Any tips on how to meet $500 min credit card spend and 3 GIRO transactions for UOB ONE card and account? - Seedly
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Anonymous

Asked on 05 Jan 2020

Any tips on how to meet $500 min credit card spend and 3 GIRO transactions for UOB ONE card and account?

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?

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Bayle
Level 4. Prodigy
Updated on 07 Jan 2020

3 GIRO Transactions:

  1. 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.

  2. 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.

  3. Insurance premiums. Most insurance premiums that require monthly payments have a GIRO option.

  4. 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:

  1. 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.

  2. Monthly subscriptions - Netflix, Spotify, gym memberships, etc.

  3. 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.

  4. Grocery or shopping vouchers, such as Takashimaya vouchers (no expiry dates), NTUC vouchers, etc.

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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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Pang Zhe Liang
Pang Zhe Liang

07 Mar 2020

No, there is no minimum amount for the GIRO. As a result, any amount from your expenses work. However, if you are using a UOB One credit card, I will suggest for you to do your cashflow statement first. This is because you will want to optimise the cash rebate from your card as well.
Matthias Wee
Matthias Wee

16 Jun 2020

Regarding UOB One card, to hit $500/month and at least 5 transactions: - would each Grab ride (not topping up Grab wallet) count as 1 transaction? - would an insurance premium be counted? e.g. a saving plan with monthly card charges (I understand it doesnt count towards cashback, but I'm only interested in hitting the $500 min spend for bonus interest) Seems like Cashback is calculated quarterly, but would the bonus interest for UOB One account be based on hitting the criteria monthly? (i.e. 500 min spend, salary credit or 3 giro transactions) Regarding 3 Giro transactions - insurance premiums definitely ok? Thanks in advance!