[wpcode id=\"6346\"]
{{card.name}} Review
![\"\"](\"https://www.dollarwise.ca/wp-content/uploads/2023/06/Simplii-Financial-Cash-Back-Visa.png\")
{{card.annualFee}}
Annual Fee
{{card.rewards}}
Annual Rewards
{{card.introOffer}}
Intro Offer
{{card.annualFee}}
Annual fee
{{card.rewards}}
Annual rewards
{{card.introOffer}}
Intro offer
Pros
{{Pros}}
Cons
{{Cons}}
Editorial Note: DollarWise may earn a commission on sales made from partner links on this page.
Performance test results
At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.
You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.
The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).
{{factor_score_rewards}}
Rewards
{{factor_score_fee}}
Fees
{{factor_score_perks}}
Perks
{{factor_score_interest}}
Interest rates
{{factor_score_insurance}}
Insurance
{{factor_score_acceptance}}
Acceptance
{{factor_score_approval}}
Approval
The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.
These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.
This weighting allows us to judge cards on their merits and the customers they are designed for.
For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.
Rewards
With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:
| Bills | {{reward_bills}} |
| Pharmacy | {{reward_drug}} |
| Gas | {{reward_gas}} |
| Groceries | {{reward_grocery}} |
| Restaurants | {{reward_restaurant}} |
| Specific Stores | {{reward_store}} |
| Travel | {{reward_travel}} |
| All Other Spend | {{reward_other}} |
Calculating your annual rewards
We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.
Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.
We found that you'd earn this per category:
| Bills | {{bills_dollarrewards}} |
| Pharmacy | {{drug_dollarrewards}} |
| Gas | {{gas_dollarrewards}} |
| Groceries | {{grocery_dollarrewards}} |
| Restaurants | {{restaurant_dollarrewards}} |
| Specific Stores | {{store_dollarrewards}} |
| Travel | {{travel_dollarrewards}} |
| All Other Spend | {{other_dollarrewards}} |
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/Simplii-Financial-Cash-Back-Visa_dollar_rewards.svg\")
Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.
This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.
The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/Simplii-Financial-Cash-Back-Visa_rewards_comparison.svg\")
We can compare this card to other options by looking at the earn rate by category.
This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.
For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.
In this example, that's a 10% earn rate on gas.
| Spend | This Card | Average |
|---|---|---|
| Bills | {{bills_earnrate}} | {{averages.mean_bills_earnrate}} |
| Pharmacy | {{drug_earnrate}} | {{averages.mean_drug_earnrate}} |
| Gas | {{gas_earnrate}} | {{averages.mean_gas_earnrate}} |
| Groceries | {{grocery_earnrate}} | {{averages.mean_grocery_earnrate}} |
| Restaurant | {{restaurant_earnrate}} | {{averages.mean_restaurant_earnrate}} |
| Store | {{store_earnrate}} | {{averages.mean_store_earnrate}} |
| Travel | {{travel_earnrate}} | {{averages.mean_travel_earnrate}} |
| Other | {{other_earnrate}} | {{averages.mean_other_earnrate}} |
| Redemption method | Annual rewards |
|---|---|
| Transfer to partner airlines | {{transfer_airlines}} |
| Fixed points travel | {{fixed_points_travel}} |
| Transfer to partner hotels | {{transfer_hotel}} |
| Redeem for travel | {{redeem_travel}} |
| Apply to statement credit | {{statement_credit}} |
| Ticketmaster | {{ticketmaster}} |
| Charity | {{charity}} |
| Gift cards | {{gift_cards}} |
| Amazon.ca | {{amazon}} |
| Merchandise | {{merchandise}} |
| Make investments | {{investments}} |
| Enjoy experiences | {{experiences}} |
| Car rentals | {{car_rental}} |
| Vacations | {{vacation}} |
| Attractions | {{attractions}} |
| Cash rewards | {{cash_rewards}} |
| Grocery rewards | {{grocery_rewards}} |
| Restaurant rewards | {{restaurant_rewards}} |
| Movie rewards | {{movie_rewards}} |
| Apple / BestBuy | {{apple_bestbuy}} |
| Flight rewards | {{flight_rewards}} |
| Airlines Rewards (Charts) | {{airlines_rewards_chart}} |
| CIBC financial products | {{cibc_financial_products}} |
| Air travel - redemptions (scheduled) | {{air_travel_redemptions_schedule}} |
| RBC travel | {{rbc_travel}} |
