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UOB One Card – MoneySmart Review 2022

·8-min read
UOB One Credit Card
UOB One Credit Card

The UOB One Card is hands down UOB’s favourite entry level credit card – especially for those with a UOB One account too. The credit card owes its fame to its key proposition: a maximum of 5% cash rebate on everything, no need to futz about with different spending categories.

That’s not to say that attaining that 5% UOB One Card rebate is easy. Far from it. In fact, you could say it’s downright onerous (or “One-erous”).

Let’s see whether the UOB One Card is worth the effort.

UOB One Card terms & conditions

UOB One Card

Annual fee & waiver

$192.60 (waived for 1 year)

Supplementary annual fee

First supp card free, subsequently $96.30

Interest free period

21 days

Annual interest rate

25.90%

Late payment fee

$100

Minimum monthly repayment

3% or $50, whichever is higher

Foreign currency transaction fee

3.25%

Cash advance transaction fee

6%

Overlimit fee

$40

Minimum income

$30,000 (Singaporean) / $40,000 (non-Singaporean)

Card association

Visa

Wireless payment

Visa payWave, Apple Pay, Samsung Pay, Android Pay, Mighty Pay, GrabPay, Google Pay

How the UOB One Card works

UOB logo
UOB logo

UOB One Card

Rebate on Shopee, Dairy Farm Group, Grab, SP and more

Up to 10%

Rebate Cap per quarter

S$300

Min. Spend per month, per quarter

S$2,000

Apply Now

More Details

Cash Back Features

  • Up to 5% cash rebate on all spend for spend above S$2,000/month per quarter (up to 3.33% cash rebate for spend of S$500 or S$1,000 monthly)

See all card details

The UOB One Card is UOB’s star entry level credit card that’s famous for giving you up to 5% cash back on almost everything you swipe the card on. That said, the “5% rebate” terminology can be rather misleading and you must hammer into your head that it’s a flat rebate.

The cash rebate is awarded quarterly based on 3 tiers of minimum spending. You will need to consistently spend at least $500, $1,000 or $2,000 for each month of the quarter to earn $50, $100 or $300 respectively at the end of the quarter. There is also a minimum criteria of at least 5 transactions per month.

Once you qualify for the quarterly rebate, you can enjoy an additional 5% rebate on Grab transactions (GrabFood, Grab Mart and rides excluding mobile wallet top-ups) and an additional 1% on Singapore Power utilities bills. The additional rebate is capped at $100 per month. That means you can earn up to an additional $2,400 in rebates in a year.

How to make the most of your UOB One Card

Put simply, it’s not enough to blow $6,000 on a Chanel handbag in the first month. In fact, you should avoid spending over $2,000 each month. Even if you swipe $10,000 on your UOB One Card every month, you still only get $300 at the end of the quarter.

Instead, you should be careful to make sure that your spending is exactly $2,000 (or $1,000 or $500) consistently every month in that quarter, or all your efforts will be for naught.

The 5 transactions must also be within your statement month, so if you swipe your 5th transaction too close to the last day, there’s a chance that it may not be counted (the retailer may not have posted it yet).

In that sense, the UOB One Card’s rebate system is really generous but rather unforgiving. The saving grace is that the UOB One Card is the only cashback card in Singapore that will give you cash rebates on almost everything. Considering if you consolidate your daily spend like groceries, petrol, utilities, recurring bills on this card, it should not be hard to achieve.

The significant exclusions are payments made to the government, educational institutions, stored value top-ups, and insurance premiums, which are exclusions aligned to most banks’ cards. So if you use your credit card to pay for stuff like traffic fines, university school fees, top up your YouTrip account or pay for monthly insurance premiums, it won’t count towards the minimum spend.

Who should use the UOB One Card?

If you have better things to do than to manage 9 different “specialty” cashback credit cards (one for online shopping, one for petrol, one for groceries, etc.) you’ll appreciate the convenience of this all-in-one cash back credit card.

With 5% on all spends, you know you’ll definitely get some kind of cash payout at the end of the quarter.

In short, pick the UOB One Card if you spend in multiple categories but can’t be bothered to manage multiple cards.

Alternatives to the UOB One Card

Here are a couple of other all-purpose cashback credit cards you might want to look into as well:

Citi Cashback+ Mastercard – The rebates on this card aren’t quite as generous as the UOB One card but at least it’s fuss-free – there’s no minimum spend, hardly any exclusions and the cashback is on a monthly basis. There’s also lucrative sign up offers if you’re new to Citibank.

