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Are you looking to maximize every dollar spent and are therefore considering using the UOB One Card benefits? Today, we will help you understand everything this credit card offers its customers.
The search for financial rewards that truly make a difference in your daily life is entirely justifiable, and United Overseas Bank (UOB), one of Singapore’s leading banks, developed the UOB One family with exactly this focus.
Understanding the difference between the credit card and the debit card is the first step to ensuring you are taking full advantage of all possible UOB One Card benefits. Whether for grocery expenses, transport, or utility bills.
This article is an objective guide, focused solely on data so you can understand the requirements, fees, and the real value behind the UOB One Card benefits. Let’s go!
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Benefits of the UOB One Credit Card
The UOB One Credit Card is the main option for those who have a constant monthly spending volume.
Its reward system is based on quarterly cashback, ensuring predictability in financial planning. It is one of the best Singapore cards with cashback.
To access the highest rates, it is mandatory to meet a minimum monthly spend for three consecutive months.
This tiered system allows the customer to accumulate a high annual cashback ceiling, potentially reaching S$ 2,000 per year under the highest spending level.
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The UOB One Card benefits in the credit version stand out in several essential consumption areas.
The base program grants 3.33% cashback on all qualified purchases.
In addition, there are additional bonuses of 6.67% at selected merchants.. Resulting in up to 10% cashback in key categories such as Grab, Shopee, McDonald’s, and SimplyGo (public transport).
The card also offers broad coverage, including supermarkets (MCC 5411) with rates from 2.67% to 4.67% and refuelling at Shell with 1.67%.
This tiered structure means that, by meeting the minimum monthly spend for three months. The card offers up to 15% cashback in the Grab, Shopee, Dairy Farm (Cold Storage, Giant), SimplyGo. And utilities categories, which is one of the most significant UOB One Card benefits.
Pros of the UOB One Debit Card
For those who prefer to use the money available in their account and seek cashback without the commitment of credit. The UOB One Debit Card is the alternative.
It is directly linked to the UOB One account and focuses on local expenses, avoiding exchange rate variations, as the cashback only applies to transactions in Singapore Dollars (SGD).
The UOB One Card benefits in the debit version are more straightforward. For expenses between S$ 300 and S$ 599.99 monthly, the card returns 2% on Grab, McDonald’s, Shopee, and SimplyGo purchases, plus 1% on GOMO top-ups. Eergy bills (Singapore Power), and telephony services (Singtel).
For expenses over S$ 600 per month, the cashback in the main categories rises to 4%, maintaining 1% on recurring bills.
The reward limit is S$ 30 per month.
Additionally, the annual fee of S$ 18.34 is low. Waived for the first three years, and then waived with 12 annual transactions.
Furthermore, debit card spending (a minimum of S$ 500 monthly) also helps meet the requirement to achieve the extra yield on the UOB One account.
Costs and Fees of the UOB One Card
It is important to analyze the costs and fees of each card to assess the net value of the UOB One Card benefits. Both cards have a first-year annual fee waiver, but the requirements to maintain the waiver vary.
In the case of the UOB One Credit Card, in addition to the annual fee, there are other charges to consider. Interest on cash advances reaches 28.5% p.a., and the withdrawal fee is 8% of the amount or S$ 15 (whichever is higher).
Furthermore, the required minimum payment is 3% of the current balance or S$ 50 (whichever is higher). And there is an overlimit fee of S$ 40 when the balance exceeds the credit limit.
Requirements
The eligibility criteria and application process vary slightly between the two variants.
To apply for the UOB One Credit Card, the age and income requirements are:
- Minimum Age: 21 years or older.
- Minimum Annual Income: S$ 30,000.
- Minimum Annual Income (Foreigners): S$ 40,000.
There is also the option of a collateral deposit of S$ 10,000 for those who do not meet the income criterion.
For the UOB One Debit Card, it is necessary to open a UOB One account (minimum deposit of S$ 1,000). And have residence in Singapore with a local mobile number.
Step-by-Step for the UOB One Credit Card
The process of obtaining the UOB One Credit Card is simple and can be done online.
- Start the online application: Access the official UOB website and choose to fill it out with MyInfo/SingPass. The bank imports your identity and income data, thus speeding up the process. With preliminary approval being displayed in a few minutes.
- Prepare documentation: The required documents include an identity document (NRIC or passport), most recent pay slip, CPF (Central Provident Fund) statement for the last 12 months. And the Notice of Assessment for income tax.
- Receive and activate the card: After approval, the card is sent by mail. Activation is done through the UOB TMRW application, by entering a one-time password (OTP) and the six-digit access code.
Conclusion
The analysis of the UOB One Card benefits shows that the UOB One Credit Card solidifies its position as a robust cashback option in Singapore.
Undoubtedly, this is the ideal card for those with regular expenses and seeking a predictable reward. With the potential to accumulate up to S$ 2,000 per year in essential categories.
Its generous bonuses for groceries, transport, and utility bills are hard to ignore. And the annual fee waiver with annual spending of S$ 12,000 is a realistic goal for many users.
The UOB One Debit Card, on the other hand, is an excellent alternative for those seeking simpler, localized rewards, with a low and easily waived annual fee.
Carefully evaluate the high interest costs and fees for foreign currency transactions for both cards. This way, you will know if this is the right card.