Here Is What You Need To Know About The UOB Absolute Cashback Card!

Introduction to UOB Absolute Cashback card

With the pandemic running rampant, and recreational travel at a standstill, the necessity for miles card has diminished. This could be the rationale for the recent launch of the UOB absolute cash back credit card.

At this time of writing, at 1.7%, this is about the highest cash back in Singapore!

In this article, you'd see the pros and cons and how to apply one for yourself.

Eligibility Criteria

There are some eligibility requirements : 

The minimum age to apply is 21 years old

You should have a minimum annual income of $30,000. (This works out to be $2,500 a month of salary.) If you have a fixed deposit of at $10,000 you are eligible to apply too.

However, if you are not a Singaporean citizen or Permanent citizen, the requirements are slightly higher. 

UOB Absolute Cashback vs UOB one card

Cardholders will receive a 1.7% cash back on ALL transactions, with no minimum spend. 

You can use this card to pay for healthcare, insurance, fees and a myriad of bills. I’ve saved the best for the last; wallet top-ups. 

I am sure many of you have heard of Grab pay where you earn points for transactions. This potentially means double cash backs, when you top up to your Grab wallet!  Fantastic, is it not? 

Do note that even though cash back is eligible, you'd need to check if the insurer accepts AMEX first. Most insurers only accept VISA/MASTERCARD for premium

For a broke college student like me, this means a lot. For every $1,000 spent I get $17 back. Though it doesn’t seem much, every dollar saved is every dollar earned. Imagine paying my school fees with the card. A potential cash back of $600!

Three drawbacks you should note first

#1 The card however is under American Express and may not be accepted by some merchants. Payment through Mastercard and Visa are more commonly accepted in F&B. 

#2 Draw back is the $192.60 subscription fee.  Do note that the first year fee is waived. If you're also a student like me, it may not be worth it (yet). (Expenses of $500/mo does not justify.) 

If you are a working adult with many liabilities, I am sure you are able to obtain a cash back of more than $192.60 easily.In addition, if you exceed spending a certain amount, there may be a chance to get the  subscription waived. If you want to avoid the subscription fee/ found a better deal, you can always terminate the card in advance.

#3 Draw back is this card is not compatible for phone payment such as Android Pay or Apple Pay. Cash-back for the card is only applicable for pay wave and not NETS transaction. 

If these drawbacks are ok, then this card is really pretty good.

Other perks

AMEX and UOB have additional lifestyle perks across a multitude of categories such as retail, dining, staycation, etc. you can log onto the UOB website to find out more

From now till 31 July 2021, non UOB credit cardholders can earn up to 5% cash back on their first $3,000 spent. Max bonus is capped at $99. 

Closing thoughts

This new UOB credit card is indeed enticing and I may be switching over from my current CIMB card which has a cash back of 1% 

The eligibility criteria are not high and the inclusion of wallet top-up really seals the deal for me. Use our referral link to get the card!


Sources : 

https://www.uob.com.sg/assets/pdfs/tncs-governing-uob-absolute-cashback-card.pdf?i_cid=pfs:sg:owned:int:site:na:li:na:na:na-evergreen:direct:na&vid=none

https://www.uob.com.sg/assets/pdfs/uob-absolute-cashback-card-welcome-bonus-cashback-promotion-tnc.pdf?i_cid=pfs:sg:owned:int:site:na:li:na:na:na-evergreen:direct:na&vid=none

Post contains affiliate links with Singsaver for credit card application.

Last updated on June 1st, 2021 at 10:42 pm

Kasper Toh: Enthusiastic Research Associate and Writer at The Astute Parent!
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