13-03-2024, 04:53 PM
The UOB ONE card comes in two variants: the Classic and the Platinum. Both versions are designed to reward consumers handsomely with 10% cashback on four essential spending categories: fuel purchases (inclusive of Setel CardTerus transactions), grocery shopping, dining out, and Grab transactions (including GrabPay reloads), provided certain monthly spending thresholds are met (RM500 for the Classic variant and RM1,500 for the Platinum variant). Additionally, cardholders enjoy a universal 0.2% cashback on all other retail expenditures without any cap.
This generous cashback offering mirrors the benefits of the now-discontinued Citi Cash Back Cards, marking a significant milestone as UOB transitions Citi's customer base in Malaysia to its fold, expected to be finalized by November this year.
For consumers, this development is welcome news. The UOB ONE Classic cardholders can earn 10% cashback on the specified categories once they surpass the RM500 monthly spending threshold, with a maximum cashback limit of RM10 per category. Falling below this spending requirement reduces the cashback rate to 0.2%.
Here's a quick overview of the cashback benefits provided by the UOB ONE Classic card:
This structure positions the UOB ONE Classic card as a highly attractive option, offering an effective cashback rate of 8% for its main categories.
On the other hand, the UOB ONE Platinum variant enhances the cashback cap to RM15 per category for the same spending areas but requires a higher monthly spend of RM1,500 to unlock the 10% cashback offer. If the spending threshold is not met, the cashback reverts to 0.2%:
Despite its benefits, the UOB ONE Platinum offers a slightly lower effective cashback rate of 4% compared to the Classic variant, not including the 0.2% cashback on other purchases.
Additional Benefits and Accessibility
Beyond cashback, the UOB ONE cardholders enjoy various privileges, including discounts on travel, dining, and health & beauty services, alongside interest-free three-month easi-payment plans for medical and overseas expenses up to RM1,000 and RM3,000, respectively.
An Ideal First Credit Card
Especially for young adults or recent graduates focusing on essential spending, the UOB ONE card, particularly the Classic variant, stands out due to its low income requirement and the potential for significant annual savings. While the cards carry annual fees, these are offset by the cashback earned for regular spenders, though it's worth checking if these fees can be waived.
One point to note is the limited cashback category for Grab transactions, which may seem restrictive compared to other cards offering broader e-wallet incentives. However, this can be mitigated by pairing the UOB ONE card with another that offers complementary benefits.
This generous cashback offering mirrors the benefits of the now-discontinued Citi Cash Back Cards, marking a significant milestone as UOB transitions Citi's customer base in Malaysia to its fold, expected to be finalized by November this year.
For consumers, this development is welcome news. The UOB ONE Classic cardholders can earn 10% cashback on the specified categories once they surpass the RM500 monthly spending threshold, with a maximum cashback limit of RM10 per category. Falling below this spending requirement reduces the cashback rate to 0.2%.
Here's a quick overview of the cashback benefits provided by the UOB ONE Classic card:
- UOB ONE Classic Card Cashback Benefits:
- Below RM500 monthly spend: 0.2% cashback on fuel, groceries, dining, and Grab transactions.
- RM500 and above monthly spend: 10% cashback on these categories, with a total cap of RM40 across all categories, plus an unlimited 0.2% cashback on other retail purchases.
- Below RM500 monthly spend: 0.2% cashback on fuel, groceries, dining, and Grab transactions.
This structure positions the UOB ONE Classic card as a highly attractive option, offering an effective cashback rate of 8% for its main categories.
On the other hand, the UOB ONE Platinum variant enhances the cashback cap to RM15 per category for the same spending areas but requires a higher monthly spend of RM1,500 to unlock the 10% cashback offer. If the spending threshold is not met, the cashback reverts to 0.2%:
- UOB ONE Platinum Card Cashback Benefits:
- Below RM1,500 monthly spend: 0.2% cashback on the key categories.
- RM1,500 and above monthly spend: 10% cashback with a cap of RM15 per category, plus an unlimited 0.2% cashback on other purchases.
- Below RM1,500 monthly spend: 0.2% cashback on the key categories.
Despite its benefits, the UOB ONE Platinum offers a slightly lower effective cashback rate of 4% compared to the Classic variant, not including the 0.2% cashback on other purchases.
Additional Benefits and Accessibility
Beyond cashback, the UOB ONE cardholders enjoy various privileges, including discounts on travel, dining, and health & beauty services, alongside interest-free three-month easi-payment plans for medical and overseas expenses up to RM1,000 and RM3,000, respectively.
An Ideal First Credit Card
Especially for young adults or recent graduates focusing on essential spending, the UOB ONE card, particularly the Classic variant, stands out due to its low income requirement and the potential for significant annual savings. While the cards carry annual fees, these are offset by the cashback earned for regular spenders, though it's worth checking if these fees can be waived.
One point to note is the limited cashback category for Grab transactions, which may seem restrictive compared to other cards offering broader e-wallet incentives. However, this can be mitigated by pairing the UOB ONE card with another that offers complementary benefits.