Update 6/2/19: Card is now offering a 15,000 point sign up bonus as well. Hat tip to reader @telewatcr
Reader Jeff let us know about an interesting card from United Bank of Missouri (UMB) called the Simply Rewards Visa. We like highlighting some lesser known cards, and this one looks pretty interesting if it pans out as advertised. We’ll do a quick review of the card with the info we have, and hopefully readers will clarify if there’s any other important details.
Card Details
- No signup bonus
- No annual fee
- 2% foreign transaction fee
- Visa Signature card
Rewards
Card offers 3x at the following categories:
- Gas Stations
- Grocery Stores
- Discount Stores
- Restaurants and Fast Food
Everything else gets 1x.
MCC Codes eligible for 3 points per dollar are the following: 5411 (Grocery Stores), 5541 and 5542 (Gas), 5310 (Discount Stores), 5812 (Restaurants) and 5814 (Fast Food). Cardholders earn 1 point per dollar on all other purchases. (I’d guess that Walmart, Target, Costco, Sam’s, and BJ’s would code as Discount Stores.)
How much are points worth?
From poking around on the public Sneak Peek site (able to view without login), it appears 13,333 points can be redeemed for a $200 Visa gift card. That makes each point worth 1.5 cents and category spend worth 4.5% back. Wow.
There are lots of other redemption options too, such as gift cards, merchandise (e.g. an iPad), as well as experiences, live concerts/sports, theme parks, and travel. We don’t know the exact value of these redemptions. Gift cards can be redeemed for between 1.2 and 1.5 cents per point, depending on denomination; even small $10 denomination gift cards get 1.2 cents per point.
Reader David tells us that points are worth 1 cent when redeemed for gift cards. This is no Visa gift card or cash back option. Looks like there is a statement credit option.
Availability
Who can apply for this card? The bank has locations across the following eight states: Arizona, Colorado, Illinois, Kansas, Missouri, Nebraska, Oklahoma, Texas. It might only be available to residents of those states.
In the online application, there’s a dropdown which allows applications from any state which indicates the card is available nationwide, but a data point suggests that they don’t actually accept people from out of their footprint.
You can apply for the card online or over the phone at 800-821-5184.
Final Thoughts
This card sounds incredible, 4.5% unlimited cashback at gas, restaurant, grocery, and discount stores could easily be one of the best cards around. It’s not a bad card with 3% return on top categories, but in truth we’d have to discount some of the value since the redemptions are in gift cards (e.g. Disney, Sears, or Macy’s gift card), so the actual value would be closer to 2.5% which isn’t bad but there are other cards that earn that amount on all spend.
We still have to find out if it’s actually available nationwide or only for a small targeted area. The downside is no signup bonus. I’d easily apply for the card if I knew these reward rates are here for the long haul. It’s been around at least since March, not sure how much before that.
Anyone have experience with this card?
