American Express SimplyCash Preferred
American Express cash back card with a $119.88 annual fee. Earns 4% on gas stations in Canada, 4% on grocery stores in Canada, up to $1,200 back a year, 2% on everything else.
Terms read from American Express's page on October 16, 2026. Rates and terms are set by the issuer and may change. We don't estimate approval odds.
Fees and rates
- Annual fee
- $119.88
- Additional card
- No fee
- Foreign transaction fee
- Not stated
- Purchase APR
- 21.99%
Rewards
- 4% on gas stations in Canada
- 4% on grocery stores in Canada, up to $1,200 back a year
- 2% on everything else
Earns cash back.
Not confirmed
- Foreign transaction fee isn't on the card page.
Worked examples
Value on each spending preset, points redeemed as cash, typical use of credits.
| Spending | Year 1 | Year 2+ | 3 years | Break-even |
|---|---|---|---|---|
| Student | $391 | $191 | $823 | Month 3 |
| Family | $1,136 | $936 | $3,058 | Month 1 |
| Frequent traveller | $1,167 | $967 | $3,152 | Month 1 |
Frequently asked questions
Is the American Express SimplyCash Preferred worth it?
On a family's spending ($3,350 a month, points as cash), it's worth $1,136 in year 1 and $936 a year after that, after a $119.88 annual fee. It pays for its fee by month 1.
What is the American Express SimplyCash Preferred welcome bonus?
10% back on up to $2,000 in purchases in the first 3 months. Plus $50 statement credit for a purchase in month 13.
Does the American Express SimplyCash Preferred charge foreign transaction fees?
The issuer's page doesn't state its foreign transaction fee, so check the full terms before travelling.
What isn't counted in its value?
The fee is $9.99 a month ($119.88 a year). The welcome offer is 10% back on up to $2,000 in the first 3 months; it's counted once you reach $2,000.
Sources
Estimates for information only; not tax, legal or financial advice. See our methodology.