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Two New Credit Cards from American Express Put More Cash in Canadians' Wallets
|By PR Newswire
|September 2, 2014 06:00 AM EDT
MARKHAM, ON, Sept. 2, 2014 /CNW/ - Today American Express Canada
launches a major push into the cash back sector of the credit card
market with the introduction of the SimplyCash and SimplyCash Preferred
cards. These two products offer very rich welcome rates of up to 5%
cash back on eligible purchases for the first 6 months and after that,
great rates of 1.25% on the no annual fee SimplyCash Card and 1.5% on
the Preferred Card. (Full product details included in the chart below)
American Express consumer research points to a strong interest in the
cash back style of cards which is becoming an area of focus for the
card company. The research shows 79 per cent of credit card holders
find the idea of cash-back products appealing.*
"The Canadian market has long been dominated by cards that predominantly
offer travel related rewards, and we offer a range of those. But our
research shows that a large number of people would value a
straightforward and effective cash back card product and we have
responded to that in a big way," says Leonard Varaksa, Director,
Consumer Card Marketing, American Express Canada.
A recent survey conducted by American Express found that when it comes
to credit cards, consumers with cash-back credit cards are looking for
cards that are simple and easy to use (90%), earn cash back everywhere
they spend (87%) and that they still offer additional card benefits
like insurances (79%). The new cash back Cards have been designed with
precisely those principles in mind.
"We heard loud and clear that our job is to deliver a simple and
efficient cash back Card and we believe that the products we are
introducing today represent the best value and the best service in the
market," says Varaksa.
Consumers enjoy finding deals and discounts in their everyday shopping,
but many struggle to find the time or enough cost savings to make it
worthwhile. In fact, only 26 per cent of Canadians consider themselves
savvy shoppers. Those who don't shop around for the best deals say they
lack the discipline (37%) and the time (29%) to hunt out bargains.
That's what makes the simplicity of cash back cards so appealing.
"Using these SimplyCash Cards is like getting a discount on every
purchase," says Varaksa.
The new Cards offer an array of benefits, including:
The SimplyCash Card
Welcome rate of 5% cash back on all eligible purchases in Canada at gas
stations, grocery stores and restaurants in the first 6 months (up to
$250 cash back)
1.25% cash back on all other purchases and when the welcome rate ends
No annual fee
Insurance coverage, including Buyers Assurance, Purchase Protection,
Travel Accident, Car Rental & Theft Damage Insurance
Front of the Line access to the hottest entertainment
24/7 Customer Service
The SimplyCash Preferred Card
Welcome rate of 5% cash back on all purchases in the first 6 months (up to $400 cash back)
1.50% cash back on purchases up to $100k when the welcome rate ends
(1.25% cash back over 100K)
$79 annual fee
Insurance coverage, including Travel Accident, Buyers Assurance,
Purchase Protection, Car Rental & Theft Damage Insurance , Emergency
Medical, Hotel/Motel Burglary Insurance, Lost or Stolen Baggage, Flight
Delay, Baggage Delay Insurance
Front of the Line access to the hottest entertainment
24/7 Customer Service
The launch of the SimplyCash Cards marks a highly aggressive step into
the cash back space and will be supported with a robust advertising and
marketing and campaign across TV, radio, and digital and social media.
Amex believes this will open up a new line of business in the same way
that its entry into the Small Business card market did four years ago.
Cash back has become a key growth area in other markets like the US and
the UK, and the company feels that it represents a similar opportunity
To learn more about the SimplyCash Card and SimplyCash Preferred Card
from American Express, visit www.amex.ca/simplycash.
About American Express Canada
American Express in Canada operates as Amex Bank of Canada and Amex
Canada Inc. Both are wholly owned subsidiaries of the New York based
American Express Travel Related Services Company, Inc., the largest
operating unit of the American Express Company. Amex Bank of Canada is
the issuer of American Express charge and credit cards, with outstanding products like the American Express® Gold Rewards Card, the American Express® Platinum Card, and the American Express® AeroplanPlus® Gold Card. Amex Canada Inc. Travellers Cheques divisions in Canada.
American Express opened its first offices in Toronto and Hamilton in
1853 and now employs 3,700 Canadians coast-to-coast. For more
information, visit AmericanExpress.ca or connect with us at Facebook.com/AmericanExpressCanada and YouTube.com/AmericanExpressCAD.
* From October 2nd to October 3rd 2013 an online survey was conducted
among 1,343 randomly selected Canadian adults who are Angus Reid Forum
panelists and who have at least one Credit Card. The margin of
error—which measures sampling variability—is +/- 2.7%, 19 times out of
20. The results have been statistically weighted according to
education, age, gender and region (and in Quebec language) Census data
to ensure a sample representative of the entire adult population of
Canada. Discrepancies in or between totals are due to rounding.
From August 13th to August 14th, 2014 an online survey was conducted
among 1,502 randomly selected Canadian adults who are Angus Reid Forum
panelists. The margin of error—which measures sampling variability—is
+/- 2.5%, 19 times out of 20. The results have been statistically
weighted according to education, age, gender and region (and in Quebec,
language) Census data to ensure a sample representative of the entire
adult population of Canada. Discrepancies in or between totals are due
SOURCE American Express
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