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If you’re looking for a cash back credit card you can use for day to day spending, you might be considering the UOB® One Card¹.
Both the UOB One Visa® card and the higher tier UOB Platinum One Card offer great opportunities to unlock cash rebates as you spend, plus extra discounts, promotions and offers through UOB partner merchants. This guide walks through all you need to know to decide if the UOB One Card is right for you, and as a bonus we’ll also touch on an alternative option for international spending - the Wise card.
You can pick between the standard UOB One Card, which is a credit card issued on the Visa network, and the UOB Platinum One card, which is also a Visa card, but which has higher annual fees and a higher minimum income requirement. In exchange, the Platinum card offers the opportunity to earn more in cash rebates.
Here are the key UOB One Card benefits, which apply to both the standard and Platinum card options:
- Earn up to 10% cash rebate on spending across select categories, subject to meeting a minimum spend level
- Earn 0.2% cash rebate on all other spending, or if you don’t hit the minimum spend
- Access promotions and offers through UOB partner merchants
- Travel Insider service for travel tips and offers
As with any credit card, there are also fees and eligibility requirements to consider when you’re weighing up whether or not the UOB One Card is right for you. We’ll look at these in more detail later.
The main benefit of the UOB One Card is the option to earn cash back on all spending, with some impressive earning opportunities on key categories if you meet a minimum monthly spend amount.
If you hold a standard UOB One Card you’ll need to spend a minimum of 500 MYR a month to unlock the top tier of cash rebate. UOB Platinum One Card holders must spend a minimum amount of 1,500 MYR a month. Once you’ve hit this spending level, you could earn 10% cash rebates on the following spending categories:
If you don’t meet the minimum spending level, or if you’re spending in any other category, you’ll get a 0.2% cash rebate. There’s a cap on the amount of spending you can earn the 10% cash rebate on, which varies depending on the card tier you hold. If you’ve got a standard card, you’ll find the spend amount entitled for the higher cash rebate is 100 MYR per month per category, while Platinum card holders have a 150 MYR spend amount.
Before you sign up to the UOB One Card (or any other credit card for that matter), remember to read through the terms and conditions carefully. Certain rules apply, which may impact the amount of cash rebate you can receive, so getting familiar with the conditions in advance will mean you can make the most of your card.
Whenever you pick a credit card you’ll want to weigh up the potential benefits against the costs. There are several different fees you might run into with a UOB One Card, which can vary depending on how you use your card. Here’s a rundown of the most important fees to consider - as always, check through all the details carefully before you start to spend:
|Service||UOB One Card fee²|
|Annual fee||UOB One Card: 120 MYR UOB Platinum One Card: 195 MYR|
|Interest||15% - 18% per annum depending on how promptly you pay your bills|
|Cash advance||5% or 20 MYR (whichever is higher) + interest at 18%|
|Foreign transaction fee||1%|
|Card replacement||50 MYR|
*Details correct at time of research - 18th September 2023
If you plan to use your card for international spending - either when you travel or when you’re shopping online with foreign merchants - it’s important to note the costs. When you spend in any currency other than ringgit, the total amount will be converted to MYR using the Visa exchange rate. UOB also charges a 1% fee, which is called an overseas transaction conversion fee. This can mean your foreign currency spending costs you more than expected.
As an alternative to using a credit card for spending in foreign currencies, you could consider getting a debit card optimised for international use, like the Wise card. Wise offers currency exchange which uses the mid-market exchange rate, with low conversion fees from 0.43%3. We’ll see how Wise can help you save on your overseas spending in more detail later.
Ready to apply for your UOB One Card? Before you get started, here are the eligibility requirements you’ll need to meet:
- Applicants must be at least 21 years old
- UOB One Card - 24,000 MYR minimum salary
- UOB Platinum One Card - 48,000 MYR minimum salary
All applications are subject to the bank’s approval, and the credit limit you’re offered may vary based on your situation.
Bring the Wise card - the most international debit card in the world - along with you when travelling or shopping abroad
Credit cards aren’t always the best choice - particularly when it comes to foreign currency spending. Foreign transaction fees may apply, as well as cash advance costs when you use an ATM.
One option is to get an international debit card from a provider like Wise, to use when you travel and when you’re spending with international ecommerce sites.
Wise offers a digital account you can use to hold 40+ currencies, and a linked debit card you can use for spending in 150+ countries. Whenever you exchange currencies - either within your account, when you make a cash withdrawal, or when you spend with the Wise card - your money is converted using the mid-market exchange rate and low fees from 0.43%3.
Here’s a quick look at how the UOB One Card and the Wise card measure up on some key features and fees:
|UOB One card||Wise card|
|Card type||Credit card||Debit card|
|Foreign transaction fees||1%||No foreign transaction fee|
|Exchange rate||Visa exchange rate||Mid-market exchange rate + conversion costs from 0.43%|
|ATM withdrawal charges abroad||5% or 20 MYR, whichever is higher + 18% interest which accrues immediately||2 withdrawals, to the value of 1,000 MYR/month fee free4 5 MYR + 1.75% after that|
|Annual fees||120 MYR - 195 MYR||No fee - 13.7 MYR initial card order cost|
*Fees and charges correct at time of research - 18th September 2023
Whether the UOB One Card is right for you will depend on your personal preferences and spending habits. You could find that getting a credit card to earn cash rebates when spending in MYR, and also having a specialist international debit card like the Wise card for when you travel or spend in foreign currencies, is a smart balance. That way you can make the most of your spending at home, and also make sure your ringgit go further when you’re abroad.
- UOB One Card Malaysia
- UOB credit card product disclosure sheet
- Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
Sources checked on 18/09/2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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