Transfer a Balance and Get Cash Back with the SimplyCash Preferred Card from American Express

Annual Fee
Purchase Interest Rate
Min Personal Income Required
Recommended Credit Score
740 850 670 739 580 669 0 579
Card type: credit card.
Earn 5% cash back on ALL purchases in the first 6 months (up to $300 cash back).
If you have a running balance on an old credit card with a high interest rate, it becomes more and more difficult to pay it off, and you end up paying extra in interest due over time. Credit cards that empower customers with a lower initial rate after transferring their balance exist to help, but rarely give lasting bonuses that provide value over time after the balance has been paid. Take advantage of one of these beneficial offerings from American Express with the SimplyCash Preferred Card.

Get a head start on paying your balance and receive cash back in the process with the SimplyCash Preferred card from American Express. This double-edged bonus of 5% cash back and an interest rate of 1.99% gives customers who are transferring a balance from one card to another an extra boost to pay off their bills.

The SimplyCash Preferred At a Glance

  • 5% cash back in the first 6 months
  • 2% cash back after welcome rate ends, no limits
  • 1.99% interest rate for 6 months on balance transfers
  • $99 annual fee

Why We Like It

  1. 5% Cash Back Bonus: For the first 6 months after the card’s activation, the customer will enjoy an impressive 5% cashback on purchases, up to a maximum value of $300. This means that cardholders who spend $6,000 a month for the first six months will get the cash back on every dollar.
  2. Competitive Post-Bonus Cash Back: After the initial bonus period of six months, customers receive 2% cash back for the life of their account, applicable with absolutely no limits on spending. *Note that accrued cash back is applied as a statement credit to your account each September.
  3. Balance Transfer Bonus: Approved applicants who transfer their balance from one card to the American Express SimplyCash Preferred card pay only 1.99% interest for 6 months after activation. This bonus allows for a maximum of $7,500 or 50% of the customer’s existing credit limit to be transferred and paid off monthly at a near-zero rate, saving hundreds of dollars in interest payments.

Extra Benefits of the SimplyCash Preferred Card from American Express

American Express offers customers some truly advantageous benefits on top of the already great balance transfer and cash back rates. One that stuck out was the refer-a-friend bonus, which rewards customers with up to $3,000 for referring friends to sign up for the same valuable card. A cash payment of $200 for each referral is a nice incentive to get others the same benefits that you enjoy.

These additional features also apply:

1) American Express Front of the Line Service:

  • Special invites
  • E-updates
  • A reservation system and advanced access to some of the best shows and events

2) Insurance:

  • Insurance against damage and theft of a rental car
  • Travel accident insurance value of $100,000
  • Foreign medical insurance
  • Theft of baggage and lost item insurance

3) For Shoppers:

  • Products that are bought with the American Express SimplyCash card have their manufacturer’s warranty doubled, extending protection for expensive purchases.
  • Insurance against theft or accidental damage on eligible new purchases made with the card.


For those who want an advantage when paying off their balance and need a reason to keep the card once they have repaid their outstanding amounts, the American Express SimplyCash Preferred card is especially suitable. An initial 6 months of beneficial bonuses on balance transfers, a competitive cash back rate with no limits, plus an array of nice features courtesy of American Express make this card very worthwhile for many individuals with outstanding credit card balances.

Article comments

Eli Goldberg says:

Is there a way to get the annual fee waived, even if only for the first year?

GreedyRates says:

Hello again Eli,

Thanks for your question. As far as we know, it’s not possible to waive the first year’s annual fee unless it’s been expressly advertised by the issuer.

However, most issuers are generally flexible when it comes to things like continuing promotional rates and other benefits, so it’s worth a try. Give customer service a ring and ask, and be prepared with a reason why you deserve a waiver (great credit, etc). Good luck!

GreedyRates Staff