Overview
The SimplyCash Preferred Card from American Express is one of the strongest cashback credit cards in Canada, earning 4% cash back on gas and groceries and 2% on everything else — with no limit on the base 2% rate. At $9.99/month ($119.88/year), it's priced reasonably for the earning power it delivers.
Beyond cash back, the card includes Mobile Device Insurance (up to $1,000), Instacart credits, and a welcome offer worth up to $250. If you spend regularly on gas and groceries and prefer cash back over points, this is one of the best cards in Canada for the job.
Welcome Offer Breakdown
New cardmembers can earn up to $250 in bonus value across two tiers:
- $200 in bonus cash back — earn a bonus 10% cash back on all purchases (up to $2,000 in purchases) in your first 3 months
- $50 statement credit — make a purchase in month 13
The 10% welcome bonus stacks on top of your regular earn rates, so you're effectively earning 12–14% on gas and groceries and 12% on everything else during the first 3 months. The $50 loyalty credit at month 13 rewards you for keeping the card past the first year.
Note: Current or former cardmembers with this card are not eligible for this welcome offer.
Welcome Bonus Valuation
| Component | Value |
|---|---|
| 10% bonus cash back (on $2,000 spend) | $200 |
| Month 13 statement credit | $50 |
| Total | $250 |
Earning Cash Back
| Category | Earn Rate |
|---|---|
| Gas stations in Canada | 4% cash back |
| Groceries in Canada | 4% cash back (up to $1,200 cash back/year) |
| Everything else | 2% cash back (no limit) |
The Grocery Cap Explained
The 4% grocery rate is capped at $1,200 in annual cash back, which corresponds to $30,000 in grocery spending ($2,500/month). Most Canadian households spend $800–$1,200/month on groceries, so you'd need to be well above average to hit this cap. Once you exceed it, groceries earn at the standard 2% rate for the rest of the year.
Gas — No Limit
Unlike groceries, the 4% gas rate has no annual cap — every dollar at the pump earns 4%, period.
Annual Cash Back Example
| Category | Annual Spend | Cash Back |
|---|---|---|
| Gas | $4,000 | $160 |
| Groceries | $12,000 | $480 |
| Everything else | $20,000 | $400 |
| Total | $36,000 | $1,040 |
| Minus annual fee | ($119.88) | |
| Net cash back | $920.12 |
That's a 2.56% effective return across all spending — outstanding for a cashback card.
Key Benefits
Mobile Device Insurance
The SimplyCash Preferred includes Mobile Device Insurance covering up to $1,000 for devices that are:
- Lost
- Stolen
- Accidentally damaged
Coverage applies when the full purchase price is charged to your card, or when financed through a Canadian wireless service provider using your card. This alone can be worth the annual fee if it saves you from one cracked screen replacement.
Instacart Statement Credits
Cardmembers can earn up to $60 in statement credits with Instacart within a 12-month period (offer valid until December 31, 2027). If you already use Instacart for grocery delivery, this is essentially free money back.
Amex Experiences
Access to American Express Experiences — exclusive ticket access, virtual events, live performances, and more. This is a standard Amex perk but still a nice bonus at this price point.
Plan It Installment Program
Split large purchases into monthly installments with no additional interest (a fixed monthly fee applies). No separate credit check or application required.
Redeeming Cash Back
Cash back is applied directly to your statement — no points to manage, no transfer partners to navigate. It's automatically credited, making this one of the most hands-off rewards cards available.
Who Should Get This Card?
The SimplyCash Preferred is ideal for:
- Families with significant grocery bills — 4% on groceries is hard to beat
- Commuters and road-trippers — 4% on gas with no cap
- People who want high returns without managing points — pure cash back simplicity
- Anyone spending $8,000+/year on gas and groceries — the extra earnings over the free SimplyCash card will exceed the annual fee
- Smartphone owners who want mobile device insurance included
Who Should Skip It?
If you spend less than roughly $8,000/year on gas and groceries combined, the no-fee SimplyCash card may net you more after accounting for the annual fee. And if you prefer transferable points for flights and hotels, look at the Amex Cobalt ($12.99/month) — it earns Membership Rewards points with 1:1 airline transfer partners.
SimplyCash Preferred vs. Amex Cobalt
| Feature | SimplyCash Preferred | Amex Cobalt |
|---|---|---|
| Monthly Fee | $9.99 ($119.88/yr) | $12.99 ($155.88/yr) |
| Groceries | 4% cash back (up to $1,200/yr) | 5x MR points |
| Dining/Food Delivery | 2% cash back | 5x MR points |
| Gas | 4% cash back | 2x MR points |
| Everything else | 2% cash back | 1x MR points |
| Rewards Type | Cash back | Transferable points |
| Airline Transfers | ❌ | 1:1 to Aeroplan, Avios, etc. |
| Mobile Insurance | ✅ | ❌ |
Choose SimplyCash Preferred if you want guaranteed cash value and spend heavily on gas. Choose Cobalt if you value travel flexibility and dine out frequently.
The Bottom Line
The SimplyCash Preferred Card from American Express delivers some of the highest cashback rates in Canada — 4% on gas and groceries, 2% on everything else — without the complexity of points programs. Add in Mobile Device Insurance, Instacart credits, and a $250 welcome bonus, and the $9.99/month fee pays for itself many times over for most Canadian households. If you want top-tier cash back with zero hassle, this is the card.
