Other credit cards have come, gone or been rebranded, but the UOB One Card is still going strong. This entry level credit card used to have a reputation for being one of the best cashback cards in town, with a supposed maximum cashback rate of 5% (that’s since fallen to 3.33%).
But the card is also notorious for its devilishly complicated mechanism and onerous minimum spending. requirements.
Let’s see what the UOB One Card looks like in 2022 and if it’s still worth the effort.
- UOB One Card: Summary
- UOB One Card: Annual Fee, Minimum Income
- UOB One Card Minimum Spend
- UOB One Card Cashback Benefits
- UOB One Card Exclusions
- How do I maximise my UOB One Card?
- Does UOB One Card earn UNI$ reward points?
- Should I get the UOB One Card?
- UOB One Card Sign-Up Promotion
- Alternatives to the UOB One Card
1. UOB One Card: Summary
The UOB One Credit Card is a cashback credit card that offers cashback on all almost all types of daily spending.
In theory, this sounds great. No need to worry about spending categories because the card just gives you a cashback on all your spending. However, watch out for the minimum spending requirements, which you must meet for all three months in a quarter in order to qualify for the cashback.
It is not to be confused with the UOB One Account (a savings account) and the UOB One Debit Card (which offers much less generous interest). You don’t need to have either of those to use the UOB One Credit Card.
- Rebate on Shopee, Dairy Farm Group, Grab, SP and more
- Up to 10%
- Rebate Cap per quarter
- Min. Spend per month, per quarter
Stand to receive a ASUS Vivobook x BAPE ® (worth S$2,349) OR a Sony PlayStation®5 Disc Console (worth S$799) OR a Nintendo Switch OLED (worth S$549) when you successfully apply for an eligible UOB Credit Card through MoneySmart and meet the Giveaway eligibility criteria! T&Cs apply.
PLUS get up to 15% Cashback and S$350 Cash Credit from UOB when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months from card approval date. T&Cs apply!
2. UOB One Card: Annual Fee, Minimum Income
UOB One is an entry level credit card, so you can sign up for it with a salary of $30,000 per year. Here are the card’s main terms and conditions.
|UOB One Credit Card|
|Annual Fee Waiver||First year|
|Supplementary Card Annual Fee||$96.30 (free for first card)|
|Interest Free Period||21 days|
|Annual Interest Rate||26.9%|
|Late Payment Fee||$100|
|Minimum Monthly Repayment||3% or $50, whichever is higher|
|Foreign Currency Transaction Fee||3.25%|
|Cash Advance Transaction Fee||8% with minimum fee of $15|
|Contactless Payment||Visa payWave, Apple Pay, Samsung Pay, Android Pay, Mighty Pay, GrabPay, Google Pay|
3. UOB One Card Rebate & Minimum Spend
The UOB One Card used to offer up to 5% cashback on all spending, but its glory days are over. These days, the maximum cashback rate you can earn on uncategorised spending is 3.33%.
Here’s how it works. In order to qualify for cashback, you need to meet a minimum spending requirement every month in a quarter. The first quarter of the year runs from January to March. So, you would need to meet the minimum spending requirement in January, February and March to qualify in that quarter.
If you manage to do that, you will get a lump sum of cashback for that entire quarter.
There are three tiers of cashback, depending on how much you spend, as follows:
|Tier||Minimum spend for the quarter||Minimum card transactions for the quarter||Cashback for the quarter||Maximum cashback %|
Let’s say you spend exactly $2,000 in January, February and March. You will receive $200 cashback for that quarter, which translates to a cashback rate of 3.33%.
If you meet the minimum spending requirement of $2,000 only in January and February and then spend only $500 in March, your cashback for that quarter will fall to $50.
4. UOB One Card Benefits
The UOB One Card is probably feeling a bit self-conscious about the fact that its maximum cashback has fallen from 5% to 3.33%. To continue making itself look attractive, it now offers additional cashback in several categories.
Basically, when you spend in one of these categories, your cashback gives bumped up. The actual amount of additional cashback depends on the spending tier you hit that quarter.
You get additional cashback when you spend at these merchants:
|Selected merchants for additional cashback||Additional cashback|
|Qualified for Tier 1 & 2||Qualified for Tier 3|
|Dairy Farm International merchants such as 7-Eleven,
Cold Storage, CS Fresh, Giant, Guardian, Jasons,
Jasons Deli, Marketplace and CART
|Grab transactions except Grab mobile wallet top-up transactions||5%||6.67%|
|Shopee transactions except Shopee Pay transactions||5%||6.67%|
|UOB Travel transactions except online, flight only bookings and taxes||5%||6.67%|
|Singapore Power transactions||1%||1%|
You add these bonus cashback rates to the base cashback rate you’re getting according to the minimum spending tier you qualify for.
