American Express takes aim at Tangerine with new SimplyCash Preferred Card
April might be a good time to shop around for a new rewards credit card. American Express Canada announced a surprise refresh to its SimplyCash Preferred Credit Card that raises its cash back rate to 2%.
The company revealed the updated SimplyCash Preferred Card in a press release Wednesday morning. The refresh comes soon after Tangerine announced that its industry-leading cash back card will be changing on April 29. Unlike the Tangerine card, which will be cutting its cash back rate, American Express looks to boost cardholder’s rewards. In addition to a huge 5% introductory rate for the first 6 months, cardholders will earn 2% back on all purchases with no limit on rewards.
The 2% base rate on all purchases is a big deal when compared with other cards that offer similar rewards but on a limited number of purchase types. There is one thing to note, however, card’s annual fee for the card has gone up to $99 from $79. Luckily, current cardholders will continue to pay the old fee.
It seems like at least one competitor is looking to attract people seeking a solid everyday cash back card, so if you feel like your current card isn’t giving you back enough, get looking today.