About Simplii FinancialTM Cash Back Visa Card

Banking products and services branded Simplii FinancialTM, including the cash back credit card, are offered by the Canadian Imperial Bank of Commerce (CIBC). Simplii Financial trademark services and products are for the personal needs of individuals only; accounts for business and non-profitable organizations are not available.

Simplii FinancialTM Cash Back Visa Card features 

The card offers many benefits and may be used anywhere Visa is accepted. It works as a standard credit card with such benefits as 21 days of a grace period, no annual fee, cash back options, welcome and special offers. Meanwhile, almost every option has some restrictions, and the general yearly interest rate on the funds spent is not low, as you may guess.

Grace period for 21 days

The grace period works like free credit when a bank covers all the purchases done via credit card, and the credit card owner once a month repays the bank with all the amount spent. If the funds are not returned to the bank within the grace period, the interest rate of 19.99%-22.99% is applied, and some penalties. There is no grace period for a cash advance, a balance transfer, or a convenience cheque – these services are always chargeable.

Cash Back

Cash Back is earned on net card purchases, not cash advances, fees, interest, balance transfers, or payments on convenience cheques. The card gives cash back as follows:

• 4% on the first $5,000 at restaurants and bars

• 1.5% on the first $15,000 on gas, grocery, drugstore purchases, and pre-authorized payments 

• 0.5% on all other purchases, including the above-listed categories, when their limits are exceeded.

Welcome and special offers the card gives now:

• bonus cash back of 10% for restaurants and bars for the first four months with an up to $500 limit

• an introductory annual interest of 9.99% on purchases for the first six months

• 0.5% cash back for sending money abroad via Simplii FinancialTM Global Money Transfer

Some other periodic offers can be introduced.

Referral program

The referral program adds $50 to both the current client and the new one who ordered a Simplii FinancialTM product via a unique referral link of the current client. This bonus has no limitations and is available for many new clients.

Other options

A Primary Card Holder may get up to 3 additional cards and set a spending limit to any of them. Straightforward online banking, digital verification, and easy and smart online payments are an integral part of the card. Mobile wallets at Apple Pay, Google PayTM, and Samsung Pay® accept this card. In addition, a chargeable insurance program underwritten by Royal & Sun Alliance Insurance Company of Canada is available.

General fees applied

• The over-limit fee is $29

• The fee for a copy of a statement is $10; a transaction receipt copy is $5

• A cash advance is limited to $1,000 per day, and a fee of $5 is applied to each

• Promotional fee transfer for convenience cheques and balance transfers is 3%; the exact rate is available before the transaction

• The fee for a dishonored convenience cheque or balance transfer is $45 each; the dishonored payment fee is $45 each

• In some circumstances, the interest rate may increase to 24.99–27.99% for at least 12 months.

Pros and cons

Pros

• Good rewards for eating out

• Rewards for gas, grocery, and drugs purchases

• Rewards for other goods and services on all other credit card purchases with no limit on the total amount spent

• Attractive welcome and special offers

• No annual fee

• 21-day grace period

• Additional cards

• Referral program

• Convenient digital services

• Extended protection insurance program

• CIBC Travel Medical Insurance.

Cons

• The high annual interest rate for purchases (19.99%) with a possible increase

• The high annual interest rate for cash advances (22.99%) with a likely rise, limitations ($1,000 per day), and a fee ($5) for every cash advance transaction

• No interest-free period for cash advances, balance transfers, or convenience cheques

• Fees for a copy of a statement ($10) or transaction copy ($5)

• Cash back accumulates every month and becomes due for reimbursement only once a year, with the December statement

How to apply for a Simplii FinancialTM Cash Back Visa Card

To apply for the card, you need to be a client of Simplii Services. An application form is available online at the official website. To be qualified, it is required: 

• The minimum household annual income should be $15,000 or higher

• Be a Canadian resident (excluding Quebec)

• Be at the age of majority in your province or territory

• Have not declared bankruptcy in the last seven years