Cashback credit cards are not created equal no matter how similar they may seem. Learn more about the similarities and differences between DBS Live Fresh, UOB YOLO and OCBC FRANK to figure out which one will help you rack up the most rewards.
New to the world of credit cards? Well, Cashback credit cards are perhaps the most straightforward types of credit cards that exist on the market – perfect for credit card beginners. We will be looking at DBS Live Fresh vs UOB YOLO vs OCBC FRANK in this article, three almost-identical cashback credit cards that are likely to grab the attention of young adults, Gen-Zs and millennials alike.
What these cashback credit cards have in common
Foremost, DBS Live Fresh, UOB YOLO and OCBC FRANK are similar in that they require cardholders to:
(i) earn an annual income of at least $30,000 (Singapore Citizen/ PR); and
(ii) spend at least $600 monthly in order to earn the advertised cashback
The cashback that you earn from charging your expenses to either of these cards are also automatically credited into your card account to offset your bill. The ease of use should be a plus point for many since you literally do not need to lift a finger to enjoy your cashback!
DBS Live Fresh, UOB YOLO and OCBC FRANK also offer sign-up bonuses for new cardholders – something you definitely want to consider if you are looking to sign up for a new credit card.
Here’s a quick rundown of these three cashback credit cards’ sign-up bonuses, accurate as of November 2020:
| DBS Live Fresh | UOB YOLO | OCBC FRANK | |
| Current sign-up bonus | $150 cashback when you enter promo code 150CASH in your online application by 31 January 2021. Min. $800 spend within 60 days of card approval required. Terms and Conditions apply. | $150 cash credit for first 200 new UOB cardmembers per month who make a min. spend of $1,500 within 30 days of card approval. Valid till 31 December 2020. Terms and Conditions apply. | $50 cashback and $50 Grab vouchers for first 500 new-to-OCBC cardmembers who apply by 31 December 2020. Cashback Terms and Conditions apply. Grab vouchers Terms and Conditions apply. |
How these cashback credit cards differ
While DBS Live Fresh, UOB YOLO and OCBC FRANK have certain common attributes, these cashback credit cards have different cashback workings and perks in store for their cardmembers, making each credit card unique in its own right.
Depending on your lifestyle and spending habits, one credit card may be more suitable for you than another. Read on to learn more about DBS Live Fresh vs UOB YOLO vs OCBC FRANK. The easy-to-digest nuggets of information will come in handy when it’s time for you to pick the best cashback credit card that suits you!
Comparison #1: Cashback workings
| DBS Live Fresh | UOB YOLO | OCBC FRANK | |
| Cashback mechanism | 5% cashback on online and Visa contactless spend (including online gaming purchases & SimplyGo rides) 0.3% cashback on all other spend Min. monthly spend of $600 required to earn bonus cashback | 8% (weekends) and 3% (weekdays) cashback on dining, Grab (excluding Grab mobile wallet top-ups), entertainment, and UOB Travel transactions 3% cashback on online fashion and online travel spend all week 0.3% cashback on all other spend Min. $600 spend per statement month to earn 8% and 3% cashback | 6% cashback on all online purchases 6% cashback when you make contactless payments in-store with Apple Pay, Samsung Pay, Google Pay, Fitbit Pay and Garmin Pay 0.3% cashback all other spend Min. monthly spend of $600 required to earn bonus cashback |
| Total cashback cap per month | $60 – split into $20 cap on eligible online spend, $20 cap on eligible Visa contactless spend, and $20 cap on all other spend | $60 | $75 – split into $25 cap on online (or in-app) purchases, $25 cap on in-store mobile payments, and $25 cap on all other spend |
Aside from the base cashback rate of 0.3% as well as $600 monthly spend requirement in order to rake in more cashback on your purchases (think: the high cashback rates advertised), DBS Live Fresh, UOB YOLO and OCBC FRANK are rather different when it comes to their cashback rates and categories.
If you primarily do your shopping online, zoom in on DBS Live Fresh and OCBC FRANK. These two cashback credit cards let you earn more cashback on your online purchases compared to UOB YOLO.
Additionally, DBS Live Fresh and OCBC FRANK are also fantastic if you have a penchant for making in-store contactless payments whenever you are out and about. The exact opposite of a homebody? Consider adding UOB YOLO to your arsenal; it offers a high cashback rate on dining, entertainment and Grab spending on weekends. Busy millennials who enjoy socialising and catching up with their loved ones or friends at cafes, restaurants or bars once TGIF rolls around will appreciate UOB YOLO.
To maximise the amount of cashback you can earn, be sure to study your spending habits as these three cashback credit cards all have a cap on the total amount of cashback you are eligible to earn per month – some more limiting than others!
