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AmEx SimplyCash Preferred Card Review
30 Nov 2018

AmEx SimplyCash Preferred Card | Credit Card Review

Cash back rewards are fun, but not when they are so low that you can’t get more than a few dollars a month out of them. This AmEx SimplyCash Preferred Card review is here to provide details on a credit card that will always deliver a predictably decent rate of return.

Enjoy the pleasure of a steady 2% cash back rate on everything you buy with this credit card.

 

General Information

You Are Interested If You want a cash back card that performs well when used any way you like.
Brief Description This is a mid-tier cash back credit card that excels in terms of consistency and general applicability.
Main Requirements Applicants do not need to meet any stated income threshold, but must have good credit in order to be considered.

Card Details

Network American Express.
Provider American Express.
Card Type This card provides cash back rewards at a very reasonable rate.

Fees and Interest

Purchase Interest Rate Cardholders pay 19.99% in interest each year on all usual purchases.
Cash Advance You’ll pay a slightly higher 22.99% in interest to get cash with your credit card instead of just paying for an item or service.
Balance Transfer You can only do balance transfers with this card under certain conditions, but if you do, the 22.99% cash advance rate applies to those balances outside of promotional periods.

Eligibility

Income Requirements The American Express SimplyCash Preferred card does not restricts applicants to any specific income, so if you want one, feel free to try your luck.
Household Income Requirements Combined incomes are not considered for this card.
Annual Fee You must pay $99 a year for this card, but interested readers should know that there is also a no-fee version available.

Rewards

Welcome Bonus Any purchase made on this card will be rewarded with 5% cash back for 6 entire months, up to a maximum total of $300. There is also an extra 1.99% introductory balance rate available that we’ll tell you more about later in this AmEx SimplyCash Preferred card review.
How To Earn Points Every dollar you spend on this card will net you 2% in cash back rewards – there are no bonus categories to worry about.
Benefits In terms of benefits, this card comes with insurance for damage or theft of rental cars, emergency medical insurance for travel away from your home province, $100,000’s worth of travel accident insurance, and even hotel burglary insurance. An American Express Invites membership is also included, and the usual purchase protection coverage is also available.

About AmEx SimplyCash Preferred Card

Main Features

We’re kicking off our AmEx SimplyCash Preferred card review with an interest rate overview, just like we always do. This card leaves customers paying 19.99% interest on purchases and 22.99% interest on cash advance charges. These are standard rates that don’t need a lot of discussion, but which are nevertheless important to be aware of before getting into anything else.

The more interesting things to cover in this AmEx SimplyCash Preferred Card review is the set of two welcome bonuses that new applicants can receive at this time. For their first 6 months, new cardholders can both get 5% cash back on anything they spend up to a limit of $300 in rewards and pay just 1.99% on any balance transfers they make as part of the application process. Due to the limitations of cash flow, it might be difficult to make use of both of these offers within the same 6-month period, but the fact that they are both available to any new applicants makes this card much more attractive to a wider segment of the public. You can enjoy it for the cash rewards, or you can use it to put your best financial foot forward and get out of problematic credit card debt; whichever of these things better fits your needs, you only need to look to this one card as the solution.

Rewards-wise, there’s not much to explain in this AmEx SimplyCash Preferred Card review; every dollar you spend on anything charged to this card gets you 2% in cash back, no more and no less. A flat rate that applies to all purchases might be somewhat less exciting than bonus categories that suddenly ratchet up your reward rates, but this method provides much more consistent rewards and makes everything so much simpler. Getting 2% cash back on everything means that if you, for instance, can expect to spend about $1,500 a month on a regular basis, you’ll be able to count on getting about $30 a month back in cash back rewards no matter what you buy with that money or what kind of store you get it from. Knowing that that money is almost certain to be coming to you after a while allows you to plan ahead and potentially set your sights on some bigger purchases for the end of the year as a special treat, such as a spa day or a gaming console. You probably shouldn’t incorporate these rewards into your budget for necessities just in case things somehow do not work out, but that’s only for the sake of caution.

The next segment of our AmEx SimplyCash Preferred Card review deals with the benefits that you automatically receive upon signing up for this card. It features 6 kinds of travel insurance bundled in to keep you and your belongings safe and secure on any voyages you make. Many of them kick in during something as simple as a trip to your neighbouring province, so even if you only ever leave home for things like visiting relatives or celebrating holidays, you may still find a use for them. Further, even if you never end up using any of these insurance policies, it’s always nice to know that should you need them in an emergency, they will be there for you. None of these benefits come at any cost to you as a cardholder, so there is no reason not to keep them in your back pocket just in case.

This card is also rather easy to get, with little in the way of income guidelines and requiring only middling credit for acceptance. The only potential obstacle standing in the way of this card and some poorer people is the somewhat high annual fee. A lesser version of this card does exist with no annual fee, but it’s significantly less impressive than this one. Because the cash back rates are lower and theses types of rewards are so easy to do a clear cost-benefit analysis on, the impact of choosing the lower-tier card is obvious. When it’s so easy to earn back the $99 you’ll be spending, there’s no reason not to opt for this version unless paying the fee will bring you true financial hardship or your average amount spent per month is extremely low. If either of these things is the case, it may make more sense for you to choose the lower-tier card, but this is the only instance in which this is true.

Conclusions

We’re nearly done with our AmEx SimplyCash Preferred Card review, and now it’s time to consider how all the different aspects of this card come together in the end. This is a great, accessible, easy-to-understand cash back credit card option that provides more than enough value to justify the annual fee. If you want it, you should have little trouble getting it, and most people will see sizable and consistent returns from the rewards program. It’s ideal for people who find the complex calculations associated with many different reward rates to be somewhat intimidating; they’ll still get the benefits, but they won’t have to worry about spending in a particular way or figuring out the applicable benefits from month to month.

About American Express

Since first coming onto the scene in 1850 as an express mail company, American Express has only gotten bigger and bigger. They are now a veritable financial giant with a reputation for providing the very best in cosmopolitan credit cards. They have a strong market presence all over the world, including in India, the Carribean, and Latin America. In 1983, they contributed significantly to an initiative to help restore the Statue of Liberty, and they have gone on to launch several extremely memorable marketing campaigns since then. You know exactly who they are, and you know the high level of service you can expect from them.

What We Think

We’ll round out this AmEx SimplyCash Preferred Card review by giving this card our nod of approval. It isn’t the best cash back card out there, but it’s far from the worst. Its most major drawback (a lack of bonus categories) can actually be an added bonus for some people. If you really enjoy finding ways to maximize your reward earnings and will be disappointed by a lack of bonus categories, you may not be fully satisfied by this card; if you’re like most people, though, and just want to reap the benefits of a credit card with as little fuss as possible, you’ll get a lot of use out of this one.