It was reported on 3 Apr 2016 in the Straits Times (Cashback the ‘favoured perk’ for credit card), where 70% of 730 respondents indicated rebates as an important benefit followed by 53% who prefered dining discounts.
As such, banks have tried very hard to improve or come up with new rebate cards and UOB has just released the YOLO (You only live once) credit card.
Looking at the website, it’s pretty obvious that they are targeting the young working crowd with priority queue and free access to clubs, 1 for 1 movie deals and dining options! So what makes this card stand out?
1. Get 8% rebate for weekend dining and entertainment
Citibank Dividend had increased their rebate to 8% for dining all day (capped at $25 per month), and BoC Family Card (see recent review here) will offer 7% rebate for dining all day from 17 Apr. The best in the market is 10% from CIMB Visa Signature but it is hard to achieve (see previous article here)
So what’s YOLO’s deal? Its dining rebate option is similar to OCBC 365 actually – 3% for weekdays and 8% for weekends (6% from 2 Oct 16). In addition, you need a minimum spend of $600 per statement cycle, failing which you will earn a paltry 0.3% only. Tote that there is a cap of $60 per month (OCBC 365 cap is $80). To maximise your spending, you should limit yourself to $750 on weekend dining and entertainment.
According to the T&C: