BEST CashBack Credit Card in Canada 2024 | AMEX SimplyCash Preferred Review

In this video, we take a look at the AMEX SimplyCash Preferred Card, discuss what features it offers, and why it is one of the best Canadian cash back credit cards 2024.

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There are a number of different tiers of best premium credit cards in Canada. I previously talked about the AMEX Platinum Card which is the best high fee premium credit card. The AMEX SimplyCash Preferred Card however is a more affordable card, which offers a ton of value over the no fee version, the AMEX SimplyCash Card.

In this video, we are going to compare the AMEX SimplyCash Card with the AMEX SimplyCash Preferred Card in order to see why you pay the extra fee for the premium credit card, what features you get, and why it is absolutely worth signing up for what is easily one of the best cash back credit cards Canada 2024.

We begin the AMEX SimplyCash Preferred Card review by looking at how much it costs. The American Express Preferred Card has a monthly fee of $10, which is the same as having a $120 annual fee. This means that even though the card is a paid credit card, it is still on the more affordable side, and is not as expensive as premium credit cards that charge an annual fee of $600-$700.

With this card you receive 4% cash back on gas, 4% cash back on groceries, and 2% cash back on all other spending. This is much higher than the no fee credit card, which has 2% cash back on gas, 2% cash back on groceries, and 1.25% back on all other purchases. For most people, these higher cash back rates alone are worth the fee, as for most users these higher cash back returns end up paying for the card many times over. But this is only the beginning, and there are still many other amazing features that come with the preferred card.

The paid SimplyCash Card also offers phone damage protection up to $1000 per phone. Any American Express SimplyCash Preferred Card holder in Canada will receive this benefit for up to 2 years after purchasing their phone, as long as they use their AMEX credit card to purchase their phone. This means that you no longer need to sign up for programs such as Apple Care+ for iPhone users, which costs $250 for a 2 year coverage. In fact the total credit card fees that you I=will pay in those 2 years will be less than what you would have to pay in order to enrol into the Apple Care + program.

In addition to this, all AMEX premium cards with loads of travel coverages, and SimplyCash Preferred Canada is no exception. With this card you will receive emergency medical insurance up to $5 million for the first 15 days of your travel, flight delay insurance, baggage delay insurance, hotel burglary insurance, lost baggage insurance, travel accident insurance up to $100,000, & car rental insurance.

This card also offers up to $400 in sign up bonus. For the first 10 months of owning the best cashback credit card Canada 2024, for every month that you spend at least $750 with the card, you will receive an additional $40 in cash back. This means that if you follow suit for all 10 months, you will receive a total additional $400. In order to take advantage of this sign up bonus, make sure to put all your normal day to day spendings on this card for the first 10 month in order to maximize your cash back earnings.

Overall, this card is not only one of the best AMEX credit cards 2024, it is also one of the best cash back credit cards 2024 Canada wide. This is because the credit card cash back rates are some of the best, the fee is one of the most affordable among Canadian premium credit cards, and it also has amazing features such as phone protection for 2 years, as well as all sorts of travel coverages that habilitate a wonderful trip. Feel free to go ahead and check out the best AMEX credit card Canada, and get your hands on it when you can.


0:00 Intro
1:19 Fees
1:46 Cash Back Rates
2:41 Phone Protection For 2 Years
4:28 Travel Coverage
5:08 Sign Up Bonus $$
6:09 Recap