Who this card is for
A good fit if you…
- People who already use American Express at enough merchants that a $0 cash-back card is useful, and who will not clear Preferred’s monthly fee.
- Households that want extra cards at no cost — the issuer currently lists additional SimplyCash cards at $0.
- Cardholders who prefer cash back to Membership Rewards and do not want to learn Cobalt’s dining categories.
- Anyone who pays the statement in full. The purchase rate is a typical Amex rewards rate, not a cheap line of credit.
Skip it if you…
- Heavy Amex spenders who would beat the Preferred monthly fee with the gap from 1.25% to 2% on general spend, and from 2% to 4% on capped gas and grocery. That is SimplyCash Preferred.
- Shoppers whose grocer is a superstore, wholesale club, or general-merchandise retailer. Those purchases do not earn the 2% gas-and-grocery rate, and Costco Canada is Mastercard-only.
- People who want 2% in chosen categories on a Mastercard that more Canadian tills take. Compare Tangerine Money-Back.
- Current or former SimplyCash cardmembers chasing the welcome. Amex may approve you and still withhold the bonus 5%.
Pros and cons
Pros
- No annual fee. You are not racing a membership every January to make the earn rates “worth it.”
- 2% at stand-alone gas stations and stand-alone grocery stores in Canada, on up to $15,000 in combined purchases a year ($300 cash back), is a real category rate on a $0 Amex.
- 1.25% on all other eligible purchases is a flat catch-all with no award chart, no partner transfer, and no Scene+ login.
- Additional cards currently show no extra annual cost, so a partner can share the same cash-back account.
- New cardmembers can earn a bonus 5% on all purchases in the first 3 months, up to $2,000 in purchases (up to $100), on top of the regular rates.
Cons
- After the $15,000 combined gas-and-grocery cap, and on every other purchase, the rate is 1.25%. A paid Preferred card, a grocery Infinite, or Tangerine’s 2% categories will beat that on the right spend.
- Superstores, wholesale clubs, alcohol retailers, and general merchandise retailers do not count as gas or grocery. The $15,000 limit resets on your Cardmembership anniversary, not on January 1.
- Cash back posts once a year, on your September statement. If you wanted cash every cycle, this payout rhythm may annoy you.
- The welcome is capped at $100. It is a short 5% window, not a reason to pick the card over Preferred’s ongoing 2% catch-all.
- Coverage on this card is $100,000 Travel Accident insurance (accidental death and dismemberment when you fully charge plane, train, ship, or bus tickets to the card), Buyer’s Assurance (extends the manufacturer’s warranty up to one additional year), and Purchase Protection for 90 days against accidental physical damage or theft, up to $1,000 per occurrence. There is no travel medical coverage. Do not assume a trip-medical certificate from the American Express name.
Fees and value: is the annual fee worth it?
First-year snapshot (estimate)
- Annual fee
- $0
- Estimated welcome bonus value
- up to $100
- Bonus minus fee (estimate)
- $100
This is a simple comparison of the estimated welcome-bonus value against the annual fee. It ignores rewards on spending, credits you have to remember to use, and interest if you carry a balance. Offers change — verify with the issuer.
There is no annual fee. The issuer currently lists $0 on additional cards as well, so there is no membership to earn back.
The question is whether 2% on up to $15,000 of stand-alone gas and grocery, and 1.25% on the rest, beats a $0 Mastercard with wider acceptance, and whether you will later wish you had paid for Preferred. Run that as spend you can actually put on Amex.
Purchases at superstores, wholesale clubs, alcohol retailers, and general merchandise retailers earn 1.25%, not 2%. If grocers and gas stations you use take Amex and the monthly pile outside those caps is large, Preferred’s 2% catch-all and 4% gas-and-grocery rate can clear its fee.
The current welcome adds up to $100 (bonus 5% on the first $2,000 in purchases, or the first 3 months, whichever comes first) on top of the regular rates. Offers change.
