Credit cards · Card review
Amex SimplyCash Preferred review
The strongest base rate in Canada — an uncapped 2% on absolutely everything, plus 4% gas and groceries — which wins our worked household math outright. The two structural catches: Amex acceptance, and a 65+ insurance exclusion.
Best for: High total spenders who want one rate everywhere and no categories to manage
Pros
- 2% on everything, uncapped — the best flat rate in the country
- 4% gas + 4% groceries (to $1,200 back/yr on groceries)
- No income requirement
- Wins our $30k/yr worked example at $912 before fee
Cons
- Amex acceptance gaps — several major grocers don’t take it
- No first-year fee waiver ($9.99/month, ~$120/yr)
- 65+ travel medical EXCLUDED — certificate-verified
The flat-rate thesis
Category cards reward optimization; SimplyCash Preferred rewards volume. Its uncapped 2% means the $700/month of “everything else” — the spending no category card bonuses — earns double what rivals pay, and on our standard $30,000/yr household mix that’s enough to win outright: $912 against $876 for Momentum and $828 for Dividend, before fees. The 4% gas and grocery tiers are the bonus, not the engine.
The bigger the budget and the messier its categories, the wider this card’s lead — and the more the next paragraph matters.
The acceptance tax
It’s an Amex, and Canada’s merchant landscape hasn’t fully forgiven the interchange wars: several major grocery chains historically don’t accept it (Costco does), and smaller merchants are hit-and-miss. The honest setup is SimplyCash Preferred as the primary plus a free Visa/Mastercard (Rogers or Tangerine) for the gaps — which costs nothing and preserves the flat-rate math everywhere it counts.
Insurance and the fee math
Travel medical is the Amex pattern: 15 days at 64-or-under, excluded at 65+ — certificate-verified. Mobile device coverage runs to $1,000. The fee bills as $9.99/month with no first-year waiver, and the current welcome (10% for 3 months to $200, plus a $100 month-13 credit) covers roughly two years of it. The break-even against the no-fee field sits near $1,000/month of total spend — below that, the free 2% options on the no-fee page win.
Frequently asked questions
What does the Amex SimplyCash Preferred cost?
Annual fee: $120 — $9.99/month ($119.88/yr; Quebec $119/yr) — no first-year waiver; $0 supplementary. Purchase rate 21.99%; cash advances 21.99%. Foreign transactions: Not published on the card page — confirm in the cardmember agreement (typically 2.5%). All figures verified at American Express’s own pages on June 12, 2026 — compare the field on our main card table.
What are the Amex SimplyCash Preferred’s earn rates — with the caps?
4% gas · 4% groceries to $1,200 cash back/yr ($30k spend). 2% unlimited on everything else — the highest uncapped base rate of any cash-back card. Caps are where card marketing goes to die — our worked household math prices every major card through its caps.
Does the Amex SimplyCash Preferred include travel medical insurance?
15 days if 64 or under ($5M) · 65+: EXCLUDED — certificate-verified. Card medical attaches to holding the card in good standing (the trip doesn’t need to be charged to it), but trip cancellation/interruption benefits do require paying with the card. The full certificate-verified age-cliff table is on our retiree cards page.
Who can get the Amex SimplyCash Preferred?
No income requirement — Canadian resident, age of majority. Current welcome offer: 10% for 3 months on up to $2,000 (up to $200) + $100 statement credit in month 13 — no end date stated. Offers change without notice — confirm on the issuer’s page before applying.
The bottom line
For a big-budget household that pays in full and doesn’t want to think about categories, this is the most money per month in Canadian cash back — provided your stores take Amex and your travel insurance comes from somewhere else after 65. The worked table shows exactly where it wins.
Educational review, not credit advice or an offer of credit. Facts verified at American Express’s own pages (insurance from certificates where stated) on June 12, 2026; offers, rates and terms change without notice — confirm on the issuer’s page before applying. Quebec residents may see different offers and rates.