SimplyCash from American Categorical
- Annual price: $0
- Earn fee: 2% money again on eligible fuel and grocery purchases as much as $300 yearly; 1.25% money again on every thing else
- Welcome provide: You may earn a $10 assertion credit score for every month-to-month billing interval wherein you make at the least $300 in purchases (for a complete worth of as much as $100).
- Annual earnings requirement: None
Amex SimplyCash advantages: 9 issues to know
1. A formidable base earn fee
With the SimplyCash, you earn rewards on each buy. What’s much more spectacular is the minimal earn fee of 1.25%. This implies you’ll earn on purchases in classes that usually don’t get a lot love with different playing cards, like online shopping, clothes and electronics. And by comparability, most no price playing cards sometimes solely earn you 0.5% money again on those self same purchases. The boosted earn fee of 4% on groceries and fuel (on the primary $15,000 spent yearly) sweetens the pot, making this among the best money again and best no-fee cards in Canada.
2. No restrict on the money again you possibly can earn
There’s no cap in your annual rewards—one thing that may’t be stated for all no-fee bank cards. So, no matter how a lot you spend per 12 months, your earn fee will stay at 1.25% (assuming your account is in good standing). The boosted charges of 4% on groceries and fuel apply to the primary $15,000 spent yearly. After that, you’ll earn a vast amount of money again at 1.25%. .
3. Money again is rewarded as soon as per 12 months
The one small catch with the SimplyCash from Amex is that the money rewards are granted as soon as per 12 months, in your September assertion. This can be a slight downside in comparison with different cash-back playing cards, just like the BMO CashBack Mastercard or TD CashBack Visa, that permit you to redeem rewards any time you want.
4. There’s no annual price or earnings requirement
One of many greatest attracts of the SimplyCash from American Categorical is the truth that there’s no annual price. Meaning it’s utterly free to make use of (offered you repay your steadiness in full each month, in fact). So, all of the rewards go proper into your pocket as a substitute of offsetting an annual price. As effectively, there’s no strict earnings requirement to be eligible for the cardboard, making SimplyCash from Amex accessible to nearly all of Canadians.
5. You’ll get entry to American Categorical Experiences
As you would possibly count on with a no-fee card, SimplyCash from American Categorical doesn’t have probably the most spectacular suite of advantages. Nevertheless it does provide one thing you received’t get with different no-fee playing cards from Visa or Mastercard: American Categorical Experiences. This can be a severe leisure perk that offers you entry to presale tickets to main occasions, exhibits and concert events, in addition to early bookings to a number of the nation’s hottest eating places and even specifically curated personal buying experiences.
5. It comes with insurance coverage
The SimplyCash presents as much as $100,000 in journey accident insurance coverage if you cost your aircraft, practice, ship or bus tickets to your card. You’ll additionally get buy safety and automated prolonged warranties for as much as one 12 months (which is the norm for many bank cards).
6. The SimplyCash is a bank card, not a cost card
It’s generally thought that each one American Express cards are cost playing cards, that means it have to be paid off each month it doesn’t matter what. However that’s not truly the case; SimplyCash from Amex is a standard bank card, similar to any Visa or Mastercard. When you apply, you’ll be authorised for a set credit score restrict, and so long as you repay your steadiness in full each month, you received’t owe any curiosity. The cardboard does permit you to carry a steadiness from month to month, however an rate of interest of 20.99% will kick in when you try this. Once more, that is rather like some other bank card.
7. Extra locations at the moment are accepting Amex
Whereas it’s true that American Categorical isn’t as broadly accepted as Visa and Mastercard, the distinction will not be as important as you would possibly suppose—relying in your buying habits. It’s accepted at greater than 90,000 places throughout Canada, together with most main shops and restaurant chains, many outstanding grocery shops and nearly all online-delivery and ride-share apps. That stated, it’s true Amex isn’t accepted at a number of locations, resembling Loblaws, low cost grocers and plenty of smaller native shops, eating places and cafes. A typical technique amongst Amex cardholders is to hold a debit card or a second bank card from Visa or Mastercard in case a retailer doesn’t settle for Amex. You may all the time try American Express Maps to see if a enterprise accepts Amex, too.