Simplii Financial Cash Back Visa
Issued by CIBC through Simplii Financial, this Visa card offers up to 4% cashback on eligible purchases and includes features that suit both everyday users and value-driven consumers. With no annual fee, competitive reward rates, and easy online access, it’s an ideal choice for Canadians looking to make their money go further.
Key Features of Simplii Financial
- Formerly known as PC Financial: Simplii Financial has evolved from its previous identity as PC Financial, building on its legacy of providing innovative financial solutions to its customers.
- No Fee Checking Account: One of the standout features of Simplii Financial is its no-fee checking account, which allows customers to manage their day-to-day finances without worrying about extra charges.
- High Interest Savings Account: For those looking to grow their savings, Simplii Financial offers a high-interest savings account that helps customers maximize their returns on deposited funds.
- Cash Back Credit Card: Along with banking services, Simplii Financial also provides a cash-back credit card that rewards customers for their everyday purchases, offering them the opportunity to earn money while spending.
- Mortgage Options: Whether you are a first-time homebuyer or looking to refinance your existing mortgage, Simplii Financial offers a range of mortgage options to suit your needs, providing competitive rates and flexible terms.
Disadvantages to Keep in Mind
While generous, the elevated cash-back rates are capped and reset annually. After hitting category limits, all purchases earn only 0.5% cash back until the next year cycle begins. The card lacks standard travel perks such as lounge access or travel insurance, and there’s no mobile device coverage included—even though some competitors offer those features.
Why Choose the Simplii Financial Cash Back Visa?
If you’re looking for straightforward cashback without the hassle of tiers, points, or monthly fees, the Simplii Financial Cash Back Visa delivers. With solid reward rates on common spending categories and the backing of a major Canadian bank, it’s a smart, no-fuss option for Canadians who value efficiency and savings.
Security and Fraud Protection
The Simplii Financial Cash Back Visa comes with built-in security features, including real-time fraud monitoring and zero liability for unauthorized purchases. Cardholders can also instantly lock or unlock their card through the mobile app, adding another layer of control and peace of mind when managing daily transactions.
Online and Mobile Banking Convenience
Simplii Financial stands out for its fully digital experience. From applying for the card to managing payments and rewards, everything can be done through the online platform or mobile app. Users can track their spending, set alerts, and pay bills on the go—making it ideal for tech-savvy Canadians who want a bank that fits into their lifestyle.
Credit Card Comparison – No Annual Fee & Cash Back
| Credit Card | Annual Fee | Cash Back Rate | Extras / Perks | Best For |
|---|---|---|---|---|
| Simplii Financial Cash Back Visa | $0 | Up to 4% (restaurants, bars, coffee shops); 0.5% on others | Online banking, no-fee chequing, CIBC-backed | Everyday purchases, food & drink |
| Tangerine Money-Back Credit Card | $0 | 2% in 2–3 chosen categories; 0.5% on everything else | Option to auto-deposit rewards; flexible categories | Custom rewards, budgeters |
| CIBC Dividend Visa Card | $0 | 2% on groceries, 1% gas; 0.5% other | Purchase security & extended warranty insurance | Groceries and gas spenders |
| BMO CashBack Mastercard | $0 | 3% groceries, 1% recurring bills, 0.5% other | 90-day purchase protection, extended warranty | Grocery-focused families |
| Rogers Mastercard | $0 | 1.5% cash back on all purchases | No foreign transaction fees (for Rogers/Fido clients only) | General use + international purchases |
Who Should Consider This Card?
The Simplii Cash Back Visa is best suited for casual but frequent spenders—especially those dining out, buying coffee or meals—looking to earn meaningful rewards on essential expenses. It’s also a practical choice for newcomers establishing credit in Canada or consumers who prefer a straightforward rewards system with no fees.
Final Thoughts
The Simplii Financial Cash Back Visa Card is a top pick in Canada for restaurant-goers, coffee lovers, and everyday shoppers seeking a robust rewards card with no annual fees. With its strong earn rates and easy setup—even for newcomers—it offers genuine value. Just note that the rewards caps and lack of premium perks may limit its appeal for heavy spenders or those seeking more luxury features.
