Simply Rewards Visa® Credit Card Review: Rewards, Benefits

When it comes to choosing a credit card, it’s essential to navigate the sea of options with a clear understanding of what each card offers. One credit card that has been gaining attention for its robust rewards structure and user-friendly features is the Simply Rewards Visa® Credit Card. In this comprehensive review, we’ll explore the card’s various aspects, including its key takeaways, pros and cons, benefits, and more. As a financial expert with years of experience in the credit card industry, I’ll provide unique insights to help you determine if this card aligns with your financial goals.

Simply Rewards Visa® Credit Card Review

The Simply Rewards Visa® Credit Card, issued by UMB Bank, is designed to appeal to consumers who prioritize earning rewards on everyday purchases. With an attractive rewards structure, no annual fee, and an introductory APR offer, this card stands out among its peers. Let’s delve into the specifics of what this card has to offer.

Rewards Structure

One of the most compelling features of the Simply Rewards Visa® Credit Card is its rewards structure. Cardholders earn 3x points per dollar spent at gas stations, grocery stores, discount stores, restaurants, and fast food locations. Additionally, you earn 1x point per dollar spent on all other purchases. This makes it an excellent choice for individuals who frequently spend in these categories.

Bonus Points

New cardholders can earn 15,000 bonus points when they spend $1,500 in the first 90 days of account opening. This bonus is a fantastic way to kickstart your rewards accumulation and can be worth up to $150 in statement credits or other redemption options.

Introductory APR

The Simply Rewards Visa® Credit Card offers a 0% introductory APR for 12 months on purchases. This can be particularly beneficial if you have a big purchase coming up or need to carry a balance temporarily without incurring interest charges. After the introductory period, the APR ranges from 17.24% to 25.24% variable, depending on your creditworthiness.

Balance Transfer Offer

For those looking to consolidate existing credit card debt, the Simply Rewards Visa® Credit Card provides a 0% introductory APR for the first 12 billing cycles on balances transferred within 60 days of account opening. This can be a strategic move to save on interest payments and pay down debt more efficiently.

Fees

One of the standout features of this card is its $0 annual fee, making it accessible to a wide range of consumers. However, it’s important to be aware of other fees associated with the card:
– Balance Transfer Fee: 3% of the amount transferred, with a $15 minimum and no maximum.
– Cash Advance Fee: 3% of the amount advanced, with a $15 minimum and a $50 maximum.
– Return Payment Fee: Up to $38.
– Late Payment Fee: Up to $38.

APR for Cash Advances

While the card offers competitive purchase and balance transfer APRs, it’s worth noting that the APR for cash advances is significantly higher at 30.24% variable. As with most credit cards, it’s advisable to avoid cash advances whenever possible due to the high costs involved.

Simply Rewards Visa® Credit Card Key Takeaways

To summarize the key points of the Simply Rewards Visa® Credit Card, here are the main takeaways:
– Rewards: 3x points per dollar spent at gas stations, grocery stores, discount stores, restaurants, and fast food locations. 1x point per dollar spent on all other purchases.
– Bonus Points: 15,000 bonus points when you spend $1,500 in the first 90 days of account opening.
– Introductory APR: 0% for 12 months on purchases and balance transfers (first 12 billing cycles for transfers made within 60 days of account opening).
– Annual Fee: $0.
– Variable APR: 17.24% – 25.24% for purchases and balance transfers, 30.24% for cash advances.
– Fees: Balance transfer fee (3% of the amount transferred, $15 minimum), cash advance fee (3% of the amount advanced, $15 minimum, $50 maximum), return payment fee (up to $38), late payment fee (up to $38).

