American Express True Cashback Card – MoneySmart Review 2022

American Express True Cashback Card

The Amex True Cashback Card is a super low-effort gives you 1.5% cashback on virtually anything you spend on, and there is no limit to how much cashback you can get every month.

What’s more, in the first 6 months of card membership, you receive 3% cashback on up to $5,000 spending. That’s about $150 of cash rebates.

So is the Amex True Cashback Card really all it’s cracked up to be? Let’s investigate:

Amex True Cashback Card terms & conditions

American Express True Cashback Card
Annual fee & waiver $171.20 (waived for 1 year)
Supplementary annual fee Free for first 2 supplementary cards, subsequently $85.60
Interest free period 22 days
Annual interest rate 25.90%
Late payment fee $90
Minimum monthly repayment 3% or $50, whichever is higher
Foreign currency transaction fee 2.95%
Cash advance transaction fee 5%
Overlimit fee
Minimum income $30,000 (Singaporean) / $60,000 (non-Singaporean)
Card association American Express
Wireless payment Apple Pay, Samsung Pay, Google Pay
American Express logo
MoneySmart Exclusive
Unlimited Cashback
Welcome Offer (min spend of S$5,000 in 6months)
3.0% Cashback
Cash Back Cap
Unlimited
Min. Spend per month
S$0
MoneySmart Exclusive:

Get a Samsung Galaxy Tab A7 Lite (worth $228) or $160 cash via PayNow when you apply and spend on your card!

Valid until 31 Oct 2021

How the Amex True Cashback Card works

Well, there’s not much to explain. You get 3% cashback on everything you spend on in the first 6 months, up to $5,000. Subsequently, you get 1.5% cashback.

At first glance, the cashback rate of 1.5% isn’t that impressive, not when other cards are offering cashback rates as high as 6% to 9%.

But upon closer inspection, cards that offer very high cashback rates usually only do so subject to two conditions: spending in certain categories, and that you satisfy their minimum spending requirements.

That means a certain card might limit their generous cashback rate to specific categories (e.g. online purchases only), and/or require you to spend at least $600 a month to qualify for the cashback.

Therein lies the American Express True Cashback Card’s real strength — their 1.5% cashback rate is offered with no strings attached.

If you spend only $50 that month, you still get the cashback. If you used your card to pay for your new window grills at Ah Seng Contractor Pte Ltd, that qualifies for cashback.

Who should use the Amex True Cashback Card?

As with most unlimited cashback cards, the Amex True Cashback Card is great for people who are making hugely expensive life transitions. Think: paying for a 5-star hotel wedding banquet or moving into a new home. It’s also the highest unlimited cashback card in the market for the first $5,000 spend, at 3%, making it perfect for one-off, big-ticket purchases.

Before you get all excited, let’s set the record straight — you cannot use your credit card to repay your home loan. But still, it pays to sign up for a credit card with very relaxed terms & conditions when you’re about to move in to your new home.

That’s because, apart from your home loan repayments, you’re going to be paying for a ton of assorted stuff — furniture, appliances, renovations, an interior designer, etc. Many of these won’t fall into bonus cashback categories like online shopping, dining or groceries.

You’re also going to be spending thousands, if not tens of thousands of dollars kitting out your new home, and that can translate to a ton of cashback if you pick the right card. You don’t want to be restricted by a cashback cap.

What are the alternatives?

Let’s look at some similar cards on the market to see if they’re better for you than the American Express True Cashback Card.

UOB logo
Online Promo
1.7%
Min. Spend per month
$0
Spend Exclusions
No
Online Promo:
Get the latest smartphone with S$1,299 Singtel vouchers or S$300 cash credit when you apply for a UOB Absolute Cashback Card. TNCs Apply
Valid until 31 Oct 2021

UOB Absolute Cashback Card – This card has the highest cashback in the market at 1.7%, with lesser exclusions (you can use this card to pay your insurance premiums!). You can use this card after you’ve maxed out your Amex True Cashback card first $5,000 spend!

Citibank logo
MoneySmart Exclusive
No Expiry on Cash Back Earned
Cash Back on Eligible Spend
1.6%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

GET YOUR GIFT FASTER THAN EVER:
Apply and spend $500 to get a free Apple iPad 64GB (worth $499) OR Sony WF-1000XM4 Earbuds (worth $379) OR $350 Cash via PayNow. Redeem your gift as fast as 6 weeks from credit card account opening. T&Cs Apply.

Valid until 31 Oct 2021

Citi Cashback+ Mastercard – This card offers 1.6% cashback AND is a Mastercard. Stack this with the Instarem Amaze Card. This will give you 1.6% + 1% cashback!

Standard Chartered logo
MoneySmart Exclusive
With 3-month Disney+ Subscription
Cash Back on eligible spend
Up to 1.5%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

Apply & Spend $300 to get EXTRA $50 CASH in addition to a Samsung Galaxy A7 Tab Lite Wi-Fi (worth $228) or the ErgoTune Chair (worth $399) or $250 Cash. Only with Standard Chartered Smart Credit Card. T&Cs apply.

Valid until 31 Oct 2021

Standard Chartered Unlimited Cashback Card – This card used to be the American Express True Cashback Card’s closest competitor and also offers 1.5% cashback with no cap or minimum spending. They have a current sign-up bonus of $100 cashback for new-to-StanChart card members, which is actually more attractive than Amex’s introductory 3% rebate.

UOB logo
Online Promo
Rebate on Shopee, Dairy Farm Group, Grab, SP and more
Up to 10%
Rebate Cap per quarter
S$300
Min. Spend per month
S$2,000
Online Promo:
Receive S$300 Cashback for new to UOB cardmembers for 1st 100 Customers to make a min spend of $1.5K within 30 days of card approval. T&Cs Apply
Valid until 31 Oct 2021

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