The Bank’s extensive line of credit cards gives customers the choice of a cash back card that best meets their lifestyle priorities and needs
SINGAPORE, May 4, 2021 / PRNewswire / – UOB and American Express Join Forces to Launch UOB Absolute Cashback American Express Card® for consumers who want a cash back product that allows them to earn cash on all card spending.
UOB Absolute Cashback Card is the first credit card from a local bank that offers customers cash back on all credit card expenses, including insurance, tuition, hospitals, rent and wallet reloads which are generally not eligible for rewards and cash back. . Customers can stretch their pocket money with UOB Absolute Cashback Card’s highest fixed cashback earning rate of 1.7 percent by Singapore, without having to worry about expense exclusions, meeting a minimum spending requirement or a cap on earned cashback.
The new cash back product meets the needs of a growing segment of consumers who are looking for a simple, hassle-free way to make money on all transactions. According to a UOB survey, two in three respondents said they wanted to earn money on all card spending. The UOB Absolute Cashback card is also fast becoming a favorite among these respondents, with almost 80% saying such a card would quickly become their most frequently used card.
Mrs Jacquelyn Tan, Group Head of Personal Financial Services, UOB, said the Bank’s extensive line of cash back credit cards is in step with changing customer preferences for maximizing the value of their spend through cards. cash back. The UOB Absolute Cashback Card is a strategic addition to the Bank’s line of credit cards, which includes the UOB One Card, to give customers the choice of a refund card that best meets their style priorities and needs. of life.
“With COVID-19’s disruption to the economy in 2020 and increased spending on basic necessities such as groceries and utilities, more and more consumers are looking for financial solutions for consumers. help derive more value from their spending. Over 70% of new UOB credit card registrations in 2020 were for reimbursement cards, up from 45% in 2019.
“Last year, we enhanced our flagship reimbursement card, the UOB One card, to continue to deliver the highest reimbursement rate on the market in areas where our customers spend the most and that match their style priorities. of life, such as household essentials, online shopping and stroll.
“The UOB Absolute Cashback Card complements our line of cash back credit cards to meet the growing demand for an easy way to make money on all card spending, which is most important among consumers. affluent and affluent mass according to the results of our survey.. “
Sir Sanjiv Malhotra, Vice President and General Manager, Global Network Services, South East Asia and South Pacific, American Express, said, “American Express continues to expand its tailor-made product offerings to meet the evolving needs and lifestyles of UOB customers. The introduction of the UOB Absolute Cashback card strengthens our relationship with UOB and shows our commitment to providing products with the best value and relevance for our customers. “
 The UOB survey was conducted with RFi Consulting in May 2020 among 1,275 people in Singapore aged 21 to 55.
 As part of UOB’s vast partnership ecosystems, UOB One cardholders can earn up to 10% cash back when spending at popular merchants such as Dairy Farm Singapore, Shopee, and Grab.
 According to the UOB survey, affluent (74%) and mass affluent (55%) consumers appreciate a simple card proposition the most when looking for a cash back credit card. Affluent consumers refer to people over the age of 30 with assets over $ 180,000, while affluent mass consumers refer to people aged 21 to 40 with assets between $ 80,000 and $ 180,000.
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is ranked among the best banks in the world: Aa1 by Moody’s Investors Service and AA- by S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices throughout the region.
For more than eight decades, generations of UOB employees have perpetuated the entrepreneurial spirit, the emphasis on long-term value creation and an unwavering commitment to doing what is right for our customers and our colleagues.
We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are committed to helping our clients manage their finances wisely and grow their businesses, UOB is steadfast in supporting social development, especially in the fields of art, children and education.
SOURCE United Overseas Bank