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 Bonus (on all eligible purchases, up to S$5,000 spend in the first 6 months)
3.0% Cashback
on all eligible purchases
1.5% Cashback
Cash Back Cap
MoneySmart Exclusive:

Get S$150 Cash via PayNow when you apply for an American Express True Cashback Card and spend a min. of S$500 in Qualifying Spends within the first month of card approval! T&Cs apply.

Valid until 28 Feb 2024

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
Get Unlimited 1.7% Cashback
Cash Back on Eligible Spend
Min. Spend per month
Cash Back Cap

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
Cash Back on Eligible Spend
Min. Spend per month
Cash Back Cap
MoneySmart Exclusive:

Stand a chance to win a Sony PlayStation®5 SLIM Digital Edition (CFI-2018B01) (worth S$669) on top of your baseline gifts when you are one of 3 successful claims at 2pm & 9pm daily!
Unlock Exclusive Rewards
The rest can still earn 5,040 SmartPoints or S$300 cash when you apply and meet the minimum spend within 30 days from card approval date. T&Cs apply.
Why Choose SmartPoints?
Enjoy the ultimate flexibility to redeem ANY gift at our Rewards Store.
Short on points? Simply pay the difference with cash, and grab your desired gift today!

Valid until 26 Feb 2024

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 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
MoneySmart Exclusive
Online Promo
Get up to 15% Cashback | S$50 CASH BONUS
Cashback on McDonald's, DFI Retail Group, Grab, Shopee, SP and more
Up to 10%
Cashback Cap per quarter
Min. Spend per month
MoneySmart Exclusive:

[FLASH DEAL: S$50 Cash Bonus]
Secure an extra S$50 Cash via PayNow on top of the online promotion by being one of the first 100 successful claims to apply through MoneySmart! T&Cs apply.
PLUS get up to 15% Cashback and S$350 Grab Vouchers from UOB when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months from card approval date. T&Cs apply!

Valid until 29 Feb 2024

What credit card do you usually use for big purchases? Share this article with your friends and family!