UOB Absolute Cashback Card Review (2023): 1.7% Cashback, No Questions Asked

UOB's Absolute Cashback Card offers 1.7% cashback with no minimum spend, cap, or exclusion categories.

Now we know what you’re thinking: do we really need yet another cashback card? But instead of being ‘yet another’ cashback card, the UOB Absolute Cashback Card brings something unique to the table: 1.7% cashback, with no minimum spend, no cap, and no spending exclusions.

That’s right, no spending exclusions.

Table of contents

Overview: UOB Absolute Cashback Credit Card
Reasons to get the UOB Absolute Cashback Credit Card
Eligibility, fees & charges
How to apply?
Should you get the UOB Absolute Cashback Credit Card?

What the UOB Absolute Cashback Credit Card can do for you

UOB Absolute Cashback Card Welcome Gift: Get S$350 cash credit if you are the first 200 new-to-UOB credit card customer and make a min. spend of S$1,000 for 2 consecutive months from their card approval date. Valid till 30 September 2023. T&Cs apply.

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UOB Absolute Cashback Card product summary:

1.7% unlimited cashback on all spend, including insurance premiums, school fees, wallet top-ups, healthcare, rental payments, utility and telco bills, and more
No minimum spend required
No cap on cashback earned
Access to both American Express and UOB privileges
Cashback earned will offset the next statement month's credit card bill

The UOB Absolute Cashback Card has an income requirement of just S$30,000 per year, the MAS-mandated minimum for credit cards. There’s a S$194.40 annual fee, which is waived for the first year.

Cardmembers earn a flat 1.7% cashback on all transactions, with no minimum spend and no cap. This alone would make it the best ‘no minimum spend’ cashback card on the market.

💡 For context, the Maybank FC Barcelona and Citi Cash Back + Mastercard earn a flat 1.6% cashback, while the American Express True Cashback Card and the Standard Chartered Simply Cash Card earn a flat 1.5% cashback.

But there’s more. While most banks exclude transactions like school fees, insurance premiums, rental, government payments, charitable donations and prepaid wallet top-ups from earning rewards, UOB Absolute Cashback Card users have no spend exclusions.

The only exceptions, if you want to call them that, are NETS transactions, 0% instalment payment plans, balance/fund transfers, cash advances, fees and personal loans.

Everything else is fair game—as long as the merchant accepts American Express, you’ll earn your cashback.

Any cashback earned will be credited to the principal card account and automatically used to offset any bill amount in the following month.

Why should you choose the UOB Absolute Cashback Credit Card?

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#1: Highest 1.7% unlimited cashback rate on the market

With the UOB Absolute Cashback Card, you stand to earn 1.7% unlimited cashback on almost all spend categories, with no minimum spend or cashback cap imposed. This is perfect for those who prefer fuss-free spending or have an upcoming big-ticket purchase to fulfil.

#2: Earn cashback on commonly-excluded MCCs

Let’s pause a minute to think about the possibilities this creates. Right now, most people would be paying for things like insurance premiums or school fees through bank transfers or cheques. Even if they use credit cards, they’re almost certainly walking away with nothing in return.

With the UOB Absolute Cashback Card, you get an effective discount of 1.7% on these transactions. It’s not life-changing we know, but it sure beats nothing. What’s more, these may be some big-ticket purchases; imagine getting S$170 back on S$10,000 worth of school fees.

While we certainly wouldn’t use the UOB Absolute Cashback Card as our regular spending card, we think it would be highly useful for plugging the gaps in situations where other cards don’t offer any rebates or rewards.

The main question we have is: how long can the ‘no exclusions’ clause last for? It’s not difficult to imagine some, shall we say, creative users figuring out ways to manufacture spend (i.e topping up a prepaid account and then liquidating the balance).

When that starts happening in sufficient volume, the bank will have no choice but to plug those gaps.

Even so, we see that as more of an issue for prepaid wallet top-ups. And to date, only Grab e-wallet top-ups have been reduced to 0.3% cashback – it's not been fully restricted.

Meanwhile, hospital bills, government transactions and insurance premiums don’t seem to be facing this problem anytime soon. Basically, as long as the UOB Absolute Cashback Card continues to cover these categories, it’s a worthwhile addition to your wallet.

#3: Exclusive AMEX and UOB perks and privileges

While these benefits aren’t unique to the UOB Absolute Cashback Card, they’re worth mentioning nonetheless.

Cardmembers are entitled to various lifestyle and dining deals and promotions under American Express.

