BestCreditCards.sg's Review of UOB One Card
|Highlights||Credit Card Feature|
|Things We Like||Earn up to 5% cashback on all spending|
|Our Least Favourite||Quarterly spend of $2000/month to earn 5% cashback|
|Our Verdict||You can still earn 3.33% cashback if your minimum monthly spend in a consecutive calendar quarter is $500 or $1000|
- Spend $500, $1,000 or $2,000 per month (min. 3 purchases) x 3 months consecutively and get (respectively) $50, $100 or $300 cash back per quarter.
- Get up to 10% instant additional SMART$ rebate which you can use to offset your next purchase at over 400 participating merchants
- Receive up to 50% off with UOB Dining Privileges
- Annual Fee
$192.60 waived first year
- Minimum Income
S$30,000 p.a. (Singaporean/PR). S$40,000 p.a. (Foreigners)
- Standard Interest p.a.
UOB One Card is a credit card with an impressive flat rate of up to 5% cash back for all purchases. That sounds too good to be true, and it does come with a catch (we'll get to it shortly!). Cardholders can boost this rebate even further by getting up to 10% on-the-spot SMART$ rebates at over 400 participating merchants, one of the highest cash rebate offers on the market.
Other benefits of UOB One Card include a 0% instalment plan which is a useful option for those of you who want to make expensive purchases on credit. This card's rebate structure can be quite confusing at first glance (and second, and third glance), but don't worry, we've have laid out all the main benefits of this card in this UOB One Card review so that you can decide for yourself if this card is right for you!
Things We Like About UOB One Card
Annual fee waiver. It has a $192.60 annual fee (waived for the first year). The first supplementary card is free (as long as the principal card is valid) and the second supplementary card costs $64.20 per annum.
Earn up to 5% cashback on all spending. You don't earn cashback as an actual percentage of the amount you spend. Rather, you get a fixed amount of cashback after you spend a certain amount. The fine print is confusing, so we'll break it down for you here. Basically, there are 3 spending tiers:
- If you spend a minimum of $500 a month (for 3 straight months) on at least 5 purchases a month, you will earn $50 in cashback for those 3 months. That $50 cashback comes to 3.33% of $1,500 ($500 per month for each of the 3 months).
- If you spend a minimum of $1000 a month (for 3 straight months) on at least 5 purchases a month, you will earn $100 cashback after those 3 months. This $100 cashback is equivalent to 3.33% of $3000 ($1000 monthly spending for 3 months).
- If you spend at least $2000 a month (for 3 straight months) on at least 5 purchases a month, you will earn a total of $300 cashback for those 3 months. That $300 is equivalent to 5% of $6000 ($2000 monthly spending for 3 months)!
Your first qualifying quarter starts from the month you are approved for the card.
For those of you who will only spend a small amount of money on your credit card (this one in particular), then keeping track of how much you spend and how many transactions you make every month using this card will be a very tedious affair.
If you don't meet the minimum criteria for all 3 statement periods in that quarter, you won't earn the 3.33% or 5%. However, if you intend to use this card very frequently and spend at least $500 a month, then you won't face the problem of not meeting the criteria. Since this card lets you earn cashback on all your spending, it's the ideal card to use to pay for all of your monthly expenses.
Earn up to 10% additional instant cash rebate with SMART$. Earn up to 10% instant cash rebates with the UOB SMART$ programme at over 400 participating merchants - 1 SMART$ is equivalent to $1. This is a really great offer since SMART$ instant rebates are additional to the standard 3.33% (or 5%) rebate you earn on your purchases which can make a total of up to 23.33% in cash rebates (or 25% with $2000 monthly spending)!
You can get a 0% instalment plan. The UOB 0% Instalment Payment Plan gives you interest-free instalment payments of up to 36 months for products that you can find at more than 4,000 participating merchant outlets. Terms and conditions apply. Paying for big-ticket purchases slowly with many monthly instalments can be easier on your wallet than buying stuff in cash.
Visa payWave option. Pay for transactions under $100 quickly and easily with the contactless and secure Visa payWave. Just wave your card in front of a secure card reader and make your purchases – easy! Many of the popular merchants in Singapore (especially chain stores and restaurants) accept payWave.
UOB dining and entertainment privileges. Like to treat yourself to dining out? Then you'll love UOB dining privileges, providing cardholders with deals and discounts at over 1,000 dining establishments in Singapore and across Asia.
Our Least Favourite Things About UOB One Card
$500 minimum monthly spending to earn cashback. The cashback of up to 5% offered by the new limited edition UOB One Card is fantastic if you spend $2000 or more monthly. But the new card requires that you spend at least $500 a month to earn 3.33% cashback (the minimum spend was $300 on the regular card). If you spend $500 or more monthly with your credit card, this won't be a problem.
Quarterly spending tiers. You will have to spend a certain amount for 3 months straight to earn the good rebates. For example, you will have to spend a minimum of $500 for a full quarter (January-March, April-June, etc.) to earn $50 cashback for those 3 months, $1000 each month for a 3 month quarter to earn the $100 for that quarter, or $2000 each month to earn $300 for a 3 month period. This card will work best if you spend the same amount with your card every month. That way you will know exactly how much you are saving.
How Other Cards Compare With UOB One Card
|Regular APR:||25% p.a.|
|Annual Fee:||$192.60 waived first year|
|Regular APR:||24.99% p.a.|
|Annual Fee:||S$171.20 (inclusive of GST) First Year Fee Waiver|
If you spend $500, $1000 or $2000 every month on many different types of purchases, then UOB One Card is the best cashback credit card you can get.
Overall UOB One Card is one of the best credit cards in Singapore if you are looking for a one-stop solution to earn high cashback on all your spending. With a minimum monthly spend of $500 (and a minimum of 5 purchases) in order to qualify for the 3.33% rebate, the conditions are not hard to meet, and if you charge $2000 in payments to this card you can earn an awesome 5% cashback.
Further perks UOB One Card has to offer include UOB dining privileges and the SMART$ rewards programme (up to 10% SMART$ rebates at some merchants), plus a nice list of UOB privileges and deals at restaurants and other merchants. Money management options such as the 0% instalment plan are also very useful when planning your finances, helping you spread out costs to avoid lump sums. This card is accessible to most Singaporeans, with a standard annual income requirement of $30,000 for Singapore citizens and $40,000 for foreigners.
See more UOB credit cards.