Cash BackAmerican Express

SimplyCash Preferred Card from American Express

American Express

Premium cash back card with 4% on gas and groceries and an excellent 2% base rate.

The SimplyCash Preferred Card from American Express is a American Express American Express card with a $120 annual fee. It earns 4% cash back on Gas (eligible stations in Canada). Listed welcome offer value: Up to $250.

Last updated October 8, 2026Source: issuer page

Key facts

Annual fee: $120
Purchase interest rate: 21.99%
Cash advance rate: 21.99%
Earn rates: 4% cash back on Gas (eligible stations in Canada); 4% cash back on Grocery (Up to $1,200 cash back/year ($30,000 spend), then 2%); 2% cash back on All other purchases
Welcome offer: Up to $250
Foreign transaction fee: Not listed
Income requirement: Not listed

How this score is calculated

Formula

Net annual value(50%)5.0
Welcome bonus(15%)3.1
Foreign transaction fee(10%, dropped)—
Insurance & perks(15%)1.9
Purchase interest rate(10%)2.5

What are the fees and rates?

Verified 2026-10-08

Annual Fee

$120

Additional card: $0

Purchase Interest Rate

21.99%

Cash advance: 21.99%

Foreign Transaction Fee

Not listed

What rewards does this card earn?

The SimplyCash Preferred Card from American Express earns 4% cash back on Gas (eligible stations in Canada).

Gas (eligible stations in Canada)

4% cash back

Grocery

Up to $1,200 cash back/year ($30,000 spend), then 2%

4% cash back

All other purchases

2% cash back

Is there a welcome offer?

Yes. The listed welcome offer value is Up to $250.

Up to $200 bonus cash back (10% on up to $2,000 in first 3 months) plus $50 statement credit with a purchase in month 13

Value: Up to $250

Not available to current or former cardmembers

Pros

4% on gas and groceries
2% base rate is excellent
Strong welcome offer ($250 value)
Mobile device insurance included

Cons

$119.88/year ($9.99/month outside Quebec)
Amex acceptance limited
Grocery cash back capped at $1,200/year

What perks are included?

4% on gas and groceries
2% on everything else
Mobile Device Insurance up to $1,000
Up to $60 Instacart statement credits (until Dec 31, 2027, max $5/month)
Refer-a-friend up to $750 cash back/year
Amex Experiences ticket access

What insurance is included?

Mobile Device Insurance – Up to $1,000

Purchase Protection

Travel Coverage

Frequently asked questions

What is the annual fee on the SimplyCash Preferred Card from American Express?

The SimplyCash Preferred Card from American Express has a $120 annual fee.

What rewards does the SimplyCash Preferred Card from American Express earn?

4% cash back on Gas (eligible stations in Canada); 4% cash back on Grocery (Up to $1,200 cash back/year ($30,000 spend), then 2%); 2% cash back on All other purchases