UOB renames YOLO credit card to UOB EVOL card | Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis

UOB renames YOLO credit card to UOB EVOL card

Targeting Gen Z customers, the card offers 8% cashback on online purchases.

UOB has renamed the UOB YOLO credit card to the UOB EVOL Card, reportedly chosen by the bank’s Gen Z customers.

The card offers 8% cashback on purchases made online or via mobile contactless platforms such as ApplePay, SamsungPay, or GooglePay each month. Users will also earn 0.3% cashback on all other purchases, for a combined maximum monthly cashback amount of $60, or up to $720 in cashback in a calendar year.

To be eligible for cashback, UOB EVOL cardmembers need to charge a minimum of $600 on their card each month.

Cardmembers will also be able to track their expenses and cashback effortlessly, at any time and anywhere, through UOB’s AI-driven insights service Mighty Insights. This service is integrated within the Bank’s all-in-one mobile banking app UOB Mighty.

Mighty Insights provides customised insights on each customer’s unique spending and saving patterns to guide them to be more financially disciplined and to optimise their UOB EVOL Card benefits.

Gen Zs are expected to make up a quarter of Asia’s population by 2025, UOB said, and have vastly different needs to Millennials. For instance, research has shown that Gen Zs are more pragmatic having grown up during the global financial crisis and are more conscientious about their financial well-being as a result.

“With Gen Zs making up more than one million of Singapore’s population today and expected to form the bulk of Singapore’s workforce by 2030, we have revamped our flagship credit card to serve their unique lifestyle priorities and financial goals,” said  Jacquelyn Tan, head of group personal financial services, UOB.

“The UOB EVOL Card has been redesigned for a generation who are sustainability-oriented and digital natives with a preference to shop online. Our ambition is to be the primary choice of card for Generation Z consumers and to bank one in two consumers in this segment within the next three years,” Tan added.

The UOB EVOL Card will also be rolled out progressively in Indonesia, Malaysia and Thailand. Existing UOB YOLO cardmembers will enjoy the UOB EVOL Card benefits beginning 17 June.

UOB EVOL Card is also touted as Southeast Asia’s first bio-sourced credit card by the bank. It is reportedly made up of 82% polylactic acid (PLA) and created from renewable sources which are safe for the incineration process.

An EVOL Card that has expired and discarded is biodegradable in an industrial facility, UOB assured.

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