Simplii Financial Cash Back Visa Review

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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 Simplii Financial Cash Back Visa has earned a 4.52 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the Simplii Financial Cash Back Visa are fees and rewards.

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 Simplii Financial Cash Back Visa the most important factors for scoring this card are its fees and rewards.

Rewards

With the Simplii Financial Cash Back Visa, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending $2,000 per month with the Simplii Financial Cash Back Visa would earn $444 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:

Our study investigating the value found that each dollar spent on the Simplii Financial Cash Back Visa is worth up to $0.01, depending on how you redeem.

This $444 in rewards value puts the Simplii Financial Cash Back Visa in the top 40% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the Simplii Financial Cash Back Visa earns $444 in rewards value.

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.

For an annual spend of $24,000, we estimated annual rewards value at up to $444.

That’s equivalent to a 1.85% return on spending.

The Simplii Financial Cash Back Visa has an annual fee of $0. After deducting this, we predicted net annual rewards of $444.

This puts it in the top 20% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The Simplii Financial Cash Back Visa has a $0 annual fee.

The average card charges $85. So, the Simplii Financial Cash Back Visa is in the bottom 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The Simplii Financial Cash Back Visa scored a 0.9 out of 5 for perks, putting it in the bottom 30% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of 19.99% and so the Simplii Financial Cash Back Visa charges {{purchase_interest_diff}} than the average.

For cash advances it costs 22.99% compared to the average of 19.96%.

Testing the Simplii Financial Cash Back Visa 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

We scored it 0.0 out of 5 for insurance.

It offers 2 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

We scored it 3.5 out of 5 for approval.

We predict that you will require a credit score of at least 560 to qualify for the Simplii Financial Cash Back Visa, while the average card requires 652 to qualify.

This puts it in the top bottom 30% of cards by approval difficulty.

The personal income requirements are $15,000, while the average card requires $23,896.

This puts it in the top 30% 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

1. 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.
2. 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.
3. 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.
4. 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

1. 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.
2. 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

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