Amex SimplyCash vs SimplyCash Preferred (2026)

Net annual value uses the published spend profile on How we rank (rewards minus annual fee, no welcome bonus). Cash back is 1:1. American Express product pages say cash back is credited on the statement issued in September each year.

SimplyCash Card from American Express:

• 2% cash back on Gas (eligible stations in Canada)
• 2% cash back on Grocery (Up to $300 cash back/year ($15,000 spend), then 1.25%)
• 1.25% cash back on All other purchases

SimplyCash Preferred Card from American Express:

• 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

Issuer footnotes: grocery bonus applies at stand-alone grocery stores in Canada; gas bonus at stand-alone gas stations in Canada. Superstores, warehouse clubs, alcohol retailers, and general merchandise stores are excluded. Grocery caps reset on the cardmembership anniversary. We model the grocery cap on grocery spend only, matching how the product pages attach the cap to grocery.

Listed welcome offer: Up to $100 in statement credits: $10 for each of the first 10 monthly billing periods with $300 in net purchases Value used in our score: $100. Conditions: Not available to current or former SimplyCash cardmembers. Listed welcome offer: Up to $400 in statement credits: $40 for each of the first 10 monthly billing periods with $750 in net purchases Value used in our score: $400. Conditions: Not available to current or former SimplyCash Preferred cardmembers.

On the published mix, Preferred earns $516 vs $281 for SimplyCash — $236 more rewards. The extra listed fee is $119.88. Net annual value: Preferred $396 vs SimplyCash $281 ($116 more on Preferred).

That mix is groceries $6,000/yr, gas $2,400/yr, dining $1,800/yr, travel $600/yr, bills $1,800/yr, other $4,800/yr. Welcome bonuses are not in this net figure.

If most of your spend is already at 1.25% merchants and you would not use Preferred’s 4% grocery/gas, the $119.88 fee is harder to earn back. Run your numbers on the spending calculator.

Fees: SimplyCash $0; additional card $0. Preferred $119.88 ($5/month); additional card $0.

FX: Both cards list FX as Not listed in our data. The issuer product pages we use do not state a foreign transaction fee, so we do not assume 2.5%.

Income: SimplyCash Not listed. Preferred Not listed.

Insurance (as listed in our data): SimplyCash: Travel Accident (Up to $100,000); Purchase Protection (Up to $1,000 for 90 days); Extended Warranty (Up to 1 additional year). Preferred adds travel medical, delay/baggage, rental car, and mobile device cover listed below.

Pick the SimplyCash Card from American Express if: You want no annual fee and a 1.25% base rate (3.4/5). Grocery cash back is capped at $300/year. Excellent no-fee cash back card with 1.25% on everything and 2% on gas and groceries.

Pick the SimplyCash Preferred Card from American Express if: You will use 4% grocery and gas and 2% on everything else enough to cover the $119.88 fee (4.5/5). Grocery cash back is capped at $1,200/year. Premium cash back card with 4% on gas and groceries and an excellent 2% base rate.

Amex is not accepted at Costco Canada. If you need Mastercard for warehouse shops, see Best cash back cards and the Costco guide.

Run a custom mix on the spending calculator.