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For cash-back credit cards like the UOB EVOL card, it offers a 10% cash-back (capped at $20 per month) on foreign currency spending if one has hit the minimum spend of $800 per month. Assuming I have already hit the minimum spend, does it make sense to use my UOB EVOL card to pay for foreign currency purchases? Because of the card fee and the unfavourable exchange rate for the purchase. Or does it still make more sense to use a multi-currency card like youtrip, revolt, wise, trust?
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There are other cash-back cards like the OCBC Frank Credit card which offer a 8% cash-back on foreign currency purchases (capped at $25 per month), which have a similar deal.
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