Simplii Financial Cash Back Visa Card review

How the Simplii card earns cash back

Restaurants, bars and coffee shops earn 4% cash back on up to $5,000 of spending a year. Gas and EV charging, groceries and recurring bills earn 1.5%, and everything else earns 0.5%. Every $100 spent at a restaurant earns $4, eight times the 50 cents the same amount earns at the base rate.

The $5,000 dining cap works out to about $417 a month, so the 4% rate can earn up to $200 a year. Check Simplii’s terms for what dining purchases earn once you pass the cap.

As an example, $350 a month at restaurants and coffee shops earns $14. Add $500 on groceries, $150 on gas and $150 in bills at 1.5%, which earns $12, and $400 of other spending at 0.5%, which earns $2. That’s $28 a month, or $336 a year, with dining spending of $4,200 staying under the cap.

The welcome offer

For your first 3 months, eligible purchases earn 20% cash back on up to $500 of spending. Spending the full $500 in that window earns $100 back.

That’s about $167 a month over three months, an amount many households reach with regular grocery and dining spending, so there’s little reason to change your habits to collect it. Check Simplii’s terms for which purchases count as eligible and when the bonus cash back is paid.

Fees, interest and the fine print

There’s no annual fee, so the example budget’s $336 a year is all net gain. Foreign currency purchases carry a 2.5% fee, about $25 per $1,000 spent, so the card is better kept for spending in Canadian dollars.

Purchases are charged 21.99% interest and cash advances 22.99%. Paying your full balance each month keeps your cash back from being eaten up by interest.

Insurance and banking

Coverage focuses on purchases rather than travel. Read the certificate for coverage periods and limits. The card also pairs with Simplii’s no-fee chequing account if you want your banking and credit card in one place.

• Purchase security
• Extended warranty

Who it suits, and who should look elsewhere

The Simplii card suits people who spend a few hundred dollars a month eating out and want a no-fee card that also earns respectably on groceries, gas and bills. Coffee shops count toward the 4% rate too, so small daily purchases add up. It also works as a dining card alongside another card that earns more on groceries or travel.

If you spend more than $5,000 a year at restaurants, you’ll hit the cap. And if most of your spending falls outside the bonus categories, the 0.5% base rate will hold you back.

How it compares

The Tangerine Money-Back Credit Card is another no-fee option, earning 2% in categories you choose, including groceries. It suits people who want a single higher rate on their biggest categories rather than a dining focus. On $500 a month of groceries, 2% would earn $120 a year versus $90 at 1.5% here, so heavy grocery shoppers should weigh that trade-off against the Simplii’s dining rate.

If food is your biggest expense and you don’t mind a fee, the American Express Cobalt Card costs $191.88 a year and earns up to 5x on eats and food delivery, with a welcome offer of up to 15,000 Membership Rewards points. For a dining budget under the Simplii’s $5,000 cap, the no-fee card avoids that cost entirely.

Before you apply

The recommended credit score is 660 or higher, and Simplii Financial makes the final decision based on your full credit profile. Confirm the current earn rates, dining cap and welcome offer on Simplii’s website before you apply.