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Best for strategic spenders seeking cash-back rewards.
Interested in earning cash back without the annual fee? If your spending habits align with this card’s elevated earn rates for restaurant, bar and coffee shop purchases, the Simplii Financial Credit Card may be worth a look.
Learn more about our star rating methodology.
The Simplii Financial Cash Back Visa is a no-frills cash-back card without an annual fee. Accelerated cash-back rates of up to 4% are available but subject to annual spending caps.
Simplii Financial™ Cash Back Visa Card
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Annual Fee$0
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Interest Rates19.99% / 22.99%19.99% on purchases, 22.99% on cash advances.
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Rewards Rate0.5%-20%20% intro offer. 4% at restaurants, bars and coffee shops, 1.5% on gas, groceries, drugstores and pre-authorized payments, and 0.5% on everything else.
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Intro OfferUp to $100Earn 20% cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments made within your first 3 months (up to $500 spend).
- 4% on restaurant, bar and coffee shops, up to $5,000 per year.
- 1.5% on gas, groceries, drugstores and pre-authorized payments, up to $15,000 per year.
- 0.5% on everything else.
- Plus, for your first 3 months, enjoy 20% bonus cash back on eligible gas, groceries, drugstore purchases and pre-authorized payments (up to $500 spend).
- Redeem cash back as a statement credit in December.
- No annual fee.
- Cash back when you send money abroad with a Simplii Financial Global Money Transfer. No transaction fees and no interest charges.
- Purchase security and extended protection insurance provided.
- Preferred rates: 19.99% for purchases, 22.99% for cash advances.
- To be eligible, a $15,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident (excluding Quebec) that is the age of majority in the province or territory where you live.
Simplii Financial Credit Card full review
The Simplii Financial Credit Card is a cash-back credit card with no annual fee. Cardholders earn cash back on eligible dollars spent with accelerated rates on restaurant, bar, coffee shop, gas, grocery, and drugstore purchases and pre-authorized payments.
Benefits of the Simplii Financial Cash Back Visa Card
Cash-back rates of up to 4% with no annual fee are what help the Simplii Financial Credit Card shine. You can even earn cash back on global money transfers and pre-authorized payments. Plus, cardholders can take advantage of not one but two welcome offers: a low intro APR and a bonus cash-back rate of up to 20% (limited time offer, conditions apply).
Drawbacks of the Simplii Financial Cash Back Visa Card
The Simplii Financial Credit Card’s accelerated cash-back rates have strict spending limits — some as low as $5,000 per year. After that, the cash-back rate drops to 0.5%. The card also lacks mobile device protection. CIBC Travel Medical Insurance can be added for a fee but doesn’t come standard.
Who should get the Simplii Financial Credit Card?
Everyday spenders who can take advantage of this card’s elevated earn rates for restaurant, bar, coffee shop, gas, grocery and drugstore purchases are the ideal Simplii Financial Cash Back Visa cardholder. To get the most from this card, cardholders must be intentional about how and where they use it.
Is the Simplii Financial Cash Back Visa Card worth it?
It depends on your spending habits and lifestyle. Folks who frequently swipe their credit card at gas stations, grocery stores, drugstores and restaurants will be best equipped to get the most value from the Simplii Financial Cash Back Visa. There’s no annual fee to recoup, but the card is missing some insurance protection and travel perks that may be a dealbreaker, depending on what you look for in a credit card.
Simplii Financial customer ratings
- Low Trustpilot rating: 1.8 out of 5 possible stars based on over 400 customer reviews, as of this writing.
- Poor Better Business Bureau rating: 1.38 out of 5 possible stars based on 50 customer reviews, as of this writing. Simplii Financial is not accredited by the BBB itself.
Simplii Financial Credit Card eligibility
Who qualifies for the Simplii Financial Cash Back Visa Card?
To qualify for the Simplii Financial Credit Card, you must:
- Be a Canadian resident (excluding Quebec).
- Be at least the age of majority for your province or territory.
- Not have declared bankruptcy in the past seven years.
- Have a minimum annual income of $15,000.
Approximate credit score needed for approval
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. We know that higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.
Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
Simplii Financial Credit Card rewards
Earn 20% cash back on up to $500 in eligible gas, grocery store, and drugstore purchases and pre-authorized payments during your first three months of card membership (terms and conditions apply).
New cardholders can also take advantage of an intro purchase APR of 9.99% for the first three months of card membership. A lower interest rate may help you save on interest charges if you typically carry a balance.
Cardholders earn cash-back rewards at the following rates:
- 4% cash back from restaurant, bar and coffee shop spending, up to $5,000 annually.
