Simplii Financial is CIBC’s no-fee direct banking brand, launched in 2017 after CIBC and Loblaw Companies ended their co-branded PC Financial partnership. Simplii offers chequing, savings, mortgages, and a focused credit card lineup — all with no monthly banking fees.
Its credit card standout is the no-annual-fee Cash Back Visa, which earns 4% cash back on restaurants and bars — the highest dining earn rate of any no-fee card in Canada.
Simplii Financial Card Lineup
| Card | Annual Fee | Key Benefit |
|---|---|---|
| Simplii Financial Cash Back Visa | $0 | 4% restaurants & bars; 1.5% groceries & gas; 0.5% everywhere else |
| Simplii Financial Visa Infinite | $0 | 4% restaurants; Visa Infinite perks; $60K income req. |
What Makes Simplii Cards Stand Out
The 4% Restaurant Earn Rate
No other no-fee credit card in Canada earns 4% at restaurants. The closest competition is Tangerine at 2% (and only if you choose dining as one of your three categories).
At $400/month in restaurant spending, the Simplii Cash Back Visa returns $192/year — entirely at no cost. That outperforms many premium cards charging $120+ in annual fees on dining alone.
No Annual Fee on Both Cards
Most cards earning premium rates in specific categories charge $100–$150/year. Simplii offers the same 4% dining rate at zero cost, making it genuinely rare in the Canadian market.
Visa Infinite Perks — Also Free
The Simplii Financial Visa Infinite carries no annual fee despite the Visa Infinite designation, which normally costs $100–$150 on competing cards. Visa Infinite benefits include hotel discounts, Visa concierge access, and travel emergency medical insurance.
Income requirement: $60,000 individual or $100,000 household — the same threshold as paid Visa Infinite cards.
Simplii vs. Other No-Fee Dining Cards
| Card | Dining Rate | Annual Fee | Key Trade-off |
|---|---|---|---|
| Simplii Cash Back Visa | 4% restaurants & bars | $0 | Fixed dining category only |
| Tangerine Money-Back | 2% (1 of 3 categories) | $0 | Flexible; lower rate |
| Scotiabank Gold Amex | 5x Scene+ at food | $120 | Higher rate; costs $120 |
| Amex Cobalt | 5x MR at food establishments | $156 | Highest rate; Amex acceptance limits |
Recommendation: For no-fee dining rewards, Simplii Cash Back Visa is the best option in Canada. Pair it with a flat-rate card (like the Rogers Red World Elite Mastercard at 1.5% everywhere) for non-restaurant spending.
Simplii’s Relationship with CIBC
Simplii is a separate brand from CIBC but uses CIBC’s banking infrastructure. Key points:
- Visa network: Simplii credit cards run on Visa — accepted wherever Visa is taken
- Online banking: Simplii customers use a separate app and web portal (not CIBC’s)
- No requirement to bank with Simplii: Anyone can apply for a Simplii credit card, even without a Simplii chequing or savings account
- CDIC insured: Deposits held through Simplii are insured by CDIC (Canada Deposit Insurance Corporation) under CIBC’s deposit coverage
How Simplii Cash Back Redemption Works
Cash back is earned automatically and applied as a statement credit once per year in November. Unlike some cash back cards that let you redeem at any time, Simplii uses an annual auto-redemption model.
- Minimum to redeem: $25 (auto-applied; you don’t need to request it)
- Redemption method: Statement credit only
- No travel or merchandise redemption
Who Should Consider a Simplii Card
Best for:
- Canadians who frequently eat out and want maximum cash back at no cost
- People who want Visa Infinite travel perks without paying an annual fee
- Anyone already banking with Simplii Financial
Not ideal for:
- Cardholders who want flexibility to redeem rewards at any time (Simplii redeems annually)
- Heavy travellers who want points transferable to Aeroplan or other programmes
- Grocery-focused spenders (1.5% on groceries, not exceptional vs. dedicated grocery cards)
Frequently Asked Questions
Is Simplii Financial the same as CIBC? Simplii is CIBC’s no-fee digital banking brand — it operates separately but uses CIBC’s banking infrastructure. Simplii credit cards are issued by CIBC.
Do I need a Simplii bank account to get a Simplii credit card? No. You can apply for a Simplii credit card without holding a Simplii chequing or savings account.
What is the welcome bonus on Simplii credit cards? Welcome bonuses vary and change periodically. Simplii has offered up to 10% cash back on eligible purchases in the first few months. Check Simplii’s website or a branch for the current offer before applying.
Does Simplii have a foreign transaction fee? Yes — Simplii cards charge the standard 2.5% foreign transaction fee. If you spend frequently in foreign currencies, consider a no-FX card like the Scotiabank Passport Visa Infinite or Rogers Red World Elite Mastercard instead.
Can Quebec residents apply for Simplii credit cards? Simplii Financial is available in all provinces and territories. Quebec residents can apply, but should verify current promotional terms — Quebec consumer protection regulations may affect offer eligibility.
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Card details current as of June 2026. Income requirements and earn rates subject to change — verify at simplii.com before applying.