The SimplyCash Preferred Card is a standout choice for individuals seeking a cash back credit card with premium features and a strong rewards program. With competitive perks, this card is designed for those who want to maximize their everyday spending. In this article, we will explore the SimplyCash Preferred Card’s key features, benefits, and reasons why it may be an excellent fit for your wallet.
Introduction to the SimplyCash Preferred Card
The SimplyCash Preferred Card is issued by American Express, one of the most trusted and reputable credit card companies in the world. This card is known for its high cash back rewards, especially in categories where consumers tend to spend the most, such as gas, groceries, and recurring bills. Additionally, it comes with a range of features that cater to those who value both convenience and savings.
Key Features of the SimplyCash Preferred Card
1. Cash Back Rewards
The SimplyCash Preferred Card offers an impressive cash back structure that appeals to a wide range of consumers. Here’s a breakdown of the cash back rewards:
- 4% Cash Back on Eligible Gas and Grocery Purchases: These are two of the most common and significant spending categories for many cardholders. Earning 4% cash back means that every time you fill up your tank or shop for groceries, you’re maximizing your savings.
- 2% Cash Back on All Other Purchases: Unlike some cards that limit their cash back rewards to specific categories, the SimplyCash Preferred Card offers 2% cash back on all other purchases. This makes it an ideal option for those who make a variety of purchases throughout the month.
- Unlimited Cash Back: One of the standout features of this card is the unlimited cash back potential. There is no cap on the amount of cash back you can earn, which makes it highly attractive for individuals and families with higher monthly expenses.
2. Annual Fee
While the SimplyCash Preferred Card does have an annual fee, it’s relatively modest considering the high rewards rate. The current annual fee is $99, which is easily offset by the cash back rewards, especially if you are a frequent spender in the 4% cash back categories.
3. Welcome Bonus
New cardholders can take advantage of a generous welcome bonus when they apply for the SimplyCash Preferred Card. While the exact amount of the bonus may vary from time to time, it typically includes a substantial cash back offer on your first few months of purchases. This bonus alone can cover the cost of the annual fee and then some, making it an excellent incentive to sign up.
4. Additional Cardholder Benefits
For those who like to share their card benefits with family members, the SimplyCash Preferred Card offers the option to add additional cards for free. There is no charge for supplementary cards, which allows you to extend the benefits to others while earning cash back on their purchases.
SimplyCash Preferred Card vs. Other Cash Back Cards
There are several cash back cards on the market, but the SimplyCash Preferred Card distinguishes itself with its combination of high rewards rates and versatile earning categories. Here’s how it stacks up against other popular cash back cards:
- Higher Gas and Grocery Rewards: Many other cash back cards only offer 1-2% back on gas and groceries, while the SimplyCash Preferred Card gives 4% cash back. This is one of the highest rates in the industry for these essential spending categories.
- Simple, No-Fuss Cash Back Structure: Unlike some cards that have complicated tiered reward systems or rotating categories, the SimplyCash Preferred Card keeps things simple. You know exactly what you’re earning on every purchase, which makes it easier to maximize your rewards.
- No Foreign Transaction Fees: Travelers will appreciate that this card does not charge foreign transaction fees, making it an ideal choice for international use. You can earn cash back on your purchases abroad without worrying about additional charges.
Insurance and Purchase Protection
Beyond the lucrative cash back rewards, the SimplyCash Preferred Card comes with a range of insurance and purchase protection benefits that add significant value to the card.
1. Travel Insurance
For frequent travelers, the SimplyCash Preferred Card offers comprehensive travel insurance coverage, including:
- Out of Province/Country Emergency Medical Insurance: Coverage of up to $5 million in emergency medical expenses while traveling outside of your home province or country.
- Flight Delay Insurance: Get reimbursed for any reasonable expenses incurred due to a delayed flight.
- Baggage Insurance: Covers lost or delayed baggage during your travels.
2. Purchase Protection
This offers peace of mind when making larger or more valuable purchases.
3. Extended Warranty
Another valuable feature is the extended warranty protection, which doubles the manufacturer’s warranty on eligible items for up to an additional year. This can save you significant amounts of money on repairs or replacements.
Is the SimplyCash Preferred Card Right for You?
The SimplyCash Preferred Card is best suited for individuals and families who spend a significant portion of their budget on gas and groceries. If you fall into this category, the 4% cash back rewards can add up quickly, allowing you to save money on your everyday expenses.
Additionally, the card’s simple rewards structure makes it a good fit for those who prefer not to deal with rotating categories or spending caps. The unlimited cash back feature ensures that you continue earning no matter how much you spend.
For frequent travelers, the lack of foreign transaction fees and the comprehensive travel insurance package make it a strong contender for international use.
1. Considerations Before Applying
- Annual Fee: While the $99 annual fee may seem like a downside, it is important to weigh this against the potential cash back earnings. If you spend heavily in the 4% categories, you can easily offset the fee with your rewards.
- Credit Score: As with most American Express cards, the SimplyCash Preferred Card requires a good to excellent credit score for approval. Be sure to check your credit score before applying to ensure eligibility.
Final Thoughts
The SimplyCash Preferred Card offers a robust combination of cash back rewards, travel benefits, and purchase protection, making it a well-rounded option for those looking to get the most out of their credit card. Whether you’re focused on maximizing rewards for everyday spending or you value the added perks like travel insurance and no foreign transaction fees, this card is worth serious consideration.
