Union Bank Visa Credit Card Review – 5x On Mobile Payments & More

Update: 5x on mobile wallets is only on the first year, making this card more or less worthless.

This card was originally launched in August, 2016. We’ve updated this post as they have added a new 5x category, 3x category and a 10,000 point bonus. Hat tip to readers Josh and Ken.

The Basics

• Sign up bonus of 10,000 points after $1,000 in spend within the first three months
• Card earns at the following rates:
  • Earn 5 points for every $1 spent up to $6,000 the first year after account opening on mobile wallet purchases, 1 point for every $1 spent thereafter.
  • Earn 3 points for every $1 spent up to $6,000 annually on restaurant purchases, 1 point for every $1 spent thereafter.
  • Earn 2 points for every $1 spent up to $6,000 annually on gas and grocery store purchases, 1 point for every $1 spent thereafter.
  • Earn 1 point for every $1 spent on all other purchases.
• Receive a bonus of 25-50% when redeeming reward points as cash back to your Union Bank checkng or savings account or a principal reduction payment to your Union Bank mortgage account
• 0% introductory APR on purchases & balance transfers for the first 12 months (balance transfer fee is $10 or 3%)
• No annual fee

 

Details On Points

• Points will expire on a first in, first out basis and will expire on or after the third anniversary of when they were awarded
• Points can be redeemed for the following:
  • Merchandise
  • Gift cards/certificates
  • Travel (airline, hotel and car rental)
  • Cash back as statement credit to your account
  • Cash back as a deposit to your Union Bank checking or savings account
  • Mortgage principal reduction payment to your Union Bank mortgage account

Points are worth 1¢ each when redeeming for statement credit, 1.25¢ each when redeeming for a deposit to your Union Bank checking or savings account and 1.5¢ each when redeeming as a reduction payment to your Union Bank mortgage account.

Our Verdict

This card is significantly more interesting with the new 5x category and points being worth up to 1.5¢ each. I don’t think most people will have a mortgage with Union, but having a checking account doesn’t seem unreasonable to get 1.25¢ per point. That means the 5x category is = 6.25% back. You’d still be better off using the Uber card for restaurant purchases though as that’s 4% back. Keep in mind the mobile payment category is limited to $6,000 in spend but that’s still 30,000 points worth $375 if redeemed into a checking account. If you put that same spend on a 2% card you’d earn $120. Now it’s just a matter of finding out how strict they are on the mobile payment purchases and if this will work long term or not.