In an increasingly cashless society, choosing the right credit card can significantly impact your financial management and savings. The UOB One Credit Card is a popular choice among Singaporeans as it offers a range of benefits tailored to reward everyday spending.
Whether you’re a frequent shopper, a regular commuter, or someone who enjoys dining out, the UOB One Credit Card has something to offer. In this review, we will delve into the features, benefits, fees, and potential drawbacks of the UOB One Credit Card for 2024.
TL;DR UOB One Credit Card Review 2024
The UOB One Credit Card stands out for its generous cashback rewards, particularly for those who can meet the minimum spending requirements. With up to 15% cashback for bonus categories and additional perks like fuel savings and dining discounts, it caters to various lifestyle needs.
However, the card’s tiered cashback structure and specific spending conditions may not suit everyone.
Pros
- High Cashback Rate: Up to 15% cashback for a wide range of spending categories
- Wide range of spending categories: It can be used as an everyday card which includes groceries, transport, and general retail
- High Fuel Savings: Up to 24% fuel savings on Shell and SPC stations
- Easy Cashback Redemption: Cashback is automatically credited to your account to simplify the redemption process
Cons
- High Minimum Spending Requirements: Need to spend S$2,000 per month for three consecutive months
- Complex Cashback Structure: The tiered cashback system can be complicated to navigate, and maximising rewards requires careful planning and consistent spending
UOB One Credit Card Key Features
The UOB One Credit Card offers up to 15% cashback, which is contingent on meeting certain spending thresholds. Here’s how it breaks down:
- Base Cashback: 3.33% on all spending.
- Additional Cashback:
- Spend at least S$2,000 per month for 3 consecutive months:
- 6.67% additional cashback on Grab rides and Dairy Farm Group merchants (Cold Storage, Giant, etc.)
- 5% additional cashback on other spending
- Spend S$1,000 per month for 3 consecutive months:
- 5% additional cashback on Grab and Dairy Farm Group
- 6.67% additional cashback on other spending
- Spend S$500 per month for 3 consecutive months:
- 5% additional cashback on other spending
- Spend at least S$2,000 per month for 3 consecutive months:
To maximise the 15% cashback rate, you must spend at least S$2,000 per quarter for three consecutive quarters on the UOB One Credit Card, which gives you 10% cashback at Grab and major grocers like Cold Storage and Giant, plus 5% on all other spending.
And to be honest, it’s not THAT difficult to hit the minimum spending if you use the card for family expenses, considering you will have to spend more on dining, groceries, and other lifestyle needs.
Additionally, it’s an excellent card for drivers, as cardholders can save up to 24% on fuel purchases, helping drivers significantly reduce their fuel expenses.
How Often Are Cashback Rewards Credited to Your Uob One Card Account
The UOB One Card cashback rewards are credited to your account on a quarterly basis.
- Cashback is calculated and credited quarterly based on your total eligible spending for the previous 3 months
- The quarterly cashback is typically credited to your UOB One Card account within the first two weeks after the end of each quarter. For example, cashback for the January-March quarter will be credited by mid-April
- You can track your accumulated cashback for the current quarter through the “Insights” section of the UOB TMRW mobile app. This shows your spending categorised by merchant and the corresponding cashback earned so far.
- The cashback is automatically credited to offset your next statement balance after each quarter ends
- The base 3.33% cashback is capped at $50, $100 or $200 per quarter, depending on your minimum spend of $500, $1,000 or $2,000, respectively. Any additional bonus cashback earned is credited to the top of this base amount.
Annual Fees
While the card offers substantial rewards, it also comes with annual fees that may offset some of the benefits if you do not maximise the cashback.
- Principal Card: S$192.60 (waived for the first year)
- Supplementary Card: S$96.30
Foreign Transaction Fee
The foreign transaction fee is currently at 3.25% of the transaction amount.
Other Points to Note
Eligibility Requirements
To apply for the UOB One Credit Card, you must meet the following criteria:
- Age: At least 21 years old.
- Income: Minimum annual income of S$30,000 for Singapore citizens and Permanent Residents, or S$40,000 for foreigners.
Comparison With Other Cards
When considering the UOB One Credit Card, it’s helpful to compare it with similar cards to see how it stacks up.
UOB One Credit Card vs. DBS Live Fresh Card
- Cashback Rates:
- UOB One: Up to 15% on selected categories.
- DBS Live Fresh: 5% on online shopping and contactless payments, 0.3% on all other spending.
- Annual Fees:
- UOB One: S$192.60 (waived for the first year).
- DBS Live Fresh: S$192.60 (waived for the first year).
- Minimum Spend Requirements:
- UOB One: S$500 to S$2,000 per month for maximum cashback.
- DBS Live Fresh: S$600 per month for higher cashback rates.
The UOB One Credit Card offers higher cashback potential but requires higher spending to unlock its full benefits, making it more suitable for higher spenders. In contrast, the DBS Live Fresh Card provides simpler, more accessible rewards for moderate spenders.
Conclusion
The UOB One Credit Card is an excellent choice for individuals who can meet its spending requirements and want to maximise their cashback on everyday expenses.
With significant rewards on groceries, transport, and fuel, the UOB One Credit Card offers substantial savings for those who use it effectively. However, the card’s tiered cashback structure and higher minimum spending thresholds may not suit everyone. Thus, evaluating your spending habits is crucial to determining if the UOB One Credit Card fits you best.
Overall, the UOB One Credit Card remains competitive in 2024, providing valuable benefits and rewards for many consumers.
It can be a powerful tool for managing expenses if you can navigate its requirements and leverage its perks.
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