American Express SimplyCash Preferred

Overview

The American Express SimplyCash Preferred is Amex's top cashback card for Canadian consumers — a card that earns 4% cashback on eligible gas and grocery purchases in Canada and 2% cashback on all other eligible purchases. Issued by American Express at $9.99 CAD per month (totalling $119.88 CAD annually), the SimplyCash Preferred is one of the strongest flat-rate cashback cards available in Canada for households with meaningful gas and grocery spending. There are no points to transfer and no program to navigate: your cashback accumulates automatically and is applied as a statement credit.

Who this card is for

This card fits households whose two biggest monthly spending categories are groceries and gas. If your grocery bill runs $800 CAD per month and you fill up the car twice a week, the 4% earn rate on those purchases is producing meaningful cashback before you factor in the 2% on everything else. The $119.88 CAD annual fee is offset quickly at moderate-to-high spend levels. There's no income requirement, and the monthly billing structure means you can cancel mid-year without forfeiting a full year's fee.

Key benefits

The 4% earn rate on eligible gas and grocery purchases in Canada is among the highest available for a consumer credit card that doesn't restrict redemptions to a specific retailer or program. Spend $1,000 CAD per month on groceries and $200 CAD per month at the gas station, and you're earning $48 CAD per month in cashback from those two categories alone — $576 CAD per year from gas and groceries, well past the $119.88 annual fee.

The 4% rate does have an annual cap of $30,000 in combined gas and grocery spending, after which those purchases earn at 2%. Practically, that's $2,500 CAD per month in combined gas and grocery spend before hitting the ceiling — a threshold most Canadian households won't reach.

The 2% rate on all other eligible purchases is the best flat rate on a paid Amex card in Canada — every dollar you spend on dining, travel, retail, and subscriptions earns 2% back. Spend $2,000 CAD per month across non-gas, non-grocery categories and that's $40 CAD in monthly cashback, or $480 CAD per year.

Welcome bonus offers on the SimplyCash Preferred have included elevated cashback rates in the first few months on all purchases. Check the Amex Canada site for the current promotion.

Potential drawbacks

Amex acceptance remains narrower than Visa or Mastercard across Canada. Costco doesn't take Amex, and some grocery stores (a key earn category for this card) may not either. If a chunk of your grocery budget goes through Costco or an Amex-rejecting retailer, your effective earn rate in that category drops. The monthly fee structure also means you're paying even in months where the card doesn't get much use.

How it compares

The American Express SimplyCash earns 1.25% on everything and 2% on gas and groceries with no annual fee — if your combined gas and grocery spend is under roughly $400 CAD per month, the no-fee version is more cost-effective. The CIBC Dividend Visa Infinite earns 4% on groceries and gas on a Visa network with no Amex acceptance limitation — it charges $120 CAD annually and is worth comparing if Amex coverage at your preferred grocery stores is spotty.

Bottom line

One of the best cashback cards in Canada for household spenders whose budget is dominated by groceries and gas. The 2% on everything else makes it a strong all-rounder too. If those categories fit your life, the fee pays for itself quickly.