So, if you qualify for minimum spending tier 3 (ie. you spent $2,000 every month in a quarter), you would get a maximum of 10% cashback for Grab rides, Shopee transactions, SimplyGo transactions and Dairy Farm International merchants (3.33% + 6.67%)
Just remember how the cashback mechanism works. Your actual cashback percentage depends on how little you exceed the minimum spending requirement.
5. UOB One Card Terms and Conditions
You can earn UOB One cashback on almost all spending, but there are a few exceptions. Here’s a selection of what you cannot earn cashback on:
- Wire transfer/remittance
- Banking services and payments
- Stored value card purchase or loading
- Property management
- School fees and services
- Religious organisations
- Political organisations
- Court costs
- Bail and bond payments
- Tax payments
- Government postal services
- Government purchases and services
These exclusions are pretty typical of credit card cashback programmes. Basically, don’t expect to earn cashback when you pay hospital bills, insurance bills, your kids’ school fees, NETS transactions, fines or your latest Singapore Pools bets.
6. How do I maximise my UOB One Card?
The UOB One’s mechanism is different from that of most cashback cards which just give you back a percentage of your spending in cashback.
Instead, you get your cashback in a lump sum. Once you’ve hit the minimum spending requirement in your desired tier, you don’t get any extra cashback by spending more that much – doing so will just lower your cashback percentage.
So, if you’re aiming to spend $2,000 every month in the quarter to qualify for Tier 3 cashback, don’t go overboard and charge a $30,000 Rolex watch to your card.
You should also take pains to track your spending and be aware of how much you’ve spent in the quarter. Be careful when it comes to spending that takes place close to the end of the month, as it might be carried over to the next month. When in doubt, call the bank to enquire about your recorded spending for the present or past month.
Also, don’t forget that you need to make at least five transactions on the card each month in a quarter in order to qualify for the cashback!
7. Does UOB One Card earn UNI$ reward points?
The UOB One Card gives cashback, so apparently wanting to earn rewards points as well is too much to ask–your spending on the UOB One Card will not contribute to your store of UNI$.
If you want to earn UNI$, you can turn to these UOB rewards cards instead:
- UOB Lady’s Card
- UOB Preferred Platinum Visa card
- UOB Visa Signature Card
8. Should I get the UOB One Card?
The UOB One Card’s biggest drawback is its mechanism. Having to hit the minimum spending requirement for 3 months in a quarter is quite a burden, and in order to maximise your card you need to monitor your spending to ensure you don’t exceed the minimum spending requirement in your tier by too much.
If you’re the meticulous type and don’t cringe at the thought of having to monitor how much you’ve spent on the card each month, the maximum cashback rate of 3.33% is actually decent considering it’s doled out regardless of spending category. The first tier only requires you to spend $500 per month (every month in a quarter) and still entitles you to up to 3.33% cashback.
The card is probably still the most generous cashback card for miscellaneous spending, and the bonus interest on things like Grab rides makes it even more attractive.
However, if you find that you tend to spend overwhelmingly on just a few types of things like dining or petrol, you might be better off with a card that gives you a higher cashback rate in these spending categories.
9. UOB One Card Sign-Up Promotion
If you’re thinking of signing up for the UOB One Card and happen to be one of the first 100 customers to sign-up in the month of August, you can earn $150 in cash credit. To qualify, you’ll have to spend $1,500 within 30 days of your card approval date. Promotion lasts till 31 August 2022.
10. Alternatives to the UOB One Card
If the UOB One’s cashback mechanism makes your head spin, we don’t blame you. Check out these cards instead:
Citi Cashback+ Mastercard – Get 6% cashback on dining worldwide, 8% at supermarkets and grocery stores worldwide and up to 20.88% fuel savings at Esso and Shell. Minimum spending requirement is $800 per month.
- Cash Back on Eligible Spend
- Min. Spend per month
- Cash Back Cap per month
[MONEYSMART LUCKY DRAW]
Get an Sony WH1000-XM5 Wireless Noise Cancelling Headphones (worth S$575) OR a Nintendo Switch OLED Gaming Console (worth S$549) OR a S$450 Amazon SG Gift Card OR S$300 Cash via PayNow when you apply and spend a min. of S$500 in "Qualifying Spends" within 30 days from card approval date. T&Cs apply
PLUS stand a chance to win a MacBook Air M2 15-inch or an Apple iPhone 14 Pro or an Apple Watch Ultra today! T&Cs apply.
Standard Chartered Unlimited Cashback Card – 1.5% cashback on all spending with no minimum spending and no cashback cap.
American Express True Cashback Card – 1.5% on all spending with no minimum spending and no cashback cap.
What is your go-to cashback credit card? Share your recommendations in the comments!