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Amex True Cashback Card | American Express Credit Card in Singapore

Credit Cards
by Priyadarshini 16 August 2022

The Amex True Cashback Card is a low-effort card that gives you 1.5% cashback on almost everything you spend, and there is no cap on how much cashback you can get each month. In this blog, we tell you about the Amex True Cashback Card in Singapore. For the first six months of card membership, you will receive 3% cash back on purchases up to $5,000. That equates to about $150 in cash rebates.

Amex True Cashback Card in Singapore

How Does the American Express True Cashback Card Work?

There’s not much else to say. You will receive 3% cashback on all purchases made during the first six months, up to $5,000. As a result, you will receive 1.5% cashback. At first glance, the 1.5% cashback rate isn’t awe-inspiring, especially when other cards offer cashback rates ranging from 6% to 9%.

However, upon closer inspection, cards that offer incredibly high cashback rates usually do so on the condition that you spend in specific categories and meet their minimum spending requirements. That means that a particular card’s generous cashback rate may be limited to specific categories (e.g., online purchases only) and/or require you to spend at least $600 per month to qualify for the cashback. The American Express True Cashback Card’s real strength is that its 1.5% cashback rate comes with no strings attached.

Amex True Cashback Card in Singapore

Who should use the American Express True Cashback Card?

Like most unlimited cashback cards, the Amex True Cashback Card is ideal for people who are making major life changes. Consider paying for a 5-star hotel wedding reception or moving into a new home. It also offers the highest unlimited cashback rate in the market for the first $5,000 spent, at 3%, making it ideal for large-ticket purchases. Before you get too excited, let us clarify that you cannot repay your home loan with a credit card. However, when you’re about to move into your new home, it pays to sign up for a credit card with very relaxed terms and conditions.

That’s because, in addition to your mortgage payments, you’ll be paying for a slew of other expenses, such as furniture, appliances, renovations, an interior designer, and so on. Many of these will not be eligible for bonus cashback, such as online shopping, dining, or groceries. You’ll also be spending thousands, if not tens of thousands of dollars furnishing your new home, which can translate to a lot of cashback if you choose the right card. You don’t want to be limited by a cashback limit.

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