Update July 2018 – You will be charged a monthly fee of RM7.50 if you do not use your YOLO
UOB advertised and claims that the UOB YOLO Visa earns you 5% or 8% cash back for Dining, Travel and Online.
Well, as usual you need to read the terms and conditions.
From the above, you need to swipe 8 to 15 times to earn 5% cash back which is capped at RM50 a month or good for up to RM1K spending. As far as I am concerned this condition/requirement is not really an issue nowadays because we can pay for almost anything using our credit cards or debit cards including buying a Sundae Cone at McD.
The issue is that the maximum Cash Back Payout is capped at RM110K per month.What this means is a maximum of only 2,200 people will be entitled to earn the maximum so called RM50 cash back!!!
If you are a Follower of mine, where you have been trained to analyze terms and conditions of credit cards’ benefits, you would not have any problems earning the RM50 monthly cash back cap as you would only use your UOB YOLO VISA and swipe 8 times on the first and second day of each month and then keep the card in the drawer until the next month comes again.
But what about the rest of the Rakyat who are under the impression that they will earn 5% cash back or even 8% if they continue swiping with the UOB YOLO?
If you refer to clause 10 of the UOB YOLO’s terms and conditions – “UOBM does not have any obligation to inform Cardmembers should the Cash Back Payout reach the maximum payout limit”. UOB will know once the Cash Back Payout has been reached but they refuse to tell their UOB YOLO Cardholders. Therefore, giving them false hope that they can still earn 5% cash back from their transactions.
What the above means is UOB has the upper hand (knowing that their card holder will earn nothing), thus misleading their customers. I don’t think this is fair since UOB marketed that the UOB YOLO earns the cardholder up to 8% cash back when in actual fact they may get nothing – ZERO, NIL, KOSONG. And if it is not fair, it means UOB is cheating!!!
I pity the person who swipes 16 times at the end of the month thinking that he/she will get 8% cash back from his/her UOB YOLO transactions. I tell you, this person has a better chance of winning TOTO jackpot where at least there is a tiny probability of winning some money. YES, I said winning, this UOB YOLO Cash Back thingy is a Contest and not a card feature. Therefore, UOB should remove their claims (or marketing) that their UOB YOLO Cardholders are entitled to up to 8% cash back when there is a good probability that a cardholder may earn ZERO in cash back even if they swipe their UOB YOLO Visa 100 times!!!
Once again refer to the T&C above, clause 11 – UOB can change the Goal Post every quarter without informing you. This is not Fair Play lah, UOB can suka-suka change the rules at quarter time.
Basically, with the UOB YOLO, unless you are a follower of mine where you are guaranteed to earn the 5% cash back, the majority of UOB YOLO cardholders are just betting that he/she can win the cash back!!!
IMHO, BNM should put a stop to this type of marketing where a contest is marketed as a card benefit.
In my review of the New Citibank Cash Back Credit Card, I mentioned that western banks think we are stupid by advertising that we can earn 10% or 15% cash back. UOB is worst, they make their cardholders sinners by directly involving them in a betting game!!!
I tell you, just stick to our honest government linked companies (e.g. Maybank), where at least they don’t try to con us and when they advertise that we earn 5% or 8% or 10% cash back with their credit cards, we are guaranteed to earn what has been promised and not a single sen less 🙂
For the Best Cash Back Credit Cards based on your spending pattern, click here to my Cash Back Page and read all the reviews and you are sure to find a card that guarantees you 5% cash back for Dining and Online Transactions.
And if you do cancel/terminate your UOB YOLO card after reading this article, you are actually doing something selfless/good that benefit others and will be rewarded with positive karma points. This is because you will then allow others better chances/probabilities of earning cash back with the UOB YOLO, hahahahahahaha.
UOB Preferred Platinum MasterCard
The UOB Preferred Platinum MasterCard is also another fantastic card for those who love a bet. UOB claims we get 10% cash back for TNB Bills and dining too but it’s another bullshit because most you can earn is 5% or nothing! Go check it out at UOB website for the gaming/betting rules 🙂