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American Express True Cashback Card – MoneySmart Review 2019

·7-min read
American Express True Cashback Card
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


Late payment fee


Minimum monthly repayment

3% or $50, whichever is higher

Foreign currency transaction fee


Cash advance transaction fee


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
American Express logo

MoneySmart Exclusive

Unlimited Cashback

American Express True Cashback Card

Welcome Offer (min spend of S$5,000 in 6months)

3.0% Cashback

Cash Back Cap


Min. Spend per month


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

Apply Now

More Details

Key Features

  • Unlimited Cashback - No min spend & no cap

  • 3% Cashback for the first 6 months up to S$5,000 spend, 1.5% Cashback on any purchase you make thereafter

  • Additional 1% Cashback on foreign currency spend. Valid from 4 August 2020 to 30 June 2021

  • Eligible for use with Apple Pay, Google Pay, Samsung Pay

See all card details

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
UOB logo

UOB Absolute Cashback Card


Min. Spend per month


Spend Exclusions


Apply Now

More Details

See all card details

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
Citibank logo

MoneySmart Exclusive

No Expiry on Cash Back Earned

Citi Cash Back+ Mastercard®

Cash Back on Eligible Spend


Min. Spend per month


Cash Back Cap


MoneySmart Exclusive:

Apply and spend $200 to get: $300 Cash OR Beats Studio Buds RED + $100 Cash (worth $319)


Apply and spend $500 to get MORE: $350 Cash OR the NEW 10.2-inch Apple iPad Wi-Fi 64GB (worth $499) OR Beats Studio Buds RED + $100 Cash (worth $319)!

Valid until 14 Oct 2021

Apply Now

More Details

Cash Back Features

  • Flat 1.6% cashback on all your purchases, no minimum spend

  • No caps on the cashback you can earn, and cashback earned does not expire

  • Cashback earned will be stored and specified in the monthly statement

  • Redeem your cashback with the Citi Pay with Points feature via Citibank Online or the Citi Mobile App or SMS. Redemption requires 7 working days before it’s reflected on your statement

  • Cash rebates redemption: Send “RWDS last 4 digits of the card number ” to 72484 via SMS

  • Redemption values and codes: CSHBK10 for S$10, CSHBK20 for S$20, and CSHBK50 for S$50

  • For example, to redeem $10 cash rebate, the SMS should be: “RWDS XXXX CSHBK10”

  • General exclusions apply, for e.g. annual fees, instalments, bills, payments to educational, governmental, and financial institutions, insurance premiums, and more

See all card details

Citi Cashback+ MastercardThis 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
Standard Chartered logo

With 3-month Disney+ Subscription

Standard Chartered Unlimited Cashback Credit Card

Cash Back on eligible spend

Up to 1.5%

Min. Spend per month


Cash Back Cap


Apply Now

More Details

Key Features

  • Flat 1.5% cashback rate for all eligible purchases

  • No cashback cap and no minimum spend

  • 2 year annual fee waiver

  • Up to 22.61% fuel savings at Caltex

See all card details

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
UOB logo

UOB One Card

Rebate on Shopee, Dairy Farm Group, Grab, SP and more

Up to 10%

Rebate Cap per quarter


Min. Spend per month


Apply Now

More Details

Key Features

  • Up to 10% rebate at Dairy Farm Group merchants (Cold Storage, Giant, 7-Eleven, Guardian and more)

  • Up to 10% rebate on Grab, SP utilities bills and UOB Travel spend

  • Up to 5% cash rebate on all retail spend for spend such as home furnishings, electronics & bill payment

  • Up to 24% savings on fuel purchases at SPC and 20.8% at Shell Stations

  • 1 year annual fee waiver of S$192.60 (First year annual fee waiver)

See all card details

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