UOB EVOL Card Review 2022: The Highest Cashback Card?

Shania Wong
Updated:
PROMO: First 300 new-to-UOB cardmembers can get S$300 cash via PayNow
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on UOB's website

UOB Evol Credit Card

Apply Now
on UOB's website
This is a great card for working professionals whose spending is primarily centered on online and contactless spending. The 8% cashback rate is one of the highest in the market and the eligible categories are straightforward and easy to track.

Pros

  • Generous 8% cashback for online and contactless spending
  • Automatic fee waiver if you make 3 transactions per month for 12 months
  • Doubles as a transport card with cashback for your commutes
  • Card is bio-sourced and grants access to various sustainability-focused deals

Cons

  • Thriftier spenders may not qualify for high cashback
  • Cashback caps mean you have to devote attention to hitting the minimum spend in each category
  • Realistically, your cashback per month will be closer to S$40
  • Several big categories (like petrol and recurring bills) not eligible for cashback

Current Promotion

First 300 new-to-UOB cardmembers can get S$300 cash via PayNow when you spend a minimum of S$1,000 for 2 consecutive 30 day periods from the card approval date. (Valid until 31 December 2022) Click to apply.

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:

Who’s Eligible For The UOB EVOL Card?

Residential StatusSingaporeans or Permanent Residents Foreigners
Age21 years old and above
Income RequirementsS$30,000/year minimum OR Fixed Deposit collateral of at least S$10,000S$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 LimitUp to 4 times your monthly income or S$200,000, whichever is lower. Credit limit includes supplementary cards.
Minimum SpendS$600 a month for 8% cashback rate; 0.3% cashback otherwise
Annual FeesWaived if you make at least 3 transactions per month for 12 consecutive months; $192.60 per year otherwise

1st Supplementary Card free for life

2nd Supplementary Card onwards: S$96.30
Minimum Monthly Payment3% of current balance or S$50, whichever is higher + any overdue amounts
Overlimit FeeS$40
Effective Interest Rate26.9% 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 ChargesS$100
Foreign Currency Transaction Fee3.25%

These fees are comparable to other cards on the market. The main things to note are that:

  1. 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.
  2. 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
  • 8% cashback on:
    • Online spending (e.g. shopping, fashion, Netflix, Apple store purchases, Grab)
    • Mobile contactless payments (e.g. Apple Pay, Google Pay, Samsung Pay, Fitbit Pay)
  • 0.3% cashback on all other spending
  • Capped at S$60 per statement month
Ongoing Promotions
  • First 300 new-to-UOB cardmembers can get S$300 cash via PayNow when you spend a minimum of S$1,000 for 2 consecutive 30 day periods from the card approval date. (Valid until 31 December 2022)
Other Benefits
  • Eco-friendly offers and over 1,000 other deals from fashion to dining
  • Access to UOB TMRW Rewards+
  • Complimentary travel insurance when you charge your fare to your UOB card AND fill out the form before your trip
  • Earn bonus interest on your savings when you open a UOB One account with the UOB EVOL

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:

CategoryCashback Amount (%)Monthly CapSpending Required
Online spending 8%S$20S$250
Mobile contactless spending 8%S$20S$250
All other spending 0.3%S$20S$6,667
TotalS$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