Looking for a credit card that offers great rebates on almost everything can be quite a challenge. The UOB Absolute Cashback Card, however, claims to have the highest unlimited cashback rate in town with no spending exclusions. But is it too good to be true? Are there any hidden fees and conditions?
In this article, I will be reviewing the UOB Absolute Cashback Card based on its eligibility, annual fees and charges, cashback, discounts, and other perks. Additionally, I will be comparing this card to other unlimited cashback cards to see how it stacks up. By the end of this review, you’ll have a better understanding of whether or not the UOB Absolute Cashback Card is the right choice for you.
Eligibility Requirements
To be eligible for this program, I must be 21 years old or above. Additionally, I must have an annual income of at least S$30,000 if I am a Singapore Citizen or Permanent Resident, or S$40,000 if I am a foreigner with a valid visa. If I cannot meet the minimum income requirements, I may be able to provide a Fixed Deposit of at least S$10,000 as collateral instead.
Fees and Charges
The annual fee for the principal card is S$194.40, which includes GST. However, this fee is waived for the first year. For the supplementary card, the first card is free, but subsequent cards will cost S$97.20 each.
The effective interest rate for this card is 26.9%, with a minimum charge of S$3. Late payment charges are S$100, and the minimum monthly payment is 3% or S$50, whichever is higher. If you exceed your credit limit, you will be charged S$40.
If you use the cash advance feature, you’ll be charged a fee of 8% per transaction, with a minimum fee of S$15. The cash advance interest rate is 28%. For foreign currency transactions, there is a fee of 3.25%.
Compared to other entry-level cards, these fees and charges are standard. The card offers a one-year fee waiver, but after that, you’ll need to call in to request a waiver, which is more likely to be granted if you use the card regularly.
Cashback, Discounts, and Other Perks
Fuss-Free Cashback System & Eligibility
I was pleasantly surprised to learn that the UOB Absolute Cashback Card offers an unlimited 1.7% cashback with no minimum spending or spending exclusions. This means that almost all of my spending is eligible for cashback, without having to worry about any Merchant Category Codes.
However, I must admit that the 1.7% cashback rate is not as high as some other capped cashback cards on the market. For example, the Maybank Family & Friends Card offers 8-10% cashback with a lower spending requirement. So, if you’re not a big spender, it might be better to opt for a cashback credit card that matches your spending habits. Nonetheless, the UOB Absolute Cashback Card is still a useful card to have on hand for those rare occasions when you expect to exceed your cashback caps.
Cashback Categories
One of the best things about the UOB Absolute Cashback Card is that it includes categories that most unlimited cashback cards exclude, such as insurance premiums, e-wallet top-ups, rental payments, utilities and telco bills, and healthcare bills. However, it’s important to note that paying these bills by instalment won’t qualify for cashback, so you’ll have to pay them in full to be eligible.
One pro tip that I discovered is that if you’re worried about merchants not accepting AMEX, you can always top up your GrabPay wallet using this card. Since the GrabPay Card is a prepaid Mastercard, you’ll get the 1.7% cashback on top of one of the most widely-accepted credit card associations.
Overall, the UOB Absolute Cashback Card offers a fuss-free cashback system with a wide range of eligible spending categories, making it a great choice for those looking for a simple and versatile cashback credit card.
How Does The UOB Absolute Cashback Card Fare Against Other Unlimited Cashback Cards?
When it comes to unlimited cashback cards in Singapore, there are several popular options available. These include the Standard Chartered Unlimited Cashback Credit Card, AMEX True Cashback Card, Maybank FC Barcelona Visa Signature Card, and Citi Cash Back+ Mastercard. However, the UOB Absolute Cashback Card stands out as the best option in terms of cashback rates and spending exclusions.
With a base cashback rate of 1.7%, the UOB Absolute Cashback Card offers the highest cashback rate among all the unlimited cashback cards mentioned above. In addition, new cardmembers can enjoy a bonus 10% cashback rate on their first S$1,000 spending, making it an attractive option for those looking to earn cashback rewards quickly.
When it comes to spending exclusions, the UOB Absolute Cashback Card also outperforms its competitors. While some of the other cards exclude recurring payments, insurance premiums, and prepaid card or account top-ups, the UOB Absolute Cashback Card only excludes bank fees.
In terms of annual fees, the UOB Absolute Cashback Card is on par with the Standard Chartered Unlimited Cashback Card and Citi Cash Back+ Mastercard, both of which have an annual fee of S$194.40 that is waived for the first year. However, the Maybank FC Barcelona Visa Signature Card has the lowest annual fee of S$120 and a two-year fee waiver, making it a good option for those looking for a card with low fees.
Overall, the UOB Absolute Cashback Card is a great choice for those looking to earn high cashback rates and avoid spending exclusions. However, if low annual fees are a priority, the Maybank FC Barcelona Visa Signature Card may be a better option.
Who Should Consider the UOB Absolute Cashback Card?
If you want to earn cashback on almost every purchase, the UOB Absolute Cashback Card is a great option. It’s especially useful if you pair it with a high capped cashback card like the CIMB Visa Signature. But even on its own, the UOB Absolute Cashback Card is a solid choice for those who prefer a simple and straightforward cashback card. With no minimum spending requirement and very few spending exclusions, managing your expenses with this card is hassle-free.