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UOB One Credit Card Review

Pros:

  • Up to 5% cashback on all spend.
  • Up to 10% cashback on all Grab transactions.
  • Automatic annual fee waiver (minimum spend of $12,000).

Cons:

  • Unused cashbacks expire after 2 years.
  • Tier-based minimum spend and cashbacks.
  • Cashbacks will be forfeited upon card termination.
Summary of Product
Headline Cashback Rate: 5%
Minimum Monthly spend: $500
Income Requirement: $30,000 (Singaporeans/PR), $40,000 (Foreigners)
Minimum Age: 21
Annual Fee (Waiver): $192.60 (First year waived)
Sign-up promotion: $50 cash for new and existing card holders. Terms and Conditions apply.

Table of Content

Why should you choose UOB One credit card

Do you spend regularly on Grab?
UOB One credit card offers a generous $100 free Grab rides upon card approval and up to 10% cashbacks on all your succeeding Grab transactions. An additional 5% on Grab rides, food and top-ups when you qualify for your quarterly cash rebate (cap $2,400 per year).
Is an annual fee a major consideration?
Despite an annual fee of $192.60 (first year waived), you have the option to have a perpetual waiver with a minimum annual spend of $12,000. That is a generous offer since it just comes down to a minimum monthly spend of $1,000, which is easy to reach.
How much is your minimum monthly spend?
If you spend at least $500 per month and your UOB One credit card is successfully used for at least 5 transactions in each statement month within the quarter then you are entitled to earn cashbacks. Raise your spendings to at least $2,000 per month and you can earn a maximum cashback rate of 5% or $100 per month.
What do you get for spending on other categories or merchants?
Get SMART$ rebates on-the-spot at participating outlets all year round (1 SMART$ = $1). Use your SMART$ to offset your next purchase immediately to enjoy greater savings everyday. Participating merchants include petrol, dining, leisure, shopping, groceries, wellness, and insurance.

Using the UOB One credit card in your favour

If you do not have a specific list of spendings other than the basic essentials then UOB One credit card is the best cashback card to use. Forget about the annual fee as you can waived it forever with a minimum annual spend of $12,000. With that amount you are entitled to its multi-tier cashback rate program ranging from as low as 3.3% to as high as 5% (monthly cashback cap at $100). Frequent Grab-riding cardholders will benefit from the generous welcome of $100 cashbacks, up to 10% cashbacks on succeeding rides and an additional 5% rides, food and top-ups when you qualify for your quarterly cashbacks. For all other spending, get SMART$ rebates on-the-spot at participating merchants all year round (1 SMART$ = $1). With a UOB One credit card, you earn cashbacks whether your spendings are planned or not.

Who can apply

Age Eligibility At least 21 years of age
Income Eligibility Singaporeans/PRs: $30,000 of annual income
Foreigners: $40,000 of annual income

Charges or fees you should be aware of

Annual Fees $192.60 (First year waived)
Late Payment Charge $90
Interest on Purchases 25.9% per annum if full payment is not made by payment due date.
Interest on Cash Advance 25.9% per annum on the amount withdrawn from the transaction date until the date that full payment is made.

How to apply

Decide to pick up this card? Click on the “Apply Now” button and complete the application form on SingSaver site.

Here is what you will need during the application process:
  • Front and back of NRIC/Passport/Employment Pass
  • For salaried employees,
    • Past 12 months CPF statement (if Singaporean/PR); OR
    • Latest Income Tax Notice of Assessment and latest original computerised payslip
  • For self-employed,
    • Latest Income Tax Notice of Assessment and latest original computerised payslip

Similar cards to consider

Daunted by the minimum spend or looking to compare it with another cash back card?   No minimum spend cashback card: Standard Chartered Unlimited Credit Card Shopping Credit Card: UOB YOLO Card Dining Credit Card: Citibank Cashback Card
Looking for other credit cards? Check out the Best Credit Cards in Singapore 2019.