UOB EVOL (Formerly YOLO) Credit Card — MoneySmart Review 2021

UOB EVOL (Formerly YOLO) Credit Card — MoneySmart Review 2021

Previously, the UOB YOLO Card was a cashback credit card with generous cash rebates of up to 8% on dining, entertainment, online shopping and travel — exactly what Singaporean millennials love to spend money on (and thereafter complain that we’re broke AF).

In June 2021, UOB has dropped the rather passé name and revamped the credit card as the UOB EVOL Card.

UOB logo
Online Promo
on Online and Mobile Contactless spend
Up to 8%
Cash Back Cap per month
Up to S$60
Min. Spend per month
S$600
Online Promo:
Receive an Apple Watch SE or a Nintendo Switch Lite if you are among first 100 successful new-to-credit card applicants per month with a min. spend of S$1,000 within 30 days from card approval date. T&Cs Apply. 
Valid until 16 Aug 2021

The UOB EVOL Card is easier to use, so you should have no problem earning a bit of cash back at the end of the month for your avocado toast. Here’s what the card offers:

UOB EVOL Card terms & conditions

UOB EVOL Card
Annual fee & waiver $192.60 (waived for 1 year)
Supplementary annual fee First supplementary card free
Interest free period 21 days
Annual interest rate 25.90%
Late payment fee $90
Minimum monthly repayment 3% or $50, whichever is higher
Foreign currency transaction fee 2.8%
Cash advance transaction fee 8%, min. fee $15
Overlimit fee $40
Minimum income $30,000 (Singaporean) / $40,000 (non-Singaporean)
Card association Visa
Wireless payment Visa payWave, Apple Pay, Samsung Pay, Android Pay, Mighty Pay

How the UOB EVOL Card works

The UOB EVOL card does away with the complicated YOLO Card cash rebate structure in favour of something simpler:

Spending category Cash rebate 
Online spend (dining, entertainment, shopping, fashion, Grab, hotels, etc.) 8%
Mobile contactless spend (Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, etc) 8%
All other spend 0.3%

To get these generous cash rebates, you need to hit the minimum spend of $600 each month.

While the old UOB YOLO Card had a generic cashback rebate of $60, the UOB EVOL Card has a split cashback cap based on categories:

  • $20 for online spend
  • $20 for mobile contactless spend
  • $20 for all other spend

The split cap means that the UOB EVOL Card is only good for $250 of spending in each category. You won’t earn extra cashback if you spend more than that.

Who should use the UOB EVOL Card?

The UOB EVOL Card is best for young, digitally savvy Singaporeans who buy everything online and only use Apple Pay outside.

The card’s cashback rates on these categories are very generous. You’ll be hard-pressed to find many other credit cards that offer a 8% cash rebate on online spending AND mobile contactless spending.

We like that the categories are straightforward, so you don’t need to worry too much about merchant category codes.

What’s more, the minimum spending requirement of $600 a month isn’t too onerous. Some other credit cards require you to spend $800 a month, which can be a stretch.

However, if you’re the sort of person who spends significantly more than $600 a month, you’ll probably find it way too easy to burst the cap on this card.

UOB EVOL vs OCBC Frank vs DBS Live Fresh Card

With its simplified cashback structure and bonus rebates for online and contactless spending, the UOB EVOL Card is a dead ringer for two other credit cards on the market.

So before you sign up, check out the competition:

DBS logo
Online Promo
Online & Visa Contactless Spend
Cashback on Online & Visa Contactless Spend
Up to 5%
Cashback cap
Up to S$75
Min. Spend per month
S$600
Online Promo:
Get S$200 Cashback when you apply online for a DBS/POSB Credit Card with the promo code “200CASH”. Valid till 30 Sep 2021.

Valid until 30 Sep 2021

DBS Live Fresh Card — This card is very similar to but less generous than the UOB EVOL Card, offering only 5% cash back on online and contactless payment. You’re also subject to a minimum monthly spend of $600, and the cashback caps are similarly split into $20 per category. The UOB EVOL Card offers a better deal.

OCBC logo
Cash Back on Online Spend
6%
Cash Back Cap per month
S$75
Min. Total Spend per month
S$600

OCBC Frank Credit Card — With the same minimum spending requirement as the others, the OCBC Frank card seems less generous as it offers only 6% rebates on online and contactless spending. However, its cashback cap is $25 per category, higher than the UOB EVOL Card’s $20.

Chose the UOB EVOL Card if you spend about $600 a month online and on contactless payments. If you spend $800 or more, you might want to opt for the OCBC Frank Card for the higher rebate cap.

UOB logo
Online Promo
on Online and Mobile Contactless spend
Up to 8%
Cash Back Cap per month
Up to S$60
Min. Spend per month
S$600
Online Promo:
Receive an Apple Watch SE or a Nintendo Switch Lite if you are among first 100 successful new-to-credit card applicants per month with a min. spend of S$1,000 within 30 days from card approval date. T&Cs Apply. 
Valid until 16 Aug 2021

UOB EVOL Card + backup credit card strategy

In summary, the UOB EVOL Card is a great everyday card if you like fuss-free cash rebates. But you need to watch out for the split caps, which can cramp your style.

It’s best to pair this credit card with at least one other card as a backup, in case you need to spend above the usual amount that month — like if you need a new office chair for your WFH setup or if you’re spending extra on a staycation.

For these one-off expenses, we like using a low-maintenance unlimited cashback credit card as these have no minimum spending requirements or caps.

Citibank logo
MoneySmart Exclusive
No Expiry on Cash Back Earned
Cash Back on Eligible Spend
1.6%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

Apply and spend $200 to get: $300 Cash PayNow OR Apple Watch SE (worth $419).
OR
Apply and spend $500 to get: $350 Cash PayNow OR Sony WH-1000XM4 (worth $499).

Valid until 26 Jul 2021
Standard Chartered logo
MoneySmart Exclusive
Unlimited Cashback
Cash Back on eligible spend
Up to 1.5%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

Apply and spend $200 to get: $240 Cash PayNow OR Samsung Galaxy Tab A7 Lite (worth $228).
OR
Apply and spend $300 to get: $300 Cash PayNow OR Apple AirPods Pro (worth $379). TNCs Apply.

Valid until 01 Aug 2021

You can find a credit card that fits on MoneySmart.

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