- 1.5% cash back from gas, grocery store, drugstore spending and pre-authorized payments of up to $15,000 annually.
- 0.5% unlimited cash back on all other purchases.
The Simplii Financial Credit Card’s welcome bonus offers 20% cash back on eligible spending of up to $500. This means the intro offer could be worth up to $100.
Outside the card’s welcome offer, ongoing cash-back rewards offer additional value. If you meet the cash-back spending caps in both of this card’s accelerated rate categories, you could earn an additional $400 annually. And this doesn’t include the 0.5% cash back you earn on all other purchases throughout the year.
All told, the Simplii Financial Cash Back Credit Card could be worth hundreds of dollars per year and doesn’t charge an annual fee, so cardholders have little to lose.
How to apply for the Simplii Financial Cash Back Visa Card
To apply for the Simplii Financial Cash Back Visa Card, you must be an existing Simplii Financial customer.
Existing Simplii customers can log into their Simplii online banking account to access the Simplii Financial Cash Back Visa Card application.
New customers can join Simplii by applying for a Simplii No Fee Chequing or High Interest Savings Account. Applications for Simplii bank accounts can be completed online or by calling 1-888-723-8881.
Simplii Financial Credit Card vs Tangerine Money-Back Credit Card
| Simplii Financial Cash Back Visa Card | Tangerine Money-Back Credit Card | |
|---|---|---|
| Annual fee | $0 | $0 |
| Cash-back rates | • 4% cash back from restaurant, bar and coffee shop spending up to $5,000 annually. • 1.5% cash back from gas, grocery store, drugstore spending and pre-authorized payments of up to $15,000 annually. • 0.5% unlimited cash back on all other purchases. | • 2% unlimited cash back from up to three money-back categories of the cardholder's choice. • 0.5% unlimited cash back on all other purchases. |
| Benefits | • Cash back on global money transfers. • Mobile wallet payments. • Purchase protection and extended warranty coverage. | • Free cards for authorized users. • Mobile wallet payments. • Cardholders pick their own money-back categories. • Purchase protection and extended warranty coverage. |
Reasons you might want a different card
The Simplii Financial Credit Card may not be ideal if:
- You want a card with travel perks, like lounge access, priority boarding or free checked bags.
- You want a card with built-in travel insurance.
- You’d prefer to earn different rewards, like points or miles.
» MORE: Read our full review of the Money-Back Credit Card from Tangerine Bank
Simplii Financial Credit Card facts
| Simplii Financial Cash Back Visa Card | |
|---|---|
| Card Type | Cash-back credit card |
| Fees and interest rates | |
| Annual fee | $0 |
| Regular/purchase APR | 19.99% |
| Penalty APR | 24.99% if you miss two payments within 12 months, as of May 2023. This penalty APR will stay in place for at least 12 months. |
| Cash advance APR | 22.99% |
| Cash advance fee | $5 per transaction. |
| Balance transfer APR | 22.99% |
| Balance transfer fee | Up to 3% of the transaction amount. |
| Foreign transaction fee | 2.5% of the transaction amount. |
| Rewards and benefits | |
| Intro offers | During your first three months of card membership, get up to 20% cash back from eligible gas, grocery store, and drugstore purchases and pre-authorized payments on spending of up to $500 (terms and conditions apply). Get an introductory purchase APR of 9.99% for the first three months of card membership (limited-time offer, terms and conditions apply). |
| Reward earn rates | • 4% cash back from restaurant, bar and coffee shop spending up to $5,000 annually. • 1.5% cash back from gas, grocery store, drugstore spending and pre-authorized payments of up to $15,000 annually. • 0.5% unlimited cash back on all other purchases. |
| Other perks | Cash back on global money transfers. Earn cash back on international money transfers sent from your Simplii Financial credit card. Mobile wallet compatible. Pay by Google Pay, Samsung Pay or Apple Pay. |
| Insurance coverage | |
| Extended warranty | Up to one additional year. |
| Purchase protection | 90 days. |
Rating Methodology
NerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.
Frequently asked questions about Simplii Financial Credit Card
Simplii Financial cash-back rewards accumulate monthly and are automatically redeemed on the last day of December as an annual credit to the following January’s statement.
To qualify for the Simplii Financial Cash Back Visa, you must be a Canadian resident of the age of majority in your province or territory who hasn’t declared bankruptcy in the past seven years. You must also have an annual income of at least $15,000.
About the Author
Simplii Financial Review
Simplii Financial doesn’t have any physical branches but what it lacks in in-person support it makes up for with no monthly fees or account minimums.
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