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The SimplyCash Preferred Card from American Express is offering new Canadian cardholders a generous improvement on earnings. New cardholders are able to receive 10% cash back on eligible purchases as opposed to the standard 5%. This increased offer is for a limited-time only.

New SimplyCash Preferred Card from American Express cardholders will earn the 10% cash back on eligible gas, grocery and restaurant purchases in Canada for the first six months of cardmembership for up to a maximum of $300 CAD cash back. In addition, the eligible purchases must be made in Canada — international purchases aren’t eligible for the bonus. The previous 5% cash back offer was also capped at $300 CAD. But now that you earn 10% cash back on select purchases, you can reach the $300 CAD maximum twice as fast — you now only have to spend $3,000 CAD as opposed to $6,000 CAD.

When the welcome rate of 10% cash back ends after your first six months, you’ll then earn at a rate of 2% back on eligible purchases. When you’re earning at the 2% rate, there’s no limit to the amount of cash back you can earn, and again, international purchases won’t count towards cash back rewards.

In addition to the cash back earning structure, you’ll also get access to memorable experiences with American Express Invites, extensive insurance coverage and 24/7 customer service. The insurance coverage that comes with the card includes emergency medical insurance (out of province/country), flight delay insurance and more. The card also comes with a $99 CAD annual fee.

Overall, earning 10% cash back is a huge bonus — no matter how you look at it. Note that because this is a Canadian card from American Express, you must be a Canadian resident and have a Canadian credit file. So, unfortunately, US residents are not eligible to take advantage of the card’s elevated welcome bonus earning structure.

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