The UOB One Card offers you a cash rebate of up to 5% on all spends above S$2,000/month per quarter. You don’t have to track individual categories, but you’ll want to watch your total spending to meet the three thresholds of S$500, S$1,000 or S$2,000 a month. It’s a great entry-level cashback credit card and works wonderfully if you have a UOB One account too.
Like many UOB products, the benefits aren’t always straightforward, and you’ll need to know how the card works in order to maximise it.
Read on to find out how to make the most of the UOB One Card.
Features of the UOB One Card
Let’s look at the features of the UOB One Card in more detail
1. Up to 5% cash rebate on all spends. How does it work?
UOB has three tiers of quarterly rebate. Each tier has a minimum amount that you need to spend to be eligible for the 3.33% (for tiers 1 and 2) and 5% (for tier 3) rebate. In addition, the cash rebate is capped at S$50, S$100, and S$300 per quarter, respectively, for each tier.
Since the cash rebate is credited to your account at the end of every quarter, you need to spend a fixed amount each month for 3 months to be eligible for any of the 3 tiers of cash rebate. And it isn’t just the minimum spend that you need to meet. To qualify for the cash rebate, you also need to make a minimum of 5 eligible transactions per statement period per quarter.
In summary, here’s how the UOB One Card awards you with “up to 5% cash rebate” :
|How the UOB One Card works||Maximum cash rebate in a quarter|
|Tier1||Spend at least S$500 and less than S$1,000 per month for a quarter (example, Jan, Feb, Mar) and at least 5 eligible transactions per month||
|Tier 2||Minimum spend of S$1,000 and less than S$2,000 each month for a quarter and at least 5 eligible transactions each month||
|Tier 3||Minimum spend of S$2,000 and at least 5 transactions every month to your card for the quarter||
What happens if I manage to meet the monthly spend and the 5 transactions only for one out of the three months?
Whether you’ve met the requirements for only 1 month or 2 months, you’ll not get any cash rebate. However, there is one instance where you’re given a little bit of leeway. That’s in your first quarter from the date your card is issued. If you’re in your first quarter, your quarterly rebate will be pro-rated according to how many months you’ve met the requirement.
How do I make the most of the UOB One Card? Here are 5 things to remember:
You need to be consistent with your spending each month. Hence, we don’t view this card as the kind that you should be using for special occasions or once-in-a-blue-moon dinners with friends. Suppose you did that and used the UOB One Card to buy a new Macbook. That month’s spend might amount to S$2,000 or more, but if you only spent S$500 in the other two months of the quarter, your cashback will only be S$50. You’ve just lost quite a lot of potential savings.
Don’t spend more than S$2,000 in a month with the UOB One Card. Even if you’re consistently spending more than S$2,000 each month, you’re only going to get S$300 in the quarter. Every dollar above the tier you’re in is lowering your effective cashback.
Put your recurring bills on your UOB One Card. Cashback for your recurring bills like mobile, Netflix, Spotify or broadband tends to only get you 1-3% with other cashback cards. Even if you’re on the lowest S$500 tier, you can still get up to 3.33% cash rebate. Put your monthly insurance premiums and any other GIRO payments on your UOB One Card instead. That’ll help you maintain consistency every month.
Use the UOB One account too. With just S$500 monthly spend on your UOB One Card, and paying 3 bills via GIRO, you can activate up to 3.88% p.a. Interest on your savings. If you have a balance of S$75,000 in the account, all of that will be earning an effective interest rate of 2.44% p.a.!
Ensure that you make at least 5 transactions a month. Does buying a S$1.50 bun from BreadTalk five times a month count? Yes, it does! You even get an additional 3% SMART rebate for that!
Related: Best Savings Accounts in Singapore
2. Up to 24% savings on petrol
With your UOB One Credit Card, you could also save up to 20.8% on fuel purchases at Shell stations and up to 24% at SPC stations. The fuel discount is broken down in the following manner:
|Example of savings calculations based on S$100 Gross spend on fuel purchases at Shell||UOB One Card|
|Shell Station Discount (5%)||S$5.00|
|Shell Escape Card Discount (5%)||S$5.00|
|Nett Spend (Less Station And Escape Discount)||S$90.00|
|7% SMART$ Rebate for UOB One Card||S$6.30|
|5% One Card Additional Rebate (Based on a monthly total spend of S$2,000)||S$4.50|
|Total Effective Savings (%)||S$20.80 (20.8%)|
|Example of savings calculations based on S$60 Gross spend on fuel purchases at SPC||UOB One Card|
|SPC&U Card Discount||S$6.00 (10%)|
|UOB Credit/Debit Card Discount||S$3.00 (5%)|
|Nett spend (Less 15% discount)||S$51.00|
|UOB Cards Offer: Additional S$3 off (every S$51 nett spend)||S$3.00 (5%)|
|5% One Card Additional Rebate (Based on a monthly total spend of S$2,000)||S$2.40 (5%)|
|Total Savings (%)||S$14.40 (24%)|
Source: UOB One Card website
3. Up to 10% SMART$ rebate
In addition to the cash rebate you earn, you also get up to 10% SMART$ rebates when you make transactions at SMART$ merchants like Cold Storage, BreadTalk, Shell or Cathay Cineplexes. You get 1 SMART$ for every S$1 you spend, and you can use it to offset your purchases at SMART merchants. We’re not super impressed by the rebates offered, and don’t think anyone will be getting the UOB One Card based on this alone. If you’re interested in seeing the full list of merchants, visit this page.
We are more excited by the 1 million S$1 deals that UOB is currently running for the UOB One Card. Just use mobile payments like Apple Pay, Google Pay, UOB Mighty or Samsung pay to enjoy deals from KFC, Cold Storage, Famous Amos etc. Check it out here.
Is this the best all-category cashback card out there?
There are several other all-category cashback cards in Singapore that you can consider too:
American Express True Cashback Card – 1.5% on everything including insurance premiums. No minimum spend and no cap. You’ll also get 3% cashback in the first 6 months, up to S$5,000 spend. Easy to use and understand, but the cashback amount isn’t much.
Maybank FC Barcelona Visa Signature Card – 1.6% cashback on local spends and 2X TREATS Points for every dollar spent on foreign currency transactions. The rebate is good for local spends, however, 2X TREATS Points for overseas spends is merely equivalent to 0.8 miles/dollar.
Standard Chartered Unlimited Cashback Card – Quite similar to the Amex True Cashback Card, except that it doesn’t have the additional cashback in the first 6 months, and insurance premiums are not considered eligible transactions.
HSBC Advance Credit Card – To get the most out of this card, you will need to be an HSBC Advance Banking customer. With this, you can earn up to 3.5% cashback on all spends. There’s a minimum spend of S$2,000 and you can spend up to S$3,600 before the cap of S$125 is reached.
Given the above, the UOB One Card beats the other all-category cashback cards hands down. In fact, you will be hard-pressed to find a credit card that offers up to 5% cash rebate, no questions asked. Just make sure to follow the 5 ways to maximise your UOB One Card.
In conclusion, who should get the UOB One Card?
We really like this card and we think you’ll benefit most if you’re:
- Tired of managing multiple cashback credit cards and dealing with minimum spends and cashback caps left, right and centre
- A cashback person, but often find yourself spending on things that don’t fall within the usual categories like dining, groceries, online spends, etc..
- Depositing money in the UOB One Account and want to maximise your interest earned
What do you think of the UOB One Card? Would you get it?
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