Simplii Financial Cash Back Visa Card

Earn up to 4% cash back and pay no annual fee

Updated: Aug 9, 2022

Advertiser Disclosure

Simplii Financial offers a wide selection of products and services to its clients, including debit cards, chequing accounts, and the famous Simplii Financial Cash Back Visa card. The credit card comes with no annual fee, great cash rewards, and free cards for 3 additional cardholders. With this Cash Back Visa, you can also transfer money abroad and make payments with your mobile phone.

ANNUAL FEE

$0

ONGOING APR

19.99% Variable

INTRO APR

9.99%

48 User Ratings

Simplii Financial Cash Back Visa Card

This card is not available through MarketProSecure Canada.

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Introductory APR

9.99%

Intro APR Period

6 months

Recommended Credit

Fair

Key Features

  • LIMITED TIME: A chance to win 1 of 50 prizes of $2,000 when you apply today!
  • 9.99% Intro rate on purchases for 6 months
  • Get 10% bonus cashback for 4 months at eligible restaurants and bars (up to $500 spend)
  • Get 4% on restaurant, bar, and coffee shop purchases
  • Get 1.5% on gas, groceries, drug stores, and an unlimited 0.5% back on everything else
  • Earn $50 per friend referred
  • Free Simplii Financial Global Money Transfers
  • Pay with Apple Pay, Google Pay, or Samsung Pay
  • 3 fee-free additional cards
  • No annual fee

Our Take

Simplii Financial was founded in 2017 in Canada and is currently one of the leading online financial companies dedicated to helping people save and manage their money. Today, the company counts over two million clients, and it has already received some of the most prestigious awards for its success, such as the Ipsos Financial Service Excellence award1.

Simplii Financial Cash Back Visa is Best for

  • Those looking for a Visa card with good earn rates;
  • People who want a card with minimal fees and requirements;
  • Cardholders searching for a simple global money transfer program;
  • Those interested in a no-fee credit card with impressive rewards, bonuses, and intro offers.

What Are Simplii Cash Back Visa Card Advantages

As you can probably guess, the Simplii Cash Back Visa card equips its users with various outstanding benefits. Let’s take a look at some of them.

Legit, secure banking

Simplii Financial is a secure, legitimate, and reliable digital banking company. Since cybercriminal activity has been on the rise, this is something every internet user is looking for as one of the essential features. Luckily Simplii Financial will keep your data and funds safe and away from prying eyes. Also, Simplii Financial allows its clients to purchase free security insurance for 90 days and receive an extended warranty for one year.

Qualification requirements

Almost anyone qualifies for the Simplii Cash Back Visa card because the application process is as flexible as it can get. For example, the minimum household income requirement is only $15,000, so even students can easily qualify for this card and enjoy its numerous benefits. You can also start with Simplii Financial Debit Card and later apply for the Simplii credit card.

No Fees

The Simplii Cash Back Visa card comes with no annual maintenance fees. That doesn’t only apply to the primary card and the cardholder but also to all three possible cards for additional authorized users. The no annual fee feature can surely come in handy regardless of how many people are using the account.

Introductory interest rate

Simplii Financial offers a promotional interest rate of only 9.99% to all its new users for the first 6 months. Having such a low introductory purchase interest rate is an excellent opportunity to make some large purchases you’ve been putting off for a while. Just remember to pay off your balance after the 6 months because the interest rate will increase to 19.99% after the promotional period.

Money transfer

Today, very few financial institutions charge no international transaction fees. Fortunately, Simplii Financial is one of them. With its Global Money Transfer feature, Simplii Cash Back Visa cardholders can send money to someone else regardless of their location. The ability to send money anywhere in the world at no additional cost is already an amazing feature, but Simplii Financial offers an even better deal. Namely, Simplii Financial Cash Back Visa card users can earn up to $300 on their first international money transfer and 0.5% cashback on all their future foreign money transfers.

