American Express SimplyCash Preferred Card

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

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

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