Simplii Financial Cash Back Visa: cash back on dining and essentials
Simplii Financial is a digital bank for Canadians who prefer to manage their money online, and its Cash Back Visa credit card follows the same approach.
The card has no annual fee and pays cash back on everyday spending, with higher rates at restaurants and on essentials. Simplii Financial is a division of CIBC, one of Canada’s largest banks.
In this guide, you’ll see how the card works, what it offers, its strengths and weaknesses, and who it suits. Keep reading to know more!
Pros and cons of the Simplii Financial Cash Back
The Simplii Financial Cash Back Visa credit card comes with both highlights and limitations.
Below, we’ll explain the main benefits and a few aspects to keep in mind before applying for it.
Advantages
Here’s what stands out about this card:
- There’s no annual fee for the primary cardholder or for up to 3 additional cardholders;
- Earn 4% cash back at eligible restaurants, bars and coffee shops, on up to $5,000 in purchases per year;
- Earn 1.5% cash back on eligible gas, grocery and drugstore purchases and on pre-authorized payments, on up to $15,000 in purchases per year;
- Earn 0.5% cash back on all other purchases, and on purchases in the categories above once the annual limits are reached, with no cap on your total cash back;
- Additional cardholders earn cash back for your account, and you can set a spending limit for each of them;
- Purchase Security and Extended Protection Insurance is included, and it doubles the manufacturer’s warranty for up to one additional year.
Insurance coverage is subject to the terms, limits and exclusions in the Certificate of Insurance provided with the card.
Disadvantages
The Simplii Financial Cash Back Visa credit card may not suit everyone. Here are a few drawbacks to consider:
- Cash back is paid only once a year, as a credit on the primary cardholder’s January statement, so you can’t redeem it whenever you want;
- The card isn’t available to Quebec residents. Applicants must also be Canadian citizens or permanent residents living in Canada;
- The purchase interest rate is 21.99%, and it may increase to 24.99% if you miss your required payment twice in a 12-month period;
- Travel insurance isn’t included. CIBC Travel Medical Insurance is available only as an optional extra;
- If you prefer to collect points or miles, this card doesn’t offer them;
- Applicants need a minimum household annual income of $15,000.
Fees and rates
Take a look below at the main fees and interest rates for the Simplii Financial Cash Back Visa credit card:
- Annual fee: $0 for the primary cardholder and any authorized user;
- Purchase interest rate: 21.99%;
- Cash advances, balance transfers and convenience cheques interest rate: 22.99%;
- Increased rates if you miss your required payment twice in any 12-month period: 24.99% on purchases and 27.99% on cash advances, balance transfers and convenience cheques, for at least 12 months;
- Interest-free grace period: your payment due date is at least 21 days after your statement date. There’s no interest-free period for cash advances, balance transfers or convenience cheques;
- Foreign currency conversion fee: 2.5% of the converted amount;
- Overlimit fee: $29;
- Account maintenance fee: if your account is inactive and has a credit balance that hasn’t changed for 360 consecutive days, you’ll be charged the lesser of $10 or the full credit balance on that date;
- Promotional (low rate) convenience cheque or balance transfer fee: up to 3% of the amount;
- Statement copy fee: $10 for each monthly statement you request;
- Transaction receipt copy fee: $5 for each copy;
- Cash advance fee: $5 for each transaction;
- Dishonoured convenience cheque or balance transfer fee: $45 each;
- Dishonoured payment fee: $45 each.
Rates and fees checked on September 22, 2026, against the Simplii Financial website and Summary of Rates and Fees (current as of September 1, 2025). Confirm current terms on the Simplii Financial website before applying.
About the bank
Simplii Financial is a division of the Canadian Imperial Bank of Commerce (CIBC), one of Canada’s largest financial institutions.
It operates as a digital bank and offers chequing and savings accounts, a credit card, personal loans, lines of credit, mortgages and investment products. Its banking services aren’t available in Quebec.
General inquiries can be made at 1-888-723-8881 or by email at talktous@simplii.com.
Mobile app
You can manage the Simplii Financial Cash Back Visa through Simplii’s online banking and mobile banking app. You can:
- Check your balance and keep track of your spending;
- Pay your bills;
- Add additional cardholders;
- Set up balance alerts, which warn you when your available credit falls below an amount you choose.
Simplii also sends fraud alerts by email, text and phone when it detects potential unauthorized use of your card. You can add the card to Apple Pay, Google Pay or Samsung Pay to pay with your phone.
Opinion about the card
The Simplii Financial Cash Back Visa credit card can be a good fit for Canadians outside Quebec who want a no-annual-fee card with higher cash back on dining and essentials.
If you spend regularly at restaurants, at the grocery store, at the gas station or on pre-authorized payments, the category rates can add up over the year.
However, the cash back is paid only once a year, the card has no travel insurance, and there are no points or miles. If flexible rewards matter to you, compare other options before applying.
This content is for information purposes only and does not constitute financial advice. Finvyu is not affiliated with Simplii Financial or CIBC.
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