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Simply Cash Card from American Express

Simply Cash Card from American Express

While reading one of my favourite personal finance blogs, Money After Graduation, I came across the Simply Cash Card from American Express.  After doing my own digging, I realized how great this card is. A simple and straightforward card (with the regular perks of an AMEX) and a nice healthy cash back rate…and great welcome bonus.

The Simply Cash Card from American Express is a no-fee credit card which earns you cash back on every purchase you make.

The card currently offers a Welcome Rate of 5% cash back for purchases at gas stations, grocery stores and restaurants in Canada (up to $250 cash back) for the first 6 months. After that you return to the regular cash back rate of 1.25%, which is still pretty high! As a comparison, the no-fee CIBC Dividend Visa Card pays a rate of 1% cash back on the majority of purchases and 2% on groceries only.

The card also has a neat perk where you can earn $100 for referring friends. This perk maxes out at $1,500 per year.

The Details

  • Annual Fee: $0
  • Interest Rate (purchases): 19.75%
  • Cash Advance Interest Rate: 21.99%

Benefits

  • Earn money back while making purchases that you would already be making (1.25% cash back on all purchases)
  • No limit to the amount of cash back you can earn
  • Refer a friend and you could earn a bonus of $100 cash back for each approved referral up to a maximum annual referral bonus of $1,500 Cash Back (This is really different! Something I’ve never seen on another cash back card)
  • Car rental and travel accidental insurance
  • Shopper’s coverage (insurance)

Welcome Bonus

Earn a Welcome Rate of 5% cash back for purchases at gas stations, grocery stores and restaurants in Canada (up to $250 cash back) for the first 6 months. That is a really high cash back rate!

American Express

One of the things I love about American Express is their really stellar customer service. I have only had one AMEX card in the past (the now discontinued American Express Holt Renfrew card) and I had a really positive experience with their customer service. I came up against a few issues and they were always resolved in a timely manner and far exceeded my expectations. I also love that AMEX offers Front of the Line – this is super helpful when you are trying to get concert tickets, etc. AMEX cardholders are often invited to buy a day before the sale starts.

The only general drawback I see to American Express is that the card is not accepted everywhere. My understanding is that they charge merchants a higher fee than VISA and Mastercard do and as a result not everyone accepts them. Even if somewhere does accept AMEX, I am sometimes hesitant to use it if the merchant is a small independent business as I am aware that they will have to pay a higher fee.

Find out more about the Simply Cash Card from American Express.

*There are no referral links anywhere in the post. My opinions are 100% mine 🙂

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