| Transfer to WestJet | {{transfer_westjet}} |
| Transfer to Hudson Bay | {{transfer_bay}} |
| RBC financial products | {{rbc_financial_products_rewards}} |
| Air Canada gift cards | {{aircanada_gift_card}} |
| Air Canada vactions | {{air_canada_vacations}} |
| Electronics gift cards | {{electronics_gift_cards}} |
| Cash - World Elite | {{cash_worldelite}} |
| Cash - Platinum Plus | {{cash_platinumplus}} |
| Banking plans | {{banking_plans}} |
| Desjardins financial products | {{desjardins_financial_products}} |
| Expedia travel | {{expedia_td}} |
| Educational rewards | {{education_rewards}} |
| HSBC financial products | {{hsbc_financial_products}} |
| Walmart | {{walmart_rewards}} |
| Triangle (Canadian Tire) | {{triangle_rewards}} |
| Meridian travel | {{meridian_travel}} |
| Direct deposit | {{direct_deposit_rewards}} |
| Costco gift cards | {{costco_gift_cards}} |
| Wireless Rogers rewards | {{wireless_rogers_rewards}} |
| 1 Rogers rewards | {{1_roger_rewards}} |
| Other Rogers rewards | {{other_roger_rewards}} |
| Other 1 Rogers rewards | {{other_1_roger_rewards}} |
For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.
That's equivalent to a {{total_earn_rate}} return on spending.
The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.
This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.
In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.
Fees
The {{card.name}} has a {{card.annualFee}} annual fee.
The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.
Perks
![\"\"](\"http://www.dollarwise.ca/wp-content/uploads/2024/01/Simplii-Financial-Cash-Back-Visa_perk_score.png\")
We manually review the perks of each credit card to determine how they compare to other cards.
The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.
The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.
Interest Rates
| Purchase | {{purchase_interest_rate}}% |
| Cash Advance | {{cash_advance_interest_rate}}% |
| Balance Transfer | {{balance_transfer_interest_rate}}% |
The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.
For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.
Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.
Insurance coverage
| Insurance | This Card | Average |
|---|---|---|
| Extended Warranty | {{warranty}} | {{averages.median_warranty}} |
| Purchase Protection | {{purchase_protection}} | {{averages.median_purchase_protection}} |
| Travel Accident | {{travel_accident}} | {{averages.median_travel_accident}} |
| Emergency Medical Term | {{emergency_medical_term}} | {{averages.median_emergency_medical_term}} |
| Emergency Medical over 65 | {{emergency_medical_65}} | {{averages.median_emergency_medical_65}} |
| Trip Cancellation | {{trip_cancellation}} | {{averages.median_trip_cancellation}} |
| Trip Interruption | {{trip_interruption}} | {{averages.median_trip_interruption}} |
| Flight Delay | {{flight_delay}} | {{averages.median_flight_delay}} |
| Baggage Delay | {{baggage_delay_insurance}} | {{averages.median_baggage_delay_insurance}} |
| Lost or Stolen Baggage | {{stolen_baggage}} | {{averages.median_stolen_baggage}} |
| Event Cancellation | {{event_cancel}} | {{averages.median_event_cancel}} |
| Rental Car Theft & Damage | {{rental_theft_damage}} | No |
| Rental Car Personal Effects | {{rental_personal}} | {{averages.median_rental_personal}} |
| Rental Car Accident | {{rental_accident}} | {{averages.median_rental_accident}} |
| Hotel Burglary | {{hotel_burglary}} | {{averages.median_hotel_burglary}} |
| Mobile Phone Insurance | {{mobile_insurance}} | {{averages.median_mobile_insurance}} |
| Personal Effects Insurance | {{personal_effects}} | {{averages.median_personal_effects}} |
| Price Protection Insurance | {{price_protection}} | {{averages.median_price_protection}} |
We scored it {{factor_score_insurance}} out of 5 for insurance.
It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.
Approval and qualifying
| Do I qualify? | |
|---|---|
| Estimated Credit Score | {{credit_score_low}} - {{credit_score_high}} |
| Personal Income | {{personal_income}} |
| Household Income | {{household_income}} |
| Fees | |
|---|---|
| Annual Fee | {{card.annualFee}} |
| Extra Card Fee | $0 |
| Card type | {{card_type}} |
We scored it {{factor_score_approval}} out of 5 for approval.
