American Express True Cashback Card: Maximize Cashback Dollars

American Express True Cashback Card: Maximize Cashback Dollars

Unlimited 1.5% Flat Cashback + Amex Benefits

Good for

  • Affluent consumers with large budgets
  • People looking for a straightforward, easy-to-use card
  • Amex loyalists who prefer specific brand benefits

Bad for

  • Average and lower spenders looking to maximise rewards
  • People with specialised spend (ie dining, shopping)
  • Consumers looking to avoid an annual fee

Analyst's Rating


If you're a high-spender, it's very likely that cashback cards with earning caps are limiting your rewards potential. American Express True Cashback Card is an excellent option that ensures all of your spend earns unlimited rewards. In fact, cardholders earn 1.5% flat rebate on all purchases–boosted to 3% for the first 6 months. This promotion doubles the cashback potential you'd have with similar cards, giving you a head start on earning. What's more, Amex True Cashback Card offers benefits like Global Assist, American Express Selects, and True Cashback promotions, which cover everything from hotel & resort discounts to wedding specials. If you're looking to put your high spend to work and enjoy Amex benefits, this is the card for you.

American Express True Cashback Card Features and Benefits:

S$171.20, Waived for 1 year
  • 30000 for locals
  • 60000 for foreigners
  • 1.5% unlimited cashback on all spend
  • 3% cashback on 1st S$5,000 spend (up to S$150)
  • No minimum spend requirement
  • Up to 22.2% fuel savings at SPC
  • Free travel insurance
  • American Express Selects, 24-Hr Customer Care & Global Assist
  • New cardmembers will receive S$160 cash via PayNow with S$500 spend on eligible purchases within the 1st month of card approval (until Feb. 21, 2021)
  • Receive S$150 Dairy Farm Group Vouchers when you apply and spend S$500 in first mo (until Feb. 21, 2020)
  • Enjoy a welcome bonus of 3% Cashback on up to S$5,000 spend in the first 6 months

What Makes American Express True Cashback Card Stand Out

American Express True Cashback Card offers unlimited earning potential with no minimum spend requirement, making it an excellent way for high-spenders to maximise cashback with minimal effort. By offering 1.5% cashback on all spend, local and overseas, cardholders have no need to track spend by categories or merchants and can consolidate their spend onto one card. Even better, new cardholders earn 3% cashback on their 1st S$5,000 spend–equal to S$150–in the 6 months following approval, plus S$60 in CapitaVouchers with their first spend.

While Amex True Cashback Card is easy to use, it’s most likely to benefit only very high spenders. Considering its 1.5% rate, the lack of earnings cap only becomes competitive when spend exceeds S$7,000/month. Consumers with lower spend can earn at much higher rates with capped cards, especially if they have highly specialised spending patterns. Additionally, travellers seeking unlimited rewards may prefer miles-earning cards that tend to come with travel perks.

Approximation of Value-to-Consumer by Spend

Rewards RateS$2,000 SpendS$7,000 Spend
UOB One5% (max)S$100 (cap)S$100 (cap)
Amex True Cashback1.5% (unlimited)S$30S$105
Citi PremierMiles Visa1.2mi/S$1 local, 2mi overseas2,900mi (est S$29)10,300mi (est S$103)
Value-to-consumer for Citi PremierMiles Visa Card is based on approximately 33% overseas spend at 2 miles per S$1 and 66% local spend at 1.2 miles per S$1, with 1 mile = approximately S$0.01 in value to consumer

Ultimately, Amex True Cashback Card stands out for its convenience and special Amex benefits. The Amex brand is known for its world-class Customer Service and Global Assist programs, plus dining and lifestyle privileges available through American Express Selects. While the card comes with a S$171.2 fee waived just 1 year, consumers continue to benefit from these programs while also enjoying easy cashback on all of their spend.

How Does Amex True Cashback Card’s Rewards Program Work?

Use our quick and easy-to-read guide below to learn how you you can redeem card rewards.

  • Every 1 dollar of cashback earned is equal to S$1
  • Cashback is credited to the card account the same month in which it’s earned
  • Cashback earned by Supplementary Cards is credited to the Primary account
  • Cashback is applied to the account as a monthly credit and is not redeemable as cash
  • Cashback that has been earned but not yet applied will be forfeited if account is canceled

Amex True Cashback Card Rewards Exclusions

Some credit card expenditures are ineligible for earning rewards. We identify these exclusions below.

Interest, charges, fees (including annual fees and late payment fees), balance transfers, instalment plans or converted balances (from both American Express and other issuers), cash advances (including transactions treated as cash), loading of pre-paid cards, American Express travellers cheque sales or foreign exchange transactions
Loading of pre-paid cards

How does Amex True Cashback Card Compare Against Other Cards?

Consider this if you want an unlimited amount of cash rebate and value American Express's services

Annual Income Requirement 30000
Foreigner Income Requirement 60000

Read our comparisons of Amex True Cashback Card with other cards and learn what makes each card unique in their own way. We compare and contrast each card to highlight its uniqueness to help you identify the card that you need.

American Express True Cashback Card performs slightly above the market average for value-to-consumer after two years based on a monthly spend of S$2,000

Amex True Cashback Card v. Standard Chartered Unlimited Cashback Card

Consider this if you are interested in a simple card, with unlimited cashback and transport benefits

Annual Income Requirement 30000
Foreigner Income Requirement 60000

Standard Chartered Unlimited Cashback Card also offers unlimited 1.5% flat cashback with no minimum spend and is best suited for high-spenders. However, it stands apart from Amex True Cashback Card by offering transport benefits like SimplyGo functionality and up to 21% fuel savings at Caltex. The S$192.6 fee is high but is waived 2 years. High-spending commuters may prefer SC Unlimited Cashback Card, but Amex loyalists may still prefer Amex True Cashback Card.

Amex True Cashback Card v. Maybank FC Barcelona Card

Consider this if you want to earn an unlimited amount of cash rebate without paying an annual fee

Annual Income Requirement 30000
Foreigner Income Requirement 60000

Maybank FC Barcelona Card offers unlimited 1.6% flat cashback, on local spend only. Overseas spend earns the equivalent of just 0.8%, so this card is best for affluent local spenders. Cardholders are also eligible for special football perks like free ticket sweepstakes and up to 10% discounts at official FC Barcelona stores. Because of the higher local flat rate, infrequent travellers with high spend, especially football fans, might be better off with Maybank FC Barcelona Card.

Amex True Cashback Card v. UOB One Card

Consider this if you want to maximise your cash rebate and spend about S$2,000 per month

Annual Income Requirement 30000
Foreigner Income Requirement 80000

UOB One Card rewards consistent spend through a tiered quarterly rebate system, offering average spenders with S$2,000/month budgets to earn up to S$1,200/year (equal to 5% flat cashback). Lower and infrequent spenders earn at just 3.33%, capped at S$50/quarter for budgets of at least S$500/month or S$100/quarter for at least S$1,000/month. These are top market rates for a flat cashback card, but the earning caps may limit higher spenders, who may instead consider Amex True Cashback Card.

Amex True Cashback Card v. DBS Altitude Card

Consider this if you are looking for a good miles credit card with an easily waived annual fee

Annual Income Requirement 30000
Foreigner Income Requirement 45000

DBS Altitude Card offers unlimited 1.2 miles per S$1 local spend, 2 miles overseas, and 3 miles for online travel bookings–roughly equivalent to 1.2%, 2%, and 3% cashback in value-to-consumer. Cardholders also receive travel perks like 2 free airport lounge access vouchers and free travel insurance. The S$192.6 fee is waived with S$25,000 annual spend, making DBS Altitude Card a great no-fee, miles-earning alternative for travellers seeking easy rewards. For higher spenders preferring cashback, Amex True Cashback may be a better option.

Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, helping consumers find the best credit cards and other financial products based on quantitative and qualitative analysis. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research, and led development & operations and BellaVetro. She attended Duke University and Penn State University, graduating with a degree in Political Science and Government. Her work has been featured on a variety of major media such as Yahoo Finance, Asia One, Buro, Zuu Online and more.

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