The American Express SimplyCash Preferred Card delivers one of the strongest grocery and gas cash back rates available on a Canadian credit card with no minimum income requirement. At 4% on groceries and gas stations plus 1.25% on all other purchases, it performs at the same level as premium Visa Infinite cash back cards — but without the $60,000 income threshold that gates access to most high-earn products. For Canadians who do not qualify for income-restricted cards, the SimplyCash Preferred is a significant upgrade over lower-tier alternatives.
Quick Verdict
Best for: Canadians who want 4% cash back on groceries and gas without a minimum income requirement, and who are comfortable with American Express acceptance limitations (no Costco, limited at some smaller retailers).
Not ideal for: Those who need Visa or Mastercard acceptance everywhere (including Costco), cardholders who want 4% on recurring bills and transit (the Scotiabank Momentum covers these), or those who want a single annual fee payment rather than monthly billing.
Key Card Details
| Feature | Detail |
|---|---|
| Annual fee | $9.99/month ($119.88/year) |
| Additional cardholder fee | $0 (first additional card free) |
| Purchase interest rate | 20.99% |
| Cash advance rate | 21.99% |
| Foreign transaction fee | 2.5% |
| Income requirement | None |
| Network | American Express |
| Welcome bonus | Verify current offer with American Express |
Welcome bonus offers, cash back rates, annual earn caps, and fee details are subject to change. Always verify current terms at americanexpress.com/ca before applying.
Welcome Bonus
American Express periodically offers welcome cash back bonuses for new SimplyCash Preferred cardholders, typically applied as a statement credit after first purchase or after meeting a spend threshold.
Always verify the current welcome bonus directly with American Express before applying.
Earn Rates
The SimplyCash Preferred earns cash back at a strong 4% on two everyday categories and a competitive base rate on everything else.
| Category | Cash Back Rate |
|---|---|
| Eligible grocery stores in Canada | 4% (subject to annual cap) |
| Eligible gas stations in Canada | 4% (subject to annual cap) |
| All other eligible purchases | 1.25% |
Verify the current annual earn cap for grocery and gas categories at americanexpress.com/ca. Purchases beyond the annual cap earn at 1.25%.
Annual spend calculation
Based on a household spending $2,000/month (within annual earn caps):
| Category | Monthly Spend | Rate | Monthly Cash Back | Annual Cash Back |
|---|---|---|---|---|
| Groceries | $800 | 4% | $32.00 | $384 |
| Gas | $200 | 4% | $8.00 | $96 |
| Other | $1,000 | 1.25% | $12.50 | $150 |
| Total | $2,000 | $52.50 | $630 |
$630/year in cash back minus the $119.88 annual fee = $510 net annual value — strong for a card with no income requirement.
The 1.25% base rate advantage
Many competing cash back cards earn only 1% on non-bonus purchases. The SimplyCash Preferred’s 1.25% base rate provides a 25% improvement on general spending. On $1,000/month in “other” purchases, the difference is $12.50/month ($150/year) versus $10/month ($120/year) — an additional $30/year for the same everyday spend.
How Cash Back Is Paid
Cash back is earned monthly and accumulated throughout the year. Verify the current redemption method and payout schedule at americanexpress.com/ca — Amex’s cash back payout structure may differ from points-based programmes and can vary by promotion or card vintage.
Card Benefits
Purchase protection
90-day coverage against accidental damage, loss, or theft for eligible items purchased with the card.
Extended warranty
Doubles the original manufacturer’s warranty up to one additional year for eligible purchases.
Amex Front of the Line
Priority access to ticket presales and reservations for concerts, theatre, and dining through the Amex Front of the Line programme.
The SimplyCash Preferred does not include airport lounge access or comprehensive travel insurance. For travel coverage, consider the Scotiabank Momentum Visa Infinite ($120, Visa) or the Amex Gold Rewards ($250, with travel insurance).
Fees and Rates
| Fee | Amount |
|---|---|
| Annual fee | $9.99/month ($119.88/year) |
| Additional cardholder fee | $0 |
| Purchase interest rate | 20.99% |
| Cash advance rate | 21.99% |
| Foreign transaction fee | 2.5% |
Who Is the Amex SimplyCash Preferred Best For?
Ideal cardholders:
- Canadians who do not meet the $60,000 personal income requirement for premium Visa Infinite or World Elite Mastercard cash back cards, but want 4% on groceries and gas
- Amex-comfortable shoppers whose primary grocery stores accept American Express
- Those who want a 1.25% base rate on all other spending rather than the 1% floor found on most competing cards
- Cardholders who want a monthly fee structure for flexibility
Less suitable if:
- Costco is a significant part of your grocery or gas spend — Amex is not accepted
- You want 4% on recurring bills and transit (choose Scotiabank Momentum Visa Infinite)
- Amex acceptance limitations are a concern in your area
- You want travel insurance included — the SimplyCash Preferred does not have a comprehensive travel package
Amex SimplyCash Preferred vs. Key Competitors
| Card | Annual Fee | Grocery | Gas | Other | Income Req. | Network |
|---|---|---|---|---|---|---|
| Amex SimplyCash Preferred | $119.88 | 4% | 4% | 1.25% | None | Amex |
| Scotiabank Momentum Visa Infinite | $120 | 4% | 4% | 1% | $60,000 | Visa |
| BMO CashBack World Elite | $120 | 5% | 3% | 1% | $80,000 | Mastercard |
| CIBC Dividend Visa Infinite | $120 | 4% | 4% | 1% | $60,000 | Visa |
| Amex SimplyCash (no fee) | $0 | 2% | 2% | 1.25% | None | Amex |
SimplyCash Preferred vs. Scotiabank Momentum: Both earn 4% on groceries and gas at $120/year. The Momentum also earns 4% on recurring bills and transit, and runs on Visa (wider acceptance). The SimplyCash Preferred has no income requirement and a 1.25% base rate versus 1%. Choose the Momentum if you qualify on income and want Visa plus bill/transit coverage. Choose the SimplyCash Preferred if income threshold is a barrier or Amex is widely accepted in your area.
Bottom Line
The Amex SimplyCash Preferred Card fills an important gap in the Canadian credit card market: 4% cash back on groceries and gas, accessible to cardholders without a minimum income requirement. For those who find premium Visa Infinite and World Elite Mastercard products out of reach due to income thresholds, the SimplyCash Preferred delivers comparable grocery and gas earn rates at the same fee level.
The primary trade-offs are Amex acceptance limitations (no Costco) and the absence of elevated rates on recurring bills and transit. Within those constraints, the SimplyCash Preferred is the strongest no-income-requirement cash back card in Canada at this earn rate.
Card terms, cash back rates, earn caps, welcome bonus offers, and annual fees are subject to change. Always verify current details at americanexpress.com/ca before applying.