We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.
This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.
The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.
This puts it in the {{decile.personal_income}} of cards by the income required to qualify.
The Simplii Financial Cash Back Visa credit card is a great option for Canadians seeking a straightforward rewards card offering cash back on everyday spending. This review will discuss the card’s earning potential, list four benefits and two drawbacks, and provide additional information to help users make an informed decision.
Earning potential with the card
The Simplii Financial Cash Back Visa earns cash back on your everyday purchases. Cardholders receive 4% cash back on restaurant, bar, and coffee shop spending, 1.5% cash back on gas, grocery, and pharmacy purchases, and 0.5% cash back on all other eligible spending.
This straightforward rewards structure makes it easy to understand your earning potential.
Benefits
- Competitive Cash Back Rates (4% on Dining): One major advantage of the Simplii Financial Cash Back Visa is its competitive cash back rates, particularly on dining. The 4% cash back on restaurant, bar, and coffee shop purchases is a standout in the industry, making it ideal for those who frequently spend in these categories.
- No Annual Fees: Another major advantage is the card’s lack of annual fees. This means you can enjoy the cash back rewards without having to pay a yearly fee to maintain your card. This makes the card suitable for those who may not spend enough to offset the cost of a card with annual fees.
- Automatic Rewards Redemption: The third advantage of the Simplii Financial Cash Back Visa credit card is its ease of use. The rewards are automatically applied as statement credit every December, which eliminates the need to manage or redeem points manually.
- Purchase Protection and Extended Warranty Coverage: The fourth advantage is the additional benefits included with the card, such as purchase protection and extended warranty coverage. These perks offer extra security when making significant purchases and add value to the overall package.
Drawbacks
- Low Cash Back Rate on Other Spending Categories: A significant drawback of the Simplii Financial Cash Back Visa is the low 0.5% cash back rate on other spending categories.
This could be off-putting for users who focus more on other expenditures and may benefit from a rewards card focused on their top spending categories. - Limited Travel Benefits and Features: Another drawback of this card is the lack of travel benefits and features compared to other rewards cards. For those looking for travel rewards or insurances, this card may not be the ideal fit.
Additional information
In summary, the Simplii Financial Cash Back Visa credit card is an excellent option for those seeking an easy-to-use, generous dining-focused cash back card without annual fees. However, it might not be the best choice for those who prioritize travel rewards or have varying spending habits across categories.
Overall, it’s essential to weigh the benefits against drawbacks and consider individual spending patterns when evaluating this credit card option.
Interested in other credit cards? If the Simplii Financial Cash Back Visa credit card isn’t perfect for you, you might want to consider the Brim World Elite Mastercard. Plus, many Canadian’s that like the Simplii Financial Cash Back Visa like the ManulifeMONEY+ Visa Infinite, and the Brim World MasterCard.
FAQ
The Simplii Financial Cash Back Visa credit card does not offer a points-based reward system. Instead, it offers a cash back reward system, meaning the rewards you earn are in the form of cash which is credited to your account.
With this card, you will receive a percentage of your eligible spending back as cash rewards.
Since this is not a points-based system, there are no points to be redeemed for various rewards. The cash back you earn is directly applied to your card statement, allowing you to save money on your expenses.
The Simplii Financial Cash Back Visa credit card does charge foreign transaction fees. When you make a purchase in a foreign currency or with a merchant located outside of Canada, a 2.5% foreign transaction fee will be applied to the converted amount in Canadian dollars.
This fee is in addition to any fluctuating exchange rate applied during the transaction.
The Simplii Financial Cash Back Visa credit card has a minimum income requirement of $15,000 on an annual basis for both primary and secondary cardholders.
This requirement applies to personal income for applicants, ensuring they have the ability to manage their credit responsibly and make regular payments on their accounts.
Key benefits
- $0 annual fee
- APR of 19.99% on purchases, 22.99% on cash advances
- 4% cash back at restaurants, bars, cafes
- 1.5% cash back on gas, groceries, pharmacies
- 0.5% cash back elsewhere
- Up to $1,000 mobile device coverage
- Extended warranty and purchase protection
- No income requirement for eligibility
- Balance transfers at 22.99% interest
- Cash advances available at ATMs worldwide
- Contactless payment via Visa payWave
- Online account access for easy management
- Customer support via telephone, email, and chat