Cardmembers also receive a complimentary two-year Tablet Plus membership. This gives them additional perks such as room upgrades, early/late check-in/out, free breakfast and hotel credits when they book selected hotels through the Tablet Hotels website.

What fees & charges should you look out for?

Annual fee: S$194.40 (First year waived)
Late payment charge: S$100 if minimum payment is not received by due date
Minimum monthly payment: 3% of current balance or $50, whichever is higher, plus any overdue amounts
Overlimit fee: S$40 if the total outstanding card balance exceeds the total credit limit at any time
Interest on purchases: 27.8% p.a. on amount unpaid (including late payment charges) until outstanding is paid in full
Interest on cash advance: 28.5% p.a. from the date of the cash advance until the date the outstanding is paid in full
Additional interest: 3% p.a. on top of prevailing interest on any remaining unpaid amount if minimum payment is overdue
Cash advance fee: 8% of due amount, subject to S$15 minimum fee
Foreign currency transaction fee: 3.25% on converted amount (1% retained by Mastercard)
Dynamic currency conversion fee: 1%

Eligibility criteria

At least 21 years old
Annual income requirement for Singaporeans/PRs: S$30,000
Annual income requirement for Foreigners: S$40,000

How to apply?

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Click on the ‘Apply Now’ button in this article and complete the application form on SingSaver site. You might need to prepare the following documents for the application process:

Front and back of NRIC/Passport/Employment Pass
Salaried employees (Singaporeans/PRs):
- Fixed monthly salary ≥ S$2,500:
  - Last 12 months' CPF statement
  - Latest original computerised payslip
  - Latest Income Tax Notice of Assessment and last 12 months' CPF statement or latest original computerised payslip
- Fixed monthly salary < S$2,500:
  - Past 12 months' CPF statement
  - Latest 3 months' computerised payslip
  - Latest Income Tax Notice of Assessment and last 12 months' CPF statement or latest original computerised payslip
- Length of employment < 3 months: Last computerised payslip, company Letter certifying employment, and monthly salary
Self-employed: Latest Income Tax Notice of Assessment

Should you get the UOB Absolute Cashback Credit Card?

Even if you’re a die-hard miles collector, the UOB Absolute Cashback Card will come in handy for situations where your regular credit card does not offer rewards. After all, 1.7% cashback is certainly better than nothing at all!

Our hope is that this card will encourage other banks to loosen up their rewards restrictions as well, creating more scenarios to earn rebates on everyday spending.

Compare UOB Credit Cards

Or if you're keen to check out other unlimited cashback cards, refer to our table below!

Best Unlimited Cashback Credit Cards

Credit Card	Best for/Benefits	Details	Min. Annual Income
Citi Cash Back+ Card Apply Now	- 1.6% unlimited cashback on all spending	- No min. spend required - No cap on cashback earned - Annual fee: S$194.40 (First year free)	- Local/PR: S$30,000 - Foreigner: S$42,000
AMEX True Cashback Card Apply Now	- 1.5% unlimited cashback on all spending (including education fees, insurance, healthcare, utilities and telco) - Enjoy 3% welcome bonus cashback on up to S$5,000 eligible spend within first 6 months of card approval	- No min. spend required - No cap on cashback earned - Annual fee: S$172.80 (First year free)	- Local/PR: S$30,000
CIMB World Mastercard Apply Now	- 2% unlimited cashback on Wine & Dine and Online Food Delivery, Movies and Digital Entertainment, Taxi and Automobile, and Luxury Goods	- Min. S$1,000 monthly spend - No annual fee	- Local/PR: S$30,000
Standard Chartered Simply Cash Card Apply Now	- 1.5% unlimited cashback on all spending	- No min. spend required - No cap on cashback earned - Annual fee: S$194.40 (First 2 years free)	- Local/PR: S$30,000 - Foreigner: S$60,000
UOB Absolute Cashback Card Apply Now	- 1.7% unlimited cashback on all spending - Includes insurance, school fees, wallet top-ups (excludes Grab), healthcare, utilities & telco bills, and rental	- No min. spend required - No cap on cashback earned - Annual fee: S$194.40 (First year free)	- Local/PR: S$30,000 - Foreigner: S$40,000
Maybank FC Barcelona Visa Signature Card Apply Now	- 1.6% unlimited cashback on all local spending	- No min. spend required - No cap on cashback earned - Annual fee: S$120 (First 2 years free)	- Local/PR: S$30,000 - Malaysian Citizen: S$45,000 - Foreigner: S$60,000