loader image

Maximize your rewards: A deep dive into the Simplii Cash Back Visa Card

The Simplii Financial™ Cash Back Visa* Card is more than just a credit card—it’s a tool designed to simplify your financial life while rewarding your spending habits. With its competitive benefits, no annual fees, and straightforward application process, this card is a great option for those looking to maximize their rewards without the hassle of high costs.

Whether you’re dining out, fueling up, or grocery shopping, the Simplii Financial Cash Back Visa* Card ensures you earn cash back on every purchase. As we explore its features, advantages, and application process, you’ll see why this card stands out in the crowded field of cash-back credit cards.

Key information about the credit card

How does the annual fee work?

One of the most appealing features of the Simplii Financial Cash Back Visa* Card is its no-annual-fee structure. Unlike many other credit cards that charge yearly fees for their benefits, this card offers all its perks at no cost. This makes it an excellent choice for individuals who want to earn cash back without worrying about an added expense. No annual fees mean you can focus entirely on maximizing your rewards, making it a truly budget-friendly option for your everyday spending.

How is the credit limit determined?

For the Simplii Financial Cash Back Visa* Card, the credit limit is determined based on several factors. These include your income, credit score, and overall financial history. Simplii takes into account your ability to manage credit responsibly to assign a limit that works for both the cardholder and the institution. For newcomers to Canada, Simplii offers a credit limit of up to $10,000 under the New to Canada Banking Program, providing an opportunity to build credit history while enjoying the card’s benefits.

Advantages of the credit card

  • No annual fee: Enjoy all the benefits of a cash-back card without paying a yearly fee, saving you money upfront.
  • Earn cash back on all purchases: Earn 4% cash back at eligible restaurants and bars, 1.5% on essential categories like gas and groceries, and 0.5% on all other purchases.
  • Global usability: Use the card anywhere Visa* is accepted, whether online or in-store, giving you unparalleled flexibility.
  • Security features: Stay protected with chip-and-pin technology and real-time fraud alerts, ensuring your transactions are always safe.
  • Flexible rewards: Cash-back rewards are credited annually, making it easy to see the value you’ve earned throughout the year.

Standout advantage

The standout advantage of the Simplii Financial Cash Back Visa* Card is its exceptional cash-back rates for dining and entertainment. With 4% cash back on eligible restaurant, bar, and coffee shop purchases (up to $5,000 annually), this card is perfect for food lovers and social butterflies. Whether you’re grabbing a coffee on the go or dining out with friends, this benefit ensures your spending always rewards you. The straightforward earning categories make it easy to track and maximize your rewards without complicated terms.

Disadvantages

  • Interest rates: The card carries a purchase interest rate of 20.99%, which can add up if you carry a balance.
  • Cash-back cap: The 4% and 1.5% cash-back rates are subject to annual spending caps, limiting rewards for high spenders.
  • Limited insurance coverage: Although it includes purchase protection, additional travel insurance is optional and comes at an extra cost.

A standout disadvantage

The primary disadvantage of the Simplii Financial Cash Back Visa* Card is its high interest rate for purchases and cash advances. At 20.99% for purchases and 22.99% for cash advances, failing to pay your balance in full each month can quickly negate the value of any cash-back rewards earned. For individuals prone to carrying a balance, this aspect could outweigh the benefits, making it essential to use the card responsibly.

Who can apply for this card?

To qualify for the Simplii Financial Cash Back Visa* Card, applicants must meet specific requirements. You need to be at least 18 years old (19 in some provinces), have a minimum annual household income of $15,000, and a good credit score to demonstrate financial responsibility. The card is designed to be accessible, making it a great choice for newcomers to Canada and young adults. However, those with poor credit or a history of defaulting may find it harder to get approved. Simplii also requires valid identification and proof of income during the application process.

How to apply for the Simplii Financial Cash Back Visa Card

Applying for the Simplii Financial Cash Back Visa* Card is a straightforward process that can be completed through multiple channels. Simplii makes it easy to apply online, through their mobile app, or in person at one of their partner branches. Each method is designed to be user-friendly, ensuring you can get started without any hassle.

For the website

Applying for the card through the Simplii website is quick and convenient. Begin by visiting their official site and navigating to the Cash Back Visa* Card page. Here, you’ll find a prominent “Apply Now” button that takes you to the online application form. Fill out the required fields, including your personal information, financial details, and proof of income. Once submitted, you’ll receive a confirmation email, and Simplii will review your application. Most approvals are processed within a few business days, making this method ideal for those who prefer a digital-first approach.

Through the app

The Simplii mobile app provides another easy way to apply for the Cash Back Visa* Card. After downloading the app, log in or create an account if you’re new to Simplii. From the main menu, select “Credit Cards” and follow the prompts to access the application form. The app allows you to upload documents directly, streamlining the process. You can also track the status of your application in real-time, ensuring you stay informed every step of the way.

At the branch

For those who prefer in-person assistance, Simplii has partnered with select branches where you can apply for the Cash Back Visa* Card. Visit a participating location with your identification and proof of income, and a representative will guide you through the process. This option is great for individuals who want personalized advice or have specific questions about the card before applying. Once submitted, your application will be processed similarly to online and app-based methods.

More Posts