What the Card Offers
Amex markets the SimplyCash Preferred as earning more cash back on every purchase: 4% on gas and groceries, 2% on everything else, up to $250 in bonus value, mobile device insurance and Instacart credits, for $9.99 a month.
- 4%
Gas and groceries1
4% at stand-alone gas stations and grocery stores in Canada, on up to $30,000 a year.
- 2%
Everything else1
2% cash back on all other purchases, with no limit.
- $9.99/mo
Card fee2
$9.99 a month ($119.88 a year); Quebec residents pay $119 a year.
Show 4 more benefitsShow fewer
- $250
Welcome bonus value3
An extra 10% on up to $2,000 in your first 3 months, plus a $50 statement credit for a purchase in month 13.
- $1,000
Mobile device insurance4
Up to $1,000 for lost, stolen or damaged phones bought or financed with the card.
- $5M
Emergency medical4
Up to $5,000,000 per person for the first 15 days of a trip, for travellers 64 or under.
- $60
Instacart credits2
Up to $60 in Instacart statement credits in a 12-month period, until December 31, 2027.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (4)
- Amex SimplyCash Preferred product page footnotes (retrieved 2026-10-21), earn rate terms
- Amex SimplyCash Preferred product page (retrieved 2026-10-21)
- Amex SimplyCash Preferred product page footnotes (retrieved 2026-10-21), Welcome Bonus terms
- SimplyCash Preferred Card from American Express Insurance Product Summary and Fact Sheet
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.
Medical: 64 or under, first 15 daysImpact level: High
Emergency medical insurance covers only travellers 64 or under, for the first 15 days of a trip
The $5,000,000 emergency medical coverage applies for a 15-day period including the days you leave and return, and only if the insured person is 64 or under. Conditions that weren't stable in the 90 days before departure are excluded.
Why it matters: Travellers 65 or older, or on trips longer than 15 days, need separate travel medical insurance.
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.
4% capped at $30,000/yr; stand-alone onlyImpact level: Medium
4% on gas and groceries stops after $30,000 a year, and only at stand-alone stores
The 4% rate applies at stand-alone gas stations and grocery stores in Canada, on up to $30,000 of purchases a year ($1,200 cash back); after that it drops to 2%. 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.
Show 3 more findingsShow fewer
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.
Bonus: $2,000 cap; $50 needs year 2Impact level: Low
The 10% bonus stops after $2,000 of purchases or 3 months, and the $50 credit needs the card kept into year two
The extra 10% applies until $2,000 has been spent or 3 months have passed, a maximum of $200, and is credited with the September cash back. The $50 statement credit requires a purchase in month 13, so the card must be kept, and paid for, into its second year.
Why it matters: The full $250 costs at least 13 months of fees ($129.87).
Third-party payments earn 2%Impact level: Low
Bonus rates don't apply through payment services, phone card readers or marketplaces; those earn 2%
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 2%, 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...
- Spend over $500 a month on the card
- Buy gas and groceries at stand-alone stores
- Want 2% on everything
- Keep cards open long-term
Consider alternatives if you...
- Might close the card soon
- Spend little each month
- Shop at warehouse clubs or superstores
- Want cash back paid monthly
Welcome Bonus History
Amex SimplyCash Preferred Welcome Bonus History
The Verdict
The SimplyCash Preferred pays 2% on everything and 4% on gas and groceries up to $30,000 a year, with medical and mobile device insurance.
Cash back is paid only once a year in September and is forfeited if the card is closed before then.
The Recommendation: One of the strongest flat-rate cash back cards if Amex is accepted where you shop and you keep it past each September.
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