Not only is the SimplyCash™ Preferred Card from American Express seeing changes but its no annual fee sibling the SimplyCash™ Card from American Express is also being changed for the better The card retains its base earn rate with no annual fee but will now see accelerated earn rates for gas and groceries as well.
The new earn rates
with the fee increase comes some good news and that is increased earn
rates on two categories of spending. Here are the earn rates as of
- 2% cash back on eligible gas station purchases in Canada
cash back on eligible grocery store purchases in Canada, up to a
maximum of 15,000 in purchases posted to your account in this category
(equal to $300 cash back) annually, and;
- 1.25% cash back on all other purchases
you can see the card retains its 1.25% cash back on all
purchases but as of October 12 it will offer 2% back on gas and grocery purchases. This is great news for those who have this card or are considering it as you can earn a lot of cash back compared to the competition. Yes there are competitors who may have slightly higher category earn rates (3% on groceries for example) those rates are capped at lower amounts and almost all the competitors base earn rates are much lower at 0.5% to 1%.
Wrapping it up
Some great changes from American Express for their portfolio of cash back credit cards. They are making these excellent cards even better and more competitive. The no Fee SimplyCash Card with 1.25% and 2% earn is one of the best in Canada – especially considering you don’t have to have $80,000 in personal or $150,000 in household income for the card we’d consider as the closest competitor to this one. On top of the increased earn rates coming in October if you get yourself the no annual fee SimplyCash Card you can receive its strong welcome bonus offer of 4% back on up to $5,000 in purchases in the first six months of
having the card. That works out to $200 in cash back.