American Express launched two new credit cards for Canadian consumers, with a focus on cash-back rewards.
The new SimplyCash and SimplyCash Preferred cards offer 5% cash back on eligible purchases for the first six months. Consumers who participate in this program can earn a maximum of $250 from the SimplyCash card, and $400 from the Preferred card, during the promotional period.
The SimplyCash card has no annual fee, and there is a $79 annual fee for the Preferred card, American Express said in a Sept. 2 press release. American Express conducted a survey last October among 1,343 Canadian adults who have at least one credit card and found that 79% find the idea of cash-back products appealing.
After the promotional cash-back rate expires, SimplyCash users get 1.25% cash back on purchases made in Canadian gas stations, grocery stores and restaurants. Preferred cardholders get 1.5% cash back on purchases.
Additionally, the cards offer a variety of insurance coverage, including travel accident, buyers assurance, car rental and theft damage, and purchase protection. The Preferred card also provides insurance for emergency medical, hotel burglary, lost or stolen baggage, flight delay, and baggage delay.