5. You get access to American Express Experiences
As you’d expect with a free card, SimplyCash from American Express doesn’t have the most impressive array of benefits. But it does offer something you don’t get with other free cards from Visa or Mastercard: American Express Experiences. This is a serious entertainment perk that gives you access to presale tickets to major events, shows and concerts, as well as early bookings to some of the country’s hottest restaurants and even curated private shopping experiences.
5. It comes with insurance
The SimplyCash offers up to $100,000 in travel accident insurance when you put your plane, train, ship or bus tickets on your card. You also get purchase protection and automatically extended warranties up to one year (which is the norm for most credit cards).
6. It’s a great option to use as part of a two card strategy
Since SimplyCash from American Express has no annual fee and an above-average earning rate of 1.25% on anything you purchase, it’s ideal to use in conjunction with another card as a way to earn more rewards. For example, you can have the TD Cash Back Visa Infinite with you for groceries, gas and recurring bills as it will earn you a significant 3% on those purchases, and use the SimplyCash to earn 1.25% on everything else since the standard TD card earns only 1% on anything outside the three bonus categories.
7. The SimplyCash is a credit card, not a charge card
It is widely believed that all American Express cards are debit cards, meaning that they must be paid off every month no matter what. But that’s actually not the case; SimplyCash by Amex is a conventional credit card just like any Visa or Mastercard. Once you sign up, you’ll be approved for a set credit limit, and as long as you pay off your balance in full each month, you won’t owe any interest. The card allows you to carry a balance from month to month, but doing so will activate an interest rate of 19.99%. Again, that’s just like any other credit card.
8. More places now accept Amex
While it’s true that American Express isn’t as widely accepted as Visa and Mastercard, depending on your shopping habits, the difference isn’t as big as you might think. It is accepted in more than 90,000 locations across Canada, including most major department stores and chain restaurants, many prominent supermarkets, and virtually all online delivery and ride-sharing apps. That said, it is true that Amex is not accepted in several places such as Loblaws, discount stores and many smaller local shops, restaurants and cafes. A common strategy among Amex cardholders is to carry a debit card or a second credit card from Visa or Mastercard in case a retailer doesn’t accept Amex. You can always check American Express Maps to see if a company also accepts Amex.
9. It’s one of the best free cards on the market
Considering all of the above, Amex’s SimplyCash card is arguably the best free, flat-rate cash back card on the market. The only other card that comes close is the Rogers World Elite Mastercard, which has a slightly higher earning rate of 1.5% cash back on all purchases; However, Rogers cardholders must have an annual income of at least $80,000 and spend a minimum of $15,000 on the card each year to be eligible. SimplyCash has no such requirements, which makes it more accessible.
How much can you earn with Amex SimplyCash?
That, of course, depends on your spending habits. For example, if you spent $1,500 a month — we all know that’s not hard — you’d get $225 cash back every year, which is pretty impressive for a free card. And calculating how much you’ll get is easy, as the earning rate equals 1.25% cashback on everything.
How to use Amex SimplyCash
As noted earlier, one of the smartest ways is to use the SimplyCash card in conjunction with another card. Let’s say you use a CIBC Dividend Visa Infinite Card* specifically for gas and grocery purchases, as you earn 4% cash back in these categories. For dinner, transit and recurring bills, stick with the CIBC card as it earns 2%. For all other purchases, use the Amex SimplyCash card, which earns you 1.25%, as opposed to 1% with CIBC’s card.
This post SimplyCash from American Express Review 2022
was original published at “https://www.moneysense.ca/spend/credit-cards/simplycash-from-american-express-review/”