Apply SimplyCash Preferred Card by American Express

SimplyCash Preferred Card by American Express offers unlimited 2% cashback on every purchase. It is a credit card designed for millennials, offering rewards and cashback on travel, entertainment, and dining.

Some people are saying that it is the best credit card to use when you are a new individual for using a credit card.  With the advantages of the SimplyCash Preferred Card by American Express, you get all the essentials you need for a great travel experience. Some of the most common benefits include travel insurance and baggage insurance. Not only are these insurance benefits important, but they are also often times a great value to have when you travel – which Canadians love the most.

Rates and Fees of SimplyCash Preferred Card by American Express

Annual Fee: SimplyCash Preferred Card by American Express charges a reasonable annual fee of $119.88 But, if you have any other supplementary cards from American Express, the annual fee is waived as long as you are paying other annual fees on the latter. 

Late Payment Penalty Fee: SimplyCash Preferred Card by American Express doesn’t have any late payment penalties. But keep in mind that if you missed a payment, there’s a high chance that the APR charged will get higher. 

Returned Payment Fee: For every dishonored or returned payment you made as a cardholder, SimplyCash Preferred Card by American Express will charge you $25 as a fee. 

Foreign Transaction Fee: SimplyCash Preferred Card by American Express charges a 2.5% on top of the pinricipal amount as a foreign transaction fee. This fee is for cardholders who wishes to make an international purchase. 

Interest Rate: SimplyCash Preferred Card by American Express has an annual interest rate of 20.99% for purchases, while the APR is 21.99% for cash advance.

Other fees: If you exceeded your credit card limit, you will be charge an over limit fee of $29. Furthermore, SimplyCash Preferred Card by American Express also charge a statement reprint fee should you wish to reprint one for $3. 

Qualifying for SimplyCash Preferred Card by American Express

Minimum Credit Score needed: SimplyCash Preferred Card by American Express did not specify the required credit score they need. But in general, a credit score of 650 and above can give you a high possibility of being eligible for the card. 

Annual Income requirements: SimplyCash Preferred Card by American Express also didn’t specify the required annual income. But, they do say that you have to be a Canadian resident in order to acquire one of this card.  

How to apply for SimplyCash Preferred Card by American Express?

Applying for SimplyCash Preferred Card by American Express is easy. You can just go to their website and you’ll eventually see all the rates and fees associated with the card. Furthermore, this is your chance to review them all. After that, click ‘Agree and Begin’ so you can start filling out an application form that needs pure basic personal information about you. 

Once done, submit the application and American Express will get in touch with you about the credit history check. Assuming that you’ve been approved, you have to review all the terms and conditions again before you can even sign the contract. Finally, wait for your SimplyCash Preferred Card by American Express and start spending! 

Final thoughts

Many people are hesitant to use credit cards since they tend to carry a lot of debt. However, there are a lot of benefits to having a credit card and using it for your daily purchases. A lot of people use a credit card for day-to-day purchases such as gas, groceries, and for shopping.

On top of that, you can also use it to get insurances and coverage for travel or medical expenses – two of the major things SimplyCash Preferred Card by American Express offers. This card may charge average to high rates and fees, but the insurance it gives can go up to $5 million.