The Simplii Cashback Visa is a no-annual-fee card, making it an attractive option right off the bat. When you first sign up, the card offers a 10% cashback on restaurant purchases up to $500 spent in the first four months, equating to a $50 cashback. However, since the card already offers 4% cashback on restaurants, the signup bonus effectively adds only 6% more, which translates to around a $30 bonus.
Additionally, you get a $100 Skip digital gift card and, if you sign up through Great Canadian Rebates, an extra $60 cashback. This totals a potential $190 signup bonus. While not groundbreaking, it’s a nice perk for a card that shines in other areas.
Rewards: Leading the Pack in Restaurant Cashback
The rewards structure is where the Simplii Cashback Visa truly excels. It offers an unmatched 4% cashback on restaurant purchases, the highest rate among Canadian credit cards. This makes it a perfect choice for dining out or ordering in, including delivery services.
While other cards like the Cobalt Card, MBNA Rewards World Elite Mastercard, and Scotiabank Gold Amex might offer more rewards, they come with annual fees exceeding $120 and are not cashback cards. Moreover, not all restaurants accept Amex, limiting their usability.
Besides restaurants, the card provides 1.5% cashback on gas, groceries, drugstores, and pre-authorized payments. Although there are better cards for these categories, the Simplii Cashback Visa remains a top pick for its outstanding restaurant rewards.
Insurance: Basic but Sufficient
For a free card, the Simplii Cashback Visa offers standard insurance coverage, including purchase protection and extended warranty. While these are typical for no-fee cards, the option to buy additional travel insurance adds some flexibility.
However, using this card for purchasing plane tickets isn’t recommended, as the rewards are low compared to other options. Nonetheless, the insurance offerings are adequate for everyday purchases.
Unique Perks: Global Money Transfers
One of the most intriguing perks of the Simplii Cashback Visa is its ability to send money abroad and receive cashback on global money transfers. This feature comes with no transaction fees and no interest charged if the balance is paid in full each month.
This perk seems almost too good to be true, and the reviewer plans to test it out while traveling in Taiwan. If it lives up to its promise, it could be an extremely valuable feature for those with family overseas or who frequently send money internationally.
Card Score: An Impressive Rating
When it comes to scoring the Simplii Cashback Visa, it’s clear that this card has a lot to offer. The rewards category earns a perfect 10 out of 10, thanks to its unbeatable restaurant cashback. Insurance receives a 7 out of 10 for its standard coverage, and the unique perks score an 8.5 out of 10, pending further testing.
Overall, the card averages an 8.5 out of 10, placing it in the A-tier category. It’s a remarkable choice for those seeking a reliable and rewarding backup credit card.
Final Thoughts: A Must-Have for Entry-Level Employees
For anyone asking which credit card to get as an entry-level employee, the answer is simple: the Simplii Cashback Visa. Its no-fee structure, exceptional restaurant rewards, and unique perks make it the best backup card in Canada.
Whether you’re dining out or sending money abroad, this card has you covered. Don’t miss out on adding this valuable tool to your financial arsenal.
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