UOB Bank has announced a revision to the cash rebate benefits of its UOB ONE Classic and ONE Platinum credit cards. Set to take effect from 1 August 2022, these include increasing the rate of cash rebate up to 10%, updating its rebate categories, and removing the weekday/weekend cash rebate mechanics.

Following this update, the UOB ONE Classic will offer cash rebates of up to 10% for petrol, groceries, dining, and Grab transactions (capped at RM10 per category) with a minimum monthly spend of RM500 and above. This is in addition to an unlimited 0.2% rebate for other retail purchases. Here’s the full breakdown of the new cash rebate benefit for the UOB One Classic card come 1 August:

Card	Monthly spend (less than RM500)	Monthly spend (RM500 and above)	Cash rebate cap
UOB ONE Classic	0.2% cash rebate for petrol, groceries, dining, Grab transactions	10% cash rebate for petrol, groceries, dining, Grab transactions	RM10 (per category)
	0.2% cash rebate for other retail purchases	0.2% cash rebate for other retail purchases	Unlimited

Similarly, cardholders with the ONE Platinum credit card will also enjoy cash rebates of up to 10% for petrol, groceries, dining, and Grab transactions – but at a higher cap of RM15 per category. You’ll need to meet a monthly spend requirement of RM1,200 and above. The unlimited 0.2% rebate for other retail purchases also applies to this card:

Card	Monthly spend (less than RM1,200)	Monthly spend (RM1,200 and above)	Cash rebate cap
UOB ONE Platinum	0.2% cash rebate for petrol, groceries, dining, Grab transactions	10% cash rebate for petrol, groceries, dining, Grab transactions	RM15 (per category)
	0.2% cash rebate for other retail purchases	0.2% cash rebate for other retail purchases	Unlimited

Prior to this, the UOB ONE Classic and ONE Platinum cards rewarded cardholders with up to 5% cash rebate for three main categories of expenses: petrol, groceries, and telecommunications (and 0.2% rebate for other retail purchases). There is no minimum spend requirement that you must meet in order to tap into the rebates. However, there is one catch: the 5% cash rebate for the eligible categories is only awarded for weekend transactions; if you performed your purchases on weekdays, you’ll only get either a much lesser rebate of 1% (petrol) or 0.2% (groceries and telecommunication).

As you can imagine, the weekday/weekend mechanics significantly limited the convenience of the cards’ use – but with this latest development, cardholders will have more flexibility in when or how they can spend to tap into both cards’ cash rebate benefits.

Meanwhile, the other perks for the UOB ONE Classic and ONE Platinum cards remain unchanged. These include the 15% discount for dining at selected restaurants, the ability to tap into 0% interest Easi-Payment Plans (3 months) for your overseas and medical expenses, and coverage for e-commerce purchases (for UOB ONE Platinum only).

Interestingly, this update to the UOB ONE Classic and ONE Platinum cards has made both cards quite similar to the popular Citi Cash Back credit card. The Citi Cash Back card, too, offers up to 10% cashback on Grab transactions, groceries, dining, and petrol – in addition to an unlimited 0.2% cashback on other retail spending. Given that UOB has recently acquired Citi’s consumer banking business in Malaysia, it is likely that this update to the UOB ONE Classic and ONE Platinum cards is a preparation to streamline and consolidate its offerings.

(Source: UOB)

• TAGS:
• Credit Card Revisions
• UOB
• UOB Bank
• UOB ONE
• UOB ONE Card
• UOB One Classic
• UOB One Visa Platinum