If you’ve been a Simplii Financial Bank customer for a while, then you know that they previously operated as PC Financial before rebranding to Simplii Financial, the direct banking arm of CIBC, on November 1, 2017. Since then the bank has undergone a number of changes and they now have their own credit card – the Simplii Financial Cash Visa Card.
As an avid user of the PC Financial World Elite Mastercard, one of the best no-fee credit cards in Canada, I was curious to see what Simplii Financial’s credit card had to offer and whether it was better or comparable to the 3% cash back offer I received on PC Financial World Elite MC when I shopped at Real Canadian Superstores (Loblainor general store).
This Simplii Financial credit card review covers its features and how the Visa Card stacks up against other popular no-fee cash back cards in Canada.
Simplii Financial Cash Back Visa Benefits and Features
Simple Finance Cash Back Visa Card
Awards: Earn 4% cashback at restaurants; 1.5% on gas and groceries and 0.5% elsewhere (category spend limits apply).†
Nice offer: Earn 20% cashback† for the first 3 months when you spend up to $500 on eligible gas, groceries, pharmacy purchases and pre-authorized payments.
Interest rates: 20.99% on purchases and 22.99% on cash advances.
Annual fee: $0
†Terms and conditions apply. Click on “Apply Now” for complete details. This offer is not available to Quebec residents.
1. No annual fee: No annual fee, including your initial card and up to three additional cards for authorized users.
2. Redeem cash prizes: For a card with no annual fee, it has some attractive cashback offers:
- Earn 4% spend up to $5,000 per year on eligible restaurant, bar and coffee shop purchases †.
- Win 1.5% on eligible gas, grocery, pharmacy purchases and pre-authorized payments, up to $15,000 per year † .
- Earn 0.5% on all other credit card purchases † with no limit on how much you can earn.
Promotional offer: Earn 20% cashback† for the first 3 months when you spend up to $500 on eligible gas, groceries, pharmacy purchases and pre-authorized payments.
3. Get security and an extended warranty: You get free purchase security insurance for up to 90 days from the date of purchase and an extended warranty that extends the manufacturer’s warranty up to 1 year.
4. Easy qualification: The annual household income threshold required to qualify for this card is very low, at $15,000. This helps if you qualify student.
5. Global Money Transfers: Earn up to $300 when you send your first Global Money Transfer. When you use the Simplii Financial Cash Back Visa Card to send money abroad, you also get cash back. Learn more about how Simplii Global Money Transfer works here it works.
6. Great for newbies: This card tops the list of best credit cards for newcomers. You can get a credit limit of up to $10,000 when you apply for a card through Simplii’s New to Canada Banking Program.
Cons of Simplii Financial Cash Back Visa
Some disadvantages of this card should be considered:
Cashback is accrued throughout the year and reflected in your account as a one-time credit on the December statement. This may be less attractive than getting your monthly cash back.
The Simplii credit card is not available to Quebec residents.
Is the Simplii Financial Visa for you?
cash offered by Simple Finance Cash Back Visa Card great for a no charge card.
For example, if you spend $400 on restaurants each month, $700 on groceries, gas, pre-authorized payments, and drugstore purchases, and $100 on your other purchases, your total annual cash out would be $324 (not including welcome offer). That’s not bad at all!
If you eat out a lot, the Simplii Financial Cash Back Visa is attractive because it pays you back up to $200 a year on this spending category alone, or $5,000 x 4%. You earn 0.5% cash back on restaurant/bar/coffee and dining expenses over $5,000.
Newcomers looking for a starter credit card will find it easy to qualify under Simplii’s new immigrant program. If you qualify for the program and get a limit of up to $10,000, the requirement to have a long credit history is waived.
Bottom line, if you’re in the market for cash back with no annual fee, the Simplii Financial Cash Back Visa card is worth checking out.
Simple Finance Cash Back Visa Alternatives
Here are some alternatives you can consider in addition to this Simplii Visa card:
Featured Offers
Related Posts:
Simple Finance Cash Back Visa Review
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Cash back rewards
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Annual fee
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Insurance benefits
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Eligibility requirements
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Redeem rewards
Summary
Simplii Financial Cash Back Visa Card is Simplii’s first credit card offering. This review highlights its cash back offers and benefits as well as the disadvantages associated with the card.
Pros
- Credit card with no annual fee
- Earn up to 4% cash back
- Low income requirement
- Can be used for international money transfers
Cons
- Not available in Quebec
- Higher cash back rates have annual spending limits
- Earned cash can be redeemed once a year
