cash back for drug store, gas, and grocery purchases, as well as recurring pre-authorize payments. Customers earn 1% cash back on all other spending. The intro offer for this Momentum Visa is a 2.99% interest rate on balance transfers for the first six months of opening the account, but after that, it goes up to 22.99%.

Lastly, the Scotia Momentum Visa Infinite comes with a hefty annual fee of $120; however, the cash back rewards may be worth it. Clients earn 10% cash back on everything they charge for the first 90 days, capped at $2,000. The annual fee is also waived for the first 12 months, including added cardholders ($50/each). 

After the “welcome offer” period, clients can earn 4% on groceries, pre-authorized payments, and subscriptions (which includes companies like Netflix, Chef’s Plate, truLOCAL, Hello Fresh, and more). Customers earn 2% cash back on gas purchases, and daily transit (which includes Uber, among other merchants), and 1% cash back on all other purchases, with no limit or cap.

In addition, the Scotia Momentum Visa Infinite offers comprehensive travel insurance options, and additional coverage benefits including Travel Emergency Medical, Flight Delay, Common Carrier Travel Accidents, Mobile Device (just to name a few), as well as standard protection like Extended Warranty and Purchase Security.

Both Scotia and American Express provide robust cash back credit card choices and, depending on lifestyles, shopping habits, and needs, these can offer solid rewards to clients.

View to learn more about the SimplyCash™ Card from American Express.

Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.