SimplyCash Preferred Card by American Express

Pros:

• High cashback rate on all purchases;
• Comprehensive travel insurance;
• Access to American Express Invites and Front Of The Line® presale tickets;
• Exclusive offers with American Express.

Cons:

• Annual fee of $119.88;
• Requires a good to excellent credit score for approval;
• Higher interest rates for unpaid balances;
• Limited acceptance compared to Visa and Mastercard;
• No travel rewards or points program.

App Features

The American Express® Mobile App offers a range of features to help SimplyCash™ Preferred Card holders manage their accounts efficiently and securely:

• Account Management: View your account balance, recent transactions, and payment history;
• Rewards Tracking: Monitor your cashback earnings and see how much you’ve accumulated;
• Bill Payments: Pay your credit card bill directly through the app;
• Security Alerts: Set up alerts for suspicious activity and manage your card security settings;
• Exclusive Offers: Access special offers and promotions available only to American Express cardholders.

About the Issuing Bank

Founded in 1850, American Express, or Amex, stands as a globally recognized financial services corporation celebrated for its credit card, charge card, and travel-related services.

Fees of the SimplyCash™ Preferred Card

Fees were updated according to the card issuing website on 07/01/2024

The SimplyCash™ Preferred Card comes with several fees that potential cardholders should know.

• The annual fee for this card is $119.88, and there is no additional fee for supplementary cards;
• The preferred rate for purchases is 21.99%, and the preferred rate for funds advances is 21.99%. The interest rates will increase to 25.99% if the client has 2 separate Missed Payments and to 28.99% if the customer has 3 or more separate Missed Payments;
• The Minimum Payment is the lesser of the total of any previously billed minimum payment that remains unpaid on the closing date of the statement, plus installment amounts charged on the billing statement, plus $10 and interest, overlimit fees, and dishonored payment fees (for non-Quebec residents) or 5% of the remaining balance owing that month (for Quebec residents);
• The Minimum Payment can also be the lesser of the entire new balance of the billing statement;
• There is a foreign transaction fee of 2.5% of the transaction amount and an overlimit fee of $29;

Understanding these fees can help you manage your finances better and make an informed decision about whether this card suits your needs.

Why Apply for This Card?

The SimplyCash™ Preferred Card from American Express is an excellent choice for those who want to maximize their cashback rewards on everyday purchases.

With a high cashback rate on all purchases and no limit on the amount of cashback you can earn, this card offers significant value for cardholders. The card also provides comprehensive insurance coverage, including travel accident insurance, car rental theft and damage insurance, and a buyer’s assurance protection plan.

Cardholders can enjoy exclusive access to American Express Invites and Front Of The Line® presale tickets, providing opportunities to attend sought-after events and experiences.

The American Express® Mobile App allows you to manage your account, track your rewards, and access exclusive offers, ensuring you get the most out of your card.

These features make the SimplyCash™ Preferred Card a valuable addition to your wallet, offering both savings and convenience for those who prefer cashback rewards.