American Express True Cashback Card Review (2020)


  • Immediate cashback in the same month’s statement.
  • No minimum spend.
  • No cap on cashback.
  • No categories to track.


  • Low standard cashback rate of 1.5%.
  • Annual fee of $171.20 (First year waived).
  • Welcome bonus of 3% cashback on up to total of $5000 spend in first 6 months
Summary of Product
Headline Cashback Rate: 1.5%
Minimum Monthly spend: NIL
Income Requirement: $30,000 (Singaporeans/PR), $60,000 (Foreigners)
Minimum Age: 21
Annual Fee (Waiver): $171.20 (First year waived)
Sign-up promotion: $80 cash via PayNow when you apply as a new cardholder (Terms and Conditions apply)

Table of Content

Why should you choose American Express True credit card

How much is your average monthly spending?
What makes American Express True Cashback card stand out is that it neither has 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 you’re going to receive when you receive your statement.
Do you have upcoming spends on big ticket items?
It may make sense to use a card like the American Express True Cashback Card when you have an upcoming large spend, and the unlimited cashback works in your favor, as you’re not limited to any cashback cap. What’s more, receive the cashback within the same month’s statement as your purchases. As a welcome cashback bonus, the American Express True Cashback Card rewards you with 3% cashback on all purchases with your first $5,000 spend within 6 months, followed by the base 1.5% cashback thereafter. (Terms and Conditions Apply)
Enjoy freedom on your spend, no matter the category
While other cashback cards cap the amount of cashback you can earn from certain categories, the American Express True Cashback Card gives you the freedom of choice on where to spend since there are no categories, and no cap within each category. Use your American Express True Cashback Card as a fuss-free card! What's more, earn up to 2.5% cashback (1.5% cashback + additional 1%) on foreign currency spend with no minimum spend and no earn cap. (Registration is required, and other terms and conditions apply.)
Do you spend regularly on dining, entertainment and travel?
Enjoy carefully selected offers from American Express’ retail, travel and dining partners with the American Express True Cashback Card, great for those who love a good deal, or those looking to celebrate a special occasion. Some benefits include 10% savings on Expedia Rate hotel bookings, discounts off movie tickets, and 15% savings at Bloomingdale’s.

Using the American Express True credit card in your favour

The American Express True Cashback Card is a no-brainer when it comes to cashback because it gives what is due when due. Most cashback cards only accord you the cashback in the following billing cycle, but the American Express Cashback Credit Card beats the market by awarding cashback for your spend in the same month! Use an American Express True credit card and earn a cashback immediately. No minimum spend, no cap on cashback and no categories to track whatsoever. The cashback rate is not as attractive as other cashback cards on the market and with an annual fee waiver for just the first year, compared to other cards that are offering automatic fee waivers for 2 years.

Who can apply?

Age Eligibility At least 21 years of age
Income Eligibility Singaporeans/PRs: $30,000 of annual income Foreigners: $60,000 of annual income

Charges or fees you should be aware of

Annual Fees $171.20 (First year waived)
Late Payment Charge $90
Interest on Purchases 25.9% per annum subjected to compounding if full payment is not made by payment due date
Interest on Cash Advance 25.9% per annum compounded daily on the amount withdrawn from the transaction date until the date that full payment is made

How to apply?

Decide to pick up this card? Click on the “Apply Now” button and complete the application form on SingSaver site. Here is what you will need during the application process:
  • Front and back of NRIC/Passport/Employment Pass
  • For salaried employees,
    • Past 12 months' CPF statement (if Singaporean/PR); OR
    • Latest Income Tax Notice of Assessment and latest original computerised payslip
  • For self-employed,
    • Latest Income Tax Notice of Assessment.

Similar cards to consider

Daunted by the minimum spend or looking to compare it with another cash back card?   No minimum spend cashback card: Standard Chartered Unlimited Credit Card Shopping Credit Card: OCBC FRANK Credit Card Dining Credit Card: OCBC 365 Credit Card
Looking for other credit cards? Check out the Best Credit Cards in Singapore 2020.