I received an SMS today from UOB stating that I am entitled to 10% Cash Back with my UOB Visa Infinite. WOW!!! 10% Cash Back is really good. So I registered for it.
The contest starts immediately and runs until end of June 2019.
However, as usual we must read the TnC, especially if we are talking about foreign banks, i.e. Citibank, HSBC and UOB.
Below are parts of the Contest Mechanism. Yes, it is a contest! The cash back is not guaranteed. You can spend RM1M and get ZERO cash back.
The allocation per week for the contest is RM30,000.00.
From the above tables, first thing to note is that it is a weekly contest and starts on every Monday 0.00am. The second thing to note is the minimum spending of RM500 and RM1,000.00 where the cash back is capped at RM50 and RM100 respectively.
What the above means is that you will most likely get between 2.5% to 5% cash back if you spend between RM500 to RM999.99 on Monday. If you spend above RM1K, you can even end up with 1% cash back (with RM10K spending) on Monday, hahaha.
And if you spend RM800 on Tuesday, you may even end up with ZERO cash back. Assuming 600 people spend between RM500 and RM999 on Monday, the RM30K weekly allocation will be habis! 600 people only!!!
No, I am not saying the above contest is not good, it is pretty good if you are using your UOB credit card on Monday. However, your probability of earning any cash back gets slimmer and slimmer towards Sunday.
And take note of Clause 21 – only applicable to Retail, Household, Travel (means overseas transactions), Dining and Groceries only! Therefore, forget about using UOB credit cards for Grab or Boost or government related transactions or insurance premiums or utility bills or telcos ot whatever else that does not fall into the stated categories.
I tell you, if you are a cash back fan, the credit cards to get is Maybank 2 Cards Gold or Platinum where you are guaranteed 5% cash back for any type of transactions on Saturday and Sunday with the AMEX. And if you say AMEX is not widely accepted, I guess that’s because you must be new to credit cards or you know nuts but pretend to be smart, hahaha.
If you are new to credit cards, I recommend you click here to read my Credit Card Tutorial and do yourself a favor to educate yourself.
Maybank FC Barcelona (click here to read my review) is equally fantastic as you are guaranteed cash back for any type of transactions including government and insurance BUT not JomPay.
So what are UOB credit cards good for?
Well, the Visa Infinite do allows you FREE access to airport lounges nationwide. The UOB Privilege Banking Visa Infinite other the other hand allows you FREE access to international airport lounges. Other than this, I tell you, UOB credit cards are as good as useless!!!
Click here to read my review of the UOB Visa Infinite and see for yourself just how useless is the UOB Visa Infinite and Citibank Premier miles too. However, if you are short of cash, the UOB credit card may be good if you need a 0% installment plan to pay for your child’s education tuition fees.
Now, if you want a credit card for Bragging Rights, then the UOB Bronze Metal Credit Card if the card to get! Click here to learn how you can easily get to own the Ultimate Bragging Rights Credit Card in Malaysia. Password to read the article: UltimateCC2019
Click on the images below to learn more about what credit cards are the best to accumulate Air Miles and to enter airport lounges for FREE!
Another Personal Financial Tutorial by GenX