Cash back rewards

Simplii Financial Cash Back program allows its users to earn some jaw-dropping cashback offers and rewards. Firstly, each Simplii Financial Cash Back Visa user receives a welcome bonus that allows them to get 10% cashback on their first $500 spent in bars and restaurants. Secondly, this card users can enjoy annual cash back rewards, including:

  • 4% cash back on restaurant spending up to $5,000 annually;
  • 1.50% cash back on groceries, drugstore purchases, gas, and pre-authorized payments up to $15,000 annually;
  • 0.50% cash back on all other purchases without limits on the earning amount.

Are There Any Drawbacks?

There’s no such thing as a perfect or flawless card. Therefore, Simplii Cash Back Visa has its disadvantages too. Here, we took a closer look at the three main downsides of this card you must consider before submitting your card application.

Poor base earn rate

While you can get an amazing cashback rate on selected purchases, non-category purchases can get you only 0.5% cashback. We hope this is something the Simplii Financial team considers and improves sometime in the future.

Annual cashback rewarding

Another disadvantage also related to cashback is how often you can receive it. Namely, you can get your cashback funds only once in an entire year – in January. After you collect these funds, you have to wait an entire year to get the new batch of cashback funds.

Availability

The Simplii Cash Back Visa card isn’t available to residents of Quebec. Although not a major disadvantage, this drawback can prevent many people from using Simplii Financial who would otherwise love to give the Cash Back Visa card a chance.

What Makes Simplii Financial Cash Back Visa Different

As you can see so far, many features make the Simplii Cash Back Visa card different from its main competitors. The Cash Back Visa program simply offers its clients an abundance of outstanding2 features and benefits, which is why you should check it out. Some key properties that make Simplii Financial Cash Back Visa card unique are:

  • Easy application and lenient qualification regulations;
  • An introductory interest rate offer;
  • Fee-free global money transfer;
  • Amazing welcome bonuses and rewards offer.

Simplii Financial Cash Back Card Alternatives

Bottom Line

All in all, Simplii Financial is one of the most respected Canadian-based digital banking institutions right now. Their Cash Back Visa card is among their most popular products for various reasons. Whether you’re on the hunt for a card with a simple application and qualification process, a fee-free international money transfer feature, or an established rewards program, the Simplii Cash Back Visa card is the right choice. As long as you’re not a resident of Quebec or bothered by the fact the cashback rewards are received only once per year, there’s no reason not to give this company and their Cash Back Visa card a shot.

Frequently Asked Questions

Reference index

  1. Ipsos Announces Winners of 2021 Financial Service Excellence Awards. Ipsos
  2. The best online banks in Canada of 2021. Financial Post
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Basic Information
Issuer: CIBC Bank
Network: VISA
Category: Consumer (Regular)
Best Used For:
  • Instant Decision
  • Low Interest
  • Every Day Purchases
  • Sign-Up Bonus
Rewards: Yes
Reward Types:
  • CashBack Rewards
  • Gas Rewards
  • Other Rewards
Reward Units: Cash
Rates & Fees
Introductory APR (%): 9.99%
Applied Towards:
  • Purchases
Intro Period: 6 months
Regular APR: 19.99%
Regular APR Type: Variable
Annual Fee: $0
Balance Transfer: Yes
APR on Cash Advances: 22.99%
Grace Period: up to 21 days
Other Fees:
  • Annual fee: $0
  • Overlimit fee: $29
  • Foreign Currency fee: 2.5%
  • Statement copy fee: $10
  • Transaction receipt copy: $5
  • Dishonoured Convenience Cheque: $45 each
  • Dishonoured payment fee: $45 each
  • Balance Transfer fee: $45 each
  • 3 additional card: $0
  • Inactive fee: $0

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Additional Information & Comments

- Required minimum annual household income of $15,000 or more
- To qualify for this card, you need to be Simplii Financial client
- Not available for Quebec residents

Non-Affiliate Offer Disclosure
*The information provided for Simplii Financial Cash Back Visa Card is believed to be accurate at the time of evaluation and has been collected independently by MarketProSecure® Canada. The card issuer did not provide the details, nor it is responsible for their accuracy.

Simplii Financial Cash Back Visa Card

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Simplii Financial Cash Back Visa Card

Simplii Financial Cash Back Visa Card

Rec. Credit Score: Fair

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