Simplii Credit Card Review A brand of CIBC founded in 2017, Simplii Financial offers the full array of banking, borrowing, and investment solutions, including savings accounts, credit cards, lines of credit, loans, mortgages, and investment products. Their cashback VISA credit card comes with a lot of perks and added extras, from insurance coverage and no annual fee to low introductory interest and no foreign transaction fees. Cash Back While the bonus categories that earn cash back have spending caps, customers enjoy impressive returns, especially for dining out. You get 4 percent on eligible coffee shop, bar, and restaurant purchases up to $5,000 a year. Eligible drug store, grocery, and gas purchases and pre-authorized payments earn 1.5 percent cash back up to $15,000 a year. All other purchases earn 0.5 percent, and there is no limit on the amount you can earn. At a rate of 4 percent, $800 in purchases a month earn $253 during the first year. If you also spend $600 a month on groceries, gas, and drugstore purchases, you will get $361 a year. Note that you only earn money back when your account is in good standing and on net purchases. Convenience cheques, fees, payments, interest, balance transfers, and cash advances are not eligible for cashback rewards. Additional Benefits Simplii Financial offers added benefits such as optional travel medical and payment protector insurance, extended protection, purchase security, and the option to add 3 cardholders to get more money back. Insurance Coverage Administered by the Canadian Imperial Bank of Commerce and Canadian Premier, CIBC’s payment protector insurance is useful in the event of critical illness, disability, and involuntary job loss. Their travel medical insurance has two plan options – a single and multi-trip annual plan based on travel frequency and your coverage requirements. The single trip plan is a good choice for 1 trip only and can be used for family or single coverage. The multi-trip plan offers a more comprehensive coverage and is a better option for frequent travelers. Both plans cover things such as expenses due to new disease or sickness, accidental injury, and eligible physician’s and hospital bills. Bonuses for Unique Referrals Customers who share a unique referral link earn $50 for everyone they get to join. New cardholders that use the referral link also get a $50 bonus. This also applies to customers who get a personal line of credit, high interest savings account, or no fee chequing account. Mortgage referrals are one exception. Note that you can only refer family and friends who are Canadian residents of the age of majority and are not customers of Simplii Financial. You can refer 10 friends and earn up to $500 a year. International Money Transfers If you often send international money transfers, you will save on foreign transaction fees. Not only this but you also earn 0.5 percent cash back or up to $300 on your first money transfer. There are no deductions or fees, and you can send up to $50,000 internationally, including US dollars and local currency. For international money transfers, you can use your line of credit, bank account, or cash back VISA card. You can send money to more than 120 countries, including the U.K., US, Australia, Germany, and France. Online Banking Customers can also pay bills, access their balance, and monitor their spending through the bank’s mobile banking app and online banking. The mobile app is easy and convenient to use and allows cardholders to send money internationally, check their balance, and manage their everyday banking. They can also use it to refer a friend and earn $50. Features Interest rate: 19.99 percent Cash advance interest rate: 22.99 percent Annual fee: none Minimum annual household income: $15,000 The fact that this card comes with a low annual income requirement makes it easy to qualify for, especially if you are a student. You also benefit from a low introductory interest rate of 9.99 percent during the first 6 months as well as 10 percent bonus cash back up to $500 on bar and restaurant purchases during the first 4 months. If you need a cash advance, you can instantly withdraw money at any banking machine or CIBC ATM with the Plus System, Interac, or Visa symbols. How to Apply To apply for the Simplii VISA credit card, you must be a Canadian citizen or resident of the age of majority in the territory or province where you live. Additionally, you must not have declared bankruptcy over the last 7 years. You can fill in the card application online and provide your personal, financial, and residential details such as your living situation, employment status, and employer information. Newcomers to Canada get the chance to build credit under the New to Canada Banking Program. They can get a credit limit up to $10,000 and earn money back on new bills and moving expenses. Those who have no Canadian credit history qualify as well. Cardholders also save on foreign transaction fees when wiring money to family or friends abroad. Foreigners applying for the Simplii VISA card need to provide information such as intended use of the account, occupation category and description, employment status, position, and current employer. Additional information includes permit type, Canadian contact details, and arrival date to Canada. Foreign citizens can apply before or after arriving in Canada and need to present documents such as their port of entry government letter, record landing form, permanent resident immigration form, and immigration work permit. Non-permanent and permanent residents are eligible to apply for a VISA credit card provided that they have a valid passport, are 15 years or older, and present a self-photo.