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[American Express] Amex SimplyCash Preferred™ Card: 10% cashback welcome offer on first $5,000 spent)

  • Last Updated:
  • Oct 28th, 2020 10:50 am
[OP]
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Apr 29, 2008
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3155 upvotes
Montreal

[American Express] Amex SimplyCash Preferred™ Card: 10% cashback welcome offer on first $5,000 spent)

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Retailer:
American Express
More offers from American Express
Amex SimplyCash Preferred

10% cashback for up to $5,000 MSR for the first 4 months of spend.
(Bonus $400 is extra 8% on $5,000 spent, even though amex marketing says $4,000)

New offer starting September 2, 2020

1) That works out to $500 total cashback ($100 regular + $400 bonus)

2) Since Sept 11, 2020, GCR offers $60 for applying for this card.

3) Have to pay the $99 annual fee

= your net gain is $461 on first $5,000 spent.
($500 + $60 - $99)
9.22% cashback considering gcr and annual fee.

2% cashback on anything after the welcome offer.

Cashback is only redeemable once a year in September, so you'd have to wait until next year to get the cashback.

You can cancel up to 30 days after annual fee has been posted (in one year) and get refund on 2nd year annual fee.

You might be able to keep credit history by switching to the free version.

Hard hit with transunion

Don’t get a supplementary card while applying, since amex offers $10 cashback to add a supp. Card when you activate the primary card online.
Last edited by cashinstinct on Oct 10th, 2020 1:59 pm, edited 9 times in total.
Thread Summary
Since sept 11, 2020, GCR offers $60 for applying for this card.
343 replies
Newbie
May 11, 2020
22 posts
18 upvotes
Thanks! I was able to refer my p2 which makes the deal even hotter!
Deal Expert
May 30, 2005
44405 posts
4984 upvotes
Richmond Hill
Katie91 wrote: Thanks! I was able to refer my p2 which makes the deal even hotter!
Referral appears to be 5% on 6 months up to $300. How did you get the referral to also get 10% on 4 months?
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Jr. Member
Feb 12, 2020
197 posts
238 upvotes
This is an amazing deal.
This would be a solid card to apply for in November.
Deal Addict
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Dec 6, 2005
1602 posts
442 upvotes
St. John's
GCR link offers $30 cashback and the same 10% offer from what I can see. Only promotes 5% cash back on all eligible purchases (up to $300 cash back) for the first 6 months of Cardmembership on the site but when you click it, it's the 10% offer.

EDIT: cashback changed to zero on their site - that was quick!
Last edited by Chew300ZX on Sep 2nd, 2020 12:05 pm, edited 1 time in total.
Newbie
May 11, 2020
22 posts
18 upvotes
Jon Lai wrote: Referral appears to be 5% on 6 months up to $300. How did you get the referral to also get 10% on 4 months?
Oh god...I might have gotten trigger happy. When I check now it gives me an error "You are not eligible to access this referral offer at this time." Will get back to you once that is fixed.
Deal Fanatic
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Jul 15, 2005
7376 posts
400 upvotes
Toronto
junggoo wrote: This is an amazing deal.
This would be a solid card to apply for in November.
Why in November?
Deal Addict
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Aug 11, 2006
1785 posts
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Thornhill
junggoo wrote: This is an amazing deal.
This would be a solid card to apply for in November.
trixR4kids wrote: Why in November?
For Black Friday and Xmas purchases
Deal Addict
Nov 10, 2016
1427 posts
620 upvotes
BC
It says “ For current or former SimplyCashTM Preferred Card from American Express Cardmembers, we may approve your application, but you will not be eligible for the Welcome Rate of 10%.”...
what about the non preferred looking to upgrade to this?are they eligible?
Last edited by gundamwingZero on Sep 2nd, 2020 10:36 am, edited 1 time in total.
Member
Aug 27, 2012
464 posts
415 upvotes
Calgary
Any chance AMEX would permit downgrading to a free version of this card after a year?
Jr. Member
Feb 12, 2020
197 posts
238 upvotes
Why November?

This is the reason:
LarryT778370 wrote: I guess to redeem in next Sept then cancel in Oct?
If you apply now, you may have to pay the annual fee again in 2021. I don't like cutting these things close so I wouldn't apply in October either.
Jr. Member
Feb 12, 2020
197 posts
238 upvotes
cruisn76 wrote: For Black Friday and Xmas purchases
This could also be great for parents looking to pay their children's tuitions in January (PaySimply or Plastiq), insurance, etc. Those things take a chunk out of the $4000.
Think about getting 6.5% cashback on tuition (after service fees)!
Deal Fanatic
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Jan 9, 2011
9029 posts
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Vancouver
junggoo wrote: This is an amazing deal.
This would be a solid card to apply for in November.
Good point. Cash back is paid out annually in November. If you apply now, finish all your spending by November 2020, because any you earn after that you won't receive until November 2021; after you've paid the second year's annual fee.

EDIT, nvm, the payout is in September, not November

Still not that hard for many of us to spend $4k in 2 months though.
Last edited by Kiraly on Sep 4th, 2020 12:47 pm, edited 1 time in total.

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