FINANCIAL SERVICES | Staff Reporter, Singapore

UOB entices globe-trotting millennials with new credit card

It has perks for travel and dining.

United Overseas Bank has unveiled a credit card that specifically targets young professionals aged between 26 and 35 years old.

Called the UOB YOLO, the card features travel and dining perks. These include priority access to popular bars and clubs, access to dining deals, and rebates on travel websites like Agoda and Expedia.

According to the banks' recent survey, millennials' wanderlust and the desire to share culinary experiences with their friends and families are shaping their spending behaviour.

In 2015, UOB’s millennial customers were more willing to spend on dining out and entertainment than their older peers. They spent 13 per cent more on food and travel as compared with customers above the age of 35.

“Millennial spending currently accounts for 20 per cent of UOB’s total card spend and one in three millennials in Singapore currently banks with UOB. We expect the number of our millennial customers to increase as we introduce more products and services that meet their lifestyle and banking needs,” said Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB.

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