SimplyCash Preferred Cash Back Credit Card Annual Fee Goes Up

American Express Cash Back Credit Card

Amex’s annual fee cash back credit card is going through a bit of a facelift, including receiving a higher annual fee. However, existing users will be able to continue paying $79 per year.

With a new $99 annual fee, there is a promotional bonus of 5 percent cash back for the first three months, capped at $300. What this means is that you can spend a total of $6,000 in three months or $2,000 each month to catch this promotion.

Also, there is no more spending limit on 2 percent cash back. This card comes with some insurances, such as emergency travel medical, travel accident insurance, and car rental theft & damage insurance.

The 2 percent return on all spending is a good cash back rate, but there are other Canadian cash back cards that offer the same return. MBNA Rewards World Elite (2% flat), Scotia Momentum Visa Infinite (4% on selected categories), Scotia Gold American Express (4% on selected categories), BMO Cashback World Elite MasterCard (1.75% flat, but has various added perks) are just a few.

On the no-annual fee side, Amex has its own SimplyCash card that earns 1.25 percent flat on everything. Some other no-fee credit cards to consider include Rogers Platinum MasterCard (free for Rogers customers, 1.75% cash back), Tangerine Money-Back Credit Card (2% flat on selected categories), and the RBC Cash Back MasterCard.

Here are some links to my YouTube video on cash back credit cards I have released in the past:

Which Credit Cards Give the Most Rewards Points of Cash Back?

What Are Some of the Best Cash Back Credit Cards?