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Simplii Financial™ Cash Back Visa Card Review: Welcome to Credit!

The Simplii Financial™ Cash Back Visa Card isn't just about cashback; other features merit your interest. So, join us in exploring what it has to offer you!

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Simplii Financial™ Cash Back Visa Card: Up to 20% cashback. Yes, you read that right!

simplii financial credit card
A credit card full of rewards: check the Simplii Financial card. Source: The Money Best.

Are you new to the financial world? Then the Simplii Financial™ Cash Back Visa Card might be perfect for you. That’s because it acts as a financial world welcome card. 

With a cashback plan that gives you up to 20% back on your purchases in the first three months of use. That sounds appealing, right? And it doesn’t stop there, no!

What’s great about this credit card 😍… but this could be better 👎
Up to 20% Cashback in the first 3 monthsArduous Eligibility Requirements
Accepted worldwideTravel benefits are basic
Flexibility in interest paymentsForeign Transaction Fees

In our comprehensive review that follows, you’ll learn every detail about this amazing card offered by the digital bank Simplii Financial. Understand how the cashback works and more.

We also cover the requirements, detail the application process, and even compare it with other interesting options on the market. You’ll like it and want one for yourself!

Know the card’s features: Nice to meet you Simplii Financial™ Cash Back Visa Card!

simplii financial credit card
Your purchases will earn you cash back rewards! Source: Canva Pro.

The Simplii Financial™ Cash Back Visa Card focuses on cashback, which means business. It features a quite comprehensive and somewhat complex rewards plan.

To keep fees at zero, ensure your purchases stay within your credit limit; otherwise, a $29 fee will be charged. There are other fees as well, so please read your agreement carefully. 

Balance transfers will also be subject to Fees, Each $45, if you fail to meet your payment obligations. These are the main ones. The key point is that there is no annual fee.

A cool feature of the Simplii No Fee Cash Rewards is the Cashback Calculator, which lets you know what you can count on. This way, it’s easier to earn while shopping in your routine!

Now, analyze the key points of the Simplii Financial™ Cash Back Visa Card in our table below. Here are the details you need to know inside out! We’ve broken it down for you.

Credit score range to get this cardAt least in the “good” to “excellent” range.
What’s the card’s APR?20.99%.
Does it charge an annual fee?$0 for up to 3 additional cards.
And what about rewards?Cashback Program.
Is there any bonus for new cardholders?20% cashback on certain categories of purchases during the first 3 months.

Simplii Financial™ Cash Back Visa Card pros VS cons: Unlock the benefits, avoid the traps

simplii financial credit card
Learn how this credit card works and take the best out of it. Source: Canva Pro.

Since we’re talking about a credit card and not lunch at grandma’s house, it’s always good to stay alert.

With that in mind, we’ve outlined the main pros and cons of the card for you beyond the Simplii No Fee Cash Rewards.

The best side of it:

  • 🟢 $0 Annual Fee: One of the greatest benefits is the absence of an annual fee, meaning you can enjoy the card without worrying about yearly fixed costs.
  • 🟢 High Cashback Rate in the First Months: It offers a high promotional cashback rate on specific purchases during the first months after account opening, which can be especially advantageous for new users.
  • 🟢 Cashback on All Purchases: After the promotional period, the card continues to offer a percentage of cashback on all purchases, allowing users to earn money back on their daily expenses.
  • 🟢 No Limit on Cashback Earned: There is no maximum limit to the total cashback you can earn, enabling big spenders to accumulate significant rewards over time.
  • 🟢 Additional Visa Benefits: As a Visa product, the card has added benefits such as insurance coverage and extended warranty on eligible items bought with the card.
  • 🟢 Global Acceptance: Being a Visa card, it’s accepted at millions of locations worldwide, offering great flexibility for international purchases and travel.

But keep an eye on these details:

  • 🔴 Foreign Transaction Fees: The card may include fees on foreign transactions, which can increase the cost of international purchases or travel abroad.
  • 🔴 Eligibility Requirements: There may be specific credit and income requirements to be approved for the card, which may not be accessible to all consumers.
  • 🔴 Limited Travel Benefits: Compared to specific travel cards, the Simplii Financial Cash Back Visa Card may offer fewer travel benefits, such as comprehensive travel insurance or free access to airport VIP lounges.
  • 🔴 No Sign-Up Bonus: Some credit cards offer substantial sign-up bonuses that are not available with this card, making it less attractive to those looking for an immediate incentive upon signing up.

Requirements to apply for the Simplii Financial™ Cash Back Visa Card: credit score and more

You’re probably eager to join the Simplii Financial family at this point in our article. So, let’s take a look at what your new hosts expect from you:

  • Legal Age: Must meet the minimum legal age for a credit card in Canada, which varies by province or territory, generally between 18 and 19 years old.
  • Residency Status: Must be a resident of Canada, except Quebec.
  • Credit History: You must have a credit history in Canada that demonstrates financial responsibility. Simplii Financial does not specify a minimum score, but based on the card’s profile, you will likely need to fall within a range considered “good” or “excellent.”
  • Income: A minimum annual household income requirement of $15,000 is intended to ensure financial capability to manage a Simplii Financial™ Cash Back Visa Card and its potential debts.
  • Absence of Insolvency: You must not be currently undergoing insolvency proceedings or have a recent history of insolvency, which can be seen as a significant risk by the card issuer. You cannot have declared bankruptcy in the last seven years.

Say “yes” to the card: How to apply for the Simplii Financial™ Cash Back Visa Card 

simplii financial credit card
Just reach your phone, and you’re ready to apply for this Simplii Financial credit card. Source: Canva Pro.

To take the next step in your relationship with the Simplii Financial™ Cash Back Visa Card, you must submit your application online through the official Simplii Financial website.

card

Credit Card

Simplii Financial™ Card

Cash back Visa

Apply for a card that rewards your spending

You will be redirected to another website

This is because the official mobile app allows you to manage your accounts, check balances, and carry out transactions.

However, it’s unlikely that the option to open an account or apply for a Simplii Financial™ Cash Back Visa Card is available in the app.

Online Application

The common way to apply for the Simplii Financial Cash Back Visa Card is through the official Simplii Financial website. The online process is designed to be quick and easy, allowing you to fill out an application form with your personal, financial, and credit information.

Before applying, reviewing all the eligibility requirements and card details to ensure they fit your financial needs is a good idea.

Not ready to say yes? Give it a chance to the KOHO Prepaid Mastercard

The KOHO Prepaid Mastercard is an intriguing alternative in the credit card universe, positioning itself as a robust option for those wishing to manage their finances with more control and efficiency.

Unlike the Simplii Financial™ Cash Back Visa Card, KOHO is a prepaid card that allows users to load funds in advance and use them for purchases anywhere Mastercard is accepted. Thus, it offers a way to spend without accruing debt.

If you’re interested in learning more, check out the full review of the KOHO Prepaid Mastercard. This detailed analysis can help you make an informed choice about which card is best for you.

koho prepaid card

Koho Prepaid Mastercard Review

A modern financial tool like the Koho Prepaid Mastercard deserves your full attention. To make everything simpler, here's our review!

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