UOB, American Express pilot unlimited cashback card

The card has a flat cashback earn rate of 1.7%.

UOB and American Express have launched the UOB Absolute Cashback American Express Card, designed for consumers who want unlimited cashback on all card spend.

“Given the disruptions of COVID-19 to the economy in 2020 and increased expenses for necessities such as groceries and utilities, more consumers are looking for financial solutions to help them draw more value from their spend. More than 70% of new UOB credit card sign-ups in 2020 were for cashback cards, up from 45% in 2019,” said UOB head of group personal financial services Jacquelyn Tan.

With a flat earn rate of 1.7%, this is the first credit card by a local bank that offers customers cashback on insurance, school fees, hospitals, rent and wallet top-ups which are typically not eligible for rewards and cashback.

The card has no spend exclusions, minimum spend requirement, or a cap on the cashback earned.