Simply Rewards Visa® Credit Card Pros and Cons

Understanding the pros and cons of any credit card is crucial in making an informed decision. Here’s a breakdown of the Simply Rewards Visa® Credit Card’s advantages and disadvantages:

Pros

1. No Annual Fee: The card’s $0 annual fee makes it an attractive option for budget-conscious consumers.
2. Generous Rewards: Earn 3x points on popular spending categories such as gas, groceries, discount stores, restaurants, and fast food locations, and 1x point on all other purchases.
3. Bonus Points: New cardholders can earn 15,000 bonus points by meeting the spending requirement within the first 90 days.
4. Introductory APR: The 0% introductory APR for 12 months on purchases and balance transfers provides flexibility for large purchases and debt consolidation.
5. Payment Flexibility: The card offers a flexible payment due date, allowing you to choose a due date that aligns with your financial schedule.
6. Fraud Protection: Robust fraud protection features ensure your account is secure from unauthorized transactions.

Cons

1. Foreign Transaction Fee: The card charges a foreign transaction fee, making it less ideal for international travelers.
2. High Cash Advance APR: The 30.24% variable APR for cash advances is considerably high, so it’s best to avoid using the card for this purpose.
3. Limited Redemption Options: While the rewards program is generous, the redemption options may be somewhat limited compared to other cards with extensive travel and cashback options.

Simply Rewards Visa® Credit Card Benefits

The Simply Rewards Visa® Credit Card offers a range of benefits that enhance its overall value. Let’s explore these benefits in detail:

1. Rewards Program

The primary benefit of this card is its rewards program. Earning 3x points on essential spending categories such as gas, groceries, discount stores, restaurants, and fast food locations can significantly boost your points accumulation. Additionally, earning 1x point on all other purchases ensures that you continue to earn rewards on every transaction.

2. Bonus Points

The opportunity to earn 15,000 bonus points when you spend $1,500 in the first 90 days of account opening is a significant advantage. These bonus points can be redeemed for various rewards, including statement credits, gift cards, and more.

3. Introductory APR Offers

The 0% introductory APR for 12 months on purchases and balance transfers provides financial flexibility. Whether you plan to make a large purchase or consolidate existing debt, this offer allows you to do so without incurring interest charges during the introductory period.

4. No Annual Fee

A $0 annual fee ensures that you can enjoy the card’s rewards and benefits without the burden of an annual cost. This makes it an excellent choice for individuals who want to maximize their rewards without paying extra fees.

5. Payment Flexibility

The Simply Rewards Visa® Credit Card offers a flexible payment due date, allowing you to choose a due date that aligns with your financial schedule. This feature can help you manage your finances more effectively and avoid late payments.

6. Fraud Protection

Security is a top priority with the Simply Rewards Visa® Credit Card. The card offers robust fraud protection features, including real-time fraud monitoring and zero liability for unauthorized transactions. This ensures that your account remains secure and protected from fraudulent activity.

7. Purchase Protection

The card provides purchase protection, which can be valuable for safeguarding your purchases against damage or theft. This benefit adds an extra layer of security to your transactions.

Conclusion

The Simply Rewards Visa® Credit Card, issued by UMB Bank, is a versatile and rewarding option for consumers who prioritize earning points on everyday purchases. With its generous rewards structure, no annual fee, and attractive introductory APR offers, it stands out as a strong contender in the credit card market.
The card’s 3x points on gas, groceries, discount stores, restaurants, and fast food locations, combined with 1x points on all other purchases, make it an excellent choice for individuals who frequently spend in these categories. Additionally, the 15,000 bonus points offer provides a significant boost to your rewards accumulation.
While the card does have some drawbacks, such as a foreign transaction fee and a high cash advance APR, its overall benefits and features make it a compelling option for many consumers. The 0% introductory APR for 12 months on purchases and balance transfers adds flexibility for managing large purchases and consolidating debt.
Ultimately, the Simply Rewards Visa® Credit Card is well-suited for individuals with fair to good credit (580-739) who want to earn rewards on their everyday spending without the burden of an annual fee. Its robust rewards program, combined with valuable benefits like fraud protection and purchase protection, make it a solid choice for those looking to maximize their credit card rewards.
As with any financial decision, it’s essential to carefully consider your spending habits, financial goals, and individual needs before applying for a credit card. If the Simply Rewards Visa® Credit Card aligns with your priorities and spending patterns, it could be a valuable addition to your wallet, helping you earn rewards on your everyday purchases and manage your finances more effectively.