The Amex SimplyCash Preferred is the big brother of the SimplyCash earning 2% cashback on everything, with an annual fee of $99 this card becomes harder to get a good value from because you need to first make a minimum of $100 cashback that would be $5000 in sped before you get any cashback.

Annual Fee & Signup Bouns

• $99 Annual Fee
• Earn 10% cashback in the first month 4 months up to $400 in cashback.

Earning rates + Bonuses

• 2% cashback

Redemption Options

Insurance

• Out of Province/Country Emergency Medical Insurance up to $5,000,000 in the first 15 days for people under the age of 65
• Flight Delay Insurance up to $500 (aggregate maximum with Baggage Delay Insurance)
• Baggage Delay Insurance up to $500 (aggregate maximum with Baggage Delay Insurance)
• Hotel Burglary Insurance up to $500
• Lost or Stolen Baggage Insurance up to $500
• $100,000 Travel Accident Insurance
• Car Rental Theft and Damage Insurance for cars with an MSRP of up to $85,000
• Purchase Protection Plan
• Buyer’s Assurance Protection Plan

Thoughts

Below I put a graph that I made that tells you which Amex cashabck card gives you the most cashback. If you spend more than 12.5k a year on this card then you will get more benefit from the Amex SimplyCash Preferred but if you spend less than that amount then get the Amex SimplyCash.

If you spend close to 12k on this card a year then it still might be worth it to get the SimplyCash Preferred because it has really good insurance coverage that its little brother does not have.

Another thing is that at $99 it is really close to travel credit cards like the TD Aeroplan Visa Infinite at $139 that earns 1 Aeroplan Point on everything else but as you can easily get over 2 CPP with Aeroplan plus the TD card higher earning categories the SimplyCash Preferred becomes less appealing.