American Express True Cashback Card Review (2023): 1.5% Cashback On Just About Everything

SingSaver team

SingSaver team

Last updated 10 January, 2023

For the true cashback lovers. Enjoy 1.5% cashback on all spends with no minimum spend and no cashback cap. To top it off, receive your cashback in the same month’s statement.


The American Express (AMEX) True Cashback Card is a no-brainer when it comes to cashback, giving what is due when due. Unlike most cashback cards that reward you with your cashback in the following month, the AMEX True Cashback card gives immediate cashback in the same month’s statement.

While it offers a modest cashback rate of 1.5%, you’ll be glad to know that there is no minimum spend required and no cap on the cashback you can earn. 

What the AMEX True Cashback credit card can do for you

AMEX True Cashback card product summary:

  • Headline Cashback Rate: 1.5%
  • Welcome Bonus: 3% cashback on up to S$5,000 spend for first 6 months
  • Minimum monthly spend: No minimum spend required
  • Income requirement: $30,000 (Singaporeans/PR), $60,000 (Foreigners)
  • Annual fee: S$172.80 (First year waived)
Pros Cons
No minimum spend and no cashback cap Relatively low cashback rate of 1.5%
Immediate cashback in the same month’s statement Bonus 3% cashback only applicable for up to $5,000 spend
Welcome bonus of 3% cashback on up to total of $5,000 spend in first 6 months  

Why should you choose the Amex True Cashback card?

#1: No minimum spend required and no hoops to jump through

What makes AMEX True Cashback card stand out is that it has neither a minimum monthly spend nor complicated requirements to qualify for your cashback. You earn cashback on every eligible dollar spent, both local and overseas. That makes it a compelling card to have because of the


#2: Spend (and save) big with no cashback cap

It could make sense to use a card like the AMEX True Cashback Card when you have a large expense looming in the near future. The unlimited cashback you can earn works in your favour, as you’re not limited by any cap – you could be looking at hundreds of dollars of ‘free discount’ depending on what big ticket item you’re buying. What’s more, receive the cashback within the same month’s statement as your purchases. 

As a welcome bonus, the AMEX True Cashback Card rewards you with 3% cashback on all purchases with your first $5,000 spent within the first 6 months, followed by the base 1.5% cashback thereafter. So, be sure to make good use of the first 6 ‘honeymoon’ months.


#3: Enjoy special offers on wedding packages, home improvements and family purchases

For those who are looking to purchase a big ticket item, such as wedding packages or home renovations, the AMEX True Cashback Card allows you to save on these by offering specially curated offers just for you.

These offers include discounts for wedding packages at select wedding venues and additional savings on home furnishing purchases.


#4: Enjoy special offers on dining, entertainment and travel

Enjoy carefully selected offers from AMEX retail, travel and dining partners with the AMEX True Cashback Card. It is great for those who love a good deal or those looking to celebrate a special occasion. 

What charges or fees should you look out for?

  • Annual fee: S$172.80 (First year waived)
  • Late payment charge: $90 per month
  • Minimum monthly payment: 3% of total balance or $50, whichever is higher, plus any overdue amounts
  • Interest on purchases: 26.90% p.a. 
  • Interest on cash advance: 26.90% p.a.

Eligibility criteria

  • At least 21 years of age
  • Minimum annual income for Singapore citizens and PRs: $30,000 
  • Minimum annual income for foreigners: $60,000 

How to apply? 

Click on the ‘Apply Now’ button on this page and complete the application form on the SingSaver site. You might need to prepare the following documents for the application process:

  • Front and back of NRIC/Passport/Employment Pass
  • Salaried employees: Past 12 months CPF statement (Singaporean/PR) or latest Income Tax Notice of Assessment and latest original computerised payslip
  • Self-employed: Latest Income Tax Notice of Assessment and latest original computerised payslip

Read these next:
Best American Express Credit Cards In Singapore
Best Cashback Credit Cards In Singapore
Citi Cash Back+ Mastercard® Card Review: 1.6% Cashback On All Spend
Standard Chartered Unlimited Card Review: Fuss-Free Cashback Card
Cashback vs Miles vs Rewards: Which Is The Best Type Of Credit Card For You?


At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.