AMEX True Cashback Card Overview:
AMEX True Cashback Card is an general cashback card at an unlimited 1.5% cashback rate which is pretty straightforward and non-complicated.
Eligibility & Fees:
- Minimum Age: 21 years old
- Minimum Annual Income: S$30,000 (locals/PRs); S$45,000 (foreigners)
- Annual Fee: S$174.40 (incl. of 9% GST) waived for the first year (For subsequent years, you can request for a waiver)
Key Benefits:
- Earn 3% welcome cashback on all qualifying purchases, capped up to $5,000 spent in the first 6 months
- Earn 1.5% Unlimited Cashback
- No minimum monthly spending required
- No maximum spending cap
- No specific categories or MCCs to spend on
How to Best Optimise it:
Best Used On Commonly Excluded Merchants
- Since this card has no limit on where to spend on, you can basically spend it anywhere including those that are commonly excluded such as Education Fees, Insurance, Healthcare, Utilities and Telco. Currently, their only exclusion (aside from the standard exclusions) is Grab wallet top-ups.
What to Avoid:
Exclusion List:
- Charges processed and billed prior to the Enrolment Date or charges prepaid on any Card Account prior to the first billing statement for that Card Account following the Enrolment Date;
- Cash Advance and other cash services;
- Express Cash;
- American Express Travellers Cheque purchases;
- Charges for dishonoured cheques;
- Finance charges – including Line of Credit charges and Credit Card interest charges;
- Late Payment and collection charges;
- Tax refunds from overseas purchases;
- Balance Transfers;
- Instalment plans;
- Annual Card fees;
- Payments for the purpose of GrabPay top-ups (with effect from 4 April 2023);
- Charges at merchants or establishments that are excluded by American Express at its sole discretion and notified by American Express to you from time to time
Is it Worth it:
Advantages:
- High 3% welcome cashback
- No minimum spend and spending cap
- Can receive rewards on merchant categories that are frequently excluded (Other similar cards are UOB Absolute Cashback AMEX, Standard Chartered Simply Cash Card, Citi Cashback+)
- Immediate cashback in the same month’s statement.
Disadvantages:
- American Express is not as widely accepted by many merchants in Singapore, as compared to Visa or Mastercard
Frequently Asked Questions:
When can I receive my cashback: Receive cashback in the same month’s statement
Comparison Table with other cashback cards with no min spend requirement and no cap:
Description | AMEX True Cashback | Mari Credit Card | UOB Absolute Cashback | SC Simply Cash | Citi Cashback+ |
Cashback Rate | 1.5% | 1.7% | 1.7% | 1.5% | 1.6% |
Spend Requirement | No | No | No | No | No |
Cashback Cap | No | No | No | No | No |
Earn cashback on commonly excluded MCC | Yes (including education fees, insurance, healthcare, utilities and telco)) | No | Yes (but after the update, 0.3% cashback only) | No | Yes (Other private healthcare facilities) *MCC 8062 (Hospital) excluded |
Minimum Annual Income | S$30,000 | S$30,000 | S$30,000 | S$30,000 | S$30,000 |
Earn cashback on bill payments | Yes | No | Yes | Yes | No |
Cashback Redemption | Receive cashback in the same month’s statement | The cashback credited will be automatically applied to offset the billed amount in your next statement cycle. | Receive cashback automatically in the next statement month | Receive cashback automatically in the next statement month | Redeem cashback via SMS or on the Citi Mobile® app — cashback earned doesn’t expire |
Final Thoughts:
An all rounded cashback credit card which can save you from the hassle— no minimum spending requirement, no monthly cap, and you get the cashback on the same month’s statement. The 3% welcome cashback is a great deal, but subsequently, Mari Credit Card gives a higher overall cashback as seen in the overall comparison chart. If you are planning to use it for a commonly excluded transaction like education fee or hospital bills, AMEX True Cashback might be the best. Make sure to check out the relevant “Best Cards For” posts, which provide detailed information for specific card categories.
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