American Express · American Express · cash back
SimplyCash Preferred
Advertiser disclosure: we may earn a commission when you apply through some links on this page. It never affects rank: cards are ordered by the value worked out from your spending. How we make money · Methodology
Terms read from American Express's page on Oct 16, 2026.
Year 1, after fees
$1,136
Year 2+, after fees
$936
every year after
3 years, after fees
$3,058
Break-even
Month 1
Earn rate by category
All values are after each card's annual or monthly fee, and foreign transaction fees when you set foreign spending. Additional-card fees and memberships some benefits need (such as Amazon Prime or Instacart+) aren't included.
Values for points and miles are estimates based on published redemption valuations; actual value depends on how you redeem.
On each spending preset
After fees; points at their cash value. "~" marks estimates.
| Spending | Year 1 | Year 2+ | 3 years | Break-even |
|---|---|---|---|---|
| Student ($985/mo) | $391 | $191 | $823 | Month 3 |
| Couple ($2,555/mo) | $873 | $673 | $2,270 | Month 1 |
| Family ($3,350/mo) | $1,136 | $936 | $3,058 | Month 1 |
| Frequent traveller ($3,880/mo) | $1,167 | $967 | $3,152 | Month 1 |
| Big spender ($7,960/mo) | $2,351 | $2,151 | $6,702 | Month 1 |
Who it suits
- People who spend a lot on groceries and gas, where it earns above its base rate.
- Even light spenders: on a student's $985 a month it still earns back its fee.
Who should skip it
- Nothing stands out on the presets; check it against your own spending.
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
Eligibility and availability
- Income
- None published
- Provinces
- All (no restriction stated)
Published requirements only. We don't estimate approval odds.
Assumptions
- Cash back: Paid in cash, so the value is exact, not an estimate.
- Welcome bonus: 10% back on up to $2,000 in purchases in the first 3 months. Your spending meets it in month 1.
- Note: The fee is $9.99 a month ($119.88 a year).
- Note: The welcome offer is 10% back on up to $2,000 in the first 3 months; it's counted once you reach $2,000.
Not counted or not confirmed
- Foreign transaction fee isn't on the card page.
Earns more every year after year 1
On a family's spending, these keep more value from year 2 than this card's $936.
Scotiabank Gold American ExpressYear 2+ $940
Head to head
Frequently asked questions
Is the American Express SimplyCash Preferred worth it?
On a family's spending ($3,350 a month, points at their cash value), it's worth $1,136 in year 1 and $936 a year after that, after a $119.88 annual fee. It covers its fee by month 1.
What is the American Express SimplyCash Preferred welcome offer?
10% back on up to $2,000 in purchases in the first 3 months.
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.
Sources
Rates, fees and offers are set by the issuer and may change. Check the issuer's terms before you apply. We don't estimate approval odds.
Compare it with 39 other cards on the Canadian card comparison or read how cards are valued.