Life is expensive, and even the tiniest amount of extra cash is always helpful. You can get a little more to spend with the Amex Simplycash in your wallet. Not only does this card come with cash rewards, but it also nets you a few minor benefits and comes with some noteworthy welcome bonuses.
Earning Cash Back Rewards
The Amex Simplycash is a basic credit card that isn’t too hard to get, although it may be harder to qualify for than some other entry-level cards simply due to American Express’ reputation for exclusivity. Its rewards are just about in line with what the rest of the low-level credit card market offers in Canada, though; you can get 1.25% cash back on anything you purchase by using it. It’s nice that there are no limitations as far as what you can buy to get rewarded at this rate, but at the same time, that means you don’t get any chances to earn more, and the rate itself is only mediocre.
There is one other way to score some cash with this card, though, under the right circumstances. If you end up enjoying having it, there is a nice referral program you should know about that might net you some extra money; you’re eligible for a $100 payment each time you refer a friend to this credit card, and you can do this a maximum of 15 times a year for up to $1,500.
Extra Incentives for New Clients
If you’re new to this card, you can get an even better deal than what we talked about above. First of all, your reward rate will be boosted for a short period of time – in this case, you’ll get 2.5% cash back in the first 3 months for up to $150 in cash total. That’s not a huge boost and it is capped at a moderate amount, but it’s significantly more than you will get otherwise and it looks far more impressive next to the low rates you’d get from other cards. In addition to this, you’ll also be eligible for a 1.99% introductory interest rate on balance transfers for 6 months as long as you make the transfer during your application process. This is a significant discount on the nearly 20% in interest that you would usually be paying, and it will save savvy consumers a lot of money that they can then use to pay down their debts.
How About Benefits?
Being an entry-level option, this card naturally doesn’t offer much in terms of benefits. It does include admission into the American Express Invites program, though, which some will find nice. This program will entitle you to special reserved event tickets, expedited access to shows and concerts and even the chance to take advantage of exclusive deals that won’t be available to anyone else. If you don’t go to many events, though, the only perk that will be of real interest to you is the $100,000 of travel accident insurance that is also included. This won’t go very far if you have any kind of serious accident, but it doesn’t have to be your only coverage and anything is better than nothing, especially when many cards no longer include benefits at all.
Is the Amex Simplycash a Good Choice For You?
While nothing besides the welcome bonuses particularly stands out about the Amex Simplycash, it’s still a serviceable card with just a little bit more to offer than its peers. As long as you’re okay with potentially having limited shopping options due to the fact that a fair chunk of retailers do not take American Express cards, this card is an above-average cash back option for credit newbies.