[American Express] Amex SimplyCash Preferred™ Card: 10% cashback welcome offer on first $5,000 spent) advertised as $4,000
- Deal Link:
- American Express
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 10% on $4,000, don’t ask amex why redflagdeals says $5,000
New offer starting September 2, 2020
1) That works out to $500 total cashback
($100 regular cashback (2% *$5,000) + $400 bonus Cashback)
2) Since end of October, 2020, GCR offers $90 for applying for this card.
3) Have to pay the $99 annual fee
= your net gain is $491 on first $5,000 spent.
($500 Cashback + $90 gcr - $99 annual fee)
9.82% cashback considering gcr and annual fee.
2% cashback on anything after the welcome offer.
Cashback is only redeemable once a year in September, statement credit (not a cheque), 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 with no annual fee (SimplyCash).
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.
You can get this SimplyCash Preferred even if you already have SimplyCash Amex card with no annual fee, according to people in this thread.
Annual fee charged end of first statement (about one month after card is activated)
Amex merchant maps: where is amex accepted