Nerfed: American Express Excluding Rewards For Digital Wallet Top-ups, Even For Amex True Cashback
From 30th September 2025, American Express will exclude digital wallet top-ups from earning rewards on its cards. While Grab top-ups have been previously excluded more than 2 years ago, this new exclusion extends to other digital wallets such as ShopeePay and any other stored value card transactions.
Even its “no exclusion” card, the Amex True Cashback, isn’t spared from this.
ShopeePay and NETS FlashPay top-ups will work before 30th September 2025
Until the change happens, it is possible to earn cashback or points by topping up various digital wallets with the exception of GrabPay.
ShopeePay might not make that much sense, with a 2% admin fee imposed on top-ups made via Amex cards which exceeds the 1.5% cashback given by Amex True Cashback, and possibly a little too pricy for points earning Amex cards to be considered.
NETS FlashPay, however, could be considered. By using the NETS app, you are able to top up a maximum of S$100 each time, paying an admin fee of S$0.50. With 1.5% cashback, you get S$1.50 cashback for this traction, netting an effective S$1 in rebate.
See the new terms and conditions here.
UOB Absolute is another option
A “no exclusion” card, the UOB Absolute currently does not exclude e-wallet top-ups, although Grab wallet top-ups get only 0.3% cashback instead of its usual 1.7% cashback earn rate.
New UOB cardholders can even get upsized 10% on such e-wallet top-ups:
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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UOB Absolute Amex TnC explicitly states that all NETS related transactions excluded from rebate