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Questions & Answers about UOB Debit Card 2024

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The UOB Debit Card is one of the basic debit cards out there which serves as a stepping stone if you intend to switch from cash to plastic. You'll also enjoy up to 10% SMART$ rebate with up to 3.88% p.a. on your savings with UOB One Account.

United Overseas Bank

United Overseas Bank (UOB), a Singaporean Multinational Organisation, was established on 6 august 1935 in Singapore by the name of United Chinese Bank (UCB), to Emphasise its link to the Chinese population in Singapore. The bank catered mainly to the Fujian community in its initial stages. However the bank grew immensely within a few years and in 1965, the bank was renamed to United Overseas Bank as it inaugurated its first overseas branch in Hong Kong. Today UOB is the third largest bank in Southeast Asia by total assets, having a market capitalization of $32.9 Billion. It is recognized as an excellent and professionally managed financial institution. It provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, and investment banking. It has a network of more than 500 offices in 19 countries and territories in Asia Pacific with a strong foothold in Singapore, Malaysia, Thailand, and China.

Why are overseas magnetic stripe transactions given the option to be enabled or disabled?

The simple reason is that the magnetic stripe on the Card is easily read and copied, disabling the magnetic stripe for overseas use will help protect customers against fraudulent transactions that could arise due to such fraudulent copying of customer data from the Cards’ magnetic stripes. In addition, the EMV chip is encrypted which virtually eliminates the ability to copy the contents of the chip to another Card.

UOB Debit Card

Are debit cards of less importance than credit cards?

For most banks, there are other terms and condition such as minimum saving amount with their bank etc. I suppose they are encouraging you to save and spend your money through them. For debit card, the amount is deducted straight from your bank account whereas for credit card, there is a credit limit. In case of fraud, lesser amount of money is subjected to risk. In both situations, you can get back your money but it would be more troublesome for debit card due to the amount involved and your money is also gone from your bank. Credit card is good for building your credit history and credit score provided you pay your bills on time. It’s good especially if you plan on taking loans (house loan or car loan) in future.

UOB Debit Card