There are ways to use the UOB YOLO Card without fear of missing out on rebates.
Card promotions and terms are valid as of 3 June 2016.
Here’s the naked truth about cashback credit cards: save for a few rare exceptions, you need to spend a minimum amount each month to earn significant rebates. Depending on the card, this amount can range from S$500 to S$2,000.
If you already spend that much on dining, drinks, and shopping, then it’s just a matter of using your credit card a mode of payment. But if the FOMO on rebates is making you overspend, it’s time to rethink the way you use your credit card.
The UOB YOLO Card is an example of a cashback card whose perks may be more useful than the rebates. It has a bundle of exciting offers: 8% rebate on weekend dining and entertainment, 3% rebate on weekday dining and entertainment, 3% rebate on online fashion and travel transactions, and 3% rebate if you hook it up to your UOB Mighty app and use it to make payments.
However, you need to spend at least S$600 per month to earn rebates. That’s 24% of your income if you’re earning S$2,500 each month. Rebates are also capped at S$60 per month, and cannot be converted to cash. Instead, they offset your statement the following month.
If meeting the minimum spend will make your wallet bleed, there are ways to use the UOB YOLO Card without the FOMO of rebates.
1. 1-for-1 Cocktails and Beers
If you like to have more than one tipple after a long week at work, this card will legitimately help you save money with 1-for-1 drink offers. Redeem this offer at a variety of bars and hotels, including Overeasy Fullerton, Tanjong Beach Club, and the Armoury, to name a few.
Do take a minute to look at the terms and conditions, as some places only have these offers on certain days (typically Fridays and Saturdays).
2. Restaurants Discounts and 1-For-1 Buffet Deals
The UOB YOLO Card gives cardmembers first dibs at the newest restaurants and up to 20% off the total bill. The catch: you often have to spend at least S$100, which shouldn’t be a problem if you’re dining in a group. Use it at Dehesa, Fumee by Habanos, and Naughty Nuri’s, among other restaurants.
You and a friend can also feast at the Carlton Hotel’s Cafe Mosaic with the UOB YOLO’s 1-for-1 deal on their dinner buffet.
As with the first point, double check the deal’s Terms and Conditions before making a reservation. Card discounts are often not honoured on public holidays and special occasions like Mothers’ Day.
3. 1-For-1 Movie Tickets
Movies are best enjoyed in the company of good friends. Use the UOB YOLO Card at Cathay Cineplexes to enjoy 1-for-1 movie tickets and up to 10% rebate (until 30 September 2016). Use Visa Checkout at Golden Village and buy 4 movie tickets for the price of 3 (until 31 December 2016).
4. Discounts at Your Favourite Online Shops
Pay with the UOB YOLO card and get 10% off Lazada, Zalora, Naiise, HipVan, and Food Panda, or free shipping at Yoox.com.
5. Hotel Discounts and Complimentary Upgrades
When it comes to travel, every dollar saved means you see and do more.
Make hotel bookings with the UOB YOLO Card to get 10% off Expedia, 7% off Agoda, and 10% off Booking.com. Or use it to indulge yourself with a complimentary room upgrade and breakfast at Fairmont Hotels & Resorts, early check-in at IP Boutique Hotel, and complimentary daily breakfast at Swissotel Hotels & Resorts and Oriental Residence Bangkok.
6. Priority Access at Clubs
Flash your UOB YOLO Card to get to the Priority Queue at Switch, Barber Shop, Timbre @ The Substation, and Timbre @ The Arts House. You and a friend also get free entry at Zouk and one free house pour on Wednesdays and Fridays.
Always Pay Your Credit Card Bill in Full and On Time
Whether you use the UOB YOLO Card for the rebates, the discounts, or both, you must pay your credit card bill in full and on time. Otherwise, you start accumulating interest (the UOB YOLO charges 28% p.a. on delinquent payments), which compounds daily. This makes it increasingly difficult to pay off your balance if you leave it for too long.
In addition, you don’t earn rebates if you carry a balance, which cancels out any savings you might have earned.
So YOLO if you must, but only charge what you can confidently pay in full when your bill arrives. And don’t give in to your FOMO for rebates if it means spending beyond your means.
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By Lauren Dado
Lauren has been a content strategist and digital marketer since 2007. As SingSaver.com.sg’s Content Manager, Lauren edits and publishes personal finance stories to help Singaporeans save money. Her work has appeared in publications like Her World, Asia One, and Women’s Weekly.