Thanks to Mt from the chat group for sharing
UOB Absolute is reducing its cashback rate to 0.3% specifically for Grab wallet top-ups from 15th January 2023 onwards. Not only is the UOB Absolute one of the few cards that gives rewards for Grab top-ups, it also gives the highest cashback rate of 1.7%. Not any more from mid-January 2023.
After this nerf, Amex True Cashback Card will remain the sole card that we know of that provides cashback on Grab top-ups. Amex Highflyer card also gives 1.8 miles per dollar, but it is limited to business users and not open for individual application.
The rewards from these credit cards may not be long for this world too; Amex True Cashback recently excluded Grab top-ups from its 3% welcome rate, though it currently still gives 1.5% cashback. What I observe also is Amex shifting marketing focus away from True Cashback, offering nearly nothing in the way of sign-up promos for its cashback card.
For now, we can still fall back on these cards after UOB Absolute becomes non-viable (0.3% is practically nothing), but if I were a betting man, I’ll wager good money that Amex would shortly follow UOB’s lead in drastically reducing the cashback rate for Grab top-ups.
Cards to top up Grab
Get 0.3% cashback on Grab top-ups with the UOB Absolute credit card.
S$350 Cash credits:
The first 200 new-to-UOB credit card customers in March 2024 who successfully apply for an eligible UOB Credit Card between 1 March 2024 and 31 March 2024 (both dates inclusive) and spend a min. of S$1,000 per month for 2 consecutive months from their card approval date, will receive S$350 cash credit.
Terms and conditions
Get 1.7% cashback on nearly anything excluding Grab top-ups which get 0.3% instead.
Topping up in advance
Since the nerf comes in 15th January 2022, Grab users have an opportunity to top up ahead of the decrease in cashback rate. Each Grab account can hold a maximum of S$5,000 after identity verification.
However, given that interest rates remain high, letting your funds sit in your Grab wallet incurs opportunity cost. If you don’t spend very much via your Grab wallet, it may be better to not top up too much in advance.
With Grab slashing rewards you can get from GrabPay and GrabPay Mastercard, top-ups are now one of the main ways to get rewards from the GrabPay mobile wallet. Unfortunately, the days for this game have been numbered for a while now, and it’s probably time to accept and prep for its demise.
The GrabPay game has long been used for all manners of payment to get rewards, and while you can’t really replace it completely, I’ve done a few pieces on its alternatives:
Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.
Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).