American Express True Cashback Card Review (2020): 1.5% Cashback On Just About Everything

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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%
  • Minimum monthly spend: No minimum spend required
  • Income requirement: $30,000 (Singaporeans/PR), $60,000 (Foreigners)
  • Annual fee: $171.20 (First year waived)
ProsCons
No minimum spend and no cashback capRelatively low cashback rate of 1.5%
Immediate cashback in the same month’s statementBonus 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 monthsRegistration required for additional 1% cashback on foreign currency spending

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 simplicity of the cashback earning.

#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 that first 6 ‘honeymoon’ months.

#3: Chance to earn additional 1% cashback on select spending 

Earn up to 2.5% cashback (1.5% cashback + additional 1%) on foreign currency spend with no minimum spend and no earn cap. Annual registration is required to earn this additional 1% cashback. This cashback will be awarded on top of the 3% welcome bonus or the usual 1.5% cashback. Terms and conditions apply. 

#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, great for those who love a good deal, or those looking to celebrate a special occasion. 


SingSaver Promotion: Get $120 cash via PayNow when you apply as a new to American Express credit cardmember and spend $500 within the first month of approval. Apply between 21 September – 21 October 2020 to qualify.

From now till 31 December 2020, you can also earn an additional 1% cashback on your recurring bills for selected essential services. Again, you would have to register to be eligible for this promotion. Terms and conditions apply.

What charges or fees should you look out for?

  • Annual fee: $171.20 (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 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

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