The Dynamics ePlate credit card is a Visa card offered by UMB Bank. The card claims to be innovative; one that rewards its cardholders with experiences, and not just material things. To determine whether the Dynamics ePlate card is better than others, it’s important to take a look not only at the card benefits, but its terms and conditions before you can determine whether this is a true statement or not.
Benefits Galore for Dynamics ePlate credit card?
UMB Bank claims that their Dynamics ePlate credit card doesn’t just reward card holders with material things, but with experiences. They claim they do this by personalizing reward preferences and then providing unique experiences, rewards and giveaways that are catered to your preferences.
The unique thing about the Dynamics ePlate Visa card is that it comes with the option for the cardholder to pick and choose the reward they prefer. By logging onto the UMB ePlate site, cardholders are given choices on how they want to be rewarded for their expenditures. Then, when the card is used, the credit card holder presses a button that is installed on either end of the credit card. Picking one button over the other determines where your reward points will go.
Most purchases are accepted as qualifying purchases, from a pair of shoes to filling up the car with gas, to numerous other options. As points toward a specific reward accrue, the cardholder is also entered into a contest of sorts to win an exclusive or once-in-a-lifetime experience, again based on the preferences of the cardholder.
No doubt about it, the UMB Bank Dynamics ePlate credit card is unique in its approach to catering rewards that meet specific desires when it comes to rewards. In addition to the unique way that rewards are earned, the Dynamics ePlate credit card offers 1.25% cash back on purchases that can be designated toward statement credit.
The UMB Bank Dynamics ePlate credit card states that users can earn up to 25% more cash back than they can with a 1% cashback credit card, earning up to 1.25% cashback for every dollar spent. For every $10 spent, cardholders are also entered in a chance to win $10,000. The Air Dollars Plus Program attached to the card offers 35% more air dollars than other cards, and allows cardholders to earn up to $250 off tickets without restrictions.
The Air Dollars Plus option allows you to earn air dollars instead of air miles, and cardholders can earn a voucher worth $250 for every $18,519 spent using the ePlate card. Air dollars can be redeemed in increments of $100 for every $10,000 spent.
How does the card work?
The UMB Bank Dynamics ePlate credit card is literally an electronic card. The technology inserted into the credit card is patented and technologically advanced, and has won numerous awards in the 2012 Design and Engineering Showcase Honors at the Innovations International CES. The Dynamics card has won international awards since 2007 and provides a card-programmable electronic or magnetic stripe that is read by existing point-of-sale magnetic strip readers.
The credit card is actually a device that looks exactly like a credit card, and offers three years of use on one battery charge, as well as peripheral circuits that enable cardholders to actually enter information into the card.
Is it worth it?
As mentioned above, cardholders can earn a $250 voucher for every $18,519 spent on any purchase, anywhere, using the ePlate card. Rewards can be redeemed in $100 increments for every $10,000 you spend. This may not seem like such a good deal when you look at the overall picture of money spent versus rewards provided. However, the card does offer a higher rate of reward earning power than many other credit cards.
For example, the ePlate rewards program enables the cardholders to buy an airline ticket worth $455 after spending $18,724. The Airline A Credit Card Miles Program, in contrast, requires the cardholder to spend approximately $50,000 for a ticket worth $538. However, the bottom line when it comes to rewards is always determined by how much the cardholder is willing to spend in purchases in order to reap the rewards.
Cardholder Agreement Basics
While the UMB Bank Dynamics ePlate credit card is certainly cool, it, like others, comes with the cardholder agreement of terms and conditions. The terms and conditions attached to UMB Bank cards are a lengthy and complicated, and this bank, like many others, reserves the right to change the terms and conditions, fees and limitations on your card at their own discretion.
Searching out the terms and conditions that apply to interest rates, APR, and fees for this card was not easy, as the website refers more to the benefits and rewards of the unique design of this card rather than focusing on the oh-so-important fine print.
The Dynamics ePlate credit card comes with a $99 annual fee, and while your first 12 months come with a 0% APR. The same goes for balance transfers, although those must be completed within the first two months of the account opening. In addition, the card comes with a 2% foreign transaction fee, a 2% cash advance fee, and 3% balance transfer fee.
After the introductory APR is over, you can expect standard credit card APR interest rates that range between 13.99% and 17.99%, depending on your credit history and credit worthiness. The APR for purchase advances and cash advances will not exceed 25%.
While the UMB Bank Dynamics ePlate credit card is certainly unique, and may seem like a really interesting and cool idea for those who want something different when it comes to their purchase rewards, the annual fee and the amount of expenditures may not make the rewards offered by this card so attractive. Yes, such choices for personal rewards are unique and personalized to the user, but again, the amount of money that you have to spend, coupled with the annual fee, don’t take this such a unique card after all.