Citibank logo
Citibank logo

MoneySmart Exclusive

No Expiry on Cash Back Earned

Citi Cash Back+ Mastercard®

Cash Back on Eligible Spend

1.6%

Min. Spend per month

S$0

Cash Back Cap

Unlimited

MoneySmart Exclusive:

Apply and spend $500 to get $350 Cash via PayNow OR an Apple AirPods Pro (worth $379) OR a New 10.2 Inch Apple iPad Wi-Fi 64GB (worth $499)! Only with Citi Credit Cards. T&Cs apply.

Valid until 15 Dec 2021

Apply Now

More Details

Cash Back Features

  • Flat 1.6% cashback on all your purchases, no minimum spend

  • No caps on the cashback you can earn, and cashback earned does not expire

  • Cashback earned will be stored and specified in the monthly statement

  • Redeem your cashback with the Citi Pay with Points feature via Citibank Online or the Citi Mobile App or SMS. Redemption requires 7 working days before it’s reflected on your statement

  • Cash rebates redemption: Send “RWDS last 4 digits of the card number ” to 72484 via SMS

  • Redemption values and codes: CSHBK10 for S$10, CSHBK20 for S$20, and CSHBK50 for S$50

  • For example, to redeem $10 cash rebate, the SMS should be: “RWDS XXXX CSHBK10”

  • General exclusions apply, for e.g. annual fees, instalments, bills, payments to educational, governmental, and financial institutions, insurance premiums, and more

See all card details

Standard Chartered Unlimited Cashback Card – Another simple and fuss-free credit that gives you unlimited 1.5% cashback with additional benefits such as Caltex petrol, dining, and shopping promotions.

Standard Chartered logo
Standard Chartered logo

MoneySmart Exclusive

With 6-month Disney+ Subscription

Standard Chartered Unlimited Cashback Credit Card

Cash Back on eligible spend

Up to 1.5%

Min. Spend per month

S$0

Cash Back Cap

Unlimited

MoneySmart Exclusive:

Apply and spend $350 to get a FREE newly released Apple AirPods (3rd Generation) (worth $269) or $250 Cash via PayNow. T&Cs apply.

Valid until 05 Jan 2022

Apply Now

More Details

Cash Back Features

  • 1.5% cashback awarded for all eligible purchases, such as dining, online shopping, local and overseas spend

  • Cashback terms and conditions: General exclusions such as bills, payments to educational, financial, and governmental institutions, and GrabPay top up apply

See all card details

American Express True Cashback Card – Simple and straightforward credit card that gives you 3% cashback for the first 6 months (up to $5,000 spend) and 1.5% afterwards, no questions asked, no minimum, no cap. This is great for getting cashback without any hassle, but the tradeoff is a much lower cash rebate.

Sponsored

American Express logo
American Express logo

Online Promo

Unlimited Cashback

American Express True Cashback Card

Welcome Offer (min spend of S$5,000 in 6months)

3.0% Cashback

Cash Back Cap

Unlimited

Min. Spend per month

S$0

Online Promo:

Receive up to S$200 CapitaVouchers on S$500 spend and S$80 CapitaVouchers on initial S$1 spend within the first month of Card approval. T&Cs Apply.

Valid until 23 Dec 2021

Apply Now

Apply Now

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More Details

Cash Back Features

  • 3% Cashback for the first 6 months up to S$5,000 spend, 1.5% Cashback on any purchase you make thereafter

  • 2.5% Cashback on all foreign currency spend. Valid from 4 August 2019 to 30 June 2021

  • Unlimited Cashback - No min spend & no cap

  • First year fee waiver

See all card details

The best cash back credit card depends on your expenditure. If you do not wish to manage too many cards and has a pretty fixed monthly spend, go for the UOB One Card. If you play your cards right, this might be the most generous rebate card out there.

If you plan to spend more than $2,000, you won’t get any more returns on the UOB One Card, so consider the HSBC Advance or Amex True Cashback cards instead.

Convinced that the UOB One Card is the “One Card” to rule them all? Apply here.

UOB logo
UOB logo

UOB One Card

Rebate on Shopee, Dairy Farm Group, Grab, SP and more

Up to 10%

Rebate Cap per quarter

S$300

Min. Spend per month, per quarter

S$2,000

Apply Now

More Details

Cash Back Features

  • Up to 5% cash rebate on all spend for spend above S$2,000/month per quarter (up to 3.33% cash rebate for spend of S$500 or S$1,000 monthly)

See all card details

What is your go-to cashback credit card? Share your recommendations in the comments!

The post UOB One Card – MoneySmart Review 2022 appeared first on the MoneySmart blog.

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The post UOB One Card – MoneySmart Review 2022 appeared first on MoneySmart.sg.

Original article: UOB One Card – MoneySmart Review 2022.

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