The UOB EVOL card is an upgraded and rebranded version of the UOB YOLO card. It’s easier to use compared to its predecessor and has one of the highest cashback rates (8%) in the market.
But even with the revamp, how does this card compare to others? And who would benefit most from this card?
Today, we’ll go through the UOB EVOL Card and assess how convenient the card is on top of its benefits:
- Eligibility requirements
- Annual fees and credit limit
- Cashback, discounts, rewards, etc.
- Ease of use
- Pros and Cons
- Who this card is best for
Who’s Eligible For The UOB EVOL Card?
| Residential Status | Singaporeans or Permanent Residents | Foreigners |
| Age | 21 years old and above | |
| Income Requirements | S$30,000/year minimum OR Fixed Deposit collateral of at least S$10,000 | S$40,000/year minimum OR Fixed Deposit collateral of at least S$10,000 |
This card requires the MAS-mandated minimum of $30,000 annual income, but also accepts collateral if you don’t meet the minimum (subject to terms and conditions of course).
If you don’t meet this requirement but still want the perks associated with credit cards, consider alternatives like the CIMB AWSM card instead.
Fees and Credit Limit
| Credit Limit | Up to 4 times your monthly income or S$200,000, whichever is lower. Credit limit includes supplementary cards. |
| Minimum Spend | S$600 a month for 8% cashback rate; 0.3% cashback otherwise |
| Annual Fees | Waived if you make at least 3 transactions per month for 12 consecutive months; $S$194.40 per year otherwise 1st Supplementary Card free for life 2nd Supplementary Card onwards: S$97.20 |
| Minimum Monthly Payment | 3% of current balance or S$50, whichever is higher + any overdue amounts |
| Overlimit Fee | S$40 |
| Effective Interest Rate | 26.9% per annum (min. S$3 charge) |
| Cash Advance | 8% of cash advance amount (min. S$15 charge) 28% interest per year on outstanding cash advance balance |
| Late Payment Charges | S$100 |
| Foreign Currency Transaction Fee | 3.25% |
These fees are comparable to other cards on the market. The main things to note are that:
- You need to make at least three transactions per month for 12 consecutive months to get the annual fee waiver. This should be easy enough though.
- You only get the 8% cashback if you spend at least $600. It’s a paltry 0.3% cashback rate if you don’t.
Card Rebates and Benefits
| Cashback |
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| Other Benefits |
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Cashback Requirements And Cap
Assuming you already hit the S$600 spending requirement for maximum cashback, you should also note the cashback caps for each category:
| Category | Cashback Amount (%) | Monthly Cap | Spending Required |
|---|---|---|---|
| Online spending | 8% | S$20 | S$250 |
| Mobile contactless spending | 8% | S$20 | S$250 |
| All other spending | 0.3% | S$20 | S$6,667 |
| Total | S$7,167 |
With these, your actual cashback per month is likely to be slightly above S$40 rather than the S$60 hard cap. Unless, of course, you decide to make a big purchase that month.
Even with the cashback caps, this is still a decent rate if you’re already spending that amount online or through contactless payments.
Put it this way: If you spend the minimum of $600 per month, it works out to be about 6.7 cents in rebates per dollar spent — better than the 3.75 cents that the fuss-free HSBC Revolution Card offers.
How Easy Is It to Use the UOB EVOL Card?
On the one hand, the UOB EVOL has a couple things going for it:
1. Automatic Annual Fee Waiver
Gone are the days of having to constantly call in to get your credit card fees waived. With the UOB EVOL, all you need to do is make three purchases each month for 12 months. This is easy to carry out and saves you a lot of trouble.
2. Compatible With Contactless Payment Platforms and SimplyGo
The UOB EVOL card can be paired with any mobile device that has Apple Pay, Google Pay, Samsung Pay, or other contactless payment platforms. Even if you forget your wallet at home, you can rest assured as long as you have your phone with you.
This card also works with SimplyGo for your daily commutes — and you get to earn 8% cashback while you’re at it!
Caveats of the UOB EVOL Card
1. Cashback Spending Requirement and Caps
If you want rebates but you’re not the type to scrutinise your credit card spending, this card can feel a bit tedious. You have to make sure you’re hitting the $600 minimum AND putting at least $250 into contactless and online spending each.
That said, you can automate certain things to save the mindspace, like:
- Using this as your main card for App store purchases, food delivery orders, and online shopping
- Using this as your transport card for MRT/bus rides
2. Several Essential Categories Not Eligible For Cashback
There are various transactions excluded from cashback (find out more here), such as:
- Bill payments
- Transactions made at Shell and SPC petrol stations
- Transactions involving insurance and education related institutions
If your main aim is the cashback, you’ll want to check if any of the places you usually patronise fall under the excluded categories.
3. Limitations of the Cashback System
The cashback you earn in a month becomes credit in your account the following month. You can only use it to offset your bill the next month — i.e. no withdrawing or redeeming it for rewards.
(Then again, this might not be an issue for those who’d rather keep things fuss-free and just have a lower credit card bill overall.)
Who This Card is Best For:
- Digitally-savvy shoppers who spend at least S$600 a month with online or contactless payments
- Young working adults looking for cashback on their daily commutes
- Working professionals looking for a fuss-free way to earn cashback on their spending
- Those who already have (or are willing to open) a UOB One savings account
This card is NOT good for:
- Those seeking rebates on recurring bills like SP utilities
- Those who spend significantly more than S$600 a month through online and contactless payments