UMB Simply Rewards visa review – Forbes Advisor


Earn rewards

The Visa UMB Simple Rewards card earns 3 points per dollar spent at gas stations, grocery stores, discount stores, restaurants and fast food outlets and 1 point per dollar spent on all other purchases.

The inclusion of grocery stores and discount stores is a unique reward potential for this card. UMB rewards points based on the Merchant Category Code (MCC) assigned to each store. If you shop at supermarkets like Walmart or Target, you might not earn grocery rewards on other cards. While not all locations have the same MCC, stores like Target, Walmart, TJ Maxx, and Dollar General are often classified as discount stores. Shopping in these places can help you find the best deal and maximize your rewards earnings.

You can also earn a welcome bonus: 15,000 bonus points when you spend $ 1,500 in the first 90 days after opening the account.

Redeeming rewards

Easily redeem points through your online account for tickets, merchandise, travel, gift cards, and statement credit. While some cards are cryptic about their rewards, UMB allows you to preview potential rewards even before you apply. You can redeem as little as 2,500 points for a gift card or $ 25 credit. When points are redeemed for travel, the value of the points can be even higher.

Plus, you can set text notifications or access your online account to use real-time rewards to redeem points for individual purchases before they even reach your statement. Points are worth one cent each when redeemed for statement credit. Some other point-generating cards offer a lower redemption point value when cash back is the selected option.

Reward potential

Forbes Advisor uses data from various government agencies to determine both basic income and average spending in various categories. The 70th percentile of salaried households report $ 100,172 per year and $ 52,820 in standard expenses. Assuming that 50% of these expenses were charged to this card, the total annual expenditure for the card would be $ 26,410.

Typical expenses for gasoline, groceries, restaurants and discount stores are $ 12,780 per year, which earns 3 points per dollar or 38,340 points. The remaining $ 13,630 in projected spending would earn 1 point on the dollar. Considering these estimated expenses, you would also earn 51,970 reward points. The monetary value of these points is $ 520 with a higher potential value when redeemed for travel. This is in addition to the welcome bonus for the first year.

You can earn additional rewards by purchasing from participating retailers. The offers are already linked to your card and are automatically cumulative. At the time of writing, there are offers available at Starbucks, Sam’s Club, Costco, and various retailers you may already frequent. Reward offers typically range from a bonus of 2 to 10 points per dollar or offer a discount such as $ 10 to $ 25 on purchases at certain retailers.

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