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.
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:
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.
For example, if you spend $1,000 per month, then your cash back potential is $420. It’s important to note that this estimate is based on the 5% cash back welcome offer, which lasts for six months. This means that you’ll get 5% cash back for the first half of your first year and 2% back for the remainder of the year. The next year, your rewards will be based on 12 months of 2% back. The good news is that the more money you spend, the greater your cash back value will be. This makes the SimplyCash Preferred card a good option for business owners who have more expenses than most.
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.
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.
We like that the card comes with a small annual fee of $99. You can also take out additional cards with no annual fee. These cards can be used to help you earn more cashback. It’s a great card for small business owners or even parents who plan to give their adult children a card. It’s also a good card to travel with because you’ll be covered by a broad range of insurance offers. Your hotel, baggage, and flight are all covered. Plus, American Express offers a buyer’s assurance plan to cover all other purchases. Check out our list of pros and cons below to see if the SimplyCash Preferred Card from American Express is right for you.
SimplyCash Preferred™ Card PROS
SimplyCash Preferred™ Card CONS
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.
The above review on the SimplyCash Preferred™ Card from American Express is based solely on the opinion of Creditnervana. We like that this card can be used as a small business owner or for personal reasons. The card offers 5% cash back for six months (up to $300) and then your rate will be 2% back. There is an annual fee for additional cards. You can pass these out to employees or adult children to help you rack up the cash.
American Express offers excellent insurance policies. Your shopping and travel purchases are covered. You’ll also enjoy a 1.99% APR when you transfer your existing credit card balance to your new balance (offer is good for six months). You can also transfer 50% of your credit limit or $7,500 (whichever is less) for no fee. The annual interest rate is 19.99% on purchases and 22.99% on funds advances. We recommend having good credit if you want to apply for this card.
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.
Links
Send us message
Contact Info
Follow Us
Copyright 2017 CREDITNERVANA © All Rights Reserved