When I first stumbled across the Simplii Financial Cash Back Visa Card, I was hunting for a simple, no-fee credit card that would actually reward me for my everyday spending.
Like many Canadians, I didn’t want to get bogged down in annual fees or confusing reward systems. I just wanted something that worked—and saved me money.
Little did I know, this card would quietly become one of the most underrated tools in my personal finance toolbox for years. Whether you’re a student, someone building credit, or just want to earn cash back on groceries and bills, the Simplii card might surprise you.
But is this card really as rewarding as it seems? And how does it compare to other no-fee credit cards in Canada? Let me walk you through how it works, its benefits, limitations, and how I personally use it to stretch my dollars further.
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What Is the Simplii Financial Credit Card?
Simplii Financial is the online banking arm of CIBC. It focuses on no-frills, no-fee solutions for Canadians who want to avoid extra banking charges.
The Simplii Financial Cash Back Visa is their first credit card—and it’s built to be easy, straightforward, and genuinely rewarding for daily purchases.
It’s available to Canadian residents with fair to good credit and comes with no annual fee.
Simplii Financial Cash Back Visa Card: The Highlights
Here’s what you earn:
- 4% on restaurants, bars, and coffee shops (up to $5,000/year)
- 1.5% on gas, groceries, drugstores, and bill payments (up to $15,000/year)
- 0.5% on all other purchases or above category limits
Other perks:
- Purchase security and extended warranty protection (double the manufacturer’s warranty, up to one additional year)
- Free authorized user (great for shared expenses)
- CIBC Global Money Transfer: Send money abroad with no transfer fee and earn 0.5% cash back. (Note: foreign exchange markup ~2.5%)
- Optional travel medical insurance (for a fee)
How Does the Cash Back Work? (With Example)
Here’s a real-life monthly spending breakdown:
| Category | Monthly Spend | Rate | Monthly Cashback |
|---|---|---|---|
| Dining & Coffee | $250 | 4% | $10.00 |
| Groceries | $600 | 1.5% | $9.00 |
| Gas | $100 | 1.5% | $1.50 |
| Miscellaneous | $200 | 0.5% | $1.00 |
| Total Cashback | – | – | $21.50/month or ~$258/year |
And remember — this is all without paying an annual fee.
Who Is the Simplii Financial Credit Card For?
The Simplii Financial Cash Back Visa Card is ideal if you:
- Eat out or grab coffee often — those 4% rewards can really add up
- Want a no-annual-fee credit card
- Prefer cash back over travel points
- Like the convenience of managing your credit card and chequing account from one dashboard (if you already bank with Simplii)
This card is especially great for students, young professionals, or anyone starting their financial journey who wants to earn solid rewards without paying for a premium credit card.
How to Apply for the Simplii Credit Card
Apply online in under 10 minutes:
- Visit the Simplii Financial website
- Provide your personal and financial information
- Get a decision instantly or within a few days
Eligibility Tips:
- Credit score of 660+ recommended
- Proof of income
- Must be a Canadian resident (not just a visitor)
Pros and Cons of the Simplii Financial Credit Card
Pros:
- High 4% cash back rate on dining (rare for no-fee cards)
- No annual fee (seriously)
- Easy to manage via online/mobile app
- Compatible with mobile wallets like Apple Pay and Google Pay
- Free authorized user
- Purchase protection and extended warranty coverage
Cons:
- Lower 0.5% rate on non-category spending
- Fewer premium perks compared to fee-based cards
- Cash back is paid once a year (in December), unlike some cards with monthly or on-demand redemption
- Not ideal for heavy grocery or gas spenders compared to some other cards
- Low initial credit limit (mine started at $300) (*)
(*) When I first started, it was frustrating because the initial credit limit ($300) wasn’t enough to cover all my monthly expenses (especially back in 2019). However, depending on your spending and repayment habits, Simplii regularly sends credit limit increase offers. For example, I was offered a $1,000 limit after about a year, and $3,000 after around two and a half years.
Simplii Financial vs Other No-Fee Credit Cards in Canada
Here’s how it compares to other top options:
| Card | Annual Fee | Top Category | Other Rewards | Welcome Bonus |
|---|---|---|---|---|
| Simplii Financial Cash Back Visa | $0 | 4% on dining | 1.5% or 0.5% | $50 PRESTO Voucher |
| Tangerine Money-Back | $0 | 2% in 2 categories | 0.5% on others | $100 bonus (seasonal) |
| BMO CashBack Mastercard | $0 | 3% on groceries | 1% on recurring and 0.5% on others | $100 bonus (occasional) |
While Tangerine and BMO may offer larger welcome bonuses, Simplii Financial stands out with one of the highest cash back rates on dining—even outperforming some premium, fee-based cards.
How to Maximize Rewards with the Simplii Financial Cash Back Visa Card
If you’re using the Simplii Financial Credit Card as your daily spending tool, here’s how to get the most out of it:
✅ Use it for all dining and coffee purchases to get 4%
✅ Set up pre-authorized bills like Netflix or Spotify to earn 1.5%
✅ Use for groceries and gas—up to the $15,000 category cap
✅ Use another card for foreign transactions or better grocery rates
✅ Track spending with the Simplii app to stay under category caps
✅ Use for international transfers (only if you don’t have a no-forex-fee card)
How and When You Get Paid
Your cash back is calculated automatically and paid out once per year in December—no minimum redemption and no effort needed.
That said, if you prefer monthly rewards, you may want to pair this with another card like Tangerine.
My Personal Take: Why I Chose This Card
As a personal finance blogger who loves a good deal (and coffee!), I’ve used the Simplii Financial Cash Back Visa for years.
Here’s why:
- I hate annual fees unless they come with serious perks
- I eat out often, so that 4% adds up
- It’s easy to use and manage, even without a Simplii account
In my first year using this card, I earned over $200 in cash back—mostly from coffee shops and dining—without changing my spending habits.
Now that my grocery bills have gone up (unfortunately due to the rising cost of living), I’ve added the Amex Cobalt to my wallet for better grocery and dining rewards (up to 5X points, capped at $2,500/month).
But Simplii still holds a permanent spot in my wallet—for everyday bill payments and dining where the Amex Cobalt isn’t accepted.
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Final Thoughts: Is the Simplii Financial Credit Card Right for You?
If you want a no-fee credit card that rewards dining, coffee, and everyday spending, the Simplii Financial Cash Back Visa is a solid, low-effort choice.
It won’t replace premium travel cards, and it’s not best-in-class for grocery rewards, but for casual spenders and credit builders, it’s one of the most underrated cards in Canada.
And if you’ve been Googling “Simplii Financial credit card reviews,” I hope this post gave you a clearer picture of how the Cash Back Visa performs in real life.
Have you tried the Simplii Financial Credit Card? Share your experience in the comments below or check out my Amex Cobalt Review next if you want to level up your grocery rewards game.
