I took a quick look at Simplii Financial Cash Back Visa, but was quickly unimpressed. Since I have an excellent credit score (at least that’s what my free credit score from Borrowell says), I often take advantage of no-fee offers or waived-fee offers whenever possible.
I figure it takes about 1 hour of my time to signup, get the bonus and decide whether or not to keep the card. So what is 1 hour of time worth? Well over time, and after 230,000 free Aeroplan miles, I don’t even bother unless the bonus is worth between $200 and $300. In this case, the offer is not even close.
Here Comes a Classic Bait & Switch
I am always in the market for a great credit card signup-bonus offer. Today, I signed into my Simplii bank account and saw a 10% cash-back offer on a Simplii Financial Cash Back Visa Card. What I REALLY did not appreciate was the way Simplii Financial get you excited for 10% cash back.
Then you click to “Learn More” and there is no mention of 10% cash back anymore.
Digging Deeper on the Simplii Financial Cash Back Visa Card
Buried in the (initially hidden) Terms and Conditions is this Footnote (in a dark-grey font):
What a minute… so let me get this straight…
The compelling 10% offer is ONLY for Resturant & Bar purchases?
I barely do either over 4 months.
The extra 6% bonus is only for the first $500.
That amounts to a whopping $30 in bonus cash.
Alright, I guess that makes a total of $50 from 500 bucks in beer & wings, but come on!
My Verdict on the Simplii Financial Cash Back Visa Card
No thanks, Simplii Financial … NO THANKS!
The only thing this card has going for it is NO FEE … I’ll give you 1-star for that.
The fact that you misled me with a 10% offer and then tried to HIDE it … I almost want to remove that 1-star.
Looking for a Better Offer
Have you found a better offer lately? Let me know in the comments below.
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P.S. Another card I am currently considering is the Scotia Momentum Visa Infinite Card. They are offering 10% on ALL purchases and instead of a $30 max bonus, the max bonus is $200, now we’re talking!