SimplyCash Card American Express 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 SimplyCash Card American Express has earned a 4.31 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 SimplyCash Card American Express are fees and interest.

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 SimplyCash Card American Express the most important factors for scoring this card are its fees and interest.

Rewards

With the SimplyCash Card American Express, 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 SimplyCash Card American Express would earn $324 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 SimplyCash Card American Express is worth up to $0.01, depending on how you redeem.

This $324 in rewards value puts the SimplyCash Card American Express in the top 50% 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 SimplyCash Card American Express earns $324 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 $324.

That’s equivalent to a 1.35% return on spending.

The SimplyCash Card American Express has an annual fee of $0. After deducting this, we predicted net annual rewards of $324.

This puts it in the top 40% of credit cards for net rewards after fees.

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

Fees

The SimplyCash Card American Express has a $0 annual fee.

The average card charges $85. So, the SimplyCash Card American Express 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 SimplyCash Card American Express scored a 1.0 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 SimplyCash Card American Express charges 1% more than the average.

For cash advances it costs 21.99% compared to the average of 19.96%.

Testing the SimplyCash Card American Express with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it 2.1 out of 5 for insurance.

It offers 3 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 760 to qualify for the SimplyCash Card American Express, while the average card requires 652 to qualify.

This puts it in the top top 10% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

The SimplyCash Card from American Express is a cash back credit card that offers a simple and straightforward earning potential. In this review, we will discuss its earning potential, benefits, drawbacks, and other relevant information to help you decide if it’s the right credit card for you.

Earning potential with the card

The SimplyCash Card from American Express allows its users to earn cash back on virtually all purchases. The card offers 1.25% cash back on all eligible purchases with no limit to how much you can earn. There are no bonus categories or spending tiers, which makes it easy to understand and calculate your earnings.

Benefits

1. No Annual Fee: One major advantage of the SimplyCash Card is its lack of an annual fee, which means you can start earning cash back without having to worry about recouping costs from an upfront fee.
2. Purchase Protection and Buyer’s Assurance: The card offers protection against loss, theft or damage for eligible items purchased using the card, as well as an extended warranty doubling the original manufacturer’s warranty (up to one additional year).
3. Flexible Reward Redemption: Rewards earned with this card can be applied as a statement credit on your account, allowing you to spend the cash back in any way you choose.
4. Access to American Express Invites: Cardholders can enjoy exclusive access to ticket pre-sales and reserved seating offers for concerts, events, and movie screenings through American Express Invites.

Drawbacks

1. Limited Acceptance: One significant drawback of the SimplyCash Card from American Express is its limited acceptance compared to other credit card providers like Visa or Mastercard. This means you may find yourself unable to use the card at certain retailers, limiting your ability to earn cash back.
2. No Introductory or Bonus Offers: While some credit cards offer promotional interest rates or bonus cash back earning potential, the SimplyCash Card doesn’t have any introductory or bonus offers for new cardholders.
   
   This means that while its cash back rate is respectable, it may not be as competitive as cards that provide an initial bonus period with higher cash back rewards.

Additional information

The SimplyCash Card from American Express comes with standard American Express benefits such as 24/7 customer service and access to emergency card replacement. It is important to keep in mind that your credit score could be influenced by your ability to properly manage the card and meet monthly payments.

In conclusion, the SimplyCash Card from American Express is a solid choice for those looking for a no-annual-fee cash back card with simple earning potential and additional benefits. However, its limited acceptance and lack of bonus offers may not make it the best choice for all consumers.

Interested in other credit cards? Canadians that like the SimplyCash Card American Express credit card also like the American Express Green Card. If you’re looking for other options you should consider the American Express Cobalt, and the American Express Platinum Card.

FAQ

Key benefits

• $0 annual fee
• Earn 1.25% cash back on virtually every purchase
• Introductory 2.5% cash back rate for the first 3 months, up to $150
• Redeem cash back anytime, as statement credits
• Emergency medical and trip interruption insurance included
• Car rental theft and damage insured
• Travel accident insurance policy
• Access to AMEX Invites, which includes concerts and special events
• Access to borderless shopping and exclusive offers from AMEX’s global retailers
• 24/7 customer service and global assistance hotline
• Potential for a credit limit increase after 6 months of card membership