UOB One Card
UOB One Account
Asked on 05 Jan 2020
I don’t plan to credit my salary to this account, so what would be some ways to hit that min $500 spend so I can qualify for rebates?
3 GIRO Transactions:
Monthly payments for the UOB ONE card itself (yes, GIRO payments from the ONE account for the ONE card counts as a valid GIRO transaction). You can apply for this via the UOB online banking website; the mobile app does not have this option.
Tax payments to IRAS. This assumes that you have some form of tax to pay (individual income tax, property tax, etc.) and that you pay it via GIRO on a monthly basis.
Insurance premiums. Most insurance premiums that require monthly payments have a GIRO option.
Utilities & telco bills. I do not recommend that you pay these bills via GIRO because you can usually pay them via credit card instead (and have them count towards the monthly $500 credit card spend). But, they are an option.
$500 credit card spend, a minimum of 5 transactions:
Grab Pay top-ups. UOB will almost certainly exclude Grab Pay top-ups at some point in the near future, but as of now, Grab Pay top-ups are still included.
Monthly subscriptions - Netflix, Spotify, gym memberships, etc.
Utilities & telco bills. In particular, some providers allow you to "overpay" or pay for your bills in advance. This is useful for evening out your spend across different months.
Grocery or shopping vouchers, such as Takashimaya vouchers (no expiry dates), NTUC vouchers, etc.
Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/
Next, determine which of your expenses can be transferred over to the credit card without incurring additional expenses. This is because it doesn't make sense to increase your expenses for the sake of hitting the $500 mark every month.
If you are able to hit the $500 mark consistently every month, then you may consider using this card and approach. Otherwise, it is not financially feasible since you will be spending more money that you naturally will.
For GIRO, the easiest way will be bills, e.g. phone bill, utility, insurance premium.
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07 Mar 2020
16 Jun 2020
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