Photos via Standard Chartered Bank and American Express
Looking for a cashback card with no cashback cap and minimum monthly spend? Imagine not being constrained by an earnings cap with these cashback credit cards! With the Standard Chartered Unlimited Cashback credit card and American Express True Cashback card, you can enjoy cashback from a wider variety of spends.
Now comes the question, how do they fare against one another? Let’s find out!
| Standard Chartered Unlimited Cashback Credit Card | American Express True Cashback Card | Which is better? | |
|---|---|---|---|
| Cash back cap | unlimited | unlimited | Draw |
| Minimum monthly spend | $0 | $0 | Draw |
| Cash back rate | 1.5% cash back on all your spend | 1.5% cash back on all your spend | Draw |
| Speed of cash back | Credited in the next statement month | Cashback in the same statement month | American Express True Cashback Card |
| Card privileges | Card offers and privileges at over 3,000 outlets in Asia for dining, travel, shopping, lifestyle | True Love Weddings: Enjoy an exclusive 5% off new wedding packages at selected venues. American Express True Cashback Card Offers. Travel Inconvenience and Travel Accident Insurance. | Draw |
| Welcome promo | Receive up to S$120 cash back when you successfully apply and make 1 eligible transaction | Receive up to S$100 CapitaVouchers when you spend a minimum of S$500 in the first month. 3% Cashback on up to S$5,000 spend in the first 6 months. | American Express True Cashback Card |
| Annual fee | S$192.60 (inclusive of GST), waived for the first 2 year | S$171.20 (inclusive of GST), waived for the first year | Standard Chartered Unlimited Cashback Credit Card |
| Annual interest rate | 26.90% | 26.90% | Draw |
| Late payment fee | S$100 | S$90 | American Express True Cashback Card |
| Card association | Mastercard | American Express | Standard Chartered Unlimited Cashback Credit Card |
| Wireless payment | Mastercard PayPass, Apple Pay, Samsung Pay, Google Pay | Apple Pay, Google Pay, Samsung Pay | Standard Chartered Unlimited Cashback Credit Card |
| Annual supplementary card fee | N.A | First 2 Supplementary Cards fee permanently waived. S$85.60 (inclusive of GST) for each subsequent Supplementary Card. | Standard Chartered Unlimited Cashback Credit Card |
| Income requirement | For Singapore Citizens and Residents, a minimum income of over S$30,000 p.a. For Expatriates, a minimum income of over S$60,000 p.a. | For Singapore Citizens and Residents, a minimum income of over S$30,000 p.a. For Expatriates, a minimum income of over S$60,000 p.a. | Draw |
The American Express True Cashback card is probably your choice.
At first glance, both cash back cards look rather balanced with a cashback rate of 1.5%, with no minimum spend and cashback cap. However, the AMEX card may possess an edge in the early stages of owning the card, with a special rate of 3% cashback on up to S$5,000 spend in the first 6 months.
In addition, you’ll get your ka-ching faster with AMEX, as the American Express card’s cashback is credited within the same month’s statement. This is compared to the Standard Chartered card, whose cashback reaches your account only on the following month.
Late payment fees for the American Express cards also incurs a lesser damage on your wallet, at a fee of S$90 as opposed to S$100 charged by its Standard Chartered counterpart.
The Standard Chartered Unlimited Cashback Credit Card may be a better pick.
In addition to the flat cashback rate of 1.5% of the Standard Chartered Unlimited Cashback Credit Card, card holders who drive can also enjoy 21.3 % fuel savings at Caltex (from now till 31 December 2021).
By virtue of its card association to Mastercard and wider wireless payment options, the Standard Chartered card may also be more hassle-free to use and more commonly accepted at a greater selection of businesses, especially smaller, independent ones.
Moreover, if you are looking for annual fee waivers, this credit card is perfect for you! The Standard Chartered Unlimited Cashback Credit Card has a 2-year annual fee waiver, saving you nearly S$400 in annual fees. This is compared to the 1-year annual fee waiver that comes with the AMEX True Cashback Card.
The mechanics of a modest cashback rate with no minimum spend and no cashback cap is more ideal for consistent high-spenders, who spend a minimum of $7,000 per month.
If you’re a time-strapped urbanite, these cards would be suitable for you as well. Without a minimum spend, you won’t have to keep track of your spending just to hit the benchmark to get your cashback.
This is because cardholders spending a monthly amount of $3,000 or less would be able to benefit more from cards with a higher cashback rate, such as the Citi Cash Back Card with a cashback rate of up to 8% and the UOB One Card, and CIMB Visa Signature, with a cashback rate of up to 10%. However, these cards come with a minimum spending requirement, so be sure to track your spending to get your cashback.
Here is a calculation of cashback earned:
| Monthly spend amount | UOB One Card (Up to 10% cash back) | Citi Cash Back Card (Up to 8% cash back) | Standard Chartered Unlimited Cashback Card (1.5% cash back) | American Express True Cashback Card (3% cash back welcome offer with minimum spend of $5,000 in 6 months) |
|---|---|---|---|---|
| $1,000 | $100 (Cap) | $80 (Cap) | $15 | $15 |
| $3,000 | $100 (Cap) | $80 (Cap) | $45 | $45 |
| $7,000 | $100 (Cap) | $80 (Cap) | $105 | $210 |
| $9,000 | $100 (Cap) | $80 (Cap) | $135 | $270 |
As such, when finding the best cashback card for your lifestyle, it is best to evaluate based on calculating your cashback amount based on your estimated monthly spend, as opposed to looking at the cashback rate of each card in isolation.
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