The UOB One Visa Debit Card is an excellent card for consumers that want to earn high interest rates on their account balances. Individuals that consistently spend S$500+ per month and maintain a monthly bank account balance between S$60,001 and S$75,000, can earn an interest rate of 2.5% p.a, which is by far one of the highest offered on the market. Even consumers that maintain lower account balances can still earn competitive interest rates that are higher than savings rates offered with other debit cards.
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What Makes the UOB Debit Card Stand Out?
The UOB One Debit Card offers the highest interest rates on the market. These interest rates vary depending on the amount of money that is deposited into the bank account associated with the debit card. In order to achieve the highest interest rate, an individual must maintain an account balance between S$60,001 and S$75,000. It is important to note that even with the lowest minimum balance, cardholders still earn more annual interest with this card than with other debit cards on the market.
|
Balance |
Interest Rate | |
|---|---|---|
| S$0-S$15,000 | 0.75% | |
| S$15,000-S$30,000 | 0.85% | |
| S$30,001-S$45,000 | 0.90% | |
| S$45,001-S$60,000 | 1.00% | |
| S$60,001-S$75,000 | 2.50% | |
| S$75,000+ | 0.05% |
Like other boosted savings debit cards on the market, the UOB One card has a few requirements that need to be met in order to earn a particular rate. In order to qualify for the UOB One Debit Card, a cardholder has to spend a monthly minimum of S$500, make 3 monthly GIRO payments using the card, and credit their salary (minimum of S$2,000 per month).
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Card |
Interest Rate | Minimum Spend | Monthly Salary Credit | GIRO Payments |
|---|---|---|---|---|
| UOB One | 2.50% | S$500 | Min. S$2,000 | 3x/month |
| NTUC Plus! | 0.60% | n/a | Min. S$1,000 | 3x/month |
| UOB KrisFlyer | 0.05% | n/a | n/a | n/a |
For individuals looking to earn rewards on their spend, the UOB One Debit Card offers rewards on various types of spend at a variety of select merchants. Cardholders can earn rewards on select Dining, Grocery, Leisure, Petrol, Insurance, Retail, and Wellness purchases. An added benefit to this rewards programme is that there is no minimum spend or monthly earnings cap. The conversion value for the SMART rebate to SGD is 1:1. SMART points can be used and redeemed at any participating merchant, and they expire 6 months after they are issued to the cardholder.
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Spend Category |
Select Merchants | Rebate Rate |
|---|---|---|
| Dining | BreadTalk, BreadTalk Café, Bread Society, Hard Rock Café, Polar Puffs & Cakes | Up to 3% |
| Groceries | Cold Storage, Giant, Jasons, Market Place | 0.3% |
| Leisure | Cathay Cineplexes, City Tours | Up to 10% |
| Petrol | Shell | 4% |
| Insurance | EQ Insurance, United Overseas Insurance Limited | Up to 5% |
| Retail | bYSI, Crocodile, Gordon Max, Paris Miki, Winter Time | Up to 3% |
| Wellness | Guardian | 0.3% |
The UOB One Debit Card does fall short in certain areas in comparison to other debit cards. Despite offering a list of select merchants to earn rebates with, this list is very limited and an individual that does not shop at these stores will benefit significantly less than those that do. Rather than allowing cardholders to earn rebates from particular merchants, most other debit cards on the market allow for individuals to earn rebates from spend within a certain category. Essentially, similar debit cards have less restrictions on where an individual can earn rebates from.
How to Apply for a UOB One Debit Card
There are two options that UOB offers for individuals interested in applying. Applicants can either apply in-person at a UOB Branch, or apply via mail-in form.
How to Apply via Mail
- Download the application form
- Fill out your personal details
- Mail your form to: UOB Card Centre Robinson Road, P.O. Box 1688
UOB One Eligibility Requirements
The UOB One Debit Card has only one eligibility requirement. Like most other debit cards, an applicant must be at least 16 years of age in order to apply and get approved. For this card, there is no minimum annual income requirement to qualify.
How to Cancel Your UOB One Debit Card
For cardholders that are looking to cancel their UOB One card, there are a few steps that they need to follow.
- Pay off your existing balance
- Call UOB’s customer service at 03-2612-8121
- Provide your account details
- Cancel your card
UOB One Debit Card’s Features and Benefits:
| Details & Benefits | |
|---|---|
| Annual Fee | S$18 (free for first 3 years, fee can be waived with 12 transaction per year for subsequent years) |
| Card Details |
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Credit Card Alternative: UOB One Card
Consider this if you want to earn competitive cashback on all spend
| Annual Income Requirement | S$30,000 |
|---|---|
| Foreigner Income Requirement | S$40,000 |
- S$192.6 annual fee w/first year waived
- 5% rebate on general spend 5%, minimum spend of S$2,000 (cashback limit of S$300/quarter)
- 10% cashback on Grab & UOB Travel
- 6% on utility spend
- 3.33% rebate with a minimum spend of S$1,000 (cashback cap of S$100)
- 3.33% rebate with a minimum spend of S$500 (cashback cap of S$50)
- SMART$ Rebate Programme
The UOB One credit card offers the best flat cashback rate for general spend.
If a cardholder spends S$2,000 within a calendar month, they will earn 5% on all of their purchases. Additionally, with this minimum spend, cardholders will earn 6% on their utility bill payments, alongside 10% on Grab rides and UOB Travel expenses (earnings limited to S$300/quarter). The UOB One Credit Card offers earnings rates to accompany those with lower monthly budgets. Those that spend a minimum of either S$1,000 or S$500 can earn a cashback rate of 3.33% (capped at S$100/quarter and S$50/quarter respectively).
With this card, individuals gain access to the SMART$ Rebate program which allows for additional cashback rates at select merchants. For an annual fee of S$192.60, card holders have the opportunity to earn great cashback on their general spend, which makes this one of the best flat rate cashback cards on the market.
The post UOB One Debit Card: How Good Is It? – Credit Card Review appeared first on TinySG.
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