Stop using UOB One! Trust Bank Cashback Credit Card could be your BETTER alternative

Summary

In this video, we compare Trust Bank's Cashback Credit Card with UOB One Credit Card, focusing on spending over $1,000 or $2,000 monthly. Trust Bank offers up to 15% cashback in selected categories, plus unlimited cashback on other transactions, while UOB provides a base cashback of 3.33%. We also discuss the advantages of OCBC 360 for earning interest without strict spending requirements and highlight that Trust Bank has no foreign transaction fees, making it ideal for international use. The video emphasizes using credit cards for regular expenses to maximize rewards effectively.

Takeaways

• 😀 Trust Bank's cashback credit card is a strong alternative to UOB One for monthly spenders above $1,000.
• 💵 UOB One offers a base cashback of 3.33% for spending $500, $1,000, or $2,000 monthly, with effective rates varying by tier.
• 📈 Trust Bank's effective cashback rates are higher than UOB One, reaching up to 4.89% for existing customers at the $2,000 tier.
• 🌍 Trust Bank's credit card has no foreign transaction fees, making it advantageous for overseas spending.
• 🔄 UOB One requires that you maintain spending in Singapore to avoid foreign transaction fees when abroad.
• 💳 Trust Bank allows selection of bonus categories (e.g., dining, shopping) to earn higher cashback rates of 10% or 15%.
• 💡 Trust Bank's credit card has no annual fees, whereas UOB One may require spending to waive its fees.
• 📝 Users should spend only what they normally would rather than overspending to maximize rewards.
• 🎟️ Trust Bank rewards users with scratch cards for reaching spending milestones, enhancing the card's appeal.
• 📊 Each individual's spending patterns can significantly affect their choice between the two cards, making personalized calculations essential.

Q & A

What is the primary focus of the video?

The video compares Trust Bank's cashback credit card with UOB's Yi One credit card, specifically for individuals spending between $1,000 and $2,000 monthly.

What are the eligibility requirements for the Yi One credit card to earn cashback?

To earn cashback with the Yi One credit card, you need to spend $500, $1,000, or $2,000 monthly in a quarter, with a base cashback rate of 3.33% for eligible transactions.

How does the cashback rate for the Yi One credit card vary with different spending tiers?

For a $1,000 monthly spend, the effective cashback rate is 3.83%, while for a $2,000 monthly spend, the rate is approximately 3.66%.

What cashback benefits does the Trust cashback credit card offer?

The Trust cashback credit card provides 10% to 15% cashback in a selected bonus category and unlimited 1.5% or 1% cashback on all other eligible purchases.

What are the effective cashback rates for the Trust cashback credit card for different tiers?

For existing customers, the effective cashback rate is 4% for $1,000 spending and 4.89% for $2,000 spending. For new customers, it’s 4.33% and 5.25%, respectively.

What makes the Trust cashback credit card advantageous for overseas spending?

The Trust cashback credit card has no foreign currency transaction fees, allowing cardholders to earn cashback on their selected bonus category even while abroad.

What is the annual fee policy for the Trust cashback credit card?

The Trust cashback credit card has no annual fees, eliminating the need to waive the fee annually.

How does the cashback strategy differ between the Yi One and Trust cashback credit cards?

The Yi One credit card requires spending in specific categories for cashback, while the Trust cashback credit card allows for a broader range of purchases, with significant bonuses in chosen categories.

What is the minimum salary requirement for the OCBC 360 account mentioned in the video?

To earn the effective 4% interest rate with the OCBC 360 account, you need to credit a monthly salary of at least $11,800 and save $500 monthly.

What recommendation does the video make regarding credit card spending?

The video suggests that individuals should only sign up for a credit card if they are already spending in a way that allows them to meet the spending requirements for cashback rewards.