American Express SimplyCash Preferred Card

American Express SimplyCash Preferred Card credit card
⭐ 3.3/5🏦 American ExpressCash Back Card

American Express SimplyCash Preferred Card

Credit Card Review

🎁 Up to $250 in bonus cash back in year one

MoneyMint Rating: 3.3/5 — based on our published rating criteria (rewards value, fees, flexibility, and eligibility transparency). Not sponsored by Amex.

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The American Express SimplyCash Preferred Card is a straightforward cash-back card built around one strong headline feature: an uncapped 2% cash back rate on everyday purchases, plus 4% at stand-alone gas stations and grocery stores in Canada. It carries a modest monthly fee ($9.99/month, or $119/year flat for Quebec residents) and skips a points program entirely — cash back is simply credited to your account once a year. It’s a good fit for people who want simple, predictable rewards without tracking a points program, though a few details — including exactly how the 4% spending cap is calculated — aren’t fully clear from Amex’s public page and are flagged below.

At a Glance

Annual fee

$119.88/yrbilled $9.99/mo; $119/yr flat for Quebec residents

Purchase APR

21.99%up to 25.99%/29.99% after missed payments

Cash advance APR

21.99%same escalation applies

Welcome bonus

Up to $250bonus cash back + statement credit, see below

Foreign transaction fee

2.5%*editorial estimate, see note below

Rewards currency

Cash backcredited annually, not points

Suggested credit profile

Goodeditorial estimate — no official minimum published

Issuer

Amex Bank of Canadaclosed-loop network

Pros & Cons

Pros

  • Uncapped 2% cash back on everyday purchases — no limit to how much you can earn
  • 4% cash back at stand-alone gas stations and grocery stores in Canada
  • Up to $250 in bonus value in year one: 10% extra cash back on your first $2,000 in spend, plus a $50 statement credit in month 13
  • Lower fee than many rewards cards: $119.88/year, billed $9.99/month
  • No annual fee on supplementary cards

Cons

  • 4% rate only applies at stand-alone gas stations and grocery stores — Costco, superstores, wholesale clubs, and general merchandise retailers earn just 2%, even though they sell gas or groceries
  • Cash back is credited only once a year (on your September statement), not monthly
  • The $30,000 annual spending cap on the 4% tier is ambiguous — Amex’s page doesn’t clearly say whether it’s shared across gas and groceries combined or separate for each (see note below)
  • Foreign transaction fee isn’t officially disclosed by Amex; 2.5% is a third-party estimate
  • American Express is less widely accepted than Visa/Mastercard among smaller Canadian merchants

Rewards & Earn Rates

⛽ Gas at stand-alone gas stations (Canada)

counts toward the $30,000 annual cap — see note below

4%
🛒 Groceries at stand-alone grocery stores (Canada)

counts toward the $30,000 annual cap — see note below

4%
💳 Everything else
2%
Welcome bonus: Up to $250 in bonus value for new Cardmembers — earn an extra 10% cash back on all purchases during your first 3 months, up to $2,000 in spend (up to $200 in bonus cash back), plus a $50 statement credit if you make a purchase in month 13. Current and former SimplyCash Preferred cardmembers aren’t eligible. No stated expiry was found on Amex’s page as of the verification date above — reconfirm before applying, since offers can change without notice.
Note on the $30,000 spending cap: Amex’s page groups gas and grocery spending into a single sentence referencing one combined “$30,000 in purchases / $1,200 cash back” annual maximum. It isn’t clear from the published wording whether this is one shared cap across both categories together, or a separate $30,000/$1,200 cap for each category individually. We haven’t been able to confirm this either way from a primary source and aren’t willing to guess — confirm the exact terms in the Cardmember Agreement or your account’s information box before relying on a specific number. Once the cap is reached, purchases in that category drop to the standard 2% rate, and the calculation resets annually on your Cardmembership anniversary.

Perks & Benefits

Lifestyle perks

  • Up to $60 in Instacart statement credits per 12-month period — $5/month on a qualifying $10+ purchase, registration required (valid for purchases through December 31, 2027)
  • American Express Experiences — presale and reserved-ticket access for concerts, theatre, and other events
  • Plan It — split larger purchases into fixed-fee monthly installments, no added interest and no additional credit check
  • Referral bonus — up to $750 in cash back per calendar year for successful referrals

Coverage & insurance

  • Mobile Device Insurance — up to $1,000 per occurrence for loss, theft, or accidental damage
  • Emergency medical insurance — up to $5,000,000 per insured person, for the first 15 days of a trip
  • Flight delay and baggage delay insurance — up to $500 combined maximum
  • Car rental theft and damage coverage — up to $85,000 MSRP, for rentals of 48 consecutive days or less
  • Buyer’s Assurance extended warranty (up to $10,000/item, $25,000/year) and Purchase Protection (up to $1,000/occurrence, 90 days)

Worth knowing

  • No airport lounge access is confirmed for this card — some generic Amex lounge-related footnotes appeared in the page’s shared footnote list, but weren’t tied to any visible benefit tile, so we aren’t asserting lounge access as a SimplyCash Preferred benefit

Who It’s For

Best for

  • Everyday spenders who want simple, uncapped 2% cash back without managing a points program
  • Households that regularly shop at stand-alone gas stations and grocery stores
  • People comfortable waiting for a once-a-year cash back credit rather than monthly redemptions

Not ideal for

  • Shoppers whose gas and grocery spending happens mostly at Costco, superstores, or big-box retailers — that spend earns only the base 2%
  • Anyone who wants frequent or on-demand access to their rewards, given the once-a-year (September) crediting
  • Anyone carrying a revolving balance, given how quickly the rate escalates after missed payments
IssuerAmex Bank of Canada
Annual fee$119.88/yr
Welcome bonusUp to $250
Foreign transaction fee2.5%*

See official card details →

This link goes directly to Amex’s official page. MoneyMint doesn’t currently have a paid partnership for this card, so this isn’t a monetized recommendation.

Key Drawbacks to Know Before Applying

A few things are worth understanding clearly before applying. First, cash back on this card is credited only once a year, on the statement issued in September — unlike cards that credit monthly, so you won’t see the money land right away. Second, the headline 4% rate only applies at stand-alone gas stations and grocery stores; Costco, superstores, wholesale clubs, and general merchandise retailers are explicitly excluded even when they sell gas or groceries, which is a common point of confusion. Third, the $30,000 annual spending cap on that 4% rate is ambiguous on Amex’s own page — we can’t confirm whether it’s combined across gas and groceries or separate for each, so don’t assume either reading without checking your Cardmember Agreement. Fourth, several figures commonly cited for this card — the 2.5% foreign transaction fee and the ~725 recommended credit score — are third-party estimates, not numbers Amex has published itself, and Amex also doesn’t state a minimum income requirement. Finally, like most Amex cards, it’s accepted at fewer smaller Canadian merchants than Visa or Mastercard, and interest escalates to 25.99%/29.99% after missed payments (the exact number of missed payments that triggers each tier isn’t spelled out on the public product page).

This is general information, not personalized financial advice — consider your own spending habits and consult a professional for decisions specific to your situation. Rates, fees, and offers are set by American Express and can change without notice; always confirm current terms on the issuer’s official page before applying.