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

SingSaver team

SingSaver team

Last updated 20 June, 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. 

Table of contents



What the AMEX True Cashback Credit Card can do for you




AMEX True Cashback Card product summary:

  • Base cashback rate: Unlimited 1.5% cashback, no cap
  • Welcome bonus: 3% cashback on up to S$5,000 eligible spend within first 6 months
  • Minimum monthly spend: N/A
  • Two supplementary cards free for life
  • Annual income requirement: Card application is subjected to customers meeting the regulatory minimum income requirement and internal assessment
  • Annual fee: S$172.80 (First year waived)
Pros Cons
No minimum spend and no cashback cap Relatively lower cashback rate of 1.5%
Immediate cashback in the same month’s statement Welcome bonus 3% cashback only applicable for up to $5,000 spend
Welcome bonus of 3% cashback on up to total of $5,000 eligible spend in first 6 months of card approval  
Can earn cashback on commonly-excluded merchant categories  
Relatively lower annual fee of S$172.80 (First year waived)
Two free supplementary cards with permanent annual fee waiver  


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.

In short, all your 1.5% cashback earned is as good as gold so long as it's on eligible purchases.

But that's not all...

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

Did you know the AMEX True Cashback is an unlimited cashback card? Yes, that means that there is no cap on cashback earned, ever.

That's why, it comes as no surprise that this card is a popular choice for when you have large expenses looming in the near future. 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 eligible purchases with your first $5,000 spent within the first 6 months of card approval, followed by the base 1.5% cashback thereafter. So, be sure to make good use of the first 6 ‘honeymoon’ months.

#3 Earn cashback on commonly-excluded MCCs

Another great thing about the AMEX True Cashback Card that we appreciate is its generous list of eligible merchant category codes (MCCs).

For context, the majority of credit cards typically exclude transactions falling under education fees, utility bills, telco bills, medical expenses, and insurance premium payments.

As a result, these categories don't usually reward credit card users with any cashback, miles, or rewards points whatsoever. However, with the AMEX True Cashback Card, you can continue earning 1.5% cashback on all these pesky categories.

Talk about earning true cashback! Don't believe us? Refer to their list of MCC exclusions here. T&Cs apply.

Read more:
The 5 Best Ways to Pay Off Your Medical Bills
Best Credit Cards For Electricity Bill Savings

#4 Discounts 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.

💡Pro-tip: In some cases, it might make sense to take up a personal loan to cover some of these big-ticket purchases, just a little extra.

Read more:
Money Confessions: We Blew Our Wedding Budget By S$30,000
Wedding Ang Bao Rates in Singapore 2023
Average Cost of Home Renovations in Singapore

#5 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: $100 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. compounded (27.80% p.a. compounded w.e.f. 3 Oct 2023) if payment of the closing balance in your statements is not made in full; or 29.99% p.a. (3% p.a. on top of prevailing interest w.e.f. 3 Oct 2023) in the event that your account has three or more defaults in the last 12 months
  • Interest on cash advance: 26.90% p.a. compounded daily from date of withdrawal until the withdrawal amount and the relevant fees are paid in full
  • Cash advance fee: 5% of withdrawal amount
  • Foreign currency transaction fee: 2.95% (3.25% w.e.f. 1 Oct 2023)
  • Dynamic currency conversion fee: N/A

Eligibility criteria

  • At least 21 years of age
  • Card application is subjected to customers meeting the regulatory minimum income requirement and internal assessment

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/Proof of Residence
  • Salaried Employees & Expatriates: Latest Income Tax of Notice of Assessment and Latest computerised payslip; or Latest 3 months' computerised payslip
  • Self-employed: Last 2 years' Income Tax Notice of Assessment

Should you get the AMEX True Cashback Card?

Now, there's clearly no right or wrong answer to this question. But rather, it's more of: are your lifestyle and spending habits suited to this card?

Like we said, the AMEX True Cashback Card is an excellent card for those with a big-ticket purchase or two looming ahead. On the flip side of the same coin, it's also a good card for those dabbling in the cashback game for the first time (especially for young working adults), or simply just want a fuss-free, no-frills cashback card that gets the job done.

Not to mention, it's one of the few credit cards that reward you on insurance premiums, education fees, bills, and more with! (To us, that's a major plus point.) 

Whatever your reason or motivation is, the AMEX True Cashback Card is an all-rounded unlimited cashback card that you definitely can't go wrong with.


Disclaimer: Please note that while we strive to keep our information as accurate and up to date as possible, it occasionally may be different from what you see when you visit our Partner’s pages.






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?

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