UOB One Card Review (2020): Generous Cashback Card For Grab Users And Dairy Farm Shoppers

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If you can spend $2,000 for three consecutive months, the UOB One could be the most generous cashback card around. Otherwise, the base 5% cashback isn’t too shabby either. 

The UOB One card offers a tiered cashback system that gives you up to 10% cashback. This higher cashback rate applies to spends on Grab rides and purchases at Dairy Farm Singapore merchants.  All other spending will be eligible for 5% cashback. Read on to find out how you can use the UOB One card to your advantage. 

What the UOB One credit card can do for you

UOB One card product summary:

  • Highest cashback rate you can earn: 10% 
  • Minimum monthly spend: $500 three consecutive months to earn 5% cashback, and $2,000 for three consecutive months to earn the additional 5% cashback on select categories
  • Maximum cashback you can earn: Additional rebates are capped at $100 per month which means you can enjoy up to a total of $2,400 cash rebate in a year
  • Annual fee: $192.60 (first year waived)
ProsCons
5% cashback on all spend, such as groceries, petrol and retail Minimum monthly spend of $500 required 
Up to 10% cashback on Grab services, Dairy Farm Group merchants (e.g. Cold Storage, Giant, Guardian, 7-Eleven), and UOB Travel Planner transactionsRequires 5 minimum purchases per month and cashback only earned quarterly
Up to 10% SMART$ rebate to offset purchases at over 300 merchants across dining, shopping and groceriesTo earn the maximum cashback of 10%, you have to spend $2,000 for three consecutive months
Petrol savings of up to 20.8% at Shell and 24% at SPC
Cashback will be forfeited upon card termination as all benefits and privileges offered by the card will no longer available
Enjoy up to 2.5% p.a. interest on your UOB One savings account 

For the categories that can earn up to 10% cashback, you will earn the additional 5% cashback when you qualify for your quarterly cash rebate. To qualify for the quarterly rebate, you will have to spend a certain amount consecutively for three months, based on qualifying quarters. 

How much additional cashback you earn depends on how much you spend each month. If you spend $500 or $1000 for three consecutive months, you will get an additional 3.33% cash rebate.  If you spend $2000 for three consecutive months, you will get an additional 5% cash rebate (amounting to a total of 10% cashback). 


Why should you choose the UOB One credit card?

If you easily spend $500 a month on your credit card, take Grab rides and shop at Cold Storage or Giant, the UOB One credit card could be the one to add to your wallet. 

#1: Earn cashback on all your Grab rides

UOB One credit card offers a generous cashback on all your Grab rides of up to 10%. Even if you fail to spend $2,000 for three consecutive months, you will still be earning a good 5% cashback. However, do keep in mind that this cashback only applies to Grab rides which are paid using your UOB One credit card. Your mobile wallet top-ups are excluded from getting cashback.

#2: Save more when you spend at your favourite grocers

If your go-to supermarket is Cold Storage or Giant, you’re in luck. UOB One specially rewards you for purchases made at Dairy Farm Singapore merchants. This includes Cold Storage, Giant, Guardian, 7-Eleven, Market Place, Jasons and Jason’s Deli. Alternatively, you can also check out this article for the best grocery credit cards in Singapore.

#3: Additional rebates on your utility bills 

The UOB One rewards you with an additional 1% on your Singapore Power Utilities bills when you qualify for your quarterly cash rebate. This adds up to a total of 6% cashback on your utilities bill. 

#4: Pair it with your UOB One Account for maximum savings

The UOB One account offers up to 2.5% p.a. interest on your first $75,000 with little effort required. All you have to do is to credit your salary every month and to spend a minimum of $500 on a UOB credit card. The UOB One credit card would be the perfect card to match this savings account. 

However, if you prefer chasing miles you can consider the UOB PRVI, KrisFlyer UOB or UOB Lady’s card instead. 

SingSaver Promotion: Get $80 cash via PayNow when you apply as a new to UOB credit cardmember. Existing UOB cardmembers can get $20 GrabFood vouchers. This promotion is valid till 15 October 2020.

For whom is the UOB One Card best for?

Those who care enough to count their cashback dollars and take the title of ‘Singapore’s most generous rebate card’ seriously. UOB One’s quarterly cashback structure is anything but simple, and it’ll demand the highest order of expense tracking efforts. You’ll have to be disciplined enough to take a measured approach to your monthly spending, up to three consecutive months. It’d also make sense if your two heaviest lifestyle expenditure categories are groceries and Grab rides.

What charges or fees should you look out for?

  • Annual fee: $192.60 (first year waived) 
  • Late payment charge: $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: $40 if the total outstanding card balance exceeds the total credit limit at any time
  • Interest on purchases: 26.9% p.a. on amount unpaid (including late payment charges) until outstanding is paid in full
  • Interest on cash advance: 28% p.a. from the date of the cash advance until the date the outstanding is paid in full

Eligibility criteria

  • At least 21 years of age
  • Minimum annual income for Singapore citizens and PRs: $30,000 or a fixed deposit collateral of at least $10,000
  • Minimum annual income for foreigners: $40,000 or a fixed deposit collateral of at least $10,000

How to apply? 

Click on the ‘Apply Now’ button on this page 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: Past 12 months CPF statement (Singaporean/PR) or latest Income Tax Notice of Assessment and latest original computerised payslip
  • Self-employed: Latest Income Tax Notice of Assessment and latest original computerised payslip

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