American Express Canada has expanded its credit card portfolio with the launch of SimplyCash and SimplyCash Preferred cards.
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The two credit cards offer welcome rates of up to 5% cash back on eligible purchases for the first six months and after that, rates of 1.25% on the no annual fee SimplyCash Card and 1.5% on the Preferred Card.
Leonard Varaksa, director of consumer card marketing at American Express Canada, said: "The Canadian market has long been dominated by cards that predominantly offer travel related rewards, and we offer a range of those."
The company said that the launch of the SimplyCash Cards marks an 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.
American Express believes that 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 in Canada.
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