Comparison #2: Annual fee
| DBS Live Fresh | UOB YOLO | OCBC FRANK | |
| Annual fee | $192.60 (first year fee waiver) | $192.60 (first year fee waiver) | $80 (from third year onwards) |
As the DBS Live Fresh vs UOB YOLO vs OCBC FRANK table above may suggest, OCBC FRANK is the clear winner in the annual fee realm. Instead of the standard annual fee and first year fee waiver that banks throw in for new credit cardmembers, OCBC FRANK offers two years of fee waiver and a much lower annual fee.
Comparison #3: Additional perks
| DBS Live Fresh | UOB YOLO | OCBC FRANK | |
| Exclusive privileges | Additional $20 cashback when you log into your DBS digibank app to link your new card to Apple Pay within 6 days from card approval date. Valid for new DBS/POSB credit cardmembers till 31 January 2021 Additional 5% cashback on electronics & entertainment spend when you register and spend min. $1,200 in the calendar month. Extra cashback capped at $20 per calendar month Earn 1.6% p.a. or more with DBS Multiplier Account when you credit salary & spend on your card, with no minimum amount | Exclusive dining, entertainment, online shopping and travel deals Earn up to 2.50% p.a. interest with UOB One Account Free first supplementary card for life | Gain access to over 200 deals on the STACK marketplace New OCBC FRANK cardmembers can choose between 2 designs – Obsidian (FRK2020) and Vortex (PRF0002) Free supplementary card for first 2 years, $40 a year thereafter Automatic annual fee waiver with min. spend of $10,000 in a year, starting starting from the month after your FRANK Credit Card was issued (Note: $0 annual fees for the first 2 years) |
All three cashback credit cards have plenty of deals and promotions available to cardmembers. However, if you are extra savvy with your money and would like to take advantage of higher interest rates earned on your savings (if you aren’t already using a high interest savings account), definitely consider pairing the DBS Live Fresh with the DBS Multiplier Account or the UOB YOLO with the UOB One Account.
Both savings accounts offer savers like you and I a much better deal than traditional, basic savings accounts that only let customers ‘enjoy’ 0.05% p.a. on their hard-earned savings.
Conclusion: Which one should you choose?
DBS Live Fresh, UOB YOLO and OCBC FRANK are all great options for earning generous cashback on your purchases. But again, there is a catch associated with these credit cards that offer higher cashback rates: (i) minimum spend and (ii) cashback cap.
$600 minimum spend requirement: This is rather attainable even if you aren’t a big spender by any means. The trick is to consolidate your spending across categories, such as transportation, meals, entertainment, in-store and online shopping, groceries and mobile phone bills.
(Psst, another easy way is to volunteer to pay first whenever possible, say, when you are out chilling with your friends.)
Choose DBS Live Fresh or OCBC FRANK: That’s if you like the sound of earning high cashback on online shopping and convenience of contactless payments, without category restrictions. UOB YOLO can certainly be used to make contactless payments in store, but its 3% cashback on online fashion and travel spend falls short compared to the 5% and 6% cashback that DBS Live Fresh and OCBC FRANK offer respectively.
Thanks to their lack of category restrictions, you can earn higher cashback with DBS Live Fresh or OCBC FRANK regardless of whether you are purchasing pet supplies, stocking up on groceries, snagging shopping deals online, paying for meals and drinks, going to the movies, or even booking travel when the world’s in a much better place.
Choose UOB YOLO: Despite being more restrictive category wise, UOB YOLO can be very rewarding if you frequently dine out (think: cafe-hop, bar-hop, have a penchant for trying new food places), commute via Grab, or spend on entertainment on weekends. The 8% cashback is seriously hard to beat.
Keep in mind that all three cashback credit cards have cashback caps in place. The $60 and $75 cashback cap for DBS Live Fresh and OCBC FRANK respectively are further split into categories, while the $60 cashback cap for UOB YOLO is less fussy.
Read these next:
Best Cashback Credit Cards In Singapore 2020
Best Online Shopping Credit Cards in Singapore (2020)
DBS/POSB Credit Card Promotions and Deals: November 2020
UOB YOLO Credit Card Review (2020): Made For Your Weekend Entertainment
OCBC FRANK Revamp: 5 Reasons To Sign Up For This Newly Relaunched Card
By Denise Bay
While Denise has a thing for travel, K-dramas, 0% sugar bbt (with boba!), Japanese cuisine and flat white, her curious nature means all sorts of random tabs are open on her phone 24/7. She tries to be healthy by doing HIIT exercises at home fairly regularly.
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