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SimplyCash from American Categorical
- Annual price: $0
- Earn charge: 2% money again on eligible gasoline and grocery purchases as much as $300 yearly; 1.25% money again on the whole lot else
- Welcome provide: You’ll be able to earn a $10 assertion credit score for every month-to-month billing interval by which you make at the very least $300 in purchases (for a complete worth of as much as $100).
- Annual earnings requirement: None
Amex SimplyCash advantages: 9 issues to know
1. A formidable base earn charge
With the SimplyCash, you earn rewards on each buy. What’s much more spectacular is the minimal earn charge of 1.25%. This implies you’ll earn on purchases in classes that usually don’t get a lot love with different playing cards, like on-line buying, clothes and electronics. And by comparability, most no price playing cards usually solely earn you 0.5% money again on those self same purchases. The boosted earn charge of 4% on groceries and gasoline (on the primary $15,000 spent yearly) sweetens the pot, making this among the best money again and finest no-fee playing cards in Canada.
2. No restrict on the money again you may earn
There’s no cap in your annual rewards—one thing that may’t be stated for all no-fee bank cards. So, no matter how a lot you spend per 12 months, your earn charge will stay at 1.25% (assuming your account is in good standing). The boosted charges of 4% on groceries and gasoline apply to the primary $15,000 spent yearly. After that, you’ll earn a vast amount of money again at 1.25%. .
3. Money again is rewarded as soon as per 12 monthsÂ
The one small catch with the SimplyCash from Amex is that the money rewards are granted as soon as per 12 months, in your September assertion. This can be a slight disadvantage in comparison with different cash-back playing cards, just like the BMO CashBack Mastercard or TD CashBack Visa, that will let you redeem rewards any time you want.Â
4. There’s no annual price or earnings requirement
One of many greatest attracts of the SimplyCash from American Categorical is the truth that there’s no annual price. Which means it’s fully free to make use of (offered you repay your stability in full each month, after all). So, all of the rewards go proper into your pocket as an alternative of offsetting an annual price. As properly, there’s no strict earnings requirement to be eligible for the cardboard, making SimplyCash from Amex accessible to nearly all of Canadians.
5. You’ll get entry to American Categorical Experiences
As you would possibly anticipate with a no-fee card, SimplyCash from American Categorical doesn’t have essentially the most spectacular suite of advantages. Nevertheless it does provide one thing you received’t get with different no-fee playing cards from Visa or Mastercard: American Categorical Experiences. This can be a severe leisure perk that offers you entry to presale tickets to main occasions, reveals and concert events, in addition to early bookings to a few of the nation’s hottest eating places and even specifically curated non-public buying experiences.
5. It comes with insurance coverage
The SimplyCash presents as much as $100,000 in journey accident insurance coverage while you cost your airplane, practice, ship or bus tickets to your card. You’ll additionally get buy safety and computerized prolonged warranties for as much as one 12 months (which is the norm for many bank cards).
6. The SimplyCash is a bank card, not a cost card
It’s generally thought that every one American Categorical playing cards are cost playing cards, that means it should be paid off each month it doesn’t matter what. However that’s not truly the case; SimplyCash from Amex is a standard bank card, identical to any Visa or Mastercard. When you apply, you’ll be accredited for a set credit score restrict, and so long as you repay your stability in full each month, you received’t owe any curiosity. The cardboard does will let you carry a stability from month to month, however an rate of interest of 20.99% will kick in in the event you try this. Once more, that is rather like some other bank card.
7. Extra locations are actually accepting Amex
Whereas it’s true that American Categorical isn’t as broadly accepted as Visa and Mastercard, the distinction is just not as vital as you would possibly assume—relying in your buying habits. It’s accepted at greater than 90,000 areas throughout Canada, together with most main malls and restaurant chains, many distinguished grocery shops and nearly all online-delivery and ride-share apps. That stated, it’s true Amex isn’t accepted at a number of locations, equivalent to Loblaws, low cost grocers and lots of smaller native shops, eating places and cafes. A standard technique amongst Amex cardholders is to hold a debit card or a second bank card from Visa or Mastercard in case a retailer doesn’t settle for Amex. You’ll be able to at all times try American Categorical Maps to see if a enterprise accepts Amex, too.