UOB One Cashback Card Review 2021 | BEST Cashback Credit Card?
Introduction of UOB One Card:
UOB One Cashback Card: Hands down the most generous cashback credit card that you can get in Singapore with the potential to earn 2 400 dollars in a year this is around 200 of cashback per month. If you manage to hit all the requirements and in this article, we are going to check this card out coming up. Today I’m going to talk about another credit card review the UOB One cashback credit card.
So you can be assured that this is my honest review after being a long-time user of this card. So I have been using this card for around three to four years now. I’ve seen many changes to the terms and conditions of this card. So there are the 2021 terms and conditions that are valid at this point now. What has changed over the years for this card is? More and more exclusions are not eligible for cashback but as you know one door closes and another door opens. So sometimes you may find little surprises that come back in the form of cashback.
High Cashback tiers:
Let’s talk about the high cashback tier of this card. So this is one of the most confusing terms and conditions ever in a cashback credit card. There are actually three tiers of cashback depending on the minimum spending that you have hit for the previous three months. This has the most complicated calculation of a cashback card. So bear with me here so you get 3.33 percent of base cashback if you hit the 500 or your 1000 per month for three previous months.
Here comes the example so if you spend 500, 500, and 500 for your past three months that totals up to 1 500, and based on that you get a 3.33 cashback which is 50. So we apply the same math and then we apply 1000, 1000, and 1000 for a total of 3 months, and applying the 3.33 percent we will get 100 take note that this is for three months, not one month.
So we apply the same math here but this time we up the spending to two thousand dollars a month. There will be $2000, $2000, and $2000 total of $6000 you get five percent based cashback, and how much is that we get 300. Okay so far but that’s not all UOB one actually gives an additional five percent for selected merchants as listed in the categories. So the categories listed here first is the UOB travel portal so this is their own in-house travel portal. If you book flights hotels or recreational activities through this portal you get an additional five percent cash back.
The second one being GRAB services so for my overseas audiences who are not so familiar with GRAB right, grab is one of the most popular super-apps in southeast Asia and is headquartered in Singapore so we use GRAB a lot for our transport. Our food delivery and other services like Grab express or grab mart so an additional five percent on that spending is very much. You also get an additional five percent from our daily farm merchants. So that includes your grocery stores like a giant, Jason’s, and the marketplace they also own the convenience store 7-Eleven and the beauty and Pharma store Guardian.
So you can see this card has a lot of cash back for groceries already. If you want beauty products you get an additional five percent cash back in guardian but that’s not all recently last year in November. They added shop as one of the additional 5 cashback merchants and this is a game-changer because the shop is one of the largest e-commerce portals used in southeast Asia. So for Singapore shopping is not only an e-commerce platform used to buy your online goods.
You can also buy vouchers for your restaurant and dining coupons and even transport gift cards like grab and Comfortdelgro taxi. So what this means is that a lot of spending can actually be done at the shop itself. Take note that this excludes shop top-up for the five percent additional repeat. So don’t think you can game this by topping up your shopping pay every month and then last but not least. There is also, one percent additional cashback if you pay your sp utility not as high as five percent but an additional one percent doesn’t hurt right.
Complement UOB One Account For Higher Interest:
Moving on for people who have UOB one account will help to complement your one account to bring you to a higher interest rate. One of the requirements of this account is to actually spend at least 500 a month on the UOB card. This is to unlock the interest rate here to get more interest back on your savings account. So if you already have the UOB one account you definitely need this credit card to complement the interest rates.
Things to note:
So other things to note for this you will be one credit card recently last year. There are new exclusions like education payments and insurance payments so they used to be included for the base cashback calculation. But now they are all excluded and then your usual exclusion leads like your prepaid wallets. Your cash advance payments and government services and then one downside of this card is you need to spend consecutively three months.
Hitting the minimum spending the tier you are in so even if you miss by 0.01 you can say goodbye to your three months’ worth of cashback. What I mean is if you spend two thousand dollars, two thousand dollars, and one thousand nine hundred and ninety-nine dollars for your last three months? Because of the lack of one dollar spent in your last month, you did not meet the requirements of the cashback and there goes away your 300 or even up to your 600 of cashback. So be very careful and hardworking on this card because you definitely need to track all the spending for a period of three months.
Other additional information that I have for this card has a one-year annual fee waiver. If you spend consecutively for the past 12 months I believe it is easily waivable for you and income requirements 30k for Singaporeans and PR’s 40k for foreigners. Also, do check out their new to bank signup promos if you’re a new customer that means you haven’t held a UOB card for 12 months.
Good/Bad? UOB One Cashback Card
So here comes my verdict is this card recommended for you. It is definitely good for you if you are a high spender in grab services shop giant and another kind of merchant in the additional cash back category. Also if you are diligent enough to hit the monthly minimum spending because the potential cashback is 8.33 to 10. It is not good for lazy people who are not willing to track their expenses month by month. After all, if they miss single spending for that month all their effort for accumulating that cashback is wasted. So you have to access your own spending and your spending pattern, as well as your own discipline. I would say with great effort, comes great rewards so think about it.