The AmEx SimplyCash Preferred card is getting a change now. The annual fee increases from $79 per year to $99. The 5% welcome cash back in the first 6 months is now capped at $300 instead of $400. The good news is AmEx increase the cash back rate after the welcome rate from 1.5% to 2% (no limit). And the exciting news for all existing cardholders is you can get the 2% cash back rate and keep paying the $79 annual fee.
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