The SimplyCash Preferred™ Card from American Express® Review

By: Heather Hanks Sep. 19, 2019

The SimplyCash Preferred™ Card From American Express offers 5% cash back rewards within the first six months of membership up to $300. This is a longer and more valuable welcome offer than most cards offer. You will continue to get rewarded at a rate of 2% when your welcome offer ends. Plus, the SimplyCash Preferred™ Card From American Express rewards you for referring a friend.

The American Express SimplyCash Preferred™ Card has a low annual fee of $99. All other cards do not have an annual fee. This makes it a great card for your small business. Handing out cards to your employees will help you earn cash back. Plus, you’ll enjoy all the usual amenities that come standard with being an American Express member. Check out our American ExpressSimplyCash Preferred™ Card Review below.

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Overall Rating

What is the SimplyCash Preferred™ Card From American Express?

The American Express (Amex) SimplyCash Preferred™ Card allows you to earn cash back on all your purchases. You’ll get a welcome bonus offer of 5% cash back for the first six months of membership for up to $300. After that, your cash back rate will hold steady at 2%. The American Express Simplycash Preferred card also comes with other great rewards and benefits. You’ll enjoy entertainment access, 24/7 customer care and online access, and more. We like that the card has an affordable annual fee and additional cards have no annual fee. Plus, you’ll be covered from car rental theft and damage.

Here are the basic highlights of the American Express SimplyCash Preferred™ Card:

  • Card type: credit card
  • Annual fee: $99 (all other cards have no annual fee)
  • 19.99% on purchases and 22.99% on funds advances
  • Earn 5% cash back within your first six months of membership (up to $300)
  • Earn 2% cash back when your welcome offer wears off
  • Earn $150 in cash back rewards for each friend or family member you refer (up to $2,500 cash back per year)
  • Enjoy Front of the Line access to entertainment events before tickets go on sale to the general public
  • Car rental theft and damage insurance
  • Travel and shopping coverage offered

We like that there is no limit as to how much you can earn back with your Amex SimplyCash Preferred™ Card. American Express even has a handy cash back calculator that you can use to estimate your rewards.

The SimplyCash Preferred Card also comes with an optional balance transfer offer. You can get a 1.99% introductory APR on balance transfers within the first six months of your membership. You’ll need to transfer your balance at the time of your application to cash in on this offer. This is a great way to save interest on balances that you own anyway. You can also transfer 50% of your credit limit up to a maximum amount of $7,500 (whichever is less). Plus, there is no balance transfer fee for this offer. This is another generous welcome offer that American Express likes to extend to its members on several of its cards. The card also comes with extensive travel and shopping coverage, which is another reason why we like this card for business owners.

SimplyCash Preferred™ Card From American Express Benefits

The SimplyCash Preferred Card is a true cash back rewards card. This means you’ll earn rewards in the form of cash back. Other cards may allow you to earn miles or points that can be redeemed for eligible purchases, such as flights, car rentals and hotels. But the SimplyCash Preferred Card puts cash back in your wallet. There is no limit to how much you can earn. Plus, you can hand out additional cards to your employees at no extra charge. These cards can be used to help you earn additional cash back.

Cashback

All American Express cards come with an impressive list of shopping and travel coverage. You’ll also get Front of the Line access to entertainment events before they go on sale to the public. The primary benefit you get when you sign up for the SimplyCash Preferred Card is money back in your wallet. This is because of the generous cash back rates. But you’ll also save money when you transfer your current balance to your new card.

New members will enjoy a 1.99% APR for six months when they transfer their current balance to their SimplyCash Preferred Card. You must transfer your balance when you fill out your application to take advantage of this offer. You can also choose to transfer 50% of your credit limit up to $7,500 or whichever is less. There is no transfer balance fee, either. Finally, American Express offers you cash back incentives everytime you refer a friend. You’ll get $150 for every friend or family member that signs up. You can max out at $2,250 in cash back rewards annually just for referring a friend.

Here is a complete list of the benefits you’ll get as a SimplyCash Preferred™ Card holder:

Welcome bonus offer of 5% cash back for six months (up to $300) (your rate will hold steady at 2% back after that)

No annual fee for additional cards (these can be used to help you earn more cash back)

Car rental theft and damage insurance

Earn $150 for each friend or family member you refer for up to $2,250 per year

24/7 customer service care and online access so that you can log into your account anytime from any device

Emergency card replacement and fraud protection

Shopping and travel coverage, including $100,000 in travel accident insurance, flight and baggage delay and theft insurance, and buyers protection plans

You can also transfer 50% of your credit limit up to $7,500 (whichever is less) (must also be done at time of application)

Enjoy Front of the Line access to entertainment event and buy tickets before they go on sale to the public (or choose from a group of great seats selected for American Express card holders only)

Enjoy an APR of 1.99% when you transfer your existing credit card balance to your new card (this offers lasts for six months and is only redeemable when you transfer your balance during the application process)

American Express knows how to treat its customer’s right. When you sign up for the SimplyCash Preferred™ Card, you’ll get Front of the Line Access. This means you’ll get first pick from tickets to the most in-demand entertainment and sporting events before they go on sale to the public. You’ll also get to choose from Front of the Line Reserved Tickets. This includes a block of tickets to in-demand entertainment events that are reserved just for American Express card holders. Your entertainment package also includes e-updates. You’ll be notified of entertainment events in your area as soon as they become available. Being an American Express card holder also qualifies you for special events, in-store and online shopping deals, and weekend getaway packages.

