At one glance the American Express True Cashback Card and the Standard Chartered Unlimited Cashback Credit Card looks like 2 peas from the same pod. Both gives you 1.5% cashback with no minimum spend, and no earn cap. Are there any difference between these cards? Let’s take a look.
When it comes to annual fees, the American Express True Cashback Card comes in a little lower at $171.20 and is waived for the first year. The Standard Chartered Unlimited Cashback Credit Card charges a slightly higher fee at $192.60 but it’s waived for 2 years. Though not stated on the websites, we’re pretty sure if either of these cards are your main credit card (i.e. if you spend about $800 – $1,000 each month) there shouldn’t be any issues to request waiver of annual fees later on.
Welcome Offers (for new sign ups)
Amex True Cashback Card gives you 3% cashback for the $5,000 spend in first 6 months. That sums up to $150 in cashback if you attain the $5,000 spend. In addition if your application gets approved before 31 December 2018, you’ll also receive $60 worth of CapitaVouchers if you spend $500 in the first month from card approval.
If you’re a new Standard Chartered credit card holder, you’ll be eligible to choose between $100 cashback or $150 Amazon Prime credits. For existing StanChart credit card holders, you’ll receive $20 cashback if you successfully apply for the Unlimited Cashback Credit Card.
Unlike most banks, Amex credits the cashback you earn in the same month’s statement. This is probably as immediate as it gets. StanChart however only credits the cashback to your account in the following month’s statement. However you should be able to view the amount of cashback you’ve earned in the same month.
Which Cashback Credit Card Should You Get
If you have a big ticket item that you need to purchase (e.g. wedding banquet or home renovation), then the American Express True Cashback Card would make more sense. However if you don’t hold any Standard Chartered credit card as yet, and just looking for a cashback credit card for daily use, then the StanChart Unlimited Cashback Credit Card would be a better option.
Do you own any of these cashback credit cards? We’d love to hear what you think of them.