Who this card is for
A good fit if you…
- Households that put most of the month on American Express and want 2% cash back on the pile that is not grocery or gas, not 5x dining points.
- People who spend enough on eligible gas and grocery to use the 4% category before the annual cap, and who shop banners that actually take Amex.
- Couples who can add extra cards at no annual fee — the issuer currently lists additional cards at $0.
- Cardholders who pay in full. The purchase rate is a typical Amex rewards rate, not a cheap revolver.
Skip it if you…
- Light spenders who will not clear the monthly fee with the gap between 2% and the no-fee SimplyCash rate. Do the math before you “upgrade.”
- Shoppers whose grocer, gas station, or clinic still declines American Express. 4% you cannot swipe is 0%.
- Membership Rewards collectors. Preferred pays cash back, typically as an annual statement credit in the detailed features — not transferable points.
- Anyone applying only for a welcome bonus. None is currently listed.
Pros and cons
Pros
- 2% cash back on purchases outside the grocery/gas bonus is a strong Canadian catch-all, which is the real argument against the $0 SimplyCash Card’s 1.25% rate on non-gas, non-grocery spend.
- 4% on eligible gas and grocery (capped annually) is competitive with paid bank Infinites if those merchants take Amex and you stay under the cap.
- Additional cards currently show no annual fee, so a partner can help hit the 2% pile without a second membership.
- You can pay the fee monthly ($9.99-class) instead of one January shock, which some households prefer even though the year still adds up.
- American Express cash back is simple: no award chart, no partner transfer, no Scene+ login.
Cons
- It is still American Express. Costco Canada is Mastercard-only. Plenty of grocers and small merchants will send you to the backup card, which then misses 4% and 2%.
- The 4% grocery and gas rates are capped annually. The card’s features tell you to confirm current caps on the issuer page.
- Cash back is typically applied annually as a statement credit in the detailed features, not every statement. If you wanted monthly cash, this payout rhythm may annoy you.
- This card currently lists no welcome bonus, detailed offer, dollar value, or extra eligibility beyond residency and age of majority.
- Check the issuer’s site for current insurance coverage. Do not assume travel medical coverage from the American Express name.
Fees and value: is the annual fee worth it?
First-year snapshot (estimate)
- Annual fee
- $119.88
- Estimated welcome bonus value
- up to $250
- Bonus minus fee (estimate)
- $130.12
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.
The issuer shows a monthly fee that adds up to a mid-$100 annual total. The no-fee SimplyCash Card pays 2% at stand-alone gas stations and grocery stores in Canada on up to $15,000 in combined purchases a year ($300), then 1.25% on other purchases, with a welcome of up to $100.
Preferred is worth the fee when the extra cash back — the gap from 1.25% to 2% on general spend, and from 2% to 4% on capped gas and grocery — exceeds the annual fee. If your Amex-able spend is small, or half of it gets declined, stay on the $0 SimplyCash Card.
The first-year snapshot on this page will not show a signup cushion because Preferred lists no welcome bonus. There is no first-year fee rebate.
Offers change. Pay in full.
Rewards and earn rates explained
Rewards program: Cash Back
This card pays cash back, not Membership Rewards. The current stack in the card’s features is 4% on eligible gas and grocery purchases, with annual caps you must confirm on American Express’s page, and 2% on all other purchases.
Those percentages only apply when the merchant takes Amex and codes into those categories. A warehouse club (Costco will not take this card), a grocer that processes as a mass merchant, or a gas station inside a grocery banner can miss 4%.
The detailed features say cash back is typically applied annually as a statement credit. If you want 5x dining points instead, that is Cobalt.
If you want 4% grocery on a Visa that more Canadian supermarkets take, compare CIBC Dividend Visa Infinite. Preferred is the Amex for people who already live on the network and want cash, not points.
Welcome bonus: how to unlock it
Up to $250 in cash back
This card currently lists no welcome bonus, detailed offer, dollar value, or special eligibility note beyond being a Canadian resident of the age of majority with a Canadian credit file. Treat that as “none on file” for Preferred.
If American Express is running a statement-credit offer on the live Preferred page, use that page. The no-fee SimplyCash Card does have a separate welcome of up to $100 (bonus 5% on the first $2,000 in purchases, or the first 3 months, whichever comes first).
Compare the two cards on ongoing rates, not on that $100.
Welcome bonus eligibility: New SimplyCash Preferred Cardmembers
FAQ
Is the SimplyCash Preferred Card worth it in 2026?
It is worth it when enough of your spend lands on American Express that 2% (and capped 4% grocery/gas) beats the monthly fee versus the no-fee SimplyCash Card. It is not worth it as a Costco card, a Membership Rewards earner, or a card you revolve.
SimplyCash Preferred vs the no-fee SimplyCash Card?
The SimplyCash Card has no annual fee, 2% at stand-alone gas and grocery up to $15,000 a year ($300), 1.25% on other purchases, and a welcome of up to $100. Preferred charges a monthly fee for 2% everywhere else and capped 4% gas/grocery. Choose Preferred only if that gap, after the fee, still wins on Amex-accepted spend.
SimplyCash Preferred vs American Express Cobalt?
Cobalt pays 5x Membership Rewards on dining and bills a monthly fee for points, not cash. Preferred pays cash back with a grocery/gas bonus. Choose Cobalt if restaurants are the wallet and you want transferable points. Choose Preferred if you want statement-credit cash and a 2% catch-all.
Can I use this card at Costco or most grocers?
Costco Canada is Mastercard-only, so this American Express card will not work there. Many Canadian grocers take Amex; some do not. Carry a Mastercard backup and put Costco on the CIBC Costco Mastercard if you are a member.
Does this card charge foreign-exchange fees?
Assume yes. American Express Canada’s cardmember agreements add a currency conversion commission on purchases in other currencies, at the rate set out in the card’s information box.
Treat this as a card that charges FX and confirm the current rate before a trip. Preferred is a cash-back card, not a lounge-and-travel product.
For a no-FX Visa, compare Scotiabank Passport Visa Infinite.
Compare related cards and guides
More Canadian credit card lists that match this product, plus a few cards people usually compare it with.
- SimplyCash Card from American Express review · American Express · $0 annual fee
- American Express Cobalt Card review · American Express · $191.88 annual fee
- CIBC Dividend Visa Infinite Card review · CIBC · $120 annual fee
