Simplii Financial Cash Back Visa Card Review
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Simplii Financial is CIBC’s online banking division, and its cash back Visa marks its first offering in the fiercely competitive credit card market.
Are you the type who prefers to use credit card rewards to save money each time you fill up your gas tank, dine out, or grab a morning coffee on your way to work? If so, the Simplii Financial Cash Back Visa might be the ideal card for you.
Keen to discover if it’s worth adding to your financial toolbox? Then check out this in-depth review, where we explore everything you need to know about this cash back contender.
Simplii Financial™ Cash Back Visa Card
Rewards
- 4% Earn 4% back at participating restaurants and bars (up to $5,000 per year).
- 1.5% Earn 1.5% back on gas, groceries, and drugstore purchases (up to $15,000 per year).
- 0.5% Earn 0.5% back on all other credit card payments, with no maximum spend.
- Welcome Offer 10% cash back for first 3 months Terms and conditions apply.
- Annual Rewards $339 Learn how we calculate this.
- Annual Fee $0
- Minimum Income Required $15,000 household
Pros
- No annual fee or monthly fees
- Low-income requirement
- High earn rate on restaurant, bar, drugstore, and coffee shop purchases
- Compatible with Google Pay, Apple Pay, and Samsung Pay mobile wallets
Cons
- Low base earn rate
- Cash back rewards are redeemable only once per year
- Not available to Quebec residents
If you love going out to eat and checking out local bars and coffee shops, you’ll make good use of the card’s highest earning categories. But be aware, cash back can only be redeemed once annually in January, so you’ll have to wait to reap the rewards. To learn more, read about each key category in our review below.
Simplii Financial Cash Back Visa: an overview
The Simplii Financial Cash Back Visa offers impressive cash back rates that can help trim your budget — and you don’t need to be a high earner to qualify for it.
The card lets you earn cash back on your everyday spending. This means that each time you charge an eligible purchase to your card, you get paid back a percentage of the amount you spent.
Like many cash back credit cards, the Simplii Financial Visa employs a category-based spending model, which means your earn rate will vary based on the type of purchase made. You’ll earn a general rate that applies to each purchase you make, regardless of which spending category it falls into, and bonus rates on things like groceries, gas, restaurants, and pre-authorized payments.
Plus, the card has a low minimum annual household income and offers some added perks, like insurance protection.
Simplii Financial Cash Back Visa rewards
The Simplii credit card offers lucrative earning rates, which is its most compelling feature. The spending tiers work as follows:
- 4% cash back on eligible restaurant, bar, and coffee shop purchases, up to a spending limit of $5,000 annually
- 1.5% cash back on eligible gas, grocery, pre-authorized payments, and drugstore purchases, up to a spending limit of $15,000 annually
- 0.5% cash back on all other credit card purchases with no annual spending caps
What happens if you exceed the annual set spending limits in the first two categories? In that case, your earn rate will drop to 0.5% for each extra dollar you charge to your card during the year.
If these generous earning rates aren’t enticing enough, you can add up to three authorized users to your account. By doing so, you’ll be able to collect cash back rewards faster.
The card also offers a welcome bonus for a limited time (until October 31, 2023), where you’ll have the opportunity to garner 20% cash back on the first $500 spent on eligible gas, groceries, drugstore purchases, and pre-authorized bill payments during your first three months of spending. After you’ve spent the $500, you’ll earn the regular earning rate.
All the cash back you collect is redeemed as a statement credit yearly at the end of December (the spending limits reset to zero every January).
Plus, as a Simplii Visa cardholder, you can participate in Simplii’s Refer a Friend Program. You’ll earn $125 each time a friend opens an eligible Simplii Financial account using your referral link.
Simplii Financial Cash Back Visa eligibility
It’s easy to meet the qualification criteria for the Simplii credit card.
To be eligible for the Simplii Financial Visa, you must be a Canadian resident, the age of majority in your province or territory, and have not declared bankruptcy in the past seven years. In addition, your minimum household annual income must be at least $15,000.
It’s also recommended that you have a credit score of 660 or higher.
Simplii Financial Cash Back Visa interest rates and fees
The Simplii Financial Cash Back Visa is one of many great cash back credit cards. There’s no annual fee to pay, both for the primary cardholder and any other authorized user.
However, there are still fees that apply to some transactions and in specific circumstances, which include:
- Foreign currency conversion — 2.5% of the converted amount
- Overlimit fee — $29 charged on the day you exceed your credit limit and on the first day of each month for as long as your balance remains above your limit
- Inactivity fee — the lesser of $10 or the total credit balance if there’s a credit balance in your account that hasn’t changed for 360 consecutive days
- Cash advance fee — $5
The interest rate for regular purchases is 19.99%, comparable with most credit cards. Cash advances and balance transfers will cost you 22.99%.
Simplii Financial Cash Back Visa perks
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Simplified online purchasing
The card offers a convenient and safe payment feature called Click to Pay. It works as it sounds — simply select the Click to Pay icon at checkout to complete your transaction.
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Emergency travel medical insurance
You can add emergency travel medical insurance to your account. Choose between single-trip and multi-trip plans with coverage for up to $10 million for you and your family when travelling outside your home province or territory.
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International money transfers
The Simplii Financial Cash Back Visa allows you to send money abroad free of charge. You’ll earn cash back on each global money transfer you make, too.
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Purchase security
Enjoy purchase protection insurance with coverage for up to 90 days, and extended warranty protection with coverage for up to one extra year on top of the original manufacturer’s warranty.
Simplii Financial Cash Back Visa alternatives
Simplii Financial’s Cash Back Visa offers admirable earning rates with no annual fee, making it a valuable card to use whenever you shop. But it has some strong rivals that provide similar perks and features.
Here we compare Tangerine and Simplii Financial credit cards, as well as CIBC.
Our final thoughts
The combination of no annual fee and high earning rates on select spending categories makes the Simplii Financial Visa card an excellent choice for frugal shoppers or anyone looking to save extra cash on their day-to-day expenses.
You’ll reap the benefits of the card’s mighty 4% earn rate if you routinely frequent bars, restaurants, and coffee shops. The 1.5% rate for grocery, gas, drugstore purchases, and pre-authorized payments is decent, too.
The only drawback to the Simplii Financial credit card is that you receive your cash back only once per year on your January statement. But if you’re not in a rush to collect your rewards, you can count on this credit card to help you keep more money in your bank account.
