Credit Cards

UOB YOLO Credit Card – MoneySmart Review 2018

UOB YOLO Credit Card

Joanne Poh

0 Comments

2
Shares

If there’s ever been a phrase that accurately describes millennials, it’s YOLO.

As Singaporeans in our twenties and thirties, we’re travelling a lot more than our parents ever did, and we’re also living in a Singapore that is a lot more fashion-conscious and more expensive.

Whenever we’ve not skipped town on some weekend getaway, our time is spent catching up with friends over drinks and hanging out in cafes.

That also means a lot of us are broke. Well, with the UOB YOLO Credit Card, live it up while getting a bit of cash back at the same time. Here’s what the card offers:

UOB YOLO Credit Card

UOB YOLO Credit Card


Card Benefits

    • 16%* cash rebate on weekend Dining & Entertainment**; 3% cashback on weekday Dining & Entertainment
    • 3% cash rebate on Online Travel^ and fashion
    • Minimum spend: S$600. Cashback cap: S$60/month
    • 1 year principal card fee waiver; no annual fees for first supplementary card
    • Base rate: 0.3% cashback if minimum spend of S$600 is not met

     

    Pros and Cons of the UOB YOLO Credit Card

    Pros Cons
    very generous 8% cash rebate on weekend dining, entertainment and Grab rides. Cash rebate is subject to a minimum spend of $600 in a month. Rebate is capped at $60 for each statement cycle.
    3% rebate on weekday dining, entertainment and Grab rides.
    New cardmembers get bonus 4% (weekends) and 9% (weekdays) in the first 3 months, bringing it up to 12% cashback. Only for new YOLO card applicants who sign up and are approved by 30 Jun 2018. Maximum of $40 bonus rebate per cycle, on top of the usual $60 cap.
    3% rebate on online fashion and travel.
     Up to 10% rebate for bookings on Expedia.
    First year fee waiver. Annual fee of $192.60.

     

    Why this is a great card for young Singaporeans

    The vast majority of unmarried Singaporeans are still living with their parents. This means there’s probably no need to pay rent or repay home loans, and a higher disposable income to spend on dining, entertainment, online shopping and travel—exactly what the card rewards you for.

    The card’s cashback rates are very generous. You’ll be hard-pressed to find many other entry-level credit cards that offer 8% cash rebate on offline spending, much less 12%.

    What’s more, the minimum spending requirement of $600 a month isn’t too onerous. And of course, it wouldn’t really be a “YOLO” card if there wasn’t travel involved, so the added cash rebate on travel bookings is definitely a great bonus for young Singaporeans who can only say “I want to travel” when asked what their life goals are.

     

    Let’s check out the competition

    Don’t get me wrong, this is an amazingly generous credit card. But there are a few other cards that give the UOB YOLO a run for the money.

    • Citi Cash Back Card – This card is even more generous in terms of dining, with 8% cash back on all dining spending globally, as well as food and grocery delivery, Grab rides and petrol. The base cashback is slightly worse at 0.25%, but the main disadvantage vis a vis the UOB YOLO credit card is the higher minimum monthly spending of $888.
    • OCBC 365 Credit Card – This card offers slightly less attractive dining cashback, at 6% cashback on local weekend dining, 3% cashback on local weekday dining and everyday overseas dining, 3% on travel, fashion and movie tickets and 3% on supermarket spending. The base cashback rate is also 0.3%. Minimum monthly spending of $600 is the same as UOB YOLO’s.
    • CIMB Visa Signature – This card is a close competitor of the UOB YOLO card, with 10% cashback on dining and foreign currency spending, including online shopping provided you spend at least $500 and make at least 8 transactions of $30 each in a month. It doesn’t offer such generous cashback on entertainment or online shopping, though.

    The UOB YOLO credit card is a very good credit card to have for people who like to knock back a few beers or check out nice restaurants in their spare time.

    Of course, once the bonus rebate offer is over, and if you are able to meet the higher minimum spending requirements, the CIMB Visa Signature or Citi Cash Back Card might be better alternative as they offer more generous weekday dining rates.

     

    UOB YOLO Credit Card income requirements

    Singaporeans & PRs: $30,000 p.a. OR fixed deposit of $10,000

    Foreigners: $40,000 p.a. OR fixed deposit of $10,000
     

    UOB YOLO Credit Card annual fee

    $192.60 (waived for first year)

    What is your go-to credit card for dining and entertainment? Tell us in the comments!

    Keep updated with all the news!

    Tags:

    Joanne Poh

    In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.