Simplii Financial, a direct banking subsidiary of Canadian Imperial Bank of Commerce made its debut into the world of credit card as it releases her cash back Visa card. Simplii Financial which was formerly operating as PC Financial until CIBC and Loblaw end their 20 years partnership as since then go strong in the Canadian financial industry providing financial service to thousands of Canadians.
The Simplii Financial Cash Back Visa card which is a no-fee credit card act as a direct competitor to the PC Financial World Elite MasterCard. Offering a great deal to Canadian who often dinner out, the Simplii credit card provides 4% cash back on restaurants, bar, and coffee shop purchases, up to $5,000 per year (The highest of any no fee credit card).
Simplii credit card also offers 1.5% in cash back on gas, groceries, drugstore purchases, up to $15,000 per year. Though, for those who do not dinner out, you met find the 0.5% cash back on all of your other purchases disappointing as other cash back credit card offers more.
Simplii Credit Card Overview
|Card Product||Simplii Financial Cash Back Visa|
|Annual Fee||The Simplii credit card comes with $0 for the primary cardholder and any Authorized User|
|Annual Interest Rates||19.99% on purchase and 22.99% on cash advances, balance transfers and convenience cheques|
|Interest-free Grace Period||Simplii credit card allows you 21 days grace period in which no interest will be charged on all your purchases within this period|
|Minimum Payment|| The minimum payment on Simplii credit card is $10 plus any interest and fees. |
Note: Balance below $10 are paid in full.
|Other Fees|| You will be charged $29 if your balance exceeds your credit limit. |
You will be charged $10 If you have an inactive account with a credit balance that has not changed for 360 consecutive days.
$10 will be charged for each monthly statement you request.
$5 is charged for each transaction receipt copy you request.
You will be charged $45 if a payment on your account made by cheque is not accepted for any reason.
Pros and Cons of Simplii Financial Credit Card
The Simplii Financial credit card is more advantageous to those who dine out a lot, so if you fall in this category, you will enjoy the 4% cash back Simplii Financial credit card offers. For a no fee credit card, the Simplii credit card has some compelling offers which include:
4% cash back on restaurant, bar, and coffee shop purchases, up to $5,000 per year.
1.5% cash back on gas, groceries, drugstore purchases, and pre-authorized payments.
0.5% unlimited cash back on all other credit card purchases.
Simplii credit card also lets you earn 10% in cash back on your first $500 spent at a restaurant which is $30 higher than what you will earn ordinally at 4% cash back rate. This is also a no-fee card which makes you think less of incurring any fee on it.
The downside to this card is that the card is only available to pre-existing Simplii Financial customers, meaning you need to have Simplii Financial account. Also, all reward cashback will only reflect on your account as a one-time credit on your December statement. This is a bit annoying, unlike cash back earn on Rogers credit card or the PCF World Elite card.
With its cash back program, you will be limit to specific categories to earn maximum cash back. The Simplii credit card also comes with a requirement of $15,000 minimum household income, and if you do not make your required payment by the payment due date two times in any 12 month period, your interest rate will increase to 24.99% on purchases and 27.99% on cash advances, balance transfers, and convenience
cheques for at least 12 months.
If you’re a resident of Québec, this card is not available for you.
Requirements for Simplii Financial Credit Card
Being the first credit card offered by Simplii Financial, the card comes with a minimum requirement which makes it accessible to most Canadians. Before your credit card application for Simplii Financial Cash Back Visa can be approved you need to meet these requirements:
- Base on Canadian law, you must be 18 or above to operate a credit card which also applies to Simplii Financial Cash Back Visa.
- You must have a Simplii account to apply for their credit card
- You need a good credit score (650 or higher) be you can be considered for the card.
- Minimum household income of $15,000.
Anything below these stated requirements, then you should consider opting for cash back credit card with a lower requirement that suits your financial life.
Remember, this information is only intended as a guild, as the final decision to either approve your credit card application or not lies with the bank.
Benefits of Simplii Financial Credit Card
No Annual Fee
This is a no annual fee credit card, and it includes three additional cards for authorized user
Cash Back Reward
- Earn 4% cash back on restaurant, bar and coffee shop purchases.
- Earn 1.5% cash back on gas, groceries, drugstore purchases, and pre-authorized payments.
- Earn 0.5% cash back on all other purchases.
Sign Up Incentive
You will enjoy a 10% cash back reward on your first $500 spend at a restaurant within the first 4 months of getting your card. That is $30 more than what you will get as cash back with 4% cash back at a restaurant.
Trying to get more Canadian to their growing customer base, the Simplii credit card comes with a softer requirement which makes the card accessible to most Canadians. The $15,000 minimum annual household requirement is one of the lowest requirement for a no-fee card.
As a Simplii credit card holder, you’ll get to enjoy free purchase security insurance on items purchased with your card for up to 90 days from the date of purchase. You will also get an extended warranty for 1 year.
How to Redeem Cash Back Reward
All cash back earn on your Simplii Financial card is paid to your account as a one-time annual credit on your December statement. Your cashback accumulates monthly, starting January 1, or when you first open your credit card account.
Getting to see what other credit cards offer will put you at a better place to make the right choice. Below I talked about other cash back no-fee credit card available in the Canadian market which offers little or more than Simplii Financial credit card.
PC Financial World Elite MasterCard
This card is one of the best reward credit cards out there especially if you’re a Loblaw customer. The PCF World Elite Mastercard let you earn reward point which can be redeemed at any point as long as you reach the threshold required for payout until like Simplii Financial credit card who make their cash out once a year.
The PCF World Elite allows you to earn 30 PC points at their stores or affiliate stores, 45 points at Shopper Durg Mart, 30 points on PC Travels and 10 on all other categories.
In fact, if most of your purchases are on groceries at Loblaw stores or gas at Esso Mobil is will strongly advise you go for a PC Financial Mastercard as it will help you gain maximum reward points.
Tangerine Money-Back Mastercard
If you want an excellent reward credit card in Canada, then Tangerine Money-Back Mastercard should be one of your top options. The card is pack with great reward plan which allows you to choose two different categories from a list of ten to earn 2% cash back on.
Tangerine will allow you to add an additional category to make it three if you collect your reward using your Tangerine back account. If the larger part of your spending is on gas and groceries, then the Tangerine Money-Back Mastercard serve as a good option over the Simplii credit card. The card allows you to earn 2% cash back compare to 1.5% offers by Simplii Financial.
Other Cash Back credit card that can rival the Simplii Financial credit card are:
- Rogers World Elite Mastercard
- American Express SimplyCash Card and
- Home Trust Preferred Visa
The reward program offered by Simplii Financial is not bad especially knowing it’s a no-fee credit card. The card serves as an excellent opportunity to earn cash back if you spend some few dollars at the restaurant. Just know, opting for this card will limit you to a few selected categories to obtain the maximum cash back reward and you can only redeem your point once a year at the end of the year.
Before you opt for this card, You need to know fully well that the interest rate is 19.99% on purchases and 22.99% on Cash Advances, Balance Transfers, and Convenience Cheques.
Were you hoping to get something different?
I will love to love to hear from you what you think about the Simplii Financial Cash Back Visa credit card.