QUOTE(LostAndFound @ Nov 15 2024, 10:49 PM)
Your conclusion is very specific to your spending patterns, income, and lifestyle. And I disagree with it for those who have different spending patterns and income/lifestyle. You focus too much on absolute max amount of cashback you can earn, which makes sense only if your spending is essentially infinite.
UOB One (esp classic) is a champion card for those who have a tight lid on monthly expenses (i.e. find it hard to meet 3k min monthly spend for Alliance Bank Visa Sig to hit optimal cashback). Or those who can hit that amount but prefer to have multiple cards and because of that have trouble hitting certain targeted monthly spend. I generally recommend this for first timer. Because most wage earner even just starting out will easily hit a
t least 2 category (petrol/dining) RM100 monthly. So just need to pump RM100 to grab (pay RM1 for that RM10 cashback currently), and get familiar with trying to hit the grocery (those with children won't have a problem with this, but singles who don't prep their own food maybe will struggle). Minimum spend only RM500 so much less daunting than the cards you mentioned. If can hit RM100 per category that's a nice 8% or so cashback on the RM500 spend.
UOB Yolo is also quite a champion card if you spend at least RM300 online (and can plan this ahead) monthly. Then top up RM700 to an ewallet (shopeepay is the easy to use one which doesn't have fee currently) and that's 3% cashback monthly on the RM1000 spend.
Combining both of those cards you spend RM1500 a month and get
RM70 a month. Your top pick is most efficient at RM3k spend a month for a total cashback of RM55.45 (or something like that, I don't have this card yet but planning to apply it soon to replace stupid SCB cards). Of course if you spend more you get more but... the marginal gains are really low.
In fact Affin Duo+ cashback visa (RM30 cashback for RM1k spend if you want optimal rate or RM50 cashback for RM1666.66 spend plus 0% balance transfer to ensure monthly balance >3k) is another good card for this sort of 'maximize my cashback given limited spend' user.
And most importantly... if you're in that HNWI bracket who have very high spending (real or business related) then points-collecting cards (esp for airmiles) are much more worth it for you. Leave the cashback cards for the real targets, those of us wage earners who are counting ringgit and sen.
Thank you for your feedback.
Yes, the write-up is assuming that the person max up the spend requirement and fulfills all the conditions to achieve the maximum potential cashback capability. No one is HNWI here, it is just the assumption drawn from what is provided by the Bank and based on the terms and conditions and other metrics, the assumption is generated. Besides, each card isn't an apple to apple comparison because there are so many variables and products out there and it would be good to constantly received feedback to improve on my write-up, in which it covers 15 types of Cashback cards
Summary of Cashback Cards.In any case, I will respond to your feedback and benchmark with the following parameters:
(a) UOB One Classic
UOB One Card Min annual income: RM 24K p.a. (One Classic Card) / RM 60K p.a. (One Platinum Card)
Annual Fee: RM 120 (P) & RM 60 (One Classic Card) / RM 195 (P) & RM 100 (S) (One Platinum Card)
» Click to show Spoiler - click again to hide... «
Cashback:
One ClassicCB category---------------< RM 500----------------> 500-------------------CB earnings
Petrol------------------------0.2%-------------------10%-------------------RM 10 per statement month
Groceries--------------------0.2%-------------------10%-------------------RM 10 per statement month
Grab-------------------------0.2%-------------------10%-------------------RM 10 per statement month
Others-------------------------0.2%-------------------0.2%-------------------unlimited
Note 1 (Petrol) - All petrol stations & Setel CardTerus (non e-wallet transactions)
Note 2(Groceries) - Selected grocers and supermarkets (i.e. AEON Big, Jaya Grocer, Lotus's and Mercato)
Note 3(Grab) - Grab rides, GrabExpress, GrabFood, GrabMart, GrabPay and Grab subscription
Note 4 (others) - other merchants not listed
Maximum (all conditions met) Potential total CB excluding "other categories with unlimited cashback": 3 categories - RM 30 (per month) / RM 360 (per year)
Minimum (no conditions met) Potential total CB excluding "other categories with unlimited cashback": 3 categories - RM 30 (per month) / RM 360 (per year)
One PlatinumCB category---------------< RM 1500----------------> 1500-------------------CB earnings
Petrol------------------------0.2%-------------------10%-------------------RM 15 per statement month
Groceries--------------------0.2%-------------------10%-------------------RM 15 per statement month
Grab-------------------------0.2%-------------------10%-------------------RM 15 per statement month
Others-------------------------0.2%-------------------0.2%-------------------unlimited
Note 1 (Petrol) - All petrol stations & Setel CardTerus (non e-wallet transactions)
Note 2(Groceries) - Selected grocers and supermarkets (i.e. AEON Big, Jaya Grocer, Lotus's and Mercato)
Note 3(Grab) - Grab rides, GrabExpress, GrabFood, GrabMart, GrabPay and Grab subscription
Note 4 (others) - other merchants not listed
Maximum (all conditions met) Potential total CB excluding "other categories with unlimited cashback": 3 categories - RM 45 (per month) / RM 540 (per year)
Minimum (no conditions met) Potential total CB excluding "other categories with unlimited cashback": 3 categories - RM 45 (per month) / RM 540 (per year)
Reward point: NIL
PPL: NIL
Airmiles: NIL
Exclusion: Not eligible for cashback:
(a) Alimony and child support.
(b) Bail or bond payments.
© Balance Transfer.
(d) Cash withdrawals.
(e) Charity bodies.
(f) Easi-Payment Plan purchases.
(g) Flexi Credit Plans.
(h) Government transactions.
(i) Instalment Payment Plan (IPP) purchases.
(j) Liberty insurance.
(k) Payment of annual card membership fees, interest payments, late payment fees, charges for cash withdrawals and any other form of service/miscellaneous fees using the UOB ONE Card.
(l) Premium for credit shield.
(m) Refunded, disputed, unauthorized or fraudulent retail transactions.
(n) Top up transactions except for GrabPay.
(o) Utilities bills (For e.g. Jompay).
(p) Transactions via Personal Internet Banking (“PIB”).
Additional information: NIL
Source:
https://www.uob.com.my/personal/cards/credi...b-one-card.page(b) Min spend RM 500 and RM 1K
© key categories Petrol, dinning [additional grocery]
(d) cashback at least RM 70 p.m or 840 p.yr
My suggestion as follows:
(a) HL Wise card
Min spend requirement of RM 500. Much less exclusions compared to UOB One -Classic but downside is that annual fee (RM 98) and SST (RM 25) cannot be waived. Also, if you are carrying out overseas transaction, you get slapped with 1% fee. Forgot to mention, if transactions during weekday, the cashback is 1%, if done over a weekend, the cashback is 8%. However, the total cashback (assuming all transactions done on a weekend 8%) achievable is RM 60p.m and RM 720 p.yr (RM 597 nett after annual fee and SST). Technically the cashback is still higher than UOB One Card. However, if your min spend is below RM 500, you get penalized hard by HL Wise.
(b) MBB Barcelona
No min spend requirement. All purchases 1% cashback except for Gov bodies, utilities and e-wallet. Total cashback achievable is RM 50 p.m or RM 600 p.yr
© RHB Shell Visa (worthy mention)
Unless you pump at shell and spend at least or more than 1.5K (best is more than rm 2.5k), this card can be considered. As its category is quie wide to include grocery/online spend/ top-up using ewallet and utilities. The exclusions are also not too bad. Potential Cashback achievable is RM 100 p.m or RM 1.2K p.yr
This post has been edited by aurora97: Nov 18 2024, 11:23 AM