Simplii Financial™ Cash Back Visa* Card

Last updated: April 18, 2024
  • Up to $100 bonus cash back
Best offer is available until April 26, 2024
Signup bonus:
Earn 20%† cash back on eligible gas, grocery, and drugstore purchases, as well as pre-authorized payments within three months of opening the card. Up to $500 spend.
Annual fee:
$0
Annual interest rates:
20.99%‡ purchase
22.99%‡ cash advance
22.99%‡ balance transfer
Earning rate:
4% cash back on eligible restaurant, bar, and coffee-shop purchases, up to $5,000 per year†
1.5% cash back on eligible gas, grocery, and drugstore purchases, as well as pre-authorized payments, up to $15,000 per year†
0.5% cash back on all other eligible purchases†
Perks & Benefits:
No interest on global money transfers
Insurance:
Limited

The Simplii Financial™ Cash Back Visa* Card is the sole credit card offering of digital bank Simplii Financial™. It’s a cash back card with no annual fee and a low income requirement, making it a good choice as a starter card.

The card offers elevated cash back earning in several categories. Of particular interest is the 4% cash back on eligible restaurant, bar, and coffee-shop purchases, up to $5,000 per year.

If you’re starting a new job or starting in Canada as a newcomer, this card is worth considering.

Bonuses & Fees

As its welcome bonus, the Simplii Financial™ Cash Back Visa* Card lets you earn 20%† cash back on eligible gas, grocery, and drugstore purchases, as well as preauthorized payments.

The bonus cash back is limited to $100, and purchases must be made within your first three months of holding the card to qualify.

The card has no annual fee, making it a good choice to keep open as a free primary or backup credit card, all while supporting the longevity of your credit history.

Moreover, you may add up to three additional cardholders at no fee, and you’ll have the option to set a spending limit on each card.

Earning Rewards

The Simplii Financial™ Cash Back Visa* Card offers the following cash back structure:

  • 4% cash back on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†
  • 1.5% cash back on eligible gas, grocery, and drugstore purchases, as well as pre-authorized payments, up to $15,000 per year†
  • 0.5% cash back on all other eligible purchases

When you reach the limit on the elevated categories, your purchases will earn 0.5% cash back thereafter.

If you maximize the elevated offer, you may effectively earn up to $200 on the 4% cash back categories, and up to $225 on the 1.5% cash back categories.

While 4% and 1.5% cash back are great for a starter credit card, the limits on the elevated categories are rather low. Hence, you may use another card when you reach the spending limits to continue maximizing your rewards.

Redeeming Rewards

The cash back you earned from January to December will be applied as a credit on the statement for the following January. Your cash back is determined per monthly statement period.

Perks & Benefits

Rather uniquely, the Simplii Financial™ Cash Back Visa* Card lets you send global money transfers with no interest, long as you pay them in full by the statement due date.

This feature might come in handy for newcomers to Canada.

Insurance Coverage

The Simplii Financial™ Cash Back Visa* Card offers limited insurance coverage on retail purchases, but not on travel.

Its extended warranty coverage doubles the manufacturer’s warranty for most items purchased up to one year.

Meanwhile, its purchase protection coverage allows items purchased with the card to be repaired, replaced, or reimbursed in case of loss, theft, or physical damage anywhere in the world. The protection is valid for 90 days after purchase.

For both coverages, the maximum total limit of liability per cardholder is $60,000, regardless of the number of Simplii Financial™ products you hold.

Legal Disclaimers

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There is a $15,000 minimum income requirement for this product.

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