UOB Absolute Cashback AMEX cardholders have been alerted that they will only receive a much lower cashback amount on GrabPay top-ups soon.
Why do people top-up their Grab wallets?
Most credit cards exclude certain spending categories like Education, Hospital and Insurance from earning cashback or miles/points.
These spending categories typically involve large sums of money and it is a waste to not get any cashback/miles/points from them.
While you can still earn cashback with the UOB Absolute card on these categories, not all merchants accept AMEX cards in Singapore. Most merchants, however, accept Visa and Mastercards.
By topping up their Grab wallet with the UOB Absolute card, cardholders have been earning 1.7% cashback. They would then use their GrabPay Mastercards to pay at these merchants that do not accept AMEX cards.
Related: How to receive Cashback for Insurance, School and Hospital payments in 2021
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Big drop in cashback awarded for Grab wallet top-ups
From 15 Jan 2023, cashback awarded for Grab Wallet top-ups will drop from 1.7% to just 0.3%
New addition to terms and conditions
“Highest limitless cashback rate in Singapore” in comparison to other banks’ credit cards across Singapore that rewards a flat cashback earn rate with no minimum spend and no cap on cashback earned with the exception of Grab Mobile wallet top-up transactions as at 14 Dec 2022. With effect from 15 January 2023, the cashback rate awarded for Grab mobile wallet top-up transactions will be revised to 0.3%.
Alternative for Grab wallet top-ups
From 15 Jan 2023, you can only earn cashback on Grab wallet top-ups on one card: AMEX True Cashback.
American Express True Cashback
Suitesmile card rating:
SIGN-UP BONUS
3% cashback
Key benefit
Get 1.5% cashback
on almost everything
Annual fee
$171.20
(first year waived)
Min. Income
requirement
$30,000/yr
Alternatively, you can earn 1.8 Krisflyer miles per dollar with the AMEX Highflyer card, if you own a business in Singapore. Take note that this card has a non-waivable annual fee of S$301.79/year.
Bottom line
From 15 Jan 2023, UOB Absolute Cashback AMEX card will lower the cashback awarded for Grab wallet top-ups from 1.7% to just 0.3%.
I think it’s fair that UOB gave cardholders one-month notice about this. If you have an upcoming spending that you would like to make with your Grab card, you will still earn 1.7% cashback through 14 Jan 2023. Mind the $5,000 Grab wallet limit though.
This is yet another nerf involving Grab and for me, the AMEX True Cashback card is the only thing that’s keeping it (barely) alive.
Would you know if the 14 Jan 2023 cut-off date refers to transaction or posting date?
Good question, I am not sure. I would assume posting date to be safe.