What the Card Offers
Amex markets the SimplyCash Card as a no-fee way to earn cash back on every purchase: 2% on gas and groceries, 1.25% on everything else, and up to $100 in bonus cash back in the first 3 months.
- $0
No annual fee1
No annual fee, and no fee for additional cards.
- 2%
Gas and groceries2
2% at stand-alone gas stations and grocery stores in Canada, on up to $15,000 a year.
- 1.25%
Everything else2
1.25% cash back on all other purchases, with no limit.
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- $100
Welcome cash back3
An extra 5% on up to $2,000 of purchases in your first 3 months.
- $375
Referral cash back4
Up to $375 a year in cash back for approved referrals.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (4)
- Amex SimplyCash product page (retrieved 2026-10-21)
- Amex SimplyCash product page footnotes (retrieved 2026-10-21), earn rate terms
- Amex SimplyCash product page footnotes (retrieved 2026-10-21), Welcome Bonus terms
- Amex SimplyCash product page footnotes (retrieved 2026-10-21), Referral Program terms
Points & Redemption
Rates: SimplyCash Card and SimplyCash Preferred Card Cardmember Agreements 50498176 (09/26), SimplyCash cash back program terms: Annual Payment of Cash Back Rewards. Cash back is credited to your account balance at face value.
The Fine Print Report
Light fine print, but the annual payout rule matters.
Cash back paid yearly; lost if you closeImpact level: High
Cash back is paid once a year in September, and closing the card before then forfeits it all
Cash back accumulates monthly but is only credited once a year, on the statement issued in September. The terms say that if the card is cancelled for any reason you won't qualify to receive cash back, and cash back isn't considered earned until it's paid.
Why it matters: Close or switch the card just after the September credit, never before, or you lose up to a year of cash back.
Missed payment: month's cash back lostImpact level: Medium
Miss a minimum payment and that month's cash back is forfeited
If the minimum payment isn't paid by the due date, the cash back earned for that monthly period, including any bonus-rate cash back, is forfeited. It can only be reinstated if you ask within 120 days and pay a reinstatement fee. Cancelling or downgrading the card, or returning purchases made to earn cash back, can be treated as abuse.
Why it matters: Set up automatic minimum payments.
2% capped at $15,000/yr; stand-alone onlyImpact level: Medium
2% on gas and groceries stops after $15,000 a year, and only at stand-alone stores
The 2% rate applies at stand-alone gas stations and grocery stores in Canada, on up to $15,000 of purchases a year ($300 cash back); after that it drops to 1.25%. Superstores, wholesale clubs, alcohol retailers and general merchandise stores that sell gas or groceries don't count.
Why it matters: Grocery runs at big-box stores or warehouse clubs earn the base rate.
Missed payments: rates up to 29.99%Impact level: Medium
Missed payments can raise your rates from 21.99% to 25.99% or 29.99%
The 21.99% purchase and funds-advance rates are the preferred rates. The page says Missed Payments move the account to rates of 25.99% and/or 29.99%; how many missed payments trigger each rate, and what counts as a Missed Payment, is only in the information box sent with the application.
Why it matters: If you carry a balance, set up automatic minimum payments and ask for the information box before applying.
2.5% FX fee, not refunded on returnsImpact level: Medium
2.5% foreign currency conversion commission, not refunded on returns
Charges in a foreign currency are converted by Amex's currency affiliate and a 2.5% conversion commission is added. The agreement sets the rate in the information box sent with the application rather than on the product page. The commission isn't returned when a foreign-currency purchase is refunded.
Why it matters: Spending $200 a month in U.S. dollars, on subscriptions for example, adds about $60 a year in conversion fees, and refunds of foreign purchases don't return the original commission.
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5% bonus: $2,000 cap, paid in SeptemberImpact level: Low
The bonus 5% stops after $2,000 of purchases or 3 months, and arrives with the September payout
The extra 5% applies to all purchases until either $2,000 has been spent or 3 months have passed, a maximum of $100. Like all cash back, it's credited once a year on the September statement. Current or former SimplyCash Cardmembers aren't eligible.
Why it matters: A card opened in October waits almost a year for the bonus, and loses it if closed first.
No travel medical or rental car coverImpact level: Low
Only purchase protection, extended warranty and travel accident insurance
Insurance is limited to Buyer's Assurance (doubles manufacturer warranties by up to a year), Purchase Protection (90 days) and $100,000 travel accident cover. There's no medical, trip cancellation or rental car coverage.
Why it matters: Travellers need separate insurance.
Third-party payments earn 1.25%Impact level: Low
Bonus rates don't apply through payment services, phone card readers or marketplaces; those earn 1.25%
Purchases made through a third party's payment account or service, on a card reader attached to a mobile phone, or with an online retailer that sells other merchants' goods earn the base rate of 1.25%, as does any purchase whose merchant category can't be identified.
Why it matters: Pay the merchant directly to get the bonus rate.
Who This Card Is For
Great fit if you...
- Want a no-fee card with 1.25% on everything
- Buy gas and groceries at stand-alone stores
- Keep cards open long-term
Consider alternatives if you...
- Might close the card soon
- Shop at warehouse clubs or superstores
- Want cash back paid monthly
- Need travel insurance
Welcome Bonus History
Amex SimplyCash Welcome Bonus History
The Verdict
The SimplyCash Card has no fee and pays 1.25% on everything, with 2% on gas and groceries up to $15,000 a year.
Cash back is paid only once a year in September and is forfeited if the card is closed before then.
The Recommendation: A solid no-fee flat-rate card if you'll keep it open past each September; check Amex acceptance where you shop.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer