Sunday, September 07, 2008

The One card

There are many credit cards available in Singapore and banks are offering a multitude of perks and offers to get people to sign up for yet another one.

The card that offers the best usage/reward yield has to be the UOB One Card. True to its name, the card encourages you to consolidate all your payments to it. The reward is simply a cash rebate credited back every 3 months to offset your credit card bill.

All you need to do is spend at least $300 a month on the card for 3 consecutive months and you will get a $30 cash rebate for that quarter. Spend $800 a month and you get $80 for that quarter.

A yield of 3.33% with no points or redemptions necessary. Its as simple as that!

Ever since its launch last year, I've swapped my previous main card of choice, the HSBC Platinum card (I believe in just using one or 2 cards regularly and consolidating my spend to get better rewards from the card issuers).

From a rewards perspective, the HSBC Platinum card then gave me the best yield ($20 Isetan voucher for just S$3,000 spent). I still keep the card as it offers free golf insurance.

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