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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.
With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game. Here are the top 5 reasons it should be in your wallet, or read our definitive review for more details.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards