Credit Card News

Simon American Express Card from Cardless Officially Launches

Last fall, Simon Property Ground, American Express, and Cardless announced that they’d be teaming up to debut a new rewards credit card. Now, that product — the Simon American Express Card — has officially launched. In turn, new specifics about the offering have emerged.

Starting with the headline rewards, Simon American Express cardholders will be able to earn 3% back on purchases they make at retailers located in any Simon Center location in the United States. This includes Simon Mall, Mills, or Premium Outlet locations. However, they do warn that not all retailers at these properties accept American Express and, thus, would be ineligible.

While 3% will be the base for Simon retailers, purchases at some specific retailers will earn customers a total of 5% back. Currently, the card’s site cites specific examples that include JCPenney, Aeropostale, Brooks Brothers, Nautica, Forever 21, Reebok, Eddie Bauer, and Lucky Brand as well as online retailers Gilt, Rue Lala, and Shop Premium Outlets. Note that the 3% and 5% categories are capped at a combined total of $10,000 in purchases per calendar year. Also, the purchase of gift cards is largely excluded from these categories.

Beyond those categories, while the card will earn a generic 1% back on all other purchases, there’s also a mechanism by which cardholders can increase that. When customers use their Simon American Express card i-store via Apple Pay or Google Pay, they’ll earn 1.5% back instead. All earned rewards can then be redeemed for statement credits.

As the Simon American Express launches, it’s also offering a welcome bonus. At this time, new cardholders can earn a $150 bonus after spending $1,000 on the card in their first 90 days. Also notable is that the card carries no annual fee and doesn’t charge any foreign transaction fees.

Overall, the Simon American Express Card could be a pretty interesting option for shoppers. Considering Simon’s footprint, there’s likely a long list of retailers where consumers can earn 3% back on their purchases — not to mention the decent albeit somewhat limited lineup of 5% back options. And while those categories are capped at $10,000 in combined spending per calendar year, that still amounts to between $300 and $500 of potential cash back. On top of that, the ability to earn 1.5% back by using mobile wallets is an interesting twist that makes this card even more valuable. All of this makes the card perhaps the most intriguing offering from Cardless yet and sets a strong precedent for what could be possible under the issuer’s partnership with American Express.