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.
Upgrade Possibilities and Other Simplii Products
Simplii Financial offers a diverse portfolio of financial products beyond the Simplii Cashback Visa. Customers seeking additional benefits or different features can consider other credit cards with various reward structures, chequing and savings accounts, as well as personal loan options. While the Simplii Cashback Visa is ideal for those looking for a no-annual-fee card focused on cashback, alternatives exist for those wanting broader rewards, revolving credit, or points programs. Upgrade possibilities may depend on the customer’s credit profile and banking relationship, so it is recommended to contact Simplii directly to explore available options.
Cashback Limits and Specific Rules
The Simplii Cashback Visa provides competitive cashback, but there are important rules and limits to consider. For example, the 4% cashback on restaurant purchases is capped at an annual spend of up to $5,000, after which cashback rates may decrease or be unavailable in other categories. Additionally, purchases made at establishments not classified as restaurants, such as fast food or app-based delivery services, might be categorized differently, affecting the cashback percentage earned. Users should review the official terms and conditions to understand which transactions qualify for cashback and any maximum cashback limits.
Application and Approval Process
The application process for the Simplii Cashback Visa is simple and fully online, allowing applicants to complete the form within minutes via Simplii’s website or app. Approval decisions typically consider common factors such as credit history, income, and repayment capacity. Most approved applicants receive their physical card within one to two weeks after approval. Simplii aims to provide an uncomplicated experience, ideal for consumers who prefer digital solutions without excessive bureaucracy. In cases of restricted credit, additional documents or information may be requested.
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.