Looking for a cashback credit card in Canada? You’re in the right place.
Whether you’re just starting out or are looking to switch to a more rewarding credit card, the Simplii Financial Cash Back Visa Card could be an option for you.
In this Simplii Financial Cash Back Visa Card review, we’ll go over its features, benefits and how to apply for the card. We’ll also go over how it compares to other cash back credit cards in Canada.
In the end, you should be able to make an informed decision on whether to go with the Simplii Financial Visa card or its alternatives.
Let’s get started.
Overview of Simplii Financial
Simplii Financial is a direct banking brand of CIBC (Canadian Imperial Bank of Commerce), one of the Big 5 banks in Canada.
In addition to its cash back Visa card, Simplii offers a no-fee chequing account, high-interest savings account as well as mortgages, borrowing, and investment accounts.
Founded in 2017, Simplii has attracted about 2 million clients with its competitive and award-winning financial products and services.
That said, the bank is available in all the provinces and territories of Canada except Québec.
What is the Simplii Financial Cash Back Visa Card?
The Simplii Financial Visa Card is a cashback credit card with very competitive cash back rates and no annual fees. It operates like every other Visa card and you can use it to make transactions anywhere Visa card is accepted.
However, the Simplii Financial Visa Card sets itself apart from other cash back credit cards in Canada with its high promotional cashback, introductory interest rate, zero annual fee and free ATM access.
The Simplii Visa card welcomes new cardholders with up to 10% promotional cashback and a 9.99% introductory interest on purchases.
In addition, the Simplii Financial Visa Card has travel medical insurance, Purchase Security and Extended Protection Insurance that reduces your credit card liabilities.
Some of the benefits and features of the Simplii Financial Cash Back Visa card are:
- No annual fee
- Up to 10% promotional cash back reward
- Low income eligibility
- Competitive introductory interest on purchases
- Comprehensive insurance
Key Features of Simplii Financial Visa Card
The following is an overview of the Simplii Financial Visa Card key features:
1. Competitive Cashback
The Visa card offers one of the competitive cashback in Canada as follows:
- 4% cashback for your first $5,000 purchases annually at bars, coffee shops and restaurants.
- 1.5% cashback for your first $15,000 purchases annually on grocery, drugstore, gas, and pre-authorized payments.
- 0.5% cashback on every other purchase.
If you spend a lot on restaurants and related purchases, the Simplii Cash Back card is hard to beat. It is one of the best credit cards for restaurants in Canada with its 4% cash back rate.
However, when you apply and are approved for the Simplii Visa card, you will earn up to 10% cashback for your first 4 months for spending $500 at eligible bars, restaurants and coffee shops.
2. Promotional Interest
The Simplii Visa card has a 19.99% purchase interest with a 21-day interest-free grace period.
As a new user, you will enjoy a 9.99% promotional interest on purchases for your initial three months of membership.
That said, the Simplii Visa card has a 22.99% interest on cash advances, balance transfers and convenience cheques.
3. Additional Cardholders
Unlike other Visa cards, the Simplii Visa card allows you to add up to 3 additional cardholders at for free with no annual fees.
The interesting part is that you can set a spending limit for each of the authorized users to minimize your liabilities.
4. Insurance and Security
Enjoy comprehensive coverage on travel medical insurance, Purchase Security and Extended Protection Insurance with the Simplii Visa card.
In addition, Simplii helps secure your Visa card by offering real-time fraud alerts by phone, text and email.
5. Referral Bonus
You can maximize your earnings by referring your friends and family members to Simplii. You will get $125 for each person you refer to Simplii to open a chequing, high-interest savings or line of credit account with the bank.
For each referral you refer to Simplii and the person gets a mortgage with the bank, you will get s$500 bonus and the person will get $100.
All you need is to share your unique referral link with your friends and family members to get rewarded.
There’s no limit on the number of people you can refer to Simplii, so you can refer as many friends as possible.
Learn more: Simplii Promotions
Simplii Financial Visa Card Fees and Rates
While Simplii Visa card doesn’t have annual fees and CIBC ATMs fees, the following service fees and rates apply.
| Service | Fee/Rate |
|---|---|
| Interest on purchase | 19.99% (9.99% promotional rate) |
| Interest on cash advances, balance transfers and convenience cheques | 22.99% |
| Inactivity fee | The lesser of $10 or the complete current credit balance |
| Foreign currency conversion | Current branch selling rate + 2.5% of the converted amount |
| Overlimit fee | $29 |
| Convenience cheque/ balance transfer fee | Up to 3% of the promotional rate amount |
| Cash advance fee | $5 per cash advance |
| Transaction receipt copy fee | $5 per copy |
| Statement copy fee | $10 |
| Balance transfer fee/dishonoured convenience cheque | $45 each |
| Dishonoured payment fee | $45 each |
How to Apply for a Simplii Financial Visa Card
It takes only a few minutes to apply for the Simplii Visa card once you meet the following requirements:
- Have a $15,000 minimum household annual income
- Have a Social Insurance Number (optional)
- Be a Canadian resident (except Quebec)
- Reach the age of majority in your province or territory
- Have no bankruptcy in the last 7 years
If you’re already a Simplii Financial client, all you need is to log in to your Simplii account to apply for the card.
But if you don’t have a Simplii Financial account, you need to open one through this link to apply for the Visa card.
Upon applying for the card, Simplii will notify you of your application within a few days. You may be contacted if more information is required from you.
To inquire about your application, you can call Simplii at 1-888-723-8881.
