The UOB Absolute Cashback Card is Getting Nerfed—MoneySmart Review 2024

“The only credit card with no spend exclusion”, UOB promises of their UOB Absolute Cashback Card. For now.

From 6 May 2024, UOB is nerfing their “limitless” cashback credit card. It currently offers a $0 minimum spend, no spend cap cashback rate of 1.7%—the highest in the market for no minimum spend cashback credit cards. It’s a remarkable credit card for being one of the rare few that even allow you to earn cashback on payments like your taxes and insurance payments.

Come 6 May, the 1.7% highest cashback rate will still hold. Phew. But its breadth of categories will take a hit. It’ll no longer apply to categories like charity, education, government, healthcare, utilities, and other professional services. Instead, these categories will earn 0.3% cashback.

Is the UOB Absolute Cashback Card still worth getting? We review its pros and cons.

UOB Absolute Cashback Card Review—Is it MoneySmart?
Overall: ★★★★☆ (3.67) Best for: Those who want to earn cashback and don’t want to think, since there’s no minimum or maximum spend and almost every category earns cashback. The catch: The card association is American Express, which not all merchants accept. Some cashback categories will be excluded from the 1.7% earn rate, such as charity, education, government, healthcare, and utilities.
Category	Our rating	The deets
Earn rates: Cashback	★★★★★	– 1.7% unlimited cashback – No minimum spend required – Earn cashback on almost everything. Exceptions from 6 May 2024 include: Charity, education, government, healthcare, utilities, and other professional services.
Earn categories	★★★★☆
Annual fees and charges	★★★★☆	$196.20 (first year waived) First supplementary card free, $98.10 for subsequent supplementary cards.
Accessibility	★★★★☆	Minimum income requirement: $30,000 (Singaporeans and PRs) / $40,000 (Non-Singaporeans)
Extras/periphery rewards	★☆☆☆☆	– Earn 3% cashback on overseas spend from now till 30 Jun 2024. – Get access to shopping, travel and dining deals.
Sign-up bonus	★★★★☆	Sign-up reward: Stand a chance to get an Apple 11-inch iPad Pro, 128GB (worth S$1,272.30) when you apply through MoneySmart. Plus, the first 6 successful applicants who submit the claim form at 2pm or 9pm can also receive a S$88 Cash Bonus via PayNow. You’ll also get 10% cashback (equivalent to S$100) on the first S$1,000 spend within thirty days and S$350 Cash Credit from UOB. Gift requirements: Spend a minimum of S$1,000 per month, for 2 consecutive months from the card approval date. Valid till: 14 Apr 2024

See our credit card ranking rubric to find out how we rank credit cards.

Don’t miss our ultimate list of credit card reviews for the low-down on credit cards in Singapore.

UOB Absolute Cashback Card—MoneySmart Review 2024

1. UOB Absolute Cashback Card: Summary
2. UOB Absolute Cashback Card: Annual Fee, Minimum Income
3. UOB Absolute Cashback Card Minimum Spend
4. UOB Absolute Cashback American Express Card
5. UOB Absolute Cashback Card Benefits
6. UOB Absolute Cashback Card Terms and Conditions
7. How to maximise my UOB Absolute Cashback Card?
8. Other cards better than UOB Absolute Cashback Card
9. Should I get UOB Absolute Cashback Card?
10. UOB Absolute Cashback Card Promotions

1. The UOB Absolute Cashback Card is getting nerfed.

AMAZING APRIL PROMOTION

UOB Absolute Cashback Card

Cash Back on Eligible Spend: 1.7%
Min. Spend per month: ^S$0
Cash Back Cap: Unlimited

MoneySmart Exclusive:

[Amazing April Promotion | CASH BONUS]
Stand a chance to get an Apple 11-inch iPad Pro, 128GB (worth S$1,272.30) when you apply through MoneySmart! The first 6 successful applicants who submit the claim form at 2pm or 9pm can also receive a S$88 Cash Bonus via PayNow! T&Cs apply.

PLUS enjoy 10% cashback (equivalent to S$100) on the first S$1,000 spend within thirty days and get S$350 Cash Credit from UOB when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 per month, for 2 consecutive months from the card approval date. T&Cs apply.

Valid until 14 Apr 2024

Apply Now

More Details

See all card details

The UOB Absolute Cashback Card was launched in May 2021 and is currently Singapore’s most generous entry-level unlimited cashback card, thanks to its cashback rate of 1.7%. This doesn’t look like it’s going to change for the immediate future.

Another of the UOB Absolute Cashback Card’s biggest draws is the lack of the usual exclusions, meaning you can earn cashback on almost anything, including taxes, school fees and insurance premiums. This is going to change come 6 May 2024, when you’ll only earn 0.3% cashback instead of 1.7% cashback on charity, education, government, healthcare, utilities, and other professional services. View the full list of categories affected below.

2. UOB Absolute Cashback Card: Annual Fee, Minimum Income

The UOB Absolute Cashback card is a pretty friendly and affordable credit card with minimum income requirements at $30,000 per year.

	UOB Absolute Cashback Credit Card
Annual Fee	$196.20
Annual Fee Waiver	First year
Supplementary Card Annual Fee	$98.10 (waived for first card)
Interest Free Period	21 days
Annual Interest Rate	27.8%
Late Payment Fee	$100
Minimum Monthly Repayment	3% or $50, whichever is higher
Foreign Currency Transaction Fee	3.25%
Cash Advance Transaction Fee	8% with minimum fee of $15
Overlimit Fee	$40
Minimum Income	$30,000 (Singaporeans and PRs) / $40,000 (Non-Singaporeans)
Card Association	American Express

3. UOB Absolute Cashback Card Minimum Spend

If you’ve been trawling MoneySmart for credit cards, you should already have an inkling of what unlimited cashback cards are. They basically give you a flat cashback rate on all spending, usually with no minimum spending requirements or cashback caps.

The UOB Absolute Cashback Card is one such card, and at the moment, it’s the most generous of its kind, at least as far as entry level cards go. It magnanimously offers a bounteous 1.7% cashback on all your spending.

One of the great things about these kinds of cards is their simplicity. They’re so easy to use that even a kindergartener could figure it out. There’s no need to worry about meeting minimum spending requirements or figure out what spending categories to use the card in.

When it comes to unlimited cashback cards, there’s no need to collect them all—one is more than enough.

Back in the day, the Standard Chartered Simply Cash Credit Card (then called the Standard Chartered Unlimited Cashback Card) and the American Express True Cashback Card were the main unlimited cashback cards on the market, offering a 1.5% unlimited cashback.

1.5% UNLIMITED CASHBACK

Standard Chartered Simply Cash Credit Card

Cash Back on Eligible spend: Up to 1.5%
Min. Spend per month: ^S$0
Cash Back Cap per month: Unlimited

MoneySmart Exclusive:

Get a Nintendo Switch OLED (worth S$549) or a Hinomi Q1 Ergonomic Chair (worth S$499) or a Apple Watch SE (worth S$382.50) or a Apple AirPods Pro (worth S$365.70) or a ErgoTune Classic Ergonomic Chair (worth S$399) or a Titan V1 Foldable Bike (worth S$399) or up to S$370 Cash via PayNow* when you apply and meet the relevant spend criteria! T&Cs apply.

Valid until 21 Apr 2024

Apply Now

More Details

See all card details

Unlimited Cashback | UPSIZED OFFER

American Express True Cashback Card

on up to $5,000 spend in the first 6 months for new Card Members.: 3.0% Cashback
all subsequent eligible purchases: 1.5% Cashback
Cash Back Cap: Unlimited

MoneySmart Exclusive:

[UPSIZED OFFER]
Get S$200 Cash via PayNow when you apply and spend a min. of S$500 in Qualifying Spends within the first month of card approval! T&Cs apply.

Valid until 21 Apr 2024

Apply Now

More Details

See all card details

Then the Citi Cash Back+ Mastercard entered the scene, one-upping the competition by offering 1.6%.

4. UOB Absolute Cashback American Express Card

Don’t get me wrong, AMEX is still pretty widely accepted. But there are still lots of merchants who only accept Visa or MasterCard, especially smaller businesses.

You see, credit card networks/associations like Visa or MasterCard require merchants to pay a service fee—that’s how they make money. The issue with AMEX is that the service fee they charge merchants is higher than Visa’s and MasterCard’s. The result is that fewer shops are willing to use AMEX.

That said, in places that do accept AMEX, you can’t find a better unlimited cashback card than UOB Absolute Cashback thanks to the 1.7% rebates.

5. UOB Absolute Cashback Card Benefits

The cashback benefits the UOB Absolute Cashback Card offers are pretty damn straightforward. There are no bonus cashback rates that you’ll have to memorise or contend with.

UOB Absolute Cashback Card Benefits	Cashback amount
Base Cashback Rate	1.7%
Bonus Cashback	–
Petrol Cashback	–

6. UOB Absolute Cashback Card Terms and Conditions

Most unlimited cashback cards have certain exclusions that you cannot earn cashback on.

But according to the UOB Absolute Cashback Card’s terms and conditions, there are hardly any exclusions. That means you can earn cashback on almost anything except the following:

Grab mobile wallet top-ups
NETS or NETS-related transactions
Installment payment plans and SmartPay transactions
Cash advances
Fees and/or charges imposed by UOB (eg. late payment charges)
Personal loans, balance and/or fund transfers
Any transaction that is subsequently cancelled, voided, refunded or reversed
Amounts which have been rolled over from any preceding month’s statement

What about school fees, hospital bills, taxes and insurance premiums? Well for now, you can earn 1.7% cashback on them. But from 6 May 2024, these categories will only earn you 0.3% cashback instead.

Here’s the full list of merchant category codes affected:

7911 Schools, Dance Halls and Studios
8211 Schools, Elementary and Secondary
8220 Colleges, Universities, Professional Schools and Junior Colleges
8241 Schools, Correspondence
8244 Schools, Business and Secretarial
8249 Schools, Trade and Vocational
8299 Schools and Educational Services–Not Elsewhere Classified
9311 Tax Payment
9399 Government Services—not elsewhere classified
9402 Postal Services—Government Only
0742 Pet stores and Veterinary Services
5047 Medical Equipment and Supplies
5122 Drug Stores
5912 Drug Store and Pharmacies
5975 Medical Equipment, Hearing Aid
8011 Medical Services, Doctors
8021 Medical Services, Dentist and Orthodontist
8041 Medical Services, Chiropractors
8042 Medical Services, Optometrists and Ophthalmologist
8043 Medical Services, Opticians
8049 Medical Services, Chiropractors and Podiatrists
8062 Hospitals
8071 Medical Services, Dental Laboratories
8099 Medical and Health Services
4900 Utilities
8398 Organizations, Charitable and Social Service
6513 Real Estate Agents & Managers – Rentals
7261 Funeral Services and Crematories
7278 Shopping Services
7311 Advertising Services
7361 Employment Services and Agency
7392 Consulting and Public Relation Services
8999 Professional Services

7. How do I maximise my UOB Absolute Cashback Card?

The 1.7% cashback offered by the UOB Absolute Cashback Card is good, but it’s not as good as the rebates, rewards and air miles offered by some cards for specific spending categories like dining or shopping.

If you’ve got other cards that you prefer to use for certain types of spending, by all means use them. The UOB Absolute Cashback Card has no minimum spending requirement, so you can just keep it on hand for spending that you have no other card for.

Of course, if this is your only credit card, you can go ahead and use it to pay for any transaction that accepts AMEX. There is no cap on the cashback you can receive, so you can spend millions on it if you want!

Another tip is to use the UOB Absolute Cashback Card for big purchases like wedding dinners since there is no cashback cap. Other cards with a higher cashback rate on certain categories will earn you more cashback per dollar, but the UOB Absolute Cashback Card may earn you more in absolute terms because it doesn’t put a cap on the amount of cashback you can receive.

8. Other cashback cards better than UOB Absolute Cashback Card

If you’re new to the world of cashback cards, 1.7% cashback might sound good, but it’s actually quite miserly compared to the generous rebates being dangled by other cashback cards, which can offer up to 6% or 8%. Take the UOB EVOL Credit Card (8% cashback on online and mobile contactless spend) and Citi Cash Back Card (up to 8% cashback on groceries, petrol and private commute) for example:

AMAZING APRIL PROMOTION

UOB EVOL Credit Card

on Online and Mobile Contactless spend: 8% Cashback
Cash Back Cap per month: Up to S$60
Min. Spend per month: ^S$600

MoneySmart Exclusive:

[Amazing April Promotion | CASH BONUS]
Stand a chance to get an Apple 11-inch iPad Pro, 128GB (worth S$1,272.30) when you apply through MoneySmart! The first 6 successful applicants who submit the claim form at 2pm or 9pm can also receive a S$88 Cash Bonus via PayNow! T&Cs apply.

Get S$350 Cash Credit from UOB when you are the first 200 new-to-UOB customers who successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 per month, for 2 consecutive months from the card approval date. T&Cs apply.

Valid until 14 Apr 2024

Apply Now

More Details

See all card details

LUCKY DRAW | GET UP TO S$18,000 WORTH OF PRIZES

Citi Cash Back Card

Cash Back on Groceries, Petrol & Private Commute: Up to 8%
Total Cash Back Cap, per month: ^S$80
at Shell & Esso: Up to 20.88% savings

MoneySmart Exclusive:

Valid until 14 Apr 2024

Apply Now

More Details

See all card details

But the difference is that these cashback cards tend to come with minimum spending requirements, have cashback caps, and limit the cashback to certain spending categories like dining or groceries.

This makes it more complicated to know what to card to use when.

Here’s a cautionary tale: When I first started earning enough to qualify for credit cards, I signed up for 7 credit cards and created a spreadsheet of all the benefits and minimum spending requirements. At times, I’d find myself stuck at the cashier counter trying to pull up the spreadsheet on my phone so I’d know which card to use.

Within a year, the banks started to change the credit cards’ terms and conditions, and all my research went down the drain. So if you’re the kind of person who doesn’t like the hassle of tracking your expenses—or switching credit card strategies when the banks inevitably change their terms and conditions, earning 1.7% on everything seems like a perfectly reasonable trade-off.

AMAZING APRIL PROMOTION

UOB Absolute Cashback Card

Cash Back on Eligible Spend: 1.7%
Min. Spend per month: ^S$0
Cash Back Cap: Unlimited

MoneySmart Exclusive:

Valid until 14 Apr 2024

Apply Now

More Details

See all card details

9. Should I get the UOB Absolute Cashback Card?

The UOB Absolute Cashback Card is a good credit card for most of us, no matter the spending habits.

Whether you want to use it for huge purchases or just as a back-up card for spending you have no other card for, it’s useful to have on hand.

UOB Absolute Cashback Card
Pros	Cons
Unlimited cashback No minimum spend 1.7% is the highest cashback rate you can get for an unlimited cashback credit card.	It’s an American Express card, and not all merchants accept Amex. 1.7% is high for an unlimited cashback card, but low compared to cashback cards in general. If you’re expecting extra perks like free insurance or golfing benefits, don’t hold your breath.

Sign up for the UOB Absolute Cashback Card and you’ll stand a chance to get an Apple 11-inch iPad Pro, 128GB (worth S$1,272.30) when you apply through MoneySmart!

Plus, you could receive a $88 cash bonus via PayNow just for being timely and fast. All you need to do is be one of first 6 successful applicants who submit the claim form at 2pm or 9pm daily. Promotion valid till 14 Apr 2024.

UOB is also giving you goodies to sweeten the deal. You’ll also receive:

10% cashback (equivalent to $100) on your first $1,000 spend within 30 days
$350 Cash Credit from UOB

You need to spend a minimum of $1,000 per month for 2 consecutive months from the card approval date to be eligible for the gifts above. That’s quite a tall order. As such, you might want to sign up for the card just before making a big purchase. Promotion valid till 30 Apr 2024.

Alternatives to the UOB Absolute Cashback Card

Still shopping around for a cashback credit card? Here are UOB Absolute Cashback credit card’s main competitors that you can consider as well:

Citi Cashback+ MasterCard: 1.6% cashback on everything with no minimum spending requirement and no cashback cap. Generous welcome bonus.

Standard Chartered Simply Cash Credit Card

Cash Back on Eligible spend: Up to 1.5%
Min. Spend per month: ^S$0
Cash Back Cap per month: Unlimited

MoneySmart Exclusive:

Valid until 21 Apr 2024

Apply Now

More Details

See all card details

AMEX True Cashback Card: 1.5% cashback on everything with no minimum spending requirement and no cashback cap.

Unlimited Cashback | UPSIZED OFFER

American Express True Cashback Card

on up to $5,000 spend in the first 6 months for new Card Members.: 3.0% Cashback
all subsequent eligible purchases: 1.5% Cashback
Cash Back Cap: Unlimited

MoneySmart Exclusive:

[UPSIZED OFFER]
Get S$200 Cash via PayNow when you apply and spend a min. of S$500 in Qualifying Spends within the first month of card approval! T&Cs apply.

Valid until 21 Apr 2024

Apply Now

More Details

See all card details

P.S. Here’s our MoneySmart credit card ranking rubric

In case you’re wondering, here’s how we decide on our credit card rankings.

Is that credit card MoneySmart? Our MoneySmart credit card ranking rubric
Category	Our rating
Overall	The average rating for the credit card on the whole, calculated from the ratings for the individual categories below. Plus, we’ll give you a one-liner on who we think the credit card is best suited for.
Earn rates: Air miles / Cashback / Rewards points	Air miles / Cashback / Rewards points . This category looks at the depth rather than breadth of earn rates. 5 stars means this card’s got the highest earn rates within that credit card type. 3-4 stars mean it’s average 1-2 stars reflect earn rates that are below average.
Earn categories	This category looks at the breadth rather than depth of your earnings. 5 stars: Earn with ANY spend. 3-4 stars: Earn on a large number of categories (e.g. all dining, transport and retail, but not telco bills) OR earn on 1 very broad category (e.g. all contactless/mobile payments). 1-2 stars: Earn a decent rate only on selected categories, such as fast food only.
Annual fees and charges	5 stars: $0 4 stars: $1-200 3 stars: $201-500 2 stars: $501-$999 1 star: $1,000 and up We dock a star if fee waiver is NOT allowed.
Accessibility	Minimum income requirements: 5 stars: $0 4 stars: Up to $30k a year for Singaporeans and up to $45k for non-Singaporeans 3 stars: $30-60k a year for Singaporeans, $45-70k for non-Singaporeans 2 stars: $60-120k a year for Singaporeans, $70-120k for non-Singaporeans 1 star: $120,000 and up for either, or both Exclusivity: We dock 1-2 stars if there is/are another category/categories that make the card exclusive and very specific to a certain clientele.
Extras/periphery rewards	These include: Travel benefits, such as airport lounge access Lifestyle benefits, such as spa privileges Dining benefits, such as complimentary AMEX Love Dining or Entertainer with HSBC subscriptions We count the number of benefits and award between 0.5 to 2 stars for each, depending on how good the perk is.
Sign-up bonus	5 stars: The gift(s), cash, or miles are the highest we see out there compared to other credit cards of the same type (miles, cashback, etc). Also easy to attain these welcome bonuses. 3-4 stars: Average but not disappointing sign-up bonus compared to other credit cards. You aren’t losing out. 1-2 stars: You are probably losing out in terms of the welcome bonus you’re getting; there are other similar credit cards with sign-up bonuses that are better or easier to attain.

Don’t miss all our Singapore credit card reviews.

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UOB Absolute Cashback Card—MoneySmart Review 2024

1. The UOB Absolute Cashback Card is getting nerfed.

UOB Absolute Cashback Card

2. UOB Absolute Cashback Card: Annual Fee, Minimum Income

3. UOB Absolute Cashback Card Minimum Spend

Standard Chartered Simply Cash Credit Card

American Express True Cashback Card

4. UOB Absolute Cashback American Express Card

5. UOB Absolute Cashback Card Benefits

6. UOB Absolute Cashback Card Terms and Conditions

7. How do I maximise my UOB Absolute Cashback Card?

8. Other cashback cards better than UOB Absolute Cashback Card

UOB EVOL Credit Card

Citi Cash Back Card

UOB Absolute Cashback Card

9. Should I get the UOB Absolute Cashback Card?

10. UOB Absolute Cashback Card Promotions

Alternatives to the UOB Absolute Cashback Card

Standard Chartered Simply Cash Credit Card

American Express True Cashback Card

P.S. Here’s our MoneySmart credit card ranking rubric