Pay in full.
Rewards and earn rates explained
Rewards program: Cash Back
This card pays cash back, not Membership Rewards. Stand-alone gas stations and stand-alone grocery stores in Canada earn 2%, on up to $15,000 in combined purchases a year, which is $300 in cash back.
After that cap, and on all other eligible purchases, you earn 1.25%. Superstores, wholesale clubs, alcohol retailers, and general merchandise retailers do not count as gas or grocery.
The $15,000 limit resets each Cardmembership anniversary. Cash back is applied annually as a statement credit on your September statement.
Those percentages only apply when the merchant takes Amex and codes as a purchase. Costco will not take this card.
If you want 5x dining points instead, that is Cobalt. If you want 2% everywhere on Amex and can pay the monthly fee, that is Preferred.
If you want 2% in categories you pick on a Mastercard, that is Tangerine.
Welcome bonus: how to unlock it
Earn up to $100 in bonus cash back in your first 3 months
New SimplyCash cardmembers earn a bonus 5% cash back on all purchases in the first 3 months of Cardmembership, up to a maximum of $2,000 in purchases, which is up to $100 in bonus cash back, on top of the regular cash-back rates. Once $2,000 in purchases is reached, or after 3 months, whichever comes first, the regular rates apply.
Cash back, including the bonus, is credited annually on your September statement. Only new SimplyCash Card from American Express cardmembers are eligible.
Current or former SimplyCash cardmembers may be approved and are not eligible for this cash back offer. Do not force extra spend past $2,000 to chase a bonus that has already capped.
Compare SimplyCash with Preferred on the ongoing 1.25% versus 2% gap, not on a $100 signup.
Welcome bonus eligibility: Only available to new SimplyCash Card from American Express Cardmembers. Current or former SimplyCash Cardmembers may be approved but are not eligible for this cash back offer.
FAQ
Is the SimplyCash Card from American Express worth it in 2026?
It is worth it as a $0 Amex cash-back card when enough of your spend lands at stand-alone gas stations and grocery stores that take American Express, inside the $15,000 combined cap, and you will not clear Preferred’s monthly fee. It is not worth it as a Costco card, a superstore card, or a card you revolve.
SimplyCash vs SimplyCash Preferred?
Preferred charges a monthly fee for 2% on purchases outside grocery and gas, plus capped 4% on eligible gas and grocery. This card charges $0 for 2% on stand-alone gas and grocery up to $15,000 a year ($300) and 1.25% on everything else, with a welcome of up to $100. Choose Preferred only if that gap, after the fee, still wins on Amex-accepted spend.
SimplyCash vs Tangerine Money-Back?
Tangerine Money-Back is a $0 Mastercard with 2% in chosen categories and wider Canadian acceptance. SimplyCash is a $0 Amex with 2% on stand-alone gas and grocery up to $15,000 combined, 1.25% elsewhere, and a September cash-back payout.
Choose Tangerine if Visa/Mastercard coverage matters. Choose SimplyCash if you already pay on Amex and want cash without picking categories.
Can I use this card at Costco or most grocers?
Costco Canada is Mastercard-only, so this American Express card will not work there. Stand-alone grocery stores in Canada can earn 2%. Superstores, wholesale clubs, alcohol retailers, and general merchandise retailers earn 1.25%, not the grocery rate. Carry a Mastercard backup and put Costco on the CIBC Costco Mastercard if you are a member.
When is cash back paid on SimplyCash?
Cash back is applied annually as a statement credit on your September statement, including the first-three-months bonus. That is slower than a monthly credit.
Compare related cards and guides
More Canadian credit card lists that match this product, plus a few cards people usually compare it with.
- SimplyCash Preferred Card from American Express review · American Express · $119.88 annual fee
- Tangerine Money-Back Credit Card review · Tangerine · $0 annual fee
- American Express Cobalt Card review · American Express · $191.88 annual fee
