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American Express True Cashback Card
American Express True Cashback Card
Unlimited Cashback
Introducing the American Express True Cashback Card – your key to earning cashback rewards on every purchase. With no minimum spend and no cap on cashback earned, enjoy the freedom of unlimited cashback potential. Whether it's dining, shopping, or travel, this card offers 1.5% cashback on all your spending.
- 3.0% Cashback
- on up to $5,000 spend in the first 6 months for new Card Members.
- 1.5% Cashback
- all subsequent eligible purchases
- Unlimited
- Cash Back Cap
All Details
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American Express True Cashback Card Benefits 2024
The AMEX True Cashback Card is a favored option for those seeking a simple and beneficial cashback credit card. Unlike many other cashback cards that provide rewards in the subsequent month, the AMEX True Cashback Card offers instant cashback reflected in the same month’s statement. Some of its highlights include unlimited cashback of up to 3% on expenditures made on dining, shopping, travel and petrol.
Let's look at how you can benefit from the AMEX True Cashback Card in this review, as we dive deeper to consider the requirements, pros and cons and other relevant details before making a decision.
Let's look at how you can benefit from the AMEX True Cashback Card in this review, as we dive deeper to consider the requirements, pros and cons and other relevant details before making a decision.
Pros & Cons Of AMEX True Cashback Card
Pros
- Up to 3% cashback on dining, shopping, travel and petrol
- Base cashback rate of 1.5% on any other eligible purchases
- No cap on cash rebate
- No annual fees for first 2 supplementary cards, for life
- Enjoy additional savings on wedding packages and services with AMEX cards’ participating partners
- Exclusive access to the wide range of dining, travel, shopping and lifestyle privileges (only for AMEX cardholders)
- Discounts for furnishings at Cellini, Commune, Steigen and more
- Up to S$350,000 of complimentary travel insurance coverage for travel inconvenience and accidents
*Note that all information above are accurate at the time of writing, last updated on 5 August 2024.
Cons
- Interest rate of 27.80%, which is higher than other cashback credit cards in the market
- A minimum spend of $5,000 in the first 6 months is required to qualify for the 3% cashback on spending in selected categories (only applicable to new card holders)
- Low maximum cashback percentage as compared to other similar cashback credit cards like UOB One Card, HSBC Visa Platinum Card, and Citi Cash Back Card
Find Out More About The American Express True Cashback Card In Our Blog Review!
Compare AMEX True Cashback Card vs. HSBC Visa Platinum Card vs. CIMB World Mastercard
As we make a comparison between the 3 cards, the CIMB World Mastercard seems to give you the most savings on annual fees as it doesn’t charge any, unlike the AMEX True Cashback Card and HSBC Visa Platinum Card. However, the CIMB World Mastercard provides the lowest amount of maximum cashback benefits on selected spending categories as compared to these other two credit cards.
While the HSBC Visa Platinum Card lets you gain the highest percentage of cashback on your spending, it is only for limited number categories like local dining and groceries (food deliveries and online groceries included), unlike the AMEX True Cashback Card which enables cashback for a wider range of categories including overseas expenditure, shopping, home improvement purchases and more.
In terms of interest rates, the AMEX True Cashback Card and CIMB World Mastercard charge the same estimated rate of 27.80% p.a., which is higher than what the HSBC Visa Platinum Card charges.
While the HSBC Visa Platinum Card lets you gain the highest percentage of cashback on your spending, it is only for limited number categories like local dining and groceries (food deliveries and online groceries included), unlike the AMEX True Cashback Card which enables cashback for a wider range of categories including overseas expenditure, shopping, home improvement purchases and more.
In terms of interest rates, the AMEX True Cashback Card and CIMB World Mastercard charge the same estimated rate of 27.80% p.a., which is higher than what the HSBC Visa Platinum Card charges.
| AMEX True Cashback Card | HSBC Visa Platinum Card | CIMB World Mastercard |
|---|---|---|
| Interest rate: From 27.80% | Interest rate: From 26.90% | Interest rate: From 27.80% |
| Annual fee: $174.40 (first year waiver available) | Annual fee: $196.20 (waiver available) | Annual fee: None |
Minimum annual income:
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Cashback benefits:
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Find Out More About More Great Cashback Cards In Our Blog Article!
AMEX True Cashback Card Application
Here are 3 simple steps to apply for the AMEX True Cashback Card
Step 1
Apply via MoneySmart’s credit cards page
You may begin your application by clicking on our AMEX True Cashback Card application link. When you choose to apply online via SingPass MyInfo, AMEX will pull your identity and income data from SingPass (which is already verified), thus cutting short the processing time. The approval-in-principle page will appear within minutes of submitting your MyInfo.
Step 2
Provide all documentation required
You’ll need to provide all the necessary documentation in order for AMEX to approve your credit card application. This list of documents include:
- NRIC or other identification details
- Latest computerised payslip
- Latest 12 months’ CPF Contribution History Statement
- Latest Income Tax Notice of Assessment (NOA)
Step 3
Receive your AMEX True Cashback Card
Once your card gets approved, you will receive it in the next 3 to 5 business days. Thereafter, it’s ready for you to use on any of your purchases and you can track your cashback rewards and credit card statements with your AMEX mobile app!
Frequently Asked Questions About AMEX True Cashback Card
Are there any fees if I apply for the AMEX True Cashback Card?
- AMEX True Cashback Card charges an initial annual fee of $174.40 (first year waiver available), as well as other fees like late payment fee, minimum monthly payment, foreign currency transaction fee, cash advance transaction fee, overlimit fee.
Am I eligible for the AMEX True Cashback Card?
- If you’re a Singapore Citizen, Permanent Resident (PR), you’re eligible to apply for the AMEX True Cashback Card, as long as you’re aged above 21, and earn a minimum annual income that meets the requirements and internal assessment criteria by AMEX.