Simplii Financial Visa Card vs Neo Financial Credit Card
| Key Feature | Simplii Financial Visa Card | Neo Financial Credit Card |
|---|---|---|
| Annual fee | $0 | $0 |
| Interest | 19.99% purchase rate and 22.99% rate on balance transfers, cash advances, and convenience cheques. | 19.99%-26.99 on purchases and 22.99%-28.99% on cash advances |
| Inactivity fee | The lesser of $10 or the complete current credit balance | N/A |
| Promotions | 10% cashback and 9.99% introductory rate on purchases | Up to 15% cashback |
| Insurance | Travel medical insurance, Purchase Security and Extended Protection Insurance | Purchase protection and extended warranty |
| Income eligibility | $15,000 minimum household annual income | N/A |
Neo Financial credit card is another top cash back credit card in Canada that operates on the MasterCard network but functions the same way as the Simplii Visa card.
The Neo credit card has relatively higher promotion rates and standard cashback than the Simplii Visa card.
While the Simplii Visa card offers 10% promotional cashback, the Neo Financial credit card offers a 15% promotional rate.
The maximum standard cashback you can earn with the Simplii Visa card is 4% which is limited to your first $5,000 purchases annually at bars, coffee shops and restaurants.
With the Neo credit card, you can earn up to 5% average cashback at partner stores without annual fees.
Unlike the Simplii Visa card, the Neo Financial credit card has no income requirements, making it more accessible.
On the other hand, the Simplii Visa card offers a 9.99% introductory rate on purchase while the Neo Financial credit card has none.
Also, the Simplii Visa card has Travel medical insurance, purchase security and extended protection insurance while the Neo Financial credit card has none.
Obviously, you can earn and save more with a Neo Financial credit card. But to make a more informed decision, I recommend you read more about the Neo Financial credit card here.
Neo Financial Credit Card
Welcome Offer: 15% cash back on first purchases at most partner locations.
Cash back Rate: Average of 5% at partner merchants; 0.5% on every other purchases.
Annual Fees: $0
Purchase Credit Rate: 19.99% – 26.99%
Income Eligibility: N/A
On Neo Financial’s website
Simplii Financial Visa Card vs Tangerine Money-Back
| Key Feature | Simplii Financial Visa Card | Tangerine Money-Back Credit Card |
|---|---|---|
| Annual fee | $0 | $0 |
| Interest | 19.99% purchase rate and 22.99% rate on balance transfers, cash advances, and convenience cheques. | 19.95% rate on purchase and cash advance |
| Inactivity fee | The lesser of $10 or the complete current credit balance | $10 |
| Promotions | 10% cashback and 9.99% introductory rate on purchases | 15% cashback in 2-3 spending categories |
| Insurance | Travel medical insurance, Purchase Security and Extended Protection Insurance | Mastercard Zero Liability and Purchase Assurance and Extended Warranty |
| Income eligibility | $15,000 minimum household annual income | $12,000 personal gross annual income |
The Tangerine Money-Back Credit Card shares a lot in common with the Simplii Visa Card. While the Simplii Visa card operates on the Visa network, the Tangerine Money-Back operates on a Mastercard network.
Like the Simplii Cash Back Visa Card, the Tangerine Money-Back Credit Card has no annual fee and it also welcomes you with 15% cashback on up to three spending categories for your first two months of membership.
Both cards have income eligibility with Tangerine Money-Back having a slightly lower personal gross annual income requirement of $12,000 compared to the $15,000 for Simplii Financial Cash Back Visa Card.
As you can see from the table above, the Tangerine Money-Back Credit Card also has slightly lower interest on purchase and cash advances than the Simplii Visa card.
That said, if you use your card a lot, you will earn more on cashback with the Tangerine Money-Back Credit Card as it rewards you with 2% standard cashback on up to three spending categories
While the Simplii Visa card offers up to 4% standard cashback, you can only earn it when you make your first $5,000 purchases in three categories annually.
Overall, the ball is on your court to decide which of the two credit cards best suit your needs.
Tangerine Money-Back Credit Card
Welcome Offer: $100 cash back. That is, 10% additional cash back when you make at least $1,000 in purchases within the first 2 months. Plus, 1.95% balance transfer rate for the first 6 months.
Cash back Rate: 2% on up to 3 spending categories such as Entertainment, Grocery, Restaurant and more.
Annual Fees: $0
Income Eligibility: $12,000
On Tangerine’s website
Learn more: Tangerine World Mastercard vs Tangerine Money-Back
Some FAQs on Simplii Credit Card Review
The Simplii Cash Back Visa Card is good for those looking for a competitive cash back on purchases, competitive offers and comprehensive insurance.
Cash back on a Simplii Visa Cash Back Card is accumulated monthly and paid as a one-lump in December of the current year.
Simplii has daily limit for ATM withdrawals and debit card purchases. However, the limit is not to the general public. You need to check your product letter or Call Simplii at 1-888-723-881 to know the limit. Notwithstanding, the Simplii Visa Card has a $250 limit per transaction.
Simplii Credit Card Review: The Bottom Line
This Simplii Financial Cash Back Credit Card review is positive. It is one of the best cash back credit cards in Canada for obvious reasons. With the above information, now you can determine whether it’s the perfect card for you.
If not, don’t hesitate to consider the Simplii Visa Card alternatives such as the Neo Financial credit card or the Tangerine Money-Back Credit Card discussed above.
Simplii Financial Visa Card Review
Summary
Simplii Financial Visa Card is a cashback credit card with high promotional cashback, introductory interest rate and zero annual fee.