Here is a breakdown of the insurance coverage you’ll receive:

Car rental theft and damage insurance: you’ll be covered when your rental car is burglarized or stolen. This offers is good for an MSRP of up to $85,000. To take advantage of this offer, you’ll need to pass on the crash and collision waiver provided by the rental company. But don’t worry. You’ll end up saving up to $23 per day.

Emergency medical insurance: this coverage protects you within the first 15 days of your trip when you travel outside of Canada. You’ll be covered for up to $5,000,000 per insured person (this includes all insured people under 65).

Flight and baggage delay insurance: this offer covers you up to $500 if your baggage or flight is delayed. You can use this money to check into a hotel, buy food or clothes, and purchase other necessary items.

$100,000 in travel accident insurance: you’ll get up to $100,000 in accidental death and dismemberment insurance with your card. This covers you, your spouse and dependent children under 23 when you travel common carrier and use your card to buy the tickets. Additional card holders are also covered (as well as their spouses and dependent children under 23).

Hotel bulgulary: this insurance covers you if your hotel is broken into and your personal items are stolen. You’ll earn $500 against the loss of any personal items that does not include cash.

Buyer’s assurance protection plan: this option allows you to extend the manufacturer's warranty up to one additional year on any item you buy with your card.

Purchase protection plan: your items are automatically covered from physical damage and theft even if you don’t register them when you use your card to buy them.

Lost or stolen baggage: this insurance covers you up to $500 if you lose your baggage or it gets stolen.

The SimplyCash Preferred™ Card From American Express: The Pros and Cons

The SimplyCash Preferred™ Card is a true cash back rewards card. This is ideal because it rewards you in the form of cash. Other cards may allow you to earn points or miles that can be applied toward credit and future travel expenses. But most people want to see their reward show up in their bank account. Keep in mind that the SimplyCash Preferred™ Card is a credit card. This means you’ll need excellent credit to quality. American Express will likely run a hard pull on your credit once you apply. This will show up on your credit score.

SimplyCash Preferred™ Card PROS

  • Welcome bonus offer of 5% cash back for the first six months of membership (for up to $300)
  • 2% cash back rewards after welcome bonus expires (there is no limit on how much cash back you can earn)
  • Earn $150 for every friend or family member you refer for up to $2,250 per year
  • Extensive shopping and travel coverage, including car rental theft and damage, $100,000 in travel accident insurance, emergency out of country care, delayed flight and baggage insurance, and buyer’s assurance plans
  • Additional card holders are eligible for $100,000 travel accident insurance (this covers you, your spouse and dependent children under 23)
  • Enjoy a 1.99% APR when you transfer your balance from another credit card for the first six months of membership
  • Transfer 50% of your credit limit or $7,500 (whichever is less) without any fees when you sign up for your new card
  • Front of the Line entertainment access (get access to in-demand tickets before they go on sale to the public)
  • Front of the Line Reserved Ticket access (choose from a group of tickets that are reserved especially for American Express customers)
  • Various perks and offers just for being an American Express member, including vacation packages, in-store and online shopping deals, and more
  • Receive email updates when events occur in your area
  • Fraud protection and emergency card replacement
  • Online access and 24/7 customer service care

SimplyCash Preferred™ Card CONS

  • There is an annual fee of $99 tied to this card. But most people find that you’ll get your money out of this card. For example, the American Express cash back calculator estimates that you’ll get $420 in cash back your first year if you spend $1,000 per month. This number will be lower your second year because it includes your six month 5% cash back rate. Also remember that additional cards do not have an annual fee. You can use these to earn even more cash back.
  • You’ll need excellent credit to apply. This is true of most credit cards. Be sure to get your credit up before applying because all hard pulls will show up on your credit score. There are apps and tools you can use to increase your credit score and improve your chances of being approved.

How To Apply The SimplyCash Preferred™ Card

To apply for the SimplyCash Preferred™ Card from American Express, visit the website and click on the apply now button. The SimplyCash Preferred™ card is a credit card. This means you’ll need to have excellent credit to quality. You’ll also need to be a Canadian resident and have a Canadian credit file. Lastly, you’ll need to be the age of majority where you live.

The website claims you’ll know whether or not you’re approved within 60 seconds. We recommend gathering all your financial information before starting the application process. You’ll need your bank information, personal information, and contact details.

Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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