BestCreditCards.sg's Review of The American Express® True Cashback Card
|Highlights||Credit Card Feature|
|Things We Like||Receive 3% cashback on all your spending for a limited time|
|Our Least Favourite||You don't earn higher cashback in specific spending categories|
|Our Verdict||Great hassle-free card for unlimited 1.5% cashback|
- First year fee waiver and 3% Cashback for the first 6 months up to $5000 spend
- 1.5% Cashback on purchases of goods and services you make, anytime
- On top of the 1.5% Cashback, you can receive more savings with the True Cashback Deals!
- Enjoy an additional 1% Cashback on your recurring bills for selected essential services when you pay with your American Express® True Cashback Card! Registration is required. Exclusions and Terms & Conditions apply. Valid from 15 July 2020 to 31 December 2020. Visit amex.co/tcberb for more details on the offer.
- First 2 Supplementary Cards fee permanently waived. $85.60 (inclusive of GST) for each subsequent Supplementary Card.
- This American Express® Card is eligible for use with Apple Pay.
- Eligible for use with Apple Pay
- Intro Interest p.a.
- Annual Fee
S$171.20 (inclusive of GST) First Year Fee Waiver
- Minimum Income
For Singapore Citizens and Residents, you have earnings which provide an income of over $30,000 p.a.
- Standard Interest p.a.
The American Express® True Cashback Card is actually one of its kind in Singapore. Unlike some other cashback cards in the market that require you to spend a minimum amount every month to earn a rebate, The American Express® True Cashback Card gives you a flat rate of cashback on all your spending all year round, without any limit. While that cashback speaks for itself, we've decided to take an in-depth look into why The American Express® True Cashback Card has attracted so much attention from savvy Singaporeans and expats looking to get more for their money in this Amex True Cashback review.
Things We Like About The American Express® True Cashback Card
Receive 3% cashback for a limited time. When you sign up for this card, you earn 3% cashback on up to $5,000 of purchases you make during the first 6 months. You also get the annual fee waived for the first year.
You earn 1.5% cashback on all local spend. You can get 1.5% cashback on all your spending. This means that each time you use your card to buy groceries, fill your tank, or make any type of purchase, you will earn 1.5% cashback! Since there are no spending or earning caps, the more you spend, the more cashback you earn. It's hassle-free and you don't have to bother thinking about which category your spending is in. In comparison, OCBC 365 Credit Card lets you earn different amounts of cashback in different categories: 6% cashback on weekend dining, 3% on weekday and overseas dining, 3% on recurring bills and online shopping, and some other categories. It's difficult to keep track of all this.
You earn 2.5% Cashback on foreign currency spend. A newly introduced benefit, The American Express® True Cashback Card now lets you enjoy a total of 2.5% cashback when you spend on foreign currency with your card. To enjoy this benefit, you are required to register this Amex Offer to your card account annually. Simply log in to your account, select ‘1% Cashback on Foreign Currency Spend' under Amex Offers and click on ‘Save to Card' to complete the registration. If you have supplementary cards under your account, keep in mind the supplementary cards have to be registered separately. You will receive a confirmation email upon successful registration.
You get some exclusive deals. This isn't much to rave about, as the exclusive deals you get with this card only are few and far between, but from time to time there are quite a few available, so we thought it was worth a mention.
You get dining privileges. Having this card lets you enjoy great dining privileges. American Express Selects®, gives you very decent savings when you use your card to pay at select restaurants. You also get discounts at many popular shops.
You only need $30,000 minimum income required per year. The bar for this card isn't set too high. You can apply for this credit card if you make $30,000 or more each year. Some other American Express Cards or cashback credit cards require a minimum of annual income $80,000.
The annual fee is waived for the first year. There is a $171.20 annual fee (waived for the first year). From the second year onwards, you will pay an annual fee of $171.20 (inclusive of GST). And the annual fees for the first 2 supplementary cards are permanently waived. So with these supplementary cards, your family members can enjoy the rebates too.
Our Least Favourite Things About The American Express® True Cashback Card
You can't earn higher cashback in specific spending categories. Since this is a flat-rate cashback card, you can't get extra rebate in certain categories, which you may spend more on, such as groceries or petrol. But this makes things simpler as you get the same rebate amount on all types of purchases!
The annual fee isn't much higher than what you pay for most other good cashback cards, at $171.20 annual fee (waived for the first year). But you do need to count on that annual fee before counting up how much cashback you could earn.
How Other Cards Compare With The American Express® True Cashback Card
|Regular APR:||24.99% p.a.|
|Annual Fee:||S$171.20 (inclusive of GST) First Year Fee Waiver|
|Regular APR:||25% p.a.|
|Annual Fee:||$192.60 waived first year|
|Intro APR:||Transfer your outstanding balances on any other bank's credit card or credit line to Citibank at 0% nominal interest rate for 3/6/12 months with upfront service fee from 1.58%. Eligible for new Citibank customers who apply for Citibank Ready Credit account with minimum $500 loan.|
|Regular APR:||26% per annum|
|Annual Fee:||$192.60 (first year annual fee waiver)|
The American Express® True Cashback Card has the best flat-rate of unlimited cashback for all purchases available on a Singapore credit card right now.
A flat rate of 1.5% cashback saves you the trouble of calculating and choosing which card to use on different occasions. Unlike many other cashback cards, the cashback you earn with The American Express® True Cashback Card is not capped, which means you can get unlimited 1.5% rebate on all your spending all year around.
We're not sure about you, but this works for us since we prefer to spend our time checking out what's new in the money world, rather than calculating our rebates. These days, time is probably harder to find than deals.
You won't earn extra cashback on purchases in specific categories, 1.5% cashback is the most (and the least) you can get with this card. Then again, it's the simplicity of a flat-rate rebate on all spending that makes this card unique. The more you spend, the more cashback you earn. Who would want to use cash if they can use a single card to get savings on everything?
If you don't want to spend too much time thinking about which card to use to get the maximum cashback, then this card might be the perfect one for you.
But if you spend a lot of money in specific categories, and you are good at keeping track of the different amounts of cashback you can earn, then other cashback cards could be more suitable for your lifestyle.
All in all, The American Express® True Cashback Card has all the makings of being Singapore's best credit card for unlimited flat cashback on all your purchases. Plus, with its newly added feature, this card lets you enjoy an additional 1% Cashback when you spend on foreign currency using The American Express® True Cashback Card, after you have registered the benefit to your account.